You should apply for an Entrepreneur Pass (Entrepass) if you are an investor, business owner, or entrepreneur with plans to start a firm in Singapore. Keep reading to learn more about the specifics of what is needed to pass the Entrepreneur test.
What Does It Mean To Have A “Entrépass” (EP) In Singapore?
The Singapore Entrepreneur Pass (also known as the Entre pass) is a work visa issued to foreign entrepreneurs who want to set up shop in Singapore. This also includes business owners and financiers who are thinking of making Singapore their base from which to grow across the rest of ASEAN and Asia. The core features of the entrepass include:
- No minimum wage is required by law.
- It’s good for a year, but you may renew it for another year, and each subsequent renewal extends that year’s term by another year.
- No levy or minimum wage must be given to employees.
- Everyone in your immediate family, including kids and grandparents, is invited to join you (if you meet certain requirements).
What are the most useful new aspects of the Enhanced Entrepass system this year?
On August 3, 2017, new and significant changes will be made to the entrepass plan in an effort to attract top talent from across the world and entice them to set up shop in Singapore, where they can help foster the growth of the country’s thriving startup and high technology sectors. Some of the modifications are as follows:
- Adjustments to evaluation standards for startups with the aim of attracting more qualified workers.
- The need of documentation proving the applicant’s commercial, investment, or entrepreneurial experience and successes.
- The Entrepass’s validity period will be extended by a factor of two after the initial renewal, giving business owners more time to build their enterprises.
- The previous requirement for potential company owners to provide paid-up capital of SGD$50,000 has been eliminated.
When applying for an updated Entrepass, what are the requirements now?
You need to be at least 21 years old and either actively pursuing or actively engaged in the establishment of your own company in order to apply for an Entrepass. The following are some additional requirements:
Here are some of the most recent and crucial criteria: Your business must either have access to substantial venture funding or possess groundbreaking technologies.
You have invented, formulated, manufactured, or offered to the public an IT product, service, or platform. You’ve gotten money from venture capitalists or angel investors. These two conditions are now satisfied.
- Patents registered with a recognized national IP agency.
- Long-term collaboration in scientific study with a dedicated research group.
- You must demonstrate that your business is innovative and will help to increase local job possibilities.
- Your firm must be registered during the first six months of operation.
- Owning at least 30% of the company’s stock is necessary.
The Entrepass is only available to those who meet one of three criteria, each of which has its own set of qualifications to be eligible for the program.
