1. What is the Singapore Entrepreneurship Pass?
The English name of the Singapore Entrepreneurship Pass is: Entre Pass. This is a fast-track entry program established by the Singapore government for entrepreneurs who intend to start a business in Singapore. It provides a major convenience for entry and residence for outstanding entrepreneurs who intend to immigrate.
The Singapore Entrepreneurship Pass application conditions are relatively loose, and spouses and children are also allowed to apply together! It is a popular form of Express Entry in Singapore.
The general validity period of an EntrePass is 2 years. The Ministry of Manpower of Singapore considers that the business proposal submitted by the entrepreneur is practical and feasible, and will issue the relevant EntrePass.
The Entrepreneurship Entry Pass also provides entrepreneurs with further facilitation for entry and residence.
The specific scope of application of the Entrepreneurship Pass:
It includes entrepreneurs who intend to start a business in Singapore and will be actively involved in the operation of the company, as well as applicants who want to obtain immigration status through entrepreneurship.
EntrePass also provides great convenience for entrepreneurs who need to travel in and out of Singapore frequently.
Entrepreneurs can apply for an extension of their EntrePass as long as the relevant business continues to operate in Singapore.
2. What are the conditions for applying for the Singapore Entrepreneurship Pass?
For the first-time application for the Entrepreneurship Entry Pass, the following specific conditions must be met:
A. The registration type of the company must be a private limited liability company;
B. The applicant holds at least 30% of the company's equity;
C. The paid-in capital of the company is at least SGD 50,000;
Note: From April 1, 2010, the applying Singapore company must issue a bank statement and have at least SGD 50,000 in its bank account for capital verification.
D. The company has been registered for less than 6 months at the time of application.
E. Interested in starting a business in Singapore and need to actively participate in the operation of the company or enterprise, and the company needs to be registered with ACRA for less than 6 months at the time of application.
Specifically: The applicant needs to operate a private limited liability company with a paid-up capital of at least S$50,000 and hold at least 30% of the company's equity.
In addition, the company must be a newly incorporated company that has been registered for less than 6 months at the time of application.
Finally, the newly established company must not carry out illegal business activities.
It is worth reminding that (the Entrepreneurship Pass is not applicable): The Entrepreneurship Entry Pass is not applicable for foreigners to set up non-entrepreneurial enterprises in Singapore.
* For example, coffee shops, hawker centres, food courts, bars, nightclubs, leisure and entertainment venues.
* There are also foot therapy centers, massage parlors, karaoke rooms, traditional Chinese medicine, acupuncture therapy, and Chinese herbal medicine health clubs.
* Or career intermediaries, Feng Shui offices, etc.
From September 1, 2013, the approval criteria have also increased the following points, and applicants need to meet at least one of these conditions:
1) Accredited third-party venture capital funds or angel investments;
2) Hold patents or intellectual property rights, copyrights, etc. approved by the national patent and intellectual property department;
3) R&D cooperation with R&D institutions or local institutions of higher learning recognized by Singapore A* STAR (Agency for Science, Technology and Research, a world-class R&D center in Singapore);
4) Incubation industries supported by SPRsgchineseapore or the National Research Foundation (NRF) of Singapore.
From August 3, 2017, the evaluation conditions of applicants are no longer limited to the existing four innovation conditions, and the new conditions include:
1. Entrepreneurship and investment records;
2. Commercial network;
3. Major achievements in their respective areas of expertise.
3. The specific application process of the Singapore Entrepreneurship Pass
1. Selection of a specific industry: Applicants must clarify the industry and business development plan they want to do, as well as the feasibility of the industry in Singapore.
2. Select appropriate patents and trademarks Patents and trademarks must be related to the industry operating in Singapore, and the holder of the patent must be one of the shareholders of the company applying for the permit.
3. Material preparation The applicant's personal information and the applicant's company information must be prepared.
Specifically: If the applicant has a company in China, he must provide relevant domestic company documents. If there is no company in the country, then it is necessary to strengthen the relevant information in the personal work experience section.
Profile content:
A. 2 passport-type photos;
B. Copy of passport: personal information page;
C. Personal resume: basic information, educational background, work experience, business experience, award-winning record, personal specialty, etc.;
D. Past work certificates and recommendation letters: those without business experience must provide;
E. The highest education certificate needs to be translated, and the Chinese college degree or above needs to be certified by Xuexin Network (www.chsi.com.cn);
F. Other individual awards or professional qualification certificates: translation is required;
G. Personal deposit certificate: Banks in China or Singapore are acceptable;
H. Patent certificate or copyright certificate: translation is required;
I. Other personal data: It depends on individual circumstances.
Specific company information:
a. Business license, tax registration certificate, organization code certificate.
b. Proof of Equity.
c. The company's financial statements for the past 3 years.
d. Other company information (such as brochures, website, photos, leases, office photos, certificates of merit, etc.)
