Singapore Entrepreneur Pass: Who Is It For? How Do I Obtain One?

In recent years, the government has come up with a number of initiatives to support entrepreneurs, innovators and investors with starting businesses in Singapore. These businesses, in turn, have helped increase employment opportunities and encourage innovation.

The Entrepreneur Pass (EntrePass) is one such initiative. This article sets out some important information about the EntrePass scheme, including the kinds of businesses that are eligible, the application process as well as requirements for renewing the pass.

What is an EntrePass?

The EntrePass is suitable for eligible foreign entrepreneurs interested in starting and operating a business in Singapore that is venture-backed or possesses innovative technologies. This includes:

• Serial entrepreneurs (Entrepreneurs who continuously innovate and create new business ideas);
• High-calibre innovators; and
• Experienced investors.

Why Should I Apply for an EntrePass?

There are various benefits of being an EntrePass holder in Singapore.

For one, you may apply for an EntrePass even before you incorporate your company, as long as the company is eventually incorporated. This is beneficial as, upon the issuance of the Entrepass, you may physically be in Singapore to attend to the administrative work in relation to the company’s incorporation.

Additionally, there is a possibility of bringing eligible family members (e.g., your spouse, children and/or parents) to Singapore under the Dependant Pass Scheme or the Long-Term Visit Pass Scheme, subject to fulfilling certain criteria.

For example, to bring your spouse and/or children to Singapore, you must meet at least one of the following requirements:

• Your business has Annual Total Business Spending (TBS) of S$100,000 and 1 Local Workforce (LWF)
• You have founded and sold 2 or more companies that are venture-backed or owns innovative technologies
• You have raised more than S$2 million for a past or current business
• You possess 2 or more deep tech Intellectual Properties (IPs) that provide significant competitive advantage to the business.

To bring your parents, your business must have a TBS of S$200,000 and 2 LWF.

When Should I Apply for an EntrePass Instead of an Employment Pass?

Typically, an Employment Pass is applied for when you hold a professional job in Singapore while an EntrePass is applied for to start a new business in Singapore.

Currently, to qualify for an Employment Pass application, candidates will need to pass a 2-stage eligibility framework, including meeting the qualifying salary.

In contrast, the application for an EntrePass is focused more on your entrepreneurial track record and proposed business ideas, with no specific requirement on educational background.

What is the Eligibility Criteria to Apply for an EntrePass?

Generally, applicants of all nationalities may apply for an EntrePass. You are eligible to apply if you meet both the conditions below:

1) You have started, or intend to start a private limited company that is:

• Registered with Accounting and Corporate Regulatory Authority (ACRA) – an EntrePass holder must hold at least 30% of the registered company
• Venture-backed or owns innovative technologies

2) Meet one of the innovative criteria you intend to apply for the pass under:

However, do note that the following businesses are not eligible for an EntrePass:

• Coffee shops, hawker centres, food courts
• Bars, night clubs, karaoke lounges
• Foot reflexology, massage parlours
• Acupuncture, traditional Chinese medicine, herbal dispensing businesses
• Employment agencies
• Geomancy businesses

If you are involved in any of these ineligible businesses, you should instead apply for an Employment Pass or Work Permit (depending on your income).

What is the Procedure to Apply for an EntrePass?

The application for an EntrePass is relatively straightforward and completed online along with the required supporting documents.

You will also need to pay a S$105 application fee.

You may check your application status after 2 weeks from the date of submission. If additional information or documents are required, you will receive an email. The processing time for your application may also take longer than 8 weeks.

What supporting documents do I need to apply for an EntrePass?

• Personal particulars page of your passport
• A business plan in English. It should include the following in 10 pages or less:
  • Product and service offered
  • Market analysis
  • Operation plan
  • Profile of management team
  • Supporting documents such as licensing agreements, product certificates and endorsement patents
• Document to indicate the business type and activities for prior business ventures
• Your curriculum vitae (CV) and past employment testimonials (if any) to elaborate on professional experiences, awards or recognitions
• Company’s latest business profile or instant information from Bizfile (if applicable)
• Latest financial statement (if company is registered with ACRA for more than 12 months)
• Other documents that may support your EntrePass application.

If Your Application for an EntrePass has been Approved

If your application is successful and your pass is approved, you will be issued an In-Principle Approval (IPA) letter. The IPA letter gives you 6 months to enter Singapore and complete your EntrePass issuance procedures. The letter will also state whether you need to undergo a medical examination after your arrival in Singapore.

The issuance of the EntrePass may be requested via EP sService (if you have a Singpass account), or over the counter at the Employment Pass Services Centre (EPSC) if you do not have a Singpass account.

The fee payable for each pass is S$225 and S$30 for each Multiple Journey Visa (where applicable). A Multiple Journey Visa is a visa with an extended validity that allows you to travel into Singapore multiple times without having to re-apply for a visa at each time. You will be issued a notification letter.

The notification letter will:

• Allow you to start work and travel in and out of Singapore while waiting for the pass card.
• State if you need to have your fingerprints and photo taken for the card registration.
• Is valid for 1 month from the date of issue. If you needs more time to complete the card registration procedures, you can request to extend the validity of the notification letter.

The pass card will be delivered to the given address within 5 working days after you register and get your documents verified at EPSC.

If you did not have to register your fingerprints and photo, the card will be delivered within 5 working days after checking your documents. Do note that after 2 unsuccessful deliveries, you will have to collect the card at EPSC. You or an authorised person can collect it 3 working days after the second attempted delivery. No appointment is required.

What Happens If My Application Gets Rejected?

Your application is rejected if you receive a rejection notice instead of an IPA letter upon application.

If your application has been rejected, you may submit an appeal. You will need to ensure that you meet the criteria for the pass and prepare documents to support your appeal. Your documents should address the reason in your rejection notice.

Most appeals will generally be reviewed within 8 weeks, but some cases may take longer.

What are the Conditions of an EntrePass?

There are several conditions you are required to fulfil during the validity of your EntrePass. The following are a few important ones:

• If you have incorporated a business, you are only to work in the occupation and for the business specified on your EntrePass card. If there is a change in your designation or duties, you are to inform MOM in writing.
• If you have yet to incorporate a business, you are not allowed to engage in any work not related to starting your business in Singapore.
• You are required to cancel your EntrePass within 7 days of cessation of your business.

Failure to comply with these conditions may result in prosecution and/or revocation of the EntrePass. Additionally, your future applications for other types of work passes may be affected.

How Do I Renew My EntrePass?

You may renew your EntrePass for 1 year during the first renewal, and 2 years for any subsequent renewals.

You can start applying to renew your pass 3 months before it expires. You will need to meet the renewal criteria for total business spending and local jobs created (explained below).

You will need to download the EntrePass renewal application form and complete it as a soft copy. You can then submit  the completed EntrePass renewal application form and the related supporting documents using the online form.

You will also need to submit the following documents with your application:

• Company registration information from ACRA within the last 3 months.
• Company’s audited Financial Statements (FS) for the latest financial year.
  • If the above is not ready or if you are submitting an appeal, you may be required to submit an adjusted 12-month FS.
  • The FS does not need to be audited if you qualify as a small company under ACRA’s Small Company Concept for Audit Exemption.
• Corporate bank statements for the last 3 months.
• Central Provident Fund statements for your employees (optional for first EntrePass renewal if not available).
• Documents on company’s business activities (at least 1 of the following):
  • Referral letters from customers.
  • Recent invoices issued.
  • Contracts awarded.
  • Business partnership agreements.
  • Tenancy agreements.
  • Revised business plan (required if the nature of business or business activities have changed since your previous EntrePass application or renewal).
• Records of contribution to the local startup ecosystem (if any).
• Travel document page showing your personal particulars.
• Screenshot of company profile on SSN.

The renewal will typically be processed within 8 weeks for most cases, and each renewal costs S$225 and an additional S$30 for each Multiple Journey Visa (where applicable). If your renewal is successful, you will similarly receive an IPA letter which gives you 3 months to complete the formalities of the renewal.

The renewal is subject to approval, and you must meet all the following criteria when applying to renew:

You must get the pass issued before the IPA or current pass expires, whichever occurs first. Otherwise, an overstaying fine will be imposed. The duration of the renewed pass will start when the current pass expires.

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For more information on Singapore’s startup ecosystem and support for founders, visit Startup SG.