Entrepass Application (As at Jan 2015)

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EntrePass Eligibility

You may apply for an EntrePass if you are ready to start and operate a new business in Singapore. All applicants must fulfil these requirements:

  • Must be a Private Limited Company registered with Accounting and Corporate Regulatory Authority.
    Applicants need not register the company first. If registered, it must not be more than six months from date of application.
  • Company must have at least $50,000 paid-up-capital.
    A bank statement, from the Singapore-based company bank account, of at least $50,000 is required for verification.
  • The business must not be illegal.
  • Applicants must hold at least 30% of shares in the company.

In addition to the above criteria, applicants will have to show evidence that their businesses meet at least one of these requirements:

No. Requirements Guidelines
1. Receives funding or investment from a recognised third-party Venture Capitalist (VC) or business angel who is accredited by a Singapore Government agency
  • Funding strictly monetary, at least $100,000
  • Applicant to provide shareholder certificate as supporting document and any other relevant documentation

Examples: Funds approved under:

1.        Contact Singapore – Global Investor Programme

2.        Economic Development Board Investments

3.        Infocomm Investment Pte Ltd

4.        National Research Foundation – Early Stage Venture Funding

5.        SPRING Singapore – SPRING SEEDS, Business Angel Scheme

2. Holds an Intellectual Property (IP) that is registered with an approved national IP institution
  • The IPs must have completed filing with the national IP institution
  • One of the shareholders must be the owner of the IPs and the IPs can be expired
  • The IPs must be related to the proposed business conducted in the EntrePass application

Example: Refer to the list of National Intellectual Property Offices.

3. Has ongoing research collaboration with a research institution recognised by Agency for Science, Technology and Research (A*STAR) or Institutes of Higher Learning in Singapore
  • Duration of research collaboration is not essential
  • Research institution must provide a contact person for verification of research collaboration details, which must be related to proposed business
  • Only applicants with ongoing research collaboration will be allowed. Contract of services is not considered as research collaboration

Examples:

1.        National Research Foundation –
Campus for Research Excellence and Technological Enterprise, Research Centres of Excellence.

2.        National University of Singapore

3.        Nanyang Technological University

4.        A*STAR Research Institutes

4. Is an incubatee at a Singapore Government supported incubator
  • Only existing incubatee is allowed
  • Incubatee’s work must be related to proposed business

Examples:

1.        National Research Foundation –
Technology Incubation Scheme

2.        Media Development Authority – iJam

3.        SPRING Singapore – Incubator Development Programme

Examples of businesses that will not be considered for the EntrePass include: 

  • Coffee shops, hawker centres, food courts
  • Bars, night clubs, karaoke lounges
  • Foot reflexology, massage parlours
  • Acupuncture, traditional Chinese medicine, herbal dispensing
  • Employment agencies, geomancy

Minimum Salary

No stipulated minimum salary.

Duration

Up to one year.

Renewal

You can start applying to renew when you receive the renewal form, about 3 months before the pass expires.

You need to mail the completed application to Ministry of Manpower (MOM) at least 2 months before the pass expires. The duration of the renewed pass is one year.

Renewal Criteria 

No. of Year You’ve Held an EntrePass No. of local jobs you need to create Minimum total business spending
1 2 S$100,000
2 4 S$150,000
3 6 S$200,000
4 8 S$300,000
5 or more 10 S$400,000

 

Note:

  • You need to inform MOM if you deviate from your business plan.
  • If you applied for the EntrePass before 28 September 2009, you need to meet the first year requirement to renew your pass.
  • Local jobs refer to full-time employees who are Singapore citizens or permanent residents. They need to have worked for at least 3 months, earn at least $1,000 and receive CPF contributions.
  • Total Business Spending (TBS) = [Total Operating Expenses – (Royalties/Franchise Fees/Know How Fees to Overseas Companies + Work Subcontracted to Overseas Companies + Remuneration to Applicant)].

Important things you need to take note

Successful applicants will be required to submit the following documents within the first six months of receiving the EntrePass to demonstrate proof of their business operations according to the business plans submitted:

  • Latest ACRA business profile; and
  • Tenancy contract/proof of operating address or employees’ CPF statement/documentary proof to show effort to employ locals.

Failure to provide the documents to prove ongoing business operations by the end of the sixth month will result in revocation of the EntrePass.

Dependant privileges

Successful applicants are only entitled to dependant privileges after

  • You have renewed your pass (you cannot bring in dependant on your first application).
  • You have met the minimum amount of total business spending.
  • You have created the minimum number of local jobs.

The requirements for total business spending and local jobs created are:

To bring in Minimum total business spending No. of local jobs created
Spouse or children $150,000 4 or more
Parents $300,000 8 or more

The pass types for different family members are as follows:

Family member Pass Type
·         Spouse (legally married)·         Unmarried children under 21 years of age, including those legally adoped Dependant’s Pass
·         Common-law Spouse·         Unmarried handicapped children above 21 years old

·         Unmarried step-children under 21 years old

·         Parents

Long Term Visit Pass

 

 

VALON can be your resource and business partner in Asia. Should you wish to receive more detailed information on VALON, please do not hesitate to contact us at enquiry@valoncorp.com.

 

 

Disclaimer: This publication does not provide financial, legal or tax or advice of any kind, and VALON cannot guarantee that the information is accurate, complete or up-to-date. While we intend to make every attempt to keep the information in this publication current, VALON make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained herein. Nothing on this publication should be used as a substitute for the advice of a third party. VALON assumes no responsibility to any person who relies on information contained herein and disclaim all liability in respect to such information. You should not act upon information in this publication without seeking professional advice.