Content Outline
Overview of the EntrePass
The EntrePass is a visa scheme in Singapore specially designed for international entrepreneurial talent looking to launch and operate innovative businesses in Singapore. Singapore has designed many government policies and programmes to encourage startups such as the Entre Pass. The Entre Pass application process is highly competitive and as an entrepreneur, one needs to know about the suitability and qualifications required before applying.
The EntrePass is a visa scheme in Singapore specially designed for international entrepreneurial talent looking to launch and operate innovative businesses in Singapore. Singapore has designed many government policies and programmes to encourage startups such as the Entre Pass. The Entre Pass application process is highly competitive and as an entrepreneur, one needs to know about the suitability and qualifications required before applying.
Eligibility
The EntrePass is meant for owners of newly incorporated or yet-to-be-incorporated businesses in Singapore that are engaged in entrepreneurial, innovative, or investor activities.
A qualifying entrepreneur should either have received a minimum of $100,000 in funding from a government or a government-recognized venture capitalist or angel investor, or possess a strong entrepreneurial track record with participation in an incubator program or a promising history of entrepreneurship.
An innovator should either hold intellectual property that is difficult to replicate, have established collaborations with government-recognized research institutions, or have demonstrated exceptional achievements in their specific area of expertise.
An investor should have a proven history of successful investments or commitment to fostering growth in the local tech startup ecosystem
Business Criteria
To meet the EntrePass eligibility criteria, the business should either have received venture capital backing or possess proprietary technology with the potential to create a scalable enterprise. Traditional business models may not meet the qualifications for EntrePass. Conventional businesses are generally not eligible for EntrePass, and here are examples of business types that do not qualify for example Recruitment and Employment Agencies, foot reflexology and massage parlors, nightclubs and karaoke, coffee shops, hawker centers, etc.
Validity
The EntrePass has an initial validity of 1 year, but it may be renewed. Entrepreneurs seeking EntrePass renewal must provide proof of ongoing business activities aligned with their initial plan, maintain a minimum 30% ownership in the company, meet prescribed annual business spending thresholds, and fulfill the required number of local employees as specified in the renewal criteria.
Family Relocation
EntrePass holders can apply for Dependant Passes for their immediate family members once they renew their pass and meet specific business criteria such as minimum business spending and local hiring requirements.
| Number of years holding an EntrePass | Annual business spending | Local employee hired |
|---|---|---|
| 1 | – | – |
| 2 | $100,000 | 1 |
| 4 | $200,000 | 2 |
| 6 | $300,000 | 3 |
| 8 | $400,000 | 4 |
No Fixed Salary Requirement: Unlike the Employment Pass, there isn’t a fixed monthly salary requirement for EntrePass applicants. Instead, the emphasis is on the viability and growth potential of the business plan.
Renewal: EntrePass renewals take into account the business’s progress, milestones achieved, job creation for locals, and revenue generation. EntrePass holders can initiate the renewal process approximately three months before the pass’s expiration date.
EP holders must prove that venture backing or ownership of innovative technologies is required. The pass holder must have created an individual and company profile on Startup SG Network (SSN). These requirements encompass annual business spending and the minimum number of local PMEs (professionals, managers, and executives) to be employed.
Multiple Shareholders: An EntrePass applicant can have other shareholders, but each foreign entrepreneur wishing to be actively involved in the company’s operations and decision-making should apply for their own EntrePass.
Progress Reporting: EntrePass holders are required to report their business’s progress six and twelve months after the pass is issued, and then annually upon renewal.
The EntrePass scheme signals Singapore’s desire to attract entrepreneurial startups, incubators, accelerators and innovation centres to set up their base in Singapore; a hub where innovation is nurtured and local jobs and skills are developed. Singapore’s intention to encourage entrepreneur and startup business hubs to come into the country to make a meaningful economic contribution and provide jobs in the domestic market. But, as with any such visa scheme, certain eligibility conditions and norms need to be met, hence potential candidates need to verify first if they conform to these conditions.
With a plan precisely aligned to the program’s goals, hopeful entrepreneurs don’t just have a better chance of building a base for themselves within Singapore’s thriving startup scene — they’re also contributing directly to the country’s continuing economic growth along the way. With this, it falls on the applicant to conduct rigorous research, plan carefully and have an absolute comprehension of the ins-and-outs of the program to enhance the probability of achieving success with regards to this new endeavour. Contact FastLane to know more about EntrePass.