Valon Corporate Services Private Limited

EntrePass (2018)

Home »  EntrePass (2018)

You may apply for an EntrePass if you are ready to start and operate a new business in Singapore. Applicants will have to fulfill some requirements in order to apply.

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

Eligibility

You may apply for an EntrePass if you are ready to start and operate a new business in Singapore. All applicants must fulfill 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.
  • The business must not be illegal.
  • Meet any of the following innovative criteria for application as an entrepreneur, innovator or investor. 
  • Minimum 30% shareholding of the Private Limited Company.

Entrepreneur

  • Your company raised funding of at least $100,000 from a government investment vehicle, venture capitalist (VC) or business angel that is recognised by a Singapore Government agency; or
  • Your company is an existing incubatee at an incubator or accelerator in Singapore that is recognised by the Government; or
  • You have significant business experience or network and promising entrepreneurial track record of starting highly-scalable businesses and want to establish, develop and manage a new or existing business in Singapore.You must fulfill any of the following:
    • You have founded and sold a tech company.
    • You have raised significant funding from investors for a current or past venture.
    • You have been or are being incubated by an internationally renowned incubator or accelerator.
    • You have strong industry networks and business contacts that are related to your proposed business.
    • You have received recognition by a national body, recognised media publication or credible industry organisation for your professional, business or entrepreneurial achievements and track record.

Innovator

  • You or your company holds an intellectual property (IP), registered with an approved national IP institution, which delivers a significant competitive advantage to your proposed business that cannot be easily replicated.

You must fulfil all of the following:

  • Your IP must be registered with an approved national IP institution.
  • Your IP delivers a competitive advantage to your proposed business and cannot be easily replicated.
  • One of the shareholders or the company must be the owner of the IP.
  • Expired IP can be considered as long as one of the shareholders is the inventor of the IP.

 

  • Your company has an ongoing research collaboration with a research institution under the Agency for Science, Technology and Research (A*STAR), an Institute of Higher Learning (IHL) in Singapore.

You must fulfill all of the following:

  • The research collaboration must be related to your proposed business.
  • The research institution needs to provide a contact person to verify details of the research collaboration.
  • You must be involved with ongoing research collaboration.
  • Contract of services is not considered to be research collaboration.

 

  • You have exceptional technical or domain expertise in an area related to your proposed business.

   You must fulfill all of the following:

  • Your area of expertise must be related to your proposed business.
  • You have outstanding achievements or received international recognition in your area of technical or domain expertise.

 

Investor

You have a good track record of investing in businesses and want to grow new or existing businesses in Singapore.

You are willing to invest a substantial amount of money in a local company and have a track record in one of the following:

  • Investing in and driving the growth of highly-scalable businesses.
  • Substantial experience (minimum 8 years) as a senior management professional or executive in a large corporation.

 

Renewal Criteria

Renewal will be based on criteria such as incorporation of company, proof of business activities, at least 30% shareholding of the company, as well as others shown in the following table:

Number of years you have held an EntrePass Your total annual business spending must be at least You must employ at least
1
2 $100,000 3 FTES (full-time employees) 

OR

PME (professional, manager or executive)

4 $200,000 6 FTEs 

OR

PMEs

6 $300,000 9 FTEs 

OR

3 PMEs

8 or more $400,000 12 FTEs 

OR

4 PMEs

Local FTEs refer to Singaporeans and Permanent Residents who earn a monthly salary of at least $1,200 (from 1 July 2018), and receive CPF contributions for at least 3 months.
Local PMEs refer to professionals, managers and executives who are Singaporeans or Permanent Residents, earn a monthly salary of at least $3,600 and receive CPF contributions for at least 3 months.
1 local PME counts as 3 local FTEs. For example, to meet the requirements of 6 local FTEs, you can employ 3 local FTEs and 1 local PME.

  • You need to inform Ministry of Manpower (MOM) if you deviate from your original business plan.
  • Total business spending is calculated by deducting the following from the total operating expenses:
    • Expenses due to purchase of royalties, franchise and technical know-how fees from overseas companies
    • Expenses due to outsourcing of work overseas
    • Total remuneration to company’s EntrePass holder(s).

ADDITIONAL CRITERIA YOU NEED TO FULFILL

You need to provide documentary proof of ongoing business activities as described in the original business plan. You must have at least 30% shareholding of the company.

 

Passes for Family

As an EntrePass holder, you can only bring your family in if you meet the requirements for total annual business spending and local employment:

To bring your Your total annual business spending must be at least You must employ at least
  • Spouse (common-law or legally married)
  • Children
$100,000 3 local FTEs (full-time employees)

OR

1 local PME(professional, manager or executive)

  • Parents
$200,000 6 local FTEs

OR

2 local PMEs

Local FTEs refer to Singaporeans and Permanent Residents who earn a monthly salary of at least $1,200 (from 1 July 2018), and receive CPF contributions for at least 3 months.
Local PMEs refer to professionals, managers and executives who are Singaporeans or Permanent Residents, earn a monthly salary of at least $3,600 and receive CPF contributions for at least 3 months.
1 local PME counts as 3 local FTEs. For example, to meet the requirements of 6 local FTEs, you can employ 3 local FTEs and 1 local PME.

Total business spending is calculated by deducting the following from the total operating expenses:

  • Expenses due to purchase of royalties, franchise and technical know-how fees from overseas companies.
  • Expenses due to outsourcing of work overseas.
  • Total remuneration to company’s EntrePass holders.

VALON can assist you with your Entrepass Application:

  • Reviewing your eligibility to apply
  • Provide guidance in completing the forms and preparing documents necessary for application
  • Preparing the business plan

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. 

Contact Us On WhatsApp