What is an entrepreneur pass?
To continually become a regional business hub, the Singapore government started offering entrepreneur pass to foreign entrepreneurs from the year 2004. By introducing this scheme, we are able to attract foreign entrepreneurs that can inject vibrancy and innovation to Singapore industries. Besides that, it can also help to increase local employment rate.
Applicants must be foreigners that are ready to set up and operate a business in Singapore. They must also meet the stated requirements in order to be eligible for the application. The requirements are:
Business must be a Private Limited Company that is registered under the Accounting and Corporate Regulatory Authority (ACRA). If the company is already registered, the applicants need to apply within six months from the application date.
Business must have a paid-up capital of at least $50,000. For verification purposes, a bank statement from Singapore-based company bank account is required.
The activity of the business needs to be legal.
Applicants must attain at least 30% of the shares in the business.
Also, the business that the applicant would like to start up needs to meet any one of the following conditions stated by Ministry of Manpower (MOM),
Business has received monetary funding or investment of at least $100,000, from a recognised third party Business Angel (recognized by Singapore government agency) or Venture Capitalist (VC) such as SPRING SINGAPORE. Applicants need to bring along relevant documents to prove the funding received.
Business owns an Intellectual Property (IP) that is registered with an approved National IP Institute. This IP needs to be related to the business activity written in the application of the EntrePass and one of the shareholders must be the owner of the property.
Business has an ongoing research collaboration with research institution recognized by Institute of Higher Learning in Singapore or Agency for Science, Technology and Research (A*STAR). Details of the research of the institute must be provided for verification and only applicants that conduct ongoing training are allowed.
Business is an incubatee at a Singapore Government supported incubator, relating to the proposed business activity.