Company Registration with EntrePass Package
The Entrepreneur Pass, or commonly known as EntrePass, is designed for the foreign Entrepreneur who holds no formal educational qualifications but has proven track records of successful business ventures or unique business ideas with potential economic development. This pass is also for those who do not qualify for the Employment Pass.
Be the next top Singapore entrepreneur in just 3 simple steps!
Successful business people are not necessarily college graduates. If you’re a foreign individual without a university degree or professional qualification but have a proven track record of successful entrepreneurial experience, then this package is the one for you.
The Singapore government has recently enhanced the EntrePass framework, targeting technopreneurs and those in cleantech industries. The Entrepass application requirements have thus become more rigorous and complex. The comprehensive services we provide can help you simplify this lengthy process, and help maximise your chances of getting an EntrePass in just 3 Simple Steps.
Things you’ll need for an EntrePass application
You must fulfil at least one of the following requirements:
- Must be funded by a recognized third-party venture capitalist or business angel
- Must hold a nationally-recognized proprietary or licensed Intellectual Property (IP)
- Must have research collaboration with recognized research institutions (e.g. A*STAR, local tertiary institutions, etc.)
- Must be an incubatee at a government-approved incubator
- Must receive support from a Singapore Government agency
In addition, you must also meet the following eligibility factors:
- Have relevant experience and track record in building a businesses or a unique business proposition
- Submit a 10-page business plan detailing business goals, objectives and total business spending
- Meet minimum hiring of local employees and total business spending requirements as defined in your business plan within a year
We’ll incorporate your company for you using our local resident Nominee Director Service for a temporary period. Once you secure your EntrePass, we’ll immediately transfer the company directorship over to you.
Things you’ll need for Company Incorporation
You’ll need to fulfil the following requirements to register your business:
- Minimum 1 Shareholder + 1 Resident Director + 1 Company Secretary
- A local registered office address
- Must register a Private Limited Company with minimum paid-up capital of S$50,000
- Own a minimum of 30% – 100% of the shares in the company
Business Plan and Renewal
Your business idea must be entrepreneurial in nature. To apply for the Entrepass, you must first submit a comprehensive 10-page business plan outlining the goals and objectives of the proposed business venture plan. This proposal must also include a strategy to meet the requirements of Ministry of Manpower (MOM). At AsiaBiz, we have professional business plan writers who can help you express your entrepreneurial ideas in a clear and concise manner for approval by the MOM.
In addition, MOM has a progressive renewal criteria framework to ensure that the contributions of EntrePass holders are commensurate with the duration of their operations in Singapore. Subsequent renewals of the EntrePass are contingent on meeting these requirements as well as on achieving the goals and objectives in the business plan. It is therefore crucial to have a well-drafted business plan.
|No. of years after award of EntrePass||Local jobs created*||Minimum TBS**||Type of Employment Pass issued|
|5 or more||10||S$400,000||P1|
*The employees need to be full-time staff (citizens or PR) and engaged under a contract of service. They must receive monthly salaries of at least S$1000 on time as well as have CPF contributions.
** Total Business Spending (TBS) = [Total Operating Expenses – (Royalties/Franchise Fees/Know How Fees to Overseas Companies + Work Subcontracted to Overseas Companies + Remuneration to Applicant & Immediate Family)]
What if you only wish to incorporate a Singapore company but not move here?
The Singapore Companies Act requires all foreign individuals looking to incorporate a company to engage a professional firm and meet the minimum requirements of one shareholder, one Resident Director, and one Resident Company Secretary to register a company.
If you’re not planning to leave your current country of residence but still want to incorporate a Singapore company, then our Company Registration with Nominee Director Package is more suitable for your needs.
Ready to start a Singapore company?
AsiaBiz has provided fast incorporation services to over thousands of corporate clients in Singapore. Our incorporation specialists would be happy to assist you on your incorporation needs.