Company Registration with EntrePass Package
Overview
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 (EP).
We make moving to Singapore and starting a company simple.
STEP 1
Things you’ll need for an EntrePass application
You must fulfil at least one of the following requirements:
- Has funding from a government accredited VC or business angel
- Holds an intellectual property
- Holds significant business experience/network and promising entrepreneurial track record
- Has exceptional technical/domain expertise in an area related to proposed business
- Holds good track record of investing in businesses and want to grow new or existing businesses in Singapore
- Has research collaboration with A*STAR or a university
- Is an incubate at a government-supported incubator
In addition, you must also submit a 10-page business plan detailing your professional profile, business idea and implementation plan.
STEP 2
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
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 you have held an EntrePass | Total business spending** must be at least | Must employ at least |
|---|---|---|
| 1 | – | – |
| 2* | $100,000 | 3 FTES** OR 1 PME*** |
| 4 | $200,000 | 6 FTEs OR 2 PMEs |
| 6 | $300,000 | 9 FTEs OR 3 PMEs |
| 8 or more | $400,000 | 12 FTEs OR 4 PMEs |
*Hold a minimum of 30% shares in the Company from Year 2
**Total Business Spending (TBS) refers to total local business spending excluding renumeration to EntrePass holder
***Full-time Employees (FTEs) refer to Singaporeans and Permanent Residents who earn a monthly salary of at least $1,100
****PMEs refer to professionals, managers and executives who are Singaporeans or Permanent Residents and earn a monthly salary of at least $3,600
Note: 1 local PME = 3 local FTEs
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.