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Fees and Procedures for Application for EntrePass in Singapore

The Singapore entrepreneur pass (also known as EntrePass) is a business type of visa designed for foreign entrepreneurs who holds a nationally-recognised proprietary or licensed Intellectual Property, has research collaboration with recognised research institutions such as A*STAR or a local tertiary institution, is an incubatee at a government-approved incubator, or receives support from a Singapore Government agency and intends to relocate to Singapore and run his business in Singapore. Singapore entrepreneur visa could be processed before incorporating a company in Singapore.

1.      Package Fee for Singapore EntrePass Application

Note:

(1)    EntrePass holders are only entitled to dependant privileges, similar to mainstream Employment Pass holders, if they are of P1 or P2 status.

(2)    Additional fee shall apply for renewal of EntrePass – appeal submission. The fee is from SGD1,000, depending on the complexity and scope of work.

(3)     The fees quoted above exclude out-of-pocket expenses or reimbursement such as translation fee, issuance processing fee, MOM fee and etc.

(4)     All fees quoted above do not include Goods and Service Tax (business tax) at 7%, if applicable.

2.      Scope of Services

Our Singapore EntrePass application services mainly include the following items:

(1)     Pre-application information and advice on EntrePass;

(2)     Assistance in completing the self-assessment tools with MOM;

(3)     Preparation of business plan;

(4)     Filing of EntrePass application with Ministry of Manpower (MOM);

(5)     Tracking EntrePass application status while under processing;

(6)     Liaise with MOM officer in charge when necessary;

(7)     Responding to MOM’s request for additional information as necessary;

(8)     Arranging for issuance of EntrePass upon in-principle approval; and

(9)     Filing of maximum of 1 appeal within 3 months from the date of rejection as per MOM’s guideline in case of rejection of EntrePass application.

3.      Key Requirements for Application for EntrePass

(1)     A viable business plan;

(2)     The applicant should possess relevant experience and a track record in operating businesses or a unique business proposition;

(3)     If the foreign entrepreneur is going to register a brand new Singapore company, the registered capital of the Singapore company should be more than SGD50,000; If he is to invest in an existing Singapore company, he should hold not less than 30% of the registered capital of that company;

(3)     A minimum operating/administrative cost of SGD100,000 for the first 12 months of operation;

(4)     A minimum of 2 local Singaporeans be hired within the first 12 months of operation;

(5)     The applicant must meet at least one of the following requirements either:

(a)     Receiving funding from a recognized third-party venture capitalist or business angel; or

(b)     Holding a proprietary or licensed Intellectual Property (IP) recognised by an approved national IP institution; or

(c)     Having research collaboration with a research institution recognised by Agency for Science, Technology and Research (A*STAR), or any local tertiary institution; or

(d)    Being an incubatee at a recognised incubator supported by SPRING Singapore or National Research Foundation (NRF); or

(e)     Receiving support from a Singapore Government agency.

4.      Documents Required after Approval of the EntrePass

Subsequently, within the first six months of successfully receiving the EntrePass the applicant must submit all of the following:

(1)     Tenancy contract; and

(2)     Employees’ CPF statements; and

(3)     Latest business profile purchased from ACRA.

Failure to submit the above documents will result in revocation of the EntrePass.

5.      EntrePass Application Procedures

Below are the procedures for application for Singapore EntrePass, assuming a new Singapore company is to be registered upon approval of the EntrePass:-

(1)    Client fills out and returns the Singapore EntrePass Application Form to us together with other documents and information as stated in Section 6.

(2)    At the same time, client arranges payment of our EntrePass application service fees;

(3)    Upon receipt of the payment, Kaizen will prepare the business plan within 1 to 2 weeks based on the information provided by you.

(4)    Kaizen sends the business plan to client for review and approval. At the same time, client arrange other related documents for the application;

(5)     Kaizen submits the application with MOM and liaison with MOM on your behalf regarding application.

(6)    Client arranges a banker’s guarantee of SGD3,000 upon approval of EntrePass.

(7)     Kaizen collects the In-Principal-Approval (IPA) for and on behalf of the client and deliver it to the client;

(8)     Client arrange payment of company registration fees to Kaizen;

(9)    Lastly, Kaizen will proceed to register the company for you upon approval of the EntrePass.

MOM generally takes four to six weeks to process an application. If further clarification is required by MOM, the processing period will be extended.

If you are overseas and require an entry visa to Singapore, your IPA letter will include a single journey entry visa. Upon your arrival in Singapore, we will make an appointment with Ministry of Manpower on your behalf for finger printing. Once the procedures are completed, your pass will be ready for collection in 4 working days.

You may collect the pass at MOM personally or authorize Kaizen to collect it on your behalf.

6.      Materials required for Singapore EntrePass Application

(1)     Two passport size photos of applicant (taken within last 3 months)

(2)    Passport and proof of residential address of applicant

(3)     Resume / CV

(4)    Education certificates (certified true copy)

(5)    Applicant’s past employment testimonials in English (Optional)

(6)    MOUs or contracts with potential clients for the new business, if any

(7)    Brochures, press releases, or any other business collaterals from previous or existing business ventures if any

(8)    A solid and viable business plan

If you have an existing business in your country, please provide the following:

(1)    Business information

(2)    Business License (certified true copy)

(3)    Product Catalogue / Photos

(4)    Tax returns filed with and assessment of tax issued by the tax authority

(5)    Invoices from suppliers

(6)    Company / personal bank proof (at least SGD30,000)

(7)    Rental agreement

(8)    Business contracts

(9)    Financial statements for the past 3 years

The key requirement for the application of an EntrePass is a comprehensive business plan that outlines the goals and objectives of the proposed business venture plan and includes a strategy to meet the requirements stipulated by the Ministry of Manpower (MOM).

The business venture must demonstrate, within a one-year period, that it will meet the requirements of employing a minimum number of local employees and achieving a specified total business spending.

The MOM may require that a medical examination report be submitted at the time when the applicant collects his EntrePass.

Some of the documents listed above may need to be legalised by the Singapore Embassy or Consulate General.

If the applicant decides to register his Singapore company first and then apply for his EntrePass, the application for the Singapore EntrePass must be submitted within six months after the incorporation of a company. Alternatively, the applicant can apply for EntrePass in advance. Upon approval, the applicant can set up a company within one month from the date of approval of EntrePass.

7.      Renewal of Singapore EntrePass

You must meet the following criteria or be able to provide, if requested, the documents listed below for the renewal of your EntrePass on annually basis usually:

(1)    Company must employ at least two (four from second year forward) full-time local employees (please refer to Table 1 below for details);

(2)    Company must demonstrate total local business spending (TBS) of SGD100,000 (SGD150,000 from second year forward) over the past 12 months;

(3)    Latest audited accounts, if any;

(4)    Central Provident Fund statements for the employees;

(5)    Highest educational certificates of employees;

(6)    Tenancy agreements;

(7)    Corporate bank statements for the past three months;

(8)    Referral letters from customers; and

(9)    Recent invoices issued/contracts awarded.

Table 1: Progressive Renewal Criteria

Note: All EntrePass holders have to meet the requirements listed in the table above for renewal of EntrePass, effective from 1 September 2013.

8.      Permanent Residence Eligibility

EntrePass holders are eligible to apply for permanent residence (PR) in Singapore. There is no designated waiting period. However, applicants are advisable to submit the application after one to two years of business operation, since one of the assessing criteria is to have a minimum of six month pay slips, and preferably an IRAS tax assessment can be provided.

If you wish to obtain more information or assistance, please visit the official website of Kaizen CPA Limited at www.kaizencpa.com or contact us through the following and talk to our professionals:

Tel: +852 2341 1444

Mobile: +852 5616 4140, +86 152 1943 4614

WhatsApp/ Line/ Wechat: +852 5616 4140

Skype: kaizencpa

Email: info@kaizencpa.com