Update: EntrePass Scheme
The EntrePass scheme, originally launched in 2003, is a work visa meant for foreign entrepreneurs looking to establish their business in Singapore.
In early August 2017, the scheme was overhauled with further enhancements to the evaluation criteria, and the enhanced EntrePass scheme came into effect immediately.
If registered, the company must be less than 6 months old on the date of EntrePass application
If the company has not been registered, this can be done after the outcome of the EntrePass application is known.
- Prior to the enhancement, applicants were required to hold at least 30% share in the company. However now the 30% shareholding is not required at the time of the application and it is deferred until the end of year 1 of holding the EntrePass.
- The MOM has scrapped the previous criteria requiring the applicant to have a paid up share capital of at least $50,0000.
Eligibility and Qualifying Criteria
The Evaluation Process of the enhanced EntrePass scheme will use the following three agencies to evaluate all the applications;
- SPRING Singapore
- Infocomm Media Development Authority (IMDA)
- National Research Foundation
Validity of EntrePass
The validity period of each EntrePass will be extended from one to two years, after the initial renewal.
Prior to this extended validity, EntrePass renewals were valid for a period of one year only.
Renewal of EntrePass
The criteria for renewal has now been revised in the enhanced EntrePass scheme.
Proof of business activities such as payment receipts, CPF contributions, share holding will be scrutinized to evaluate the eligibility for renewal.
The EntrePass holders must fulfil the following minimum annual business spending and job creation for locals in order to qualify for the renewal.
|*||Hold a minimum of 30% shares in the Company from Year 2;|
|**||Total Business Spending refers to the total local business spending excluding remuneration 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 $3,60|
|1 local PME = 3 local FTEs|
Getting a Dependent’s Pass (DP)
EntrePass holders can qualify for DPs for their spouses/children upon meeting Year 2 renewal criteria being :
- minimum annual business spending of $100,000 and
- employ 3 local FTE or 1 PME)