Singapore Company Registration + EntrePass

OVERVIEW

 

The Singapore Entrepreneur Pass (Entrepass Pass) scheme was introduced to promote entrepreneurship in the republic.

 

As a start-up hub, Singapore is keen to support innovative business ideas and facilitates their commercialisation through several initiatives.  