There are several types of work visas available in Singapore, and one of them is known as the EntrePass. Here, we’ll cover the qualifying requirements, the process of applying, and the steps for renewing and cancelling the EntrePass.
Then then, what the heck is an EntrePass?
It is possible for non-Singaporean entrepreneurs who wish to start a firm in Singapore and relocate there to run it full-time to apply for the EntrePass visa, which is also known as the Entrepreneur Pass. The Pass may be used for up to two years after the purchase date has passed. In order to be accepted for an enrrepass singapore, an applicant must show that they satisfy all of Singapore’s Ministry of Manpower’s standards.
Applicants may submit their EntrePass application either before or after the firm’s registration, for a period of six months starting on the day of the registration date. Instead, the entrepreneur should apply for a work permit after a period of six months.
The Eligibility Requirements
To be eligible for an EntrePass, a foreign national must fulfil all of the following requirements;
Singapore’s Accounting and Corporate Regulator Authority (ACRA) has either already established or had the applicant’s private limited company registered (ACRA). If a company already has a registration, then it must be older than six months at the time of application.
The applicant must hold at least a third of the company’s entire share capital.
The conditions must be met in addition to
Entrepreneurs, innovators, and investors must meet the following requirements in order to be considered:
A government-approved venture capitalist or business angel must provide the company’s investment.
The company must participate in a government-sponsored incubator.
In addition to a strong entrepreneurial track record of establishing highly scalable businesses, the candidate has a significant quantity of commercial skills or a network.
The company is needed to own intellectual property.
The company will need to enter into a research collaboration with either A*STAR or an academic institution.
Exceptional expertise in a subject relevant to your intended company is possessed by the organisation.
Candidates must have a proven track record of investing in enterprises, as well as a strong ambition to establish new or develop current firms in the city state of Singapore.
The failure of a company to meet the criteria for receiving an EntrePass
If you want to use your EntrePass at any of the companies listed above, you’ll need to purchase a separate ticket. Detailed information on which businesses are ineligible for the pass may be found on the MOM website.
The Application Process
It’s not clear how to do it.
Application for the EntrePass may only be made by the applicant themselves or by someone representing them. Application for the EntrePass is explained by the Ministry of the Interior as follows:
A completed EntrePass application form must be submitted, as well as any supporting paperwork.The Interior Ministry will provide a letter of approval in principle after the application has been evaluated and approved. The applicant must register the business with the ACRA within one month of receiving the letter (if it has not previously been registered).After receiving an in-principle letter, you must get your EntrePass within six months of that letter.Candidate fingerprints and a photo must be registered before an EntrePass may be issued.It will be sent to the applicant at the address they specify on their registration form in the United States.