Foreign entrepreneurs who wish to establish their company and reside in Singapore have two options to choose from: Entrepass and Employment pass. Each one has its own advantages in terms of ease of approval, processing period and mandatory requirements.
2. Employment Pass
The Entrepass, designed to facilitate the entry and stay of entrepreneurs who are ready to start a new business and who will be actively involved in the operation of the company in Singapore, the EntrePass, with an initial validity period of up to 2 years will be issued upon the submission of a sound business proposal. The EntrePass also allows your immediate family to live in Singapore while you start and grow your business here. With the EntrePass you may leave and re-enter Singapore frequently with ease. It is renewable for as long as the business remains viable.
EntrePass applicants will be assessed on the credibility of their proposed Business Plan, which should include the 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.
Most Entrepreneurs will have no problem getting an EntrePass visa approved, although the approval is dependant on the type of business you intend to set up, how you prepare and present your Business Plan, your current citizenship, the amount of capital investment, local job creation, your past work experience and possibly your education level.
Preparing a good Business Plan for your application is one of the most crucial aspects of acquiring an EntrePass Visa. A well thought-out Business Plan markedly improves your chances of getting a Singapore EntrePass.
EntrePass Processing Time
The process of assessing an EntrePass application should be around 25 days from the date of receipt. It is important that all information and supporting documents requested are submitted correctly to ensure fast approval. An incomplete application will lengthen processing time and may result in rejection.
Validity of EntrePass
If your application is successful, you will normally be issued an EntrePass that is valid for two years. You do not need to incorporate your business in Singapore until the successful outcome of your EntrePass application.
Your EntrePass and dependants passes allow you to bring your immediate family members to Singapore to live with you.