EntrePass

According to StartupBlink's Startup Ecosystem Index 2022, Singapore has overtaken China as the top-ranked ecosystem for start-ups in the Asia-Pacific region. First launched in 2004, the EntrePass aims to further propel Singapore as the premier start-up ecosystem.

EntrePass

Targeted toward industry disruptors and business owners, the EntrePass aims to invigorate the ever-expanding business landscape in Singapore by allowing serial entrepreneurs, high-calibre innovators, or experienced investors to relocate to Singapore. These entrepreneurs possess the necessary experience and  innovative capabilities to lead Singapore to the forefront of innovation.

5 Facts About the EntrePass Include: 

• EntrePass targets individuals who want to open a business in Singapore that is venture-backed or owns innovative technologies.
• The EntrePass will be valid for one year, and pass holders can apply for subsequent renewals that last for another two years.
• Being a pass focused on anything enterprise-related, holders are able to apply as either entrepreneur, innovator, or investor.
• Holders are able to sponsor stay for spouses, children, and parents in Singapore on either a Dependant’s Pass (DP) or a Long-Term Visit Pass (LTVP) issued by MOM. 
• Applicants need not secure a job in Singapore prior to their application and applicants are eligible to apply for the EntrePass directly. 

Who is the EntrePass for? 

Singapore’s EntrePass is designed for entrepreneurs and professionals with unique skills and expertise that can further enhance Singapore’s position as a global innovation and business hub.

The EntrePass is particularly interested in successful business owners with strong entrepreneurial spirit and a heart for innovation. They are expected to bring fresh ideas, cutting-edge technologies, and novel approaches to various industries, ranging from tech to sustainability.

What are Some Examples of a Qualified Talent? 

 Relevant qualifying criteria for the EntrePass include:

• Raised funding from a Government-recognised venture capital (VC) or angel investor
• Is incubated at a Government-recognised incubator/accelerator in Singapore
• Has strong business network and good track record of starting highly scalable businesses
• Holds relevant intellectual property
• Has ongoing or have done research collaboration with an Institute of Higher Learning or credible research institute in Singapore
• Has extraordinary achievements in key areas of expertise
• Has a good track record of investing in and contributing to the growth of successful businesses.

How Do I Qualify for the EntrePass?

To qualify for the EntrePass the individual must:

• Have started, or intend to start, a private limited company registered with ACRA that is venture-backed or owns innovative technologies.
  • If registered, the company must be less than 6 months old from the date you apply.
  • If not registered, you can do so after you know the outcome of your application.
• Meet any of the following innovative criteria as an entrepreneur, innovator or investor listed below. One does not need to meet all the criteria for each respective profile, but having more qualifications would help your application.

How Do I Qualify for the Entrepreneur Track?

• Funding Source: The registered company must have received at least $100,000 in funding from a government investment vehicle, venture capitalist, or recognized business angel by a Singapore Government agency.
• Incubator/Accelerator Status: The registered company must be an existing incubatee at a recognized incubator or accelerator in Singapore.
• Entrepreneurial Track Record: The individual must have a promising entrepreneurial track record, which may include founding and selling a tech company, raising significant funding from investors for a past or current venture, or being incubated by an internationally renowned incubator or accelerator.
• Intellectual Property (IP): The individual or the registered company must hold registered IP with an approved national IP institution, providing a significant competitive advantage to the proposed business that is not easily replicable. Expired IP can be considered if one of the shareholders is the inventor.

Alternative Qualifications:

• Ongoing Research Collaboration: The registered company must have an ongoing research collaboration with a recognized research institution in Singapore related to the proposed business.
• Technical/Domain Expertise: The individual must possess exceptional technical or domain expertise in an area related to the proposed business, with outstanding achievements or international recognition.

How Do I Qualify for the Investor Track? 

• You have a good track record of investing in businesses and want to grow new or existing businesses in Singapore by starting an investment-related company. The individual must demonstrate one of the following:
  
  • A strong track record of investing in and driving growth of highly-scalable businesses.
  • Plans (i.e. quantum, period and pipeline) to invest in other local innovative or tech startups.
  • At least 8 years’ experience as a senior management professional or executive in a large corporation that can help to scale up local innovative or tech startups.

What Businesses Do Not Qualify for the EntrePass?

These are the business that are ineligible for the EntrePass

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

What Criteria Do I Need to Meet to Renew My EntrePass? 

