The EntrePass allows eligible foreign entrepreneurs to start and operate a venture-backed business in Singapore or possess innovative technologies. Find out what businesses are eligible, how to apply and the requirements for pass renewal.
The EntrePass is a visa for entrepreneurs who are ready to incorporate a new private limited company in Singapore. The EntrePass framework was further refined to attract technopreneurs and R&D-intensive enterprises, including those in the cleantech and biotech sectors so that they can add value and inject vibrancy and innovation in Singapore.
Businesses involved in developing or applying innovative technology or contributing to the flourishing of innovative creations stand a better chance of having their EntrePass application approved.
What is required to get an EntrePass?
The EntrePass application will be reviewed by three government bodies – – SPRING Singapore, the Infocomm Media Development Authority (IMDA) and the National Research Foundation (NRF). The criteria are as follows:
Applicants must demonstrate at least one of the following:
Be funded by a recognised third-party venture capitalist or business angel
- Strictly monetary funding of at least $100,000;
- Applicant to provide shareholder certificate or documentary proof of investment commitment from VC/business angel;
- Examples include Vertex Ventures, SGInnovate, Jungle Ventures etc
Hold a nationally-recognised proprietary or licensed Intellectual Property (IP)
- IP delivers a competitive advantage to your proposed business and cannot be easily replicated
- One of the shareholders or the company must be the owner of the IP
- Expired IP can be considered as long as one of the shareholders is the inventor of the IP
Has research collaboration with recognised research institutions such as A*STAR or an institute of higher learning
- Research collaboration must be related to your proposed business
- The research institution needs to provide a contact person to verify the details of the research collaboration
- You must be involved with ongoing research collaboration
- Contract of services is not considered to be research collaboration
Business Plan and Renewal Criteria
One of the critical requirements for the application of an EntrePass is a 10-page business plan. The plan must demonstrate your professional business experience, the soundness of your business idea and a detailed implementation plan.
MOM has a progressive renewal criteria framework to ensure that the contributions of EntrePass holders are commensurate with the duration of their operations in Singapore. Subsequent renewals of the EntrePass are contingent on meeting these requirements and achieving the business plan’s goals and objectives. It is, therefore, crucial to have a well-drafted business plan.
Should you select this Work Visa and work with us to do up the application, we will guide you through the entire process, including providing you with advice to ensure that your renewal will be successful.
The Entrepass also qualifies to apply for Singapore PR after 2 years.