Singapore EntrePass Guide 2024
Understanding the EntrePass
The EntrePass is designed for foreign entrepreneurs who want to start and operate a business in Singapore that is venture-backed or based on innovative technologies.
Eligibility Criteria
Entrepreneur Criteria:
- Has funding from a recognized VC or angel investor
- Holds intellectual property
- Has research collaboration with A*STAR or universities
- Has extraordinary achievements in key sectors
Business Requirements:
- Company must be less than 6 months old
- Registered with ACRA as Private Limited Company
- Minimum 30% shareholding in the company
- Paid-up capital of at least SGD 50,000
Innovation Requirements:
- Innovative technology or business model
- Clear market potential
- Scalable business plan
- Job creation potential
Key Benefits
- Initial validity of 1-2 years
- Renewable for up to 3-5 years
- Ability to bring family members
- Access to Singapore's business ecosystem
- Pathway to permanent residence
- No minimum salary requirement
Application Process
-
Business Plan Preparation
Develop comprehensive business plan
-
Company Registration
Register company with ACRA
-
Documentation
Gather required documents
-
Online Application
Submit via EntrePass Online
-
Assessment
Wait for MOM evaluation
-
Pass Collection
Complete formalities and collect pass
Required Documents
Personal Documents:
- Valid passport
- Recent photographs
- Educational certificates
- Professional certificates
- Resume/CV
Business Documents:
- Detailed business plan
- Company registration (ACRA)
- Financial projections
- Funding proof
- Patents/IPs (if applicable)
Business Plan Requirements
Essential Components:
- Executive Summary
- Market Analysis
- Business Model
- Financial Projections
- Growth Strategy
- Job Creation Plans
Renewal Criteria
First Year Renewal:
- Total business spending ≥ SGD 100,000
- Employ at least 3 FT local employees
- Contribute to CPF for local employees
Subsequent Renewals:
- Total business spending ≥ SGD 200,000
- Employ at least 6 FT local employees
- Demonstrate business growth
Common Challenges & Solutions
- Insufficient innovation - Enhance tech component
- Weak business plan - Seek professional help
- Limited funding - Explore investor networks
- Market validation - Conduct thorough research
- Local hiring - Use government support schemes
Government Support Schemes
- Startup SG Founder
- Enterprise Development Grant
- Productivity Solutions Grant
- Market Readiness Assistance
- Training Support Schemes