4. Filling in the business plan and application form You must carefully complete the content of the business plan and fill in the application form. The writing of a business plan must be professional, and a large part of the decision to approve the Entrepreneur Pass depends on the writing of the plan.
The same personal conditions, different proposals, will also affect the approval results. All plans should be in line with their own circumstances, properly packaged, and remember to exaggerate! The plan must be feasible.
Filling in the form: Fill in the form according to the actual situation of the individual, so that the handwriting is clear and neat.
5. Submission of materials Submit the application form, personal information, company information, and business plan.
Note: If you register a company first and then apply for an Entrepreneurship Pass, you must obtain a letter of approval in principle before submitting the materials.
After sorting out all the above materials, submit the application materials for the Entrepreneurship Pass at the Singapore Post Office singpost, or you can entrust our Ivey Accounting Firm~
6. Obtain the letter of approval in principle. Generally, after 6 weeks, the result of the application for the Entrepreneurship Pass will come out. The first letter is the letter of approval in principle: Approval In Principle.
Generally, the requirements of this letter are that you should register the company according to the plan, open a company bank account, deposit the registered capital, and get the company bank statement.
It is worth noting that, after the approval in principle approval letter, the applicant can register the company independently without Singapore local directors.
After company registration, two documents need to be submitted to the Ministry of Manpower:
A. Company registration paper: business profile
B. Company bank statement: company bank statement.
7. Complete Approval Letter: In-Principle Approval and Pass Application After getting the complete approval letter, prepare relevant materials as instructed by the approval letter, and finally go to EPSC to apply for the pass.
8. The holders of the Singapore Entrepreneurship Pass that are successfully applied by the normal operation company need to provide the following relevant certification materials based on the business plan of the Singapore company within 6 months of holding the pass to the Ministry of Manpower of Singapore for review. If the information is not qualified, the relevant pass will be cancelled.
1) Singapore company lease;
2) Singapore employee CPF certificate;
3) Proof of shareholding structure and registration date of the Singapore company.
In the process of operation, you must operate the project of your Entrepreneurship Pass application.
In addition, it does not need to operate as planned, but can operate according to your actual needs. However, when renewing the pass, the conditions for pass renewal must be met.
9. Application for Singapore Permanent Resident PR
After the company has been operating normally for 12-14 months, it can apply to the government for permanent resident PR).
After normal operation, you can apply to the government for permanent residency, or PR, with your spouse and children under the age of 21.
Approval depends on the applicant's personal conditions and the operation of the Singapore company.
Specifically, it depends on whether the company has contributed to the following points:
1. The development of Singapore’s economy;
2. The improvement of employment situation in Singapore;
3. Provident fund payment, tax, etc.
Only in this way, the approval of the PR of Singapore Permanent Residents can see results.
4. Conditions for Renewal of Singapore Entrepreneurship Pass
During the first year of holding an Entrepreneur Pass, there is no requirement for minimum company expenses and no requirement for how many employees to employ.
Starting from the second year, the company must have a minimum business expenditure of S$100,000, hire at least 3 employees with a base salary of at least S$1,200 per month, or hire 1 professional, manager or manager with a base salary of more than S$3,600 per month !
When renewing the visa in the second year, it can be renewed for two years at one time. When renewing the visa in the fourth year, you need to have at least S$200,000 in business expenses that year, and hire 6 employees with a basic salary of at least 1,200 yuan per month, or 2 employees with a basic salary of more than 3,600 yuan. Professionals, managers or administrators of SGD each month.
5. Other matters needing attention on the Entrepreneurship Pass!
1. The submission of the Entrepreneurship Pass must be within 6 months of the company registration.
2. There are no strict rules for applying for an Entrepreneurship Pass, but long-term practice has proved that the more the industry can contribute to Singapore's technological development, labor employment, government taxation, etc., the easier the application will be approved.
3. Educational qualifications are not the decisive factor in applying for the Entrepreneurship Pass. The applicant's business background, entrepreneurial projects, investment amount, and the quality of writing the business plan are the core factors in applying for the Entrepreneurship Pass.
4. The English level of the applicant is not one of the factors to be considered when applying for the Entrepreneurship Pass.
5. There are no strict regulations on whether the holder of the Entrepreneurship Pass needs to stay in Singapore for a long time, but the longer the applicant stays in Singapore, the more favorable it will be for him to renew the Entrepreneurship Pass or apply for permanent residence in Singapore.
6. After the start-up pass is approved, there is no strict rule on how long it takes to apply for permanent residence in Singapore, but it is usually within 12-24 months to start the application, which can reduce the probability of being rejected by the Singapore Immigration Department.
7. The applicant can apply for Singapore Citizenship only after the applicant has obtained the status of Singapore Permanent Resident for at least 2 years.
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