If you’re a foreign entrepreneur looking to spread your wings in Singapore, you will need a special entrepreneur pass to get started. The Singapore Entrepreneur Pass (EntrePass) is a work visa scheme that allows foreign entrepreneurs to start and operate a business in Singapore. It is a highly selective program that is designed to attract high-calibre entrepreneurs who can contribute to Singapore’s economic growth.
To get an Entrepreneur Pass (EntrePass) in Singapore, you must meet the following eligibility criteria:
- Be at least 21 years old
- Have a good track record of entrepreneurial success, or have innovative business ideas that would benefit the Singapore economy
- Have a feasible and scalable business plan
- Be able to secure funding of at least S$100,000 from a Singapore government-accredited venture capitalist or business angel, or have significant business experience and a promising entrepreneurial track record
- Be willing to relocate to Singapore to run your business
If you meet all of the eligibility criteria, you can apply for an EntrePass online through the Ministry of Manpower (MOM) website. The application process is as follows:
- Create an account on the MOM website.
- Complete the EntrePass application form.
- Submit all required supporting documents, including:
- A copy of your passport.
- A copy of your resume.
- A business plan.
- Proof of funding (if applicable).
- Letters of recommendation from reputable individuals or organisations (optional)
- Pay the application fee.
The MOM will review your application and make a decision within eight weeks. If your application is approved, you will be issued an EntrePass, which will allow you to live and work in Singapore for up to two years. You can renew your EntrePass for an additional two years if you meet the renewal requirements.
How to increase your chances of getting approved?
Like any application, your EntrePass application’s approval will depend on several factors. Here are some tips for increasing your chances of getting an EntrePass approved:
- Write a clear and concise business plan that highlights your business’s potential for success
- Get letters of recommendation from reputable individuals or organisations who can attest to your entrepreneurial skills and experience
- If you do not have funding of at least S$100,000 from a Singapore government-accredited venture capitalist or business angel, you can demonstrate your business experience and promising entrepreneurial track record by providing evidence of your past business successes
Why apply for the Singapore entrepreneur pass?
The Singapore Entrepreneur Pass (EntrePass) offers a number of perks to entrepreneurs, including:
- The ability to live and work in Singapore without being tied to a specific employer. This gives entrepreneurs the freedom to start and run their own businesses and to pursue their entrepreneurial goals
- Access to a supportive ecosystem for startups and entrepreneurs. Singapore has a thriving startup scene, with a number of government and private sector initiatives in place to support entrepreneurs. EntrePass holders have access to these resources and a network of other entrepreneurs and investors
- A low tax rate, and a business-friendly environment. Singapore has a low tax rate and a business-friendly environment, which can make it a very attractive place to start and grow a business
- The ability to bring your family to Singapore. EntrePass holders can bring their spouse and unmarried children under the age of 21 to Singapore as dependents. This allows entrepreneurs to focus on their businesses without having to worry about their families
In addition to these perks, EntrePass holders may also be eligible for other benefits, such as:
- Funding opportunities
There are several government and private sector funding programs available for startups in Singapore. EntrePass holders may be eligible for these programs, which can help them to raise capital for their businesses.
- Networking opportunities
EntrePass holders have access to a number of networking events and opportunities. This can help them to meet other entrepreneurs, investors, and potential customers.
- Visa support
The Singapore government provides a number of visa support services to EntrePass holders. This can make it easier for them to travel and relocate to Singapore.
Conclusion
Overall, the Singapore Entrepreneur Pass offers a number of attractive perks to entrepreneurs. It is a great option for foreign entrepreneurs who are looking to start and grow their businesses in Singapore. If you have the aspiration to relocate to Singapore with your family, the EntrePass also enables you to travel and relocate here without much hassle.
For more information on the EntrePass and how to apply, please visit the MOM website: https://www.mom.gov.sg/passes-and-permits/entrepass