The individual may be eligible for renewal  if registered with ACRA as a private limited company, and he/she:

• Owns at least 30% shareholding of the company.
• Can provide proof of ongoing business activity.
• Can provide proof that the business is venture-backed or owns innovative technologies.
• Have created an individual profile and claimed your company profile on Startup SG Network (SSN)
  
• Achieve business spending and create local employment as shown in the table below:

Number of years holding an EntrePass	Your total annual business spending must be at least	Minimum number of local PMEs (or equivalents) to be employed	Qualifying salary for a PME
1	–	–	$3,900
2	$100,000	1
4	$200,000	2
6	$300,000	3
8	$400,000	4
10	$700,000	5	$4,700
12	$750,000	6
14	$800,000	7
16	$900,000	8
18	$1,000,000	9
20	$1,150,000	10

What are Some of the Benefits of the EntrePass? 

Individuals with the EntrePass enjoy:

1. Work and Residence Authorization: The EntrePass allows entrepreneurs to work and reside in Singapore, providing them with a legal and stable platform to establish and operate their businesses.
2. Flexibility and Control: EntrePass holders have the freedom and autonomy to pursue their entrepreneurial ventures, shape their business strategies, and make critical decisions without excessive interference or restrictions.
3. Business Ownership: EntrePass holders have the opportunity to fully own and manage their businesses in Singapore, allowing them to retain control and benefit from the success and growth of their ventures.

Are EntrePass Applicants Subject to the COMPASS framework? 

Having its own criteria, the EntrePass program in Singapore does not fall under the COMPASS framework. 

The Compass framework is specifically tied to the Employment Pass and therefore does not apply to the EntrePass program. 

What If I am Unemployed After Getting the EntrePass? 

Singapore requires the EntrePass holder to grow and expand their business over time to qualify for renewal. Should one’s business fail to grow quickly enough or collapse, the individual is disqualified from pass renewal and would have to leave Singapore.  

However, MOM will request information from pass holders from time to time to ensure that they are contributing meaningfully to the economy over time. Should there be extended periods of economic inactivity with no good reason, MOM may cancel the pass.

How Do I Apply for an EntrePass?

The application process takes around 8 weeks from when all documents are in order. It may take longer if additional information is required. 

What is the EntrePass Application Process Like? 

Applying for an EntrePass can be quite difficult due to the complexity and stringent nature of its application process. The application process is mainly done online: 

1. Submitting an application to MOM
2. Receive an in-principle approval letter (IPA) and prepare to move to Singapore 
3. If necessary, register the company with ACRA
4. Getting the EntrePass issued
5. Registering personal biodata and information 

IASG has helped numerous EntrePass holders secure their passes. We provide a thorough assessment of your professional background, advise you on the strengths of your profile, and undertake the entire Tech.Pass the application process on your behalf. 

I am Interested in Applying for the EntrePass with IASG. What are the Required Documents?

MOM has laid out the following criteria:

• Personal particulars page of your passport.
• If available, past employment testimonials in English or resume to elaborate on professional experiences, awards or recognitions.
• (For businesses registered with ACRA) Company’s latest business profile or instant information from Bizfile.
• A business plan in English, maximum 10 pages, consisting of:
  • Product and service offered
  • Market analysis
  • Operation plan
  • Profile of management team
  • Supporting documents, e.g. licensing agreements, product certificates and endorsement patents
• Other documents that will support your EntrePass application. We may ask for other documents when we review your application.

The additional documents required for each track are as follows: 

Entrepreneur: 

If one:	One needs to:
Has funding from a government-recognised venture capitalist (VC) or business angel.	Submit documents (e.g. investment agreement, shareholder certificate) to show you have raised at least $100k in funding.
Is an incubatee at a government-recognised incubator or accelerator.	Show that your company is an incubatee at a government-recognised incubator or accelerator, or is involved in the Accreditation@SGD programme. Explain how your incubatee or acceleratee’s work is related to your business.

