Singapore Entrepreneur Pass

As a major business hub in Asia, Singapore attracts a large numbers of foreign owned entities. From the world’s large multinational corporations to growing startups, Singapore continues to be the location of choice for entrepreneurs and businesses. Many companies look to Singapore as a base to build consumer insights, innovate and commercialize solutions for the region and beyond.

There is no restriction in the ownership of companies in Singapore. In other words, foreigners can own 100% equity of locally incorporated companies.

Typically a foreign business owners/entrepreneurs of ordinary business can apply for the regular Employment Pass as working director of his own company. This would require the business owner to meet the requirement for Complementarity Assessment Framework (COMPASS) including minimum salary before he can apply.

The Entrepass work pass or Singapore Entrepreneurial Pass has been specifically created for a certain eligible foreign entrepreneurs who are considered to be high-calibre innovators or experienced investors that want to operate a business in Singapore that is venture-backed or owns innovative technologies. There is No minimum salary requirement compared the regular Employment Pass.

Foreign entrepreneurs who meet one or more of the following criteria may qualify the Entrepass work pass / Singapore Entrepreneurial Pass :

1. Entrepreneur

  • Your company is receiving at least S$100,000 in funding or investment from a third-party venture capitalist (VC) or angel investor duly accredited by a Singapore government agency
  • Your company is incubated by an incubator or accelerator recognised by the Singapore government
  • You have an established business network and entrepreneurial track record2. Innovator
  • You possess intellectual property
  • You have research collaborations with a Singapore-based institute of higher learning or credible research institute
  • You have a record of extraordinary achievements in your key area(s) of expertise

2.  Investor

  • You have a track record of solid investments

One of the key advantage of Singapore Entrpreneurial Pass /Entrepass is the local company need not be setup until an in-principle approval has been obtained.

The following table summarises the key differences between regular Employment Pass and Entrepass Work Pass:

Difference Between Singapore Employment Pass vs EntrePass

Employment PassEntrePass
Who is it for?For foreign employees including shareholders and directorsFor founders of the newly setup companies who have at least 30% shareholding in a local company.
When can it be applied?Can be applied at any time after incorporating the company.Can be applied either before company incorporation or within six months of incorporation.
What is the main evaluation criteria?Subject to Complementarity Assessment Framework (COMPASS) – Company Criterion (paid-up capital, business turnover, local hiring) and applicant credentials (education, professional relevant experience, proposed salary)Must meet criteria set by authorities to qualify.

Support from relevant government agencies are crucial for approval.

What is the minimum salary requirement?Based on age, experience and education background and subject to COMPASS Assessment.No specific requirement
Is there a minimum investment amount required?No official minimum amount required, however paid-up capital will be one of the factors considered by authorities. SGD100k is our recommended paid up capitalNo official minimum amount required, however paid-up capital will be one of the factors considered by authorities.

SGD 50,000 to 100,000 is our recommended paid up capital.

Is there any difference in the documents to be submitted?May require bank account and proof of business such as tenancy agreement for business address/operation.Requires submission of a business plan
What’s the processing time after application submission?3-8 weeksWithin 8 weeks
For how long is the pass issued initially?1-2 years at the discretion of authorities1 year
Are family members eligible to relocate to Singapore?Yes. The spouse and unmarried children under 21.Yes. The spouse and unmarried children under 21.
What is the renewal criteria?You must still be employed by the company and must meet the renewal conditions at the point of renewal.The business must be operating as per the original plan, the company should have employed local staff, and fulfil any other conditions as may be listed in the EntrePass approval letter or eligibility requirements.

 

singapore entrpreneur pass

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