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Singapore attracts thousands of foreign entrepreneurs and business owners annually to set up their businesses in the city-state. Its strategic geographic location, bilateral treaties, straightforward registration procedure, and minimum annual compliance requirements make it an ideal choice to incorporate a business.
However, people who wish to relocate and set up their businesses in Singapore must obtain a work permit from the MOM (Ministry of Manpower) in Singapore.
Foreign professionals can obtain an Employment Pass or Personalized Employment Pass to work in Singapore. However, foreign entrepreneurs who wish to relocate and incorporate a Singapore startup can also avail an EntrePass, short for Entrepreneur Pass.
An EntrePass is a work visa for foreign innovators, experienced investors, and serial entrepreneurs who want to set up innovative businesses that add value to the Singapore economy and inject innovation and vibrancy.
The Singapore authorities refined the EntrePass framework. This was done to attract technopreneurs and R&D-intensive enterprises in various sectors (including biotech and cleantech).
This guide about Singapore EntrePass provides a detailed insight into the EntrePass scheme.
A candidate must learn the following key points about an EntrePass before proceeding with their EntrePass application.
Three different government bodies review the EntrePass application in Singapore.
A person from any nationality can apply for an EntrePass in Singapore. However, one must fulfill the following criteria to become eligible for a successful EntrePass application:
An entrepreneur must fulfill the following basic requirements to apply for a Singapore EntrePass:
A business plan is a significant part of your EntrePass application. It must provide a detailed insight into your professional business experience, your business idea’s viability, and its implementation plan.
Your business plan must comprehensively portray the following information:
Applicant’s Profile
The applicant’s profile must state the following information about an applicant:
Business Idea
The business idea must demonstrate the following critical data:
Implementation Plan
An implementation plan must include the following key elements:
You must also meet the minimum eligibility criteria as an entrepreneur, investor, or innovator.
The candidate must meet any of the following minimum eligibility criteria to qualify as an entrepreneur.
Acquire funds from a business angel or government-recognized VC
Is an incubator at any of the government-recognized accelerator or incubator
Some of the examples of such incubators and accelerators include:
Demonstrate a promising entrepreneurial track record and have an extensive business network
Under this category, the entrepreneur must possess significant professional experience or a business network and a prominent entrepreneurial track record of founding and operating a highly-scalable business. The entrepreneur must be willing to leverage the skills mentioned above to incorporate, manage, and scale a new or existing business in Singapore.
Following are the requirements to meet this qualification:
The candidate demonstrates a promising track record of business investments and also wishes to invest and scale fresh or existing Singapore businesses.
Requirements:
The candidate must meet any of these qualifications to pass as an innovator.
Holds an IP
The candidate or the respective corporation must hold a licensed IP (Intellectual Property).
However, the candidate must fulfill all of the below-mentioned requirements to pass this criterion:
Has research collaboration with a Singapore research institute
The research collaboration must be with an IHL (Institute of Higher Learning) in Singapore.
Some examples include:
You must meet the following criteria:
Exceptional skills and achievements
It is not mandatory to fulfill all the requirements for each respective type or profile. Though, more qualifications are more helpful for a new application as approvals for them are limited.
The EntrePass is strictly for entrepreneurs, innovators, and investors that are going to bring innovation and new employment opportunities to Singapore. Therefore, some businesses that do not provide the required value to the city-state are excluded:
The candidate must submit these documents for the EntrePass application:
If you are submitting your application as an entrepreneur, investor, or an innovator, you must submit additional documents that support your claim.
For Entrepreneur
Claim |
Proof |
Funding from a government-approved VC or business angel | Documents that state that you have successfully raised over S$100,000 in funding, e.g., shareholder certificate and investment agreement |
Participant at a government-approved accelerator or incubator | Documents that |
For an extensive business record and an excellent entrepreneurial track record:
Claim |
Proof |
Founder of a tech company that was later sold |
|
Raised significant amount of funds for a past or recent venture from angel investors or VCs |
Documents Must |
Currently getting incubated or was incubated by an internationally-acclaimed accelerator or incubator |
Documents that serve as proof of you being a part of the program |
Business contacts and industry networks that can be leveraged for the proposed business |
Documents that state |
Received awards or recognitions |
Documents that |
For Investor
For an investor who is going to invest a significant amount in a local company, you must provide:
You must also meet the following criteria:
Claim |
Proof |
Investing and driving highly-scalable businesses’ growth | Documents that state: |
Minimum of eight years of experience working as a senior management professional or at an executive position in a large corporation | Documents that demonstrate: |
As an Innovator
As an innovator, the following documents are necessary:
Claim |
Proof |
Holds IP |
IP registration documents with an acclaimed IP Institution |
Research collaboration with a Singapore IHL |
Documents that: |
Extraordinary achievements in key areas of expertise |
Documents that: |