If you have business network and entrepreneurial track record, and fulfil any of the following:

If one:	One needs to:
Has founded and sold a tech company.	Show that you were a key decision-maker of the company. Provide profile and acquisition papers of your tech company.
Has raised significant funding from investors for a current or past venture.	Show evidence of funding from third party investors such as venture capitalists (VC)s or angel investors (e.g. investment agreement, shareholder certificate). Give details of current or past venture. Explain your role as a key decision-maker in that venture.
Has been or are being incubated by an internationally renowned incubator or accelerator.	Show evidence that you are an incubatee at the organisation or programme.
Has strong industry networks and business contacts that are related to your proposed business.	Demonstrate the strength of your networks (e.g. testimonials or letters of intent from key industry or business contacts, and their contact details).Show how these networks can contribute to your business growth. For example, explain if the contact is a potential customer or investor, or the specific support they would offer to help you reach out internationally. Include the estimated potential monetary value of these contacts, explaining how this value is derived.
Has received recognition by a national body, recognised media publication or credible industry organisation for your professional, business or entrepreneurial achievements and track record.	Demonstrate your achievements and track record (e.g. certificates, media publication, testimonials and CV). Explain how your achievements or track record would contribute to your business growth.

Innovator: 

If one:	One needs to:
Holds an intellectual property (IP).	Provide IP registration with an approved National IP Institution.
Has a research collaboration with an IHL or research institute in Singapore.	Provide overview of research collaboration and demonstrate how it is related to the proposed business. Provide contact details of the person in IHL or research institute you are collaborating with.
Has extraordinary achievements in key areas of expertise.	Show that you have the necessary expertise (e.g. certificates, articles or testimonials). Demonstrate your ability to contribute to the business growth.

Investor: 

If one is aiming to invest a substantial amount of money in a local company, you will need to provide:

• Documentation of your current investments.
• Information on your sector of interest and the pipeline of local companies that are being considered for investment.
• Documentation to demonstrate your level of engagement with these companies (e.g. correspondences, investment agreements, signed letters of interest or intent).

One must also fulfill any of the following:

Have a track record in	You need to show
Investing in and driving the growth of highly-scalable businesses.	You have a proven investments track record (e.g. investments agreements, signed letter of interest/intent to local companies and shareholder certificate). Your ability to nurture the investee companies.
Being a substantial experience as a senior management professional or executive in a large corporation.	You have the necessary expertise (e.g. testimonials, resumes or CVs). Profile of the companies you have worked in. Your contribution to the company.

Non-English documents must be accompanied by an English translation. You are allowed to use a translation service for this. 

Can I Bring My Family Over to Singapore with Me on an EntrePass? 

EntrePass holders are allowed to bring their family members to Singapore only if they meet the minimum criteria for business spending and local jobs created. The criterias are as follows: 

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 LQS(full-time employees, formerly known as FTE)OR1 local PME (professional, manager or executive)
Parents	$200,000	6 LQS OR 2 local PMEs

After meeting the above criteria, one’s Family members can move to Singapore on either a Dependent Pass (DP), or a Long Term Visit Pass (LTVP) issued by MOM. Both the DP and LTVP will last up to two years. 

Family members that are eligible for a DP issued by MOM:

• A legally married spouse;
• Unmarried children under 21, including those legally adopted.

Family members are eligible for a LTVP issued by MOM:

• A common-law spouse;
• Unmarried disabled children above 21;
• Unmarried step-children below 21;
• Parents.

I am the Spouse of an EntrePass Holder. Am I Allowed to Work? 

The DP and LTVP enables the spouse to seek employment without the need for a separate work visa or work permit. 

The spouse’s potential employment is subject to the relevant employment regulations and requirements set by the Ministry of Manpower (MOM) in Singapore. The spouse will need to secure a job offer and fulfil any necessary criteria to obtain a valid work permit or work pass. A Letter of Consent is required if the Dependant or LTVP holder wishes to work or run a business in Singapore. 

Spouses working under the DP can only be employed by one employer at a time, including self-employment. Spouses who are business owners are considered employed by their own business, and thus cannot start another business or gain additional employment on the side.

I am the Spouse of an EntrePass Holder Who Wishes to Run a Business in Singapore. Am I Allowed to Do So? 

Spouses of pass holders are allowed to start their own business in Singapore, provided they do hold multiple forms of formal employment at once. In other words, the spouse can only be employed by their own business.

DP-holding business owners must first apply for a Letter of Consent and register their businesses with ACRA (Accounting and Corporate Regulatory Authority). 

