What are the Singapore Entrepass Eligibility Requirements
In the desire to become a business hub all over the world, it plans to attract a great number of entrepreneur minds into the country from overseas. For this reason, EntrePass has been introduced. Entrepass is a Singapore Employment Pass designed to facilitate the entry and stay of foreign entrepreneurs who wanted to incorporate and launch a business in Singapore. It was on the year 2004 that EntrePass was introduced in the aim of attracting foreign entrepreneurs into the country.
There are two main categories of foreign nationals who are eligible for the Singapore Entrepass. First is a foreign national who is an entrepreneur ready to start a company/business and be actively involved in the operation of the company/business in Singapore. And second, is a foreign national who is an existing shareholder/partner in a Singapore registered company/business and who wishes to become actively involved in the operation of the company/business.
The EntrePass allows global value-creating entrepreneurs and innovators to establish and run their business ventures in Singapore. The good thing is, having a Ph.D. from top-notch school or millions in the bank is not a requirement to get started. What is important in here is having a working business plan and some budget for startup expenses to support in the early stages.
It is through the credibility of their proposed business plan that EntrePass applicants will be assessed. The business plan’s content include objective or nature of the business, products or services to be offered; marketing strategies, development plans and milestones, projected sales turnover, intended amount of investment and staffing plan.
In order to cater to the worthy entrepreneurs who are capable of magnifying their business into a large scale, the EntrePass visa requirements has been revised as of 28 Sept 2008. Because of this change, EntrePass applicants will be assessed on their economic strengths based on contributions they can make in terms of total business spending including their ability to employ local staff. The following are the new conditions and requirements:
- Incorporate a company with the Accounting and Corporate Regulatory Authority no more than 6 months at the point of submission of the EntrePass application
- Own 30%-100% of shareholding in the company
- Have relevant experience and track record in creating and managing successful businesses
- Provide S$50,000 and above in paid-up capital for the new company
- Submit a 10-page business plan detailing business goals and objectives. Renewal of EntrePass is contingent on achieving goals and objectives outlined in the business plan
Rikvin has effectively facilitated Singapore entrepass and Singapore employment pass application for both non-resident and resident financiers build business firms in Singapore.
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