Guidelines for Applying for an Entrepreneur Pass in Singapore
Ever since its inception little over a decade ago, the Singapore Entrepass or Singapore Entrepreneur Pass scheme has been one of the most successful work permit visas meant for business owners in the world. Of course the eligibility criteria and other details of the entrepreneur pass scheme has gone through a few changes over the years but overall its remains the best way for foreign entrepreneurs to live in Singapore and manage a business. Applying for an entrepreneur pass is fairly simple and foreign business owners should keep a few guidelines in mind when applying for the same.
1) Entrepreneurs are now required to invest a minimum amount of SGD $50,000 in their Singapore Company. This investment can be in the form of paid up capital listed during company registration. Hence entrepreneurs should keep in mind the minimum investment amount and try to invest as much as possible to increase the chances of obtaining an entrepreneur visa.
2) All applications must be accompanied by a business plan giving details about the proposed business activities in Singapore. Note that this business plan needs to be written in the prescribed format and not how you would normally write a business plan. Typically the plan must be about 10 pages and should give details regarding the business activities, how it would benefit Singapore’s economy and the potential to create jobs in Singapore. It is advisable to talk to a consultant in Singapore before finalizing on the business plan that needs to be submitted.
3) Foreign entrepreneurs should provide ample proof of their experience of managing companies in the past. Authorities in Singapore would need to know your managerial experience and whether the companies you have owned or managed in the past were successful. It is obvious that if you have success in turning startups into profitable ventures, then the chances of you obtaining the entrepreneur pass in Singapore will be much higher.
4) It would be nice if you provided the authorities in Singapore with proof of your education and any diplomas or degrees that you have obtained. Details must be provided of any kind of training that you have gone through and copies of all certificates must be attached with the application forms.
5) Authorities would also like to see references from business clients, associates and others you may have worked with in the past to establish your credentials as a successful business owner.