EntrePass, a coveted visa in Singapore, is tailored for innovative entrepreneurs and visionaries looking to establish venture-backed or technology-driven businesses in the Lion City.
This article delves into the key features of EntrePass and the essential criteria you need to fulfil to obtain and renew it, including the path to permanent residency.
Introduction
Singapore has always been a hub for business and innovation. The EntrePass is a visa scheme that encourages talented individuals with a proven track record in entrepreneurship or groundbreaking business ideas to set up shop in this vibrant city-state.
Granted with an EntrePass, you can apply PR in partnership with a PR Application Agency Singapore to streamline the process and provide insights into a successful application. Let’s explore the salient features of the EntrePass:
1. Crafted for Innovators and Visionaries
EntrePass is specifically designed for those who are introducing venture-backed or technology-driven businesses. This visa is not for the faint-hearted but for those with a vision to disrupt industries and drive innovation.
2. Business Track Records
Your successful business track record is a crucial factor when applying for an EntrePass. It serves as a testament to your prowess in the business world and indicates your ability to manage and grow a company effectively.
3. Detailed Business Plan is Required
To secure an EntrePass, you must submit a robust 10-page business plan. This plan should outline the feasibility of your venture, including details on your product or service offerings, marketing strategy, operational plan, and the profiles of your team members.
A well-thought-out business plan is pivotal to convince the authorities of the potential success of your business.
4. Duration
The EntrePass is typically valid for two years, with the possibility of renewal. However, the first renewal is for only one year. This flexibility allows professionals to plan their business ventures in Singapore with foresight and security.
Eligibility Criteria
To obtain an EntrePass, you must meet specific criteria that demonstrate your capability to operate and run a business successfully or prove that your proposed business meets innovative criteria. There are three streams through which you can qualify:
Entrepreneur Stream
- Founded and sold a tech company.
- Raised substantial funding from investors for a current or past venture.
- Being incubated by an internationally renowned incubator or accelerator.
- Showcase how your current networks and track record can contribute to the growth of your proposed business, for instance, by producing a letter of intent from prospective customers.
Innovator Stream
- Holds unique Intellectual Property (IP) that provides a competitive edge.
- Collaborated with Singapore-based research institutes or universities.
- Demonstrated exceptional skill and achieved significant accomplishments in your field.
Investor Stream
- Have an excellent reputation and track record of investing.
- Willing to invest a substantial amount of money in a new or existing company by starting an investment-related company.
Document Requirements
The specific document requirements for an EntrePass application in Singapore can vary depending on your individual circumstances and your company’s needs. However, here is a general list of documents commonly required:
- Passport: A copy of the applicant’s passport details page with at least six months of validity.
- Highest Education Qualification: Copies of academic certificates and transcripts, officially translated into English if in another language.
- Business Plan: A comprehensive 10-page business plan detailing how you intend to implement your business, including your product or service, marketing plan, operational plan, and team profile.
- Resume or Curriculum Vitae (CV): A detailed CV, including educational and employment history.
- Professional Certifications: Copies of any professional certifications or licenses required for the job.
- Completed Entrepass Application Form.
- Innovative Criteria: Support documents proving that you meet the innovative criteria.
EntrePass Renewals
To be eligible for EntrePass renewals, you must meet specific conditions and achieve the required business milestones:
Eligibility Criteria
- Own 30% shares in the company.
- Provide proof of ongoing business activities.
- Achieve the following business milestones:
| Number of years holding an EntrePass | Total annual business spending must be at least | Minimum number of local PMEs (or equivalents) to be employed | Qualifying salary for a PME |
| 1 | N.A. | N.A. | $3,900 |
| 2 | $100,000 | 1 | $3,900 |
| 4 | $200,000 | 2 | $3,900 |
| 6 | $300,000 | 3 | $3,900 |
| 8 | $400,000 | 4 | $3,900 |
| 10 | $700,000 | 5 | $4,700 |
| 12 | $750,000 | 6 | $4,700 |
| 14 | $800,000 | 7 | $4,700 |
| 16 | $900,000 | 8 | $4,700 |
| 18 | $1,000,000 | 9 | $4,700 |
Conclusion
The EntrePass is a remarkable opportunity for entrepreneurs and innovators to establish and grow their businesses in Singapore.
It provides a conducive environment for business development and innovation. Meeting the eligibility criteria and fulfilling document requirements are essential steps in securing this visa.
However, the EntrePass is more than just a visa; it’s a gateway to a thriving business ecosystem in Singapore and, potentially, a pathway to permanent residency.
If you aspire to be a part of this dynamic landscape as a PR, make sure to plan meticulously and showcase your skills and commitment to innovation, which can be made more straightforward with the guidance of a PR Application Agency in Singapore.
