Main Features and Benefits of the EntrePass Visa for Entrepreneurs

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The scheme “Entrepreneur Pass”, also referred to as “EntrePass” or “Entrepreneurs Visa” was introduced in 2004. Its main purpose was to welcome foreign entrepreneurs with innovative and inventive business proposals. A major benefit of this scheme is that it will help Singapore to become a regional business center and increase its appeal to the world’s leading entrepreneurial minds.

Eligibility criteria for EntrePass

Here are the main criteria required to immigrate to Singapore with EntrePass Visa:

•         The individual must have an extraordinary entrepreneurial or business background;
•         The firm should not already be registered in Singapore’s business records;
•         A period of at least 6 months should have passed since the firm’s founding;
•         The prospected paid capital of the firm should be more than 50,000 SGD;
•         If you are a shareholder of the company, your share ownership should be at least 30%;
•         The entrepreneur needs to develop the entire business strategy and provide all relevant details, including their innovative approach, the aims and goals of the business, and its proposed benefit for the Singaporean economy and for local businesses.

All business entities are welcome to apply, but private companies may receive more benefits.

New business entities should meet one or more of the following innovative criteria:

1.   The entrepreneur registers all their property through an accredited or specialized Singapore-based company.
2.   The entrepreneur must have an angel investor or a venture capital (VC) company that is willing to invest more than 100,000 SGD in a new business.
3.   The company should be registered as a participant in a startup incubation programme of the government.
4.   The company must collaborate with a university or with A*STAR in the field of research.

Key features of EntrePass

Here are the main features of EntrePass:

•         One can avail the benefit of EntrePass if the company is not registered yet or has been trading for at least 6 months. If over 6 months have passed after the company’s registration, the entrepreneur must apply for an employment pass rather than the EntrePass.
•         A Singapore-based company should be willing to sponsor the visa application by paying for a bond worth 3,000 SGD. This money will be refunded upon visa expiry.
•         It is crucial for the entrepreneur to have an extraordinary business plan for the future and a successful business background.

Entrepreneurs are recommended to find out as much as possible about their eligibility from visa experts so as to avoid rejection of the visa.

Benefits of EntrePass

The major benefits of EntrePass are given below:

•         The Singaporean government issues the visa for a year with the possibility of renewal in the future.
•         The entrepreneur is allowed a period of 30 days to set up their business after issuance of the visa.
•         Businessmen can bring their spouses and children to Singapore after the first renewal of the visa and upon fulfilling certain conditions, which include:

1.   Creating at least 4 jobs in the local economy; and
2.   Spending more than 150,000 SGD.

•         Businessmen can apply for permanent residency after their proposed business plan has been successful for 2 years.
•         Business taxes in Singapore are very low, and the Singaporean government gives private companies huge tax discounts.

Understanding these requirements and features will help you when applying for your own EntrePass visa.