EntrePass is a work visa for serial entrepreneurs and high-calibre innovators. Its primary purpose is to let them operate a business that is venture-backed or involves innovative technologies. It also provides an opportunity to gain global recognition for their expertise. To qualify for EntrePass, the pass holder must meet certain requirements, such as demonstrating minimum business spending and hiring local professionals, managers, and executives. This is done by submitting a comprehensive business plan.
Eligibility Criteria
The eligibility criteria for EntrePass can change from time to time, so it is important to keep up-to-date with the latest requirements. Generally, you will need a business plan, financial projections, and other documents that demonstrate your entrepreneurial skills. You may also need to show that you can contribute to Singapore’s economy and industry. If your company is involved in the development and application of innovative technology or contributing to its flourishing, you stand a good chance of having your EntrePass approved. However, you should be aware that you have to meet certain minimum requirements in terms of total business spending and the number of local professionals, managers, or executives you employ.
Moreover, your business should be registered as a private limited company and must not have been in operation for more than six months at the time of applying for the EntrePass. Additionally, your business must be engaged in ongoing research collaboration with a Singapore-based research institution that is related to your proposed business.
Requirements For A Business Plan
A business plan is an essential part of any new startup, but it can also be challenging to write. The goal of a business plan is to communicate to potential investors how your company will make money and what its short- and long-term goals are. The application process requires a thorough business plan and other documentation to prove that you are an expert in your field. In addition, you need to provide information about your professional history and demonstrate that your business has a clear advantage over the competition. This can include details of pending or established copyrights and trademarks, as well as a description of any ongoing research collaboration.
You should also provide a detailed overview of your team and their responsibilities. If you don’t have the time to write your own business plan, consider seeking help from a mentor or a free resource like SCORE. The organisation has a large network of volunteer business consultants and can provide guidance on the business plan writing process.
Documents Required
In order to complete the EntrePass application process, you must submit a comprehensive business plan that demonstrates your professional business experience and outlines your goals. The ministry will review the business plan and inform you of their decision within eight weeks. If you are not in Singapore, you can apply through an agency or use a short-term visit pass to continue working while you await a response from MOM. The application process can take up to six months, but it is worth the wait. If you are a successful applicant, you will be issued an in-principle approval letter (IPA). This allows you to work in Singapore until you receive your EntrePass card. Your IPA will also indicate if you need to register your fingerprints and photo.
The IPA is based on an assessment of your company’s potential economic contribution to Singapore. Thorough research can help you align your business concept with the evaluation criteria. Providing accurate and complete documentation, meeting language proficiency requirements, and seeking professional guidance can increase your chances of receiving a positive evaluation and approval outcome.
Renewal Criteria
The business plan is a crucial document in the application process for an EntrePass. It should be entrepreneurial and innovative in nature. It should also provide proof of a viable market for the business and result in local employment. In addition, the business must be incorporated in Singapore and contribute to the Central Provident Fund. The EntrePass renewal criteria take into account milestones achieved, annual business spending, and local job creation. Renewals are usually initiated three months prior to the pass expiry date.
Applicants should submit the following documents when applying for a EntrePass renewal: Company registration information from ACRA; audited financial statements; Office lease agreement; employee pay slips; Invoices or contracts awarded; and customer referral letters. Applicants should submit the application form and the required documents to MOM one month prior to the pass’s expiry date. Those who meet the renewal criteria may also be eligible to apply for permanent residency. Exceptional performance and strong ties with Singapore may enhance the chances of an approval.
Conclusion
Besides the standard work pass requirements, EntrePass is based on the growth prospects and effective economic contribution of the applicant. This includes the ability to create jobs, transfer knowledge and technology, attract investments and grow high-growth businesses in Singapore. To qualify for this business visa, you will need to present the following documents. For enquiries on EntrePass applications, call Immigration@SG at +65 6493 1830.