To be eligible for the Letter, spouses must fulfil one of the following criteria:

• The spouse must be the sole proprietor of an ACRA-registered business
• The spouse must be a partner of an ACRA-registered business
• The spouse must be a company director with at least 30% shareholder’s stake in an ACRA-registered business

The spouse must employ at least one Singaporean or Singapore Permanent Resident, who must earn at least the prevailing Local Qualifying Salary. The spouse must provide CPF contributions to local staff for at least 3 months.

What Happens After I Get the EntrePass? 

Must I Pay Income Tax as a Pass Holder? 

EntrePass holders may be required to pay income tax.  

As foreigners, EntrePass holders must pay income tax if they fall under any of the following categories:

1. Foreigner who has stayed/worked in Singapore:

a. For at least 183 days in the previous calendar year; or

b. Continuously for 3 consecutive years, even if the period of stay in Singapore may be less than 183 days in the first year and/or third year; or

2. Foreigner who has worked in Singapore for a continuous period straddling 2 calendar years and the total period of stay is at least 183 days*. This applies to employees who entered Singapore but excludes directors of a company, public entertainers, or professionals. 

I am No Longer Working in Singapore and Wish to Return Home for Good. Must I Cancel My Pass? 

The procedure for cancelling a pass is similar to that of other pass cards.

Pass holders no longer working in Singapore and are leaving the country permanently must cancel their pass within 1 week before their departure.

Pass holders who cancel their pass will also have their family members’ DPs and LTVPs cancelled automatically. These passes cannot be reinstated. Pass holders can request a 90-day Short Term Visit Pass to buy them time for departure.

Cancellation takes effect within 3 days of submission. Pass holders and employers cancelling on behalf of their employees should cancel their passes using MOM’s online form. No fee is needed to cancel the pass.

I Lost My EntrePass Card. What Should I Do?

The procedure for reporting a lost, damaged or stolen Tech.Pass card is similar to that of other pass cards.

Pass holders who have lost, damaged or gotten their cards stolen must apply for a new card within 1 week of the loss. There are fees associated with replacing a card and the new card can be collected within 4 days of submission.

For stolen cards, a police report must be lodged. If the card was lost, stolen or damaged abroad, MOM must be informed immediately so that a letter permitting entry into Singapore can be issued. All requests must be made by the pass holder and NOT the employer.

Singapore’s Business Environment 

Singapore remains an exceptional country for business for the following reasons: 

Firstly, Singapore is renowned worldwide for its pro-business environment. The government has implemented favorable policies, efficient administrative procedures, and a transparent regulatory frameworkThe country consistently ranks among the top countries for ease of doing business, offering a conducive ecosystem that supports entrepreneurship and innovation.

Moreover, Singapore’s strategic location in the heart of Southeast Asia positions it as a gateway to thriving Asian markets. The country’s excellent connectivity, advanced infrastructure, and extensive network of free trade agreements facilitate seamless trade and investment across borders, providing a new consumer base and a springboard for international expansion.

Additionally, Singapore boasts a robust financial system, including a stable currency, sophisticated banking services, and a well-regulated capital market. The country’s transparency and non-corrupt institutions ensure a secure and trustworthy business environment. These factors instill confidence in investors and businesses alike.

Singapore’s emphasis on education and skills development has resulted in a highly educated and skilled workforce. Additionally, Singapore’s cosmopolitan society welcomes global talent, enabling businesses to tap into a diverse pool of skilled individuals from around the world.

By choosing Singapore, you gain access to a supportive ecosystem, global connectivity, talented workforce, and attractive incentives, contributing to your business’s success and growth in the dynamic and competitive global marketplace.

Can I Apply for Singapore PR as an EntrePass Holder? 

EntrePass holders and their families are eligible for Singapore Permanent Residence.

To apply for PR, pass holders should apply to the ICA (Immigration and Checkpoint Authority) through their website. The application procedure is similar to that of EP and S Pass holders through the PTS (Professionals, Technical Workers and Specialists) scheme. 

For more information, you may refer to our resources on Permanent Residency, or contact us through the form below. IASG has assisted individuals and families from over 70 nationalities with the Permanent Residency procedure, details of which can be found here.

EntrePass Application for Foreign Business Moguls

The EntrePass aims to propel Singapore’s economic growth by fostering a thriving business landscape. With a steadfast commitment to excellence, the EntrePass program paves the way for Singapore to become a beacon of innovation, entrepreneurship, and economic prosperity.