EntrePass allows eligible foreign entrepreneurs to start and operate a business in Singapore that is venture-backed or possesses innovative technologies.
The biggest difference between EP and ENT is that ENT applicants are not required to start up a business in Singapore before applying whereas EP does. EP applicants are required to register a Singapore company before submitting an EP application. They do not need to transfer funds into the corporate account and rent an office unless required by the Ministry of Manpower.
The review of ENT application focuses more on entrepreneurial experiences and business plans; the review of EP application, on the other hand, focuses more on the applicants’ qualifications, relevant work experiences and the operation of his/her parent/original company.
The EntrePass enables foreign entrepreneurs who are keen to start and operate a business in Singapore that is venture-backed or possesses innovative technologies.
Application requirements
Applicants need to meet at least 3 out of the 5 requirements:
(1) Turnover of the formerly or currently owned company reachs equivalent to minimum SGD 2 million (non-taxable turnover)
(2) The company or the applicant owns patent, software copyright or intellectual property.
(3) Entrepreneurial achievements have been reported by media newspapers (not owned media coverage)
(4) The company’s industry has to be environment protection, new energy, precision instrument, biopharmaceutical, fintech, Internet, blockchain, IT, artificial intelligence or big data (other industries need to be evaluated separately).
(5) The applicant has raised venture capital for formerly or currently owned companies.
Program Benefits
1. Sequential Entrepreneurship: Set up the business presence only after the approval of the application.
2. Path to Permanent Residency: ENT holders can apply for Permanent Residence in Singapore in 2 years.
3. Dependant Privileges: Fulfilling the official requirements for business expenditures and local employment allows successful applicants to bring their family members (spouse and children under 21 years old) to Singapore on Dependant Passes. It is also possible to obtain a Long-Term Visit Pass (LTVP) for common-law spouses.
4. Flexibility in Business Activities: EntrePass allows entrepreneurs to engage in a wide range of business activities, giving them the flexibility to explore different industries and sectors as their business evolves.
5. Networking Opportunities: EntrePass holders may benefit from networking opportunities, mentorship programs, and access to Singapore’s vibrant business ecosystem.
