Singapore is the most favored business destination for many foreigners. The excellent facilities offered by the country tempt foreign businesses to set up their offices in the island nation. The government is favorable to foreign companies being set up in Singapore because of the job opportunities that it offers and the exchange of technology that can be done. Singapore is the favorite of foreigners also because it is a country with one of the lowest tax rates. The tax structure is very simple and companies can get a lot of exemptions and tax breaks. Various other factors invite companies to set up offices here. Entrepreneurs can start their companies and manage it by getting the Singapore EntrePass in Singapore.
What Makes Singapore The Favorite Business Destination?
The strategic location is very favorable for all businesses. Singapore is situated in the Asian continent in such a way that it is close to all the countries on the continent. It has excellent connectivity with these countries which makes travel and transport of goods very easy. Singapore has also signed free-trade agreements with many countries making export to those countries an import from them very economical. The port facilities and other infrastructure in the country is also an attraction for businesses.
The setting up of a company in Singapore can be done easily. The nation has adopted the most modern technologies that make it easy for foreigners to set up their companies even without visiting the nation. Service providers in Singapore will do the job for them. The documents can be submitted through email to the authorities. The procedure is very quick and a company can be set up in a couple of days.
Singapore is an excellent place to live in, which is why most foreigners like to live here and personally supervise the activities of the company. If a company wants to appoint any foreigners in the company, then it must process the required work permit with the ministry of manpower. Two permits are meant for directors who wish to manage their companies. They can get an Employment Pass or an EntrePass.
How Can One Secure A Singapore EntrePass In Singapore?
The employment pass will be issued only to people who have good educational qualifications along with experience in the industry. However, many entrepreneurs may lack the qualification that the EP needs. These entrepreneurs also need to be encouraged and allowed to set up their businesses in Singapore and flourish. This is why the EntrePass has been devised. It is for those people who cannot qualify for the employment pass but have other qualifications.
There are certain conditions that EntrePass applicants must have, for the pass to be issued by the ministry of manpower. If the entrepreneur has the financing from a venture capitalist or investment angel that is recognized by the government of Singapore, then the person has the chance to get an EntrePass. A person who is incubating with the government authorized incubator or accelerator can also get the pass. A person with an excellent business network, entrepreneurial or investment background or has intellectual property is also eligible. A person with unparalleled achievements in some expert areas can also get the pass.
Along with the above criteria, the person must also be willing to spend S$100,000 in the first year of his or her business. The business must appoint 3 Singaporeans in the job or at least one person at the executive level in the company within one year.
There are also certain requirements for the company to follow if the person should be issued an EntrePass. The company should have a minimum of one shareholder. There must be one resident director and a company secretary. All the conditions that apply for a PLC will apply for this company also. There must be a registered office address for the company. The person who applies for the pass must hold at least 30% of the shares of the company.
What Is The Procedure For EntrePass Application?
It is best to get your application processed by a service provider. The service providers will gather your information and check the probabilities of your getting an EntrePass. This assessment will help you know your chances and decide whether you want to go ahead with the application and subsequent processes. The consultants will then collect all the necessary details about you along with the documents. They will apply with the ministry of manpower and do the necessary consultations with the officials if needed. The company formation will be done once the approval for EntrePass is received.
All documents pertaining to the applicant with a recent photo has to be given. The proof of address, resume, and educational certificates must be submitted. If possible, it is better to submit the work experience certificates of the applicant. If the business is already in contact with prospective clients and signed any contracts that must be attached. Any official documents of existing or past business, like brochures or press releases can be submitted.
A business plan must be submitted along with the application. This is the most important document that will convince the MOM about your intention and the likelihood of the business being a success. It must have detailed plans along with the goals of the business. The plan must specify how the company is going to meet the conditions of the EntrePass within the stipulated one-year period. This is very important for the issuing of the pass.
The Various Packages Provided By The Consultants For EntrePass
Fees In SGD
EntrePass With Business Plan and appealing for review if rejected
$4,500 ($4,825 with GST)
Dependent Pass For spouse and children
$500 ($535 with GST)
Parents/step-children pass for long term visits
$500 ($535 with GST)
$1,000 ($1,070 with GST)
You must meet the criteria for renewal for two years if you must become eligible for the dependent pass.
The above fees are exclusive of other expenses that may occur. There can be expenses for analyzing the market for company opening. There are charges for translation if required. The MOM application fee must also be paid separately.
How Can You Get Your EntrePass Renewed?
There are certain conditions that the company must fulfill if the EntrePass must be renewed. There are minimum spending and a minimum number of people to be employed if you must get the renewal. The below table will explain clearly the conditions that must be met
No. Of Years Of Possessing The Pass
Professionals, managers, executives
Business Spending To Be Done Annually
8 and above
The documents you must submit for the renewal of the pass
Latest accounts that have been audited
Statement for contribution to Central Provident Fund
Certificates of highest qualification of the workers
ACRA company incorporation information
Last three months’ bank statements of the company
Letters of reference from the customers
Copies of invoices or contracts issued in the near past.
The holders of EntrePass can apply for permanent resident status in Singapore. There is no gestation period but it is advisable to apply only after completion of two years of the business.
What Services Do The Consultants Provide?
The first thing that you can get done by the consultants is to have a detailed discussion to assess the possibilities of getting the pass. They can analyze your qualifications and other criteria that will support your application. consultants can help you prepare the business plan as required by the ministry of manpower. The service providers will apply to the MOM and also follow up with the authorities to know their status. They will keep in touch with the officials at MOM if there is a need. if the ministry needs any additional information about you or the company, the service providers will seek from you and submit with the authorities. When the work pass has been approved, they will work towards the issue of the same.
There are cases when the application is rejected. In such cases, the consultants will go for an appeal. This is also included in the cost of processing the EntrePass. The consultants will also help you get the dependent pass for your family.