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EntrePass
Entrepreneur Pass - Work Pass for Foreign Entrepreneurs
Changes to the EntrePass framework with effect from 28 September 2009
For all new EntrePass applications:
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Company must be registered as a Private Limited Company
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Applicant to hold at least 30% shareholding in the company
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Company must have at least S$50,000 paid-up-capital
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Company must not be registered for more than six months at the point of EntrePass application.
For EntrePass renewals, approval will be based on the company`s performance. More specifically, the criteria for renewal is as follows:
|
Pass issued |
Criteria for renewal |
Number of years approved |
|
P1
|
- Company to employ at least eight local
employees*; AND
- Company to demonstrate TBS** of $300,000
over the past 12 months.
|
Two years if Net Assert Value is positive.
One year if Net Asset Value is negative.
|
|
P2
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- Company to employ at least four local
employees*; AND
- Company to demonstrate TBS** of $150,000
over the past 12 months.
|
Two years if Net Assert Value is positive.
· One year if Net Asset Value is
negative. |
|
Q1
|
- Company to employ at least two local
employees*; AND
- Company to demonstrate TBS** of $100,000
over the past 12 months.
|
One year.
Approved for one year for 1st renewal only; companies must upgrade to P by second renewal. |
* The employees need to possess at least NTC2/NITEC or vocational qualifications obtained after at least two years of full-time studies.
** Total Business Spending (TBS) = [Total Operating Expenses – (Royalties/Franchise Fees/Know How Fees to Overseas Companies + Work Subcontracted to Overseas Companies + Remuneration to Applicant & Immediate Family)
With the above changes, new EntrePass applicants with greater economic contribution in Singapore will be issued a higher EntrePass type. Existing EntrePass holders will not be affected by the changes and will continue to be assessed based on the criteria as below:
a) First Renewal
- The business is in commercial operations and/or company has secured third party funding;
and
- The nature of business venture must be based on the original business plan.
b) Subsequent Renewals
- Evidence of turnover/sales activities;
- Employment creation (above and beyond main applicant);
- Corporate taxes paid for at least one of the last three years; and
- The nature of business venture must be based on the original business plan.
Although existing EntrePass holders can continue to renew their passes based on the criteria as outlined above, they are encouraged to transit to the new EntrePass framework. Under the new EntrePass framework, EntrePass holders who are issued with the higher pass types can apply for Long Term Visit Passes for their common law spouse, unmarried daughters above 21 years of age, handicapped children, step-children and parents / parents-in-law.
All existing EntrePass holders who wish to transit to the new EntrePass framework are required to complete the Request for Transit to New EntrePass Framework Formand mail it to Work Pass Division, Ministry of Manpower, 18 Havelock Road Singapore 059764. Please note that once assessed under the new EntrePass framework, EntrePass holders will no longer be eligible for assessment under the old EntrePass criteria.
Eligibility
The EntrePass is for a foreign entrepreneur who:
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The proposed business venture must not be engaged in illegal activities. In addition, businesses not of an entrepreneurial nature (e.g. coffee shops/hawker centres/food courts, foot reflexology/massage parlours, karaoke lounges, money changing/remitting, newspaper vending, geomancy and tuition services etc) will not be considered for an EntrePass.
Passes for Family Members
Depending on the pass type issued, the following EntrePass holders will be permitted to apply for the following passes:
|
EntrePass type |
Dependant`s Pass |
Long-Term Social Visit Pass |
|
P |
Yes |
Yes |
|
Q1 |
Yes |
No |
Documents Required for All EntrePass Applications
The following documents are required for all EntrePass applications:
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EntrePass application form;
- If the company/business has yet to be registered, state the proposed company/business name and business address in the application form.
- The applicant must be sponsored by a well-established Singapore-registered company. The form must be endorsed with the company`s stamp/seal and signed by both the applicant and an authorised officer from the sponsoring company; OR
- Alternatively, the applicant can furnish a Banker`s Guarantee of $3,000 if the application is approved. The Banker`s Guarantee has to be furnished when the successful applicant collects the pass.
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Business idea – a short, self-explanatory summary covering the proposed business concept;
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Product/service – the product and service offering;
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Market analysis – the target market in terms of key customers, competition and market growth potential;
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Market plan – how the product/service will be marketed or distributed;
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Operation plan – resources needed to run the business;
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Financial projections – projected sales and net profit before tax for three years and breakeven point;
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Management team – key drivers of the business; and
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Supporting documents – e.g. licensing agreements, product certifications, endorsements etc.
Other Documents Required for Selected EntrePass Applications
In addition to the above documents, the following documents are required for selected EntrePass applicants:
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Applicants applying for Dependant`s Passes (DPs) for their spouses and/or unmarried children below 21 years of age, if they are foreigners:
- The Dependant`s Pass application must be sponsored by a well-established Singapore-registered company. The form must be endorsed with the company`s stamp/seal and signed by both the applicant and an authorised officer from the sponsoring company. For children below 12 years old, one of the parents is required to sign on their behalf;
OR
- A Banker`s Guarantee of $3,000 for each Dependant`s Pass applicant. The Banker`s Guarantee has to be furnished when a successful Dependant`s Pass applicant collects the pass.
Processing Time
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