EntrePass (Employment Pass for Entrepreneurs)
A foreigner who is an entrepreneur ready to start a new company / business and will be actively involved in the operation of the company / business in Singapore can apply for an Employment Pass under the EntrePass scheme. A foreigner who is already an existing shareholder / partner in a Singapore registered company / business but is not actively involved in the operation of the company / business may also apply for an Employment Pass under the EntrePass Scheme if he / she wishes to be actively involved in the operation of the company / business. This application must be done within 6 months from the registration of the Private Limited company in Singapore and he must hold no less than 30 percent of the Company's paid up capital
For New Applications (valid for up to two years) the applicant must submit a comprehensive business plan. A credible business plan is one which comprises key indicators such as growth potential of the business and availability of funding; and ¡ˇčthe proposed business venture must not be engaged in objectionable activities
For first-Time Renewals (valid for up to three years) the Business is in commercial operations and / or company has secured third party funding; Business venture conducting business based on original business plan; and Business venture must not be engaged in objectionable activities.
For subsequent Renewals (valid for up to three years) Company to fulfil all the following conditions: Evidence of turnover / sales activities; Employment creation (above and beyond main applicant);¡ˇč Corporate taxes paid for at least one out of the last three years; Business venture conducting business based on original business plan; and Business venture must not be engaged in objectionable activities.
Objectionable activities refer to activities which are in violation of the law or against public interest. Examples of objectionable activities include gambling, prostitution, social escort services and illegal money lending. Commercial operations must be certified through audited accounts from registered public accountants This can be further substantiated by the following submissions: (a) Proof of Employment Creation; and / or (b) Paid-Up Capital submission. An entrepreneur will be required to notify the Employment Pass Department if there is a change in the nature of his business during the validity period of his pass.
The processing time for EntrePass application is about two weeks from the date of receipt of the application. The outcome will be sent to the applicant's correspondence address in Singapore as indicated in the application form.
Documents Required¡ˇč A copy of EntrePass application form duly completed for each applicant. If the company / business has yet to be registered, the proposed name and address are to be stated in the application form. The EntrePass application must be sponsored by a well-established Singapore-registered company or a banker's guarantee of S$3,000 to be furnished by the applicant if the application is approved. The banker's guarantee has to be furnished when the successful applicant collects the pass. If the application is sponsored by a Singapore-registered company, the form must be signed by both the applicant and an authorised officer from the sponsoring company. The form should also be endorsed with the company's stamp / seal; (Note: The form must be completed legibly and in black ink. Otherwise the processing of the application may be delayed) A copy each of the applicant's past employment testimonials (Translated into English if they are in other languages);Companies / businesses registered with the ACRA and must produce a copy of the latest ACRA Instant Search / Business Profile
A comprehensive business plan detailing the following: Nature of business; Products / services to be offered; Business objective; Application of innovation and / or technology to be used; Application of products / services / target markets / market assessment; New capabilities / competencies / intellectual property to be developed; Marketing strategies; and Development plans and milestones etc.
A recent passport-sized photograph of the applicant taken within the last three months;¡ˇč An applicant who declares his place of birth as Singapore is required to complete a Personal Particulars Form and furnish relevant documents stipulated in the Personal Particulars Form when submitting the EntrePass application;
For married applicants, please submit a copy of the official marriage certificate if the spouse is a Singapore Citizen, Singapore Permanent Resident or an Employment Pass holder; and¡ˇčthe applicant may also apply for Dependant's Passes for his / her spouse and unmarried children below 21 years of age if they are foreigners.
The Dependant's Pass application can be sponsored by a well-established Singapore-registered company without the need to pay for the security bond of S$3000. If the applicant makes the application independently a banker's guarantee of S$3,000 (refundable when EntrePass is cancelled) is needed to be furnished if the application is approved by MOM. The banker's guarantee has to be furnished when the successful applicant collects the pass after getting approval and not at time of submitting the application. If the application is sponsored by a Singapore-registered company, the form must be signed by both the applicant and an authorised officer from the sponsoring company. The form should also be endorsed with the company's stamp / seal.
For children below 12 years old, one of the parents can sign on their behalf. Dependant's Pass application (Form 12) can be submitted together with the Employment Pass application to facilitate processing of the applications.
A successful applicant will be issued with an Approval-In-Principle letter to enable him / her to register the company / business at the Registry of Companies and Businesses. Upon receipt of the Certificate of Registration / Incorporation from the Registry of Companies and Businesses, the applicant needs to send / fax a copy of the certificate and the Approval-In-Principle letter to the Employment Pass Department for the processing of his / her Employment Pass.
For a successful applicant who is already an existing shareholder / partner of a registered company / business, an In-Principle Approval letter will be issued for the collection of his / her Employment Pass. Note: The grant of the Employment Pass (EntrePass Scheme) by the Employment Pass Department does not guarantee that the application for the registration of a company / business will be approved by the Registry of Companies and Businesses. Such applications will be processed based on the Registry's criteria.
The applicant is required to produce the Approval-In-Principle letter (if granted) to the Registry of Companies and Businesses together with the documents for registration of a company / business in order for the application to be considered. This step also applies for application for approval of Representative Office to IES
What details are required in the EntrePass Application Form:
Click here for updated information http://www.mom.gov.sg/foreign-manpower/passes-visas/entrepass/before-you-apply/Pages/default.aspx
For assistance contact Steve 65-98365486 or email email@example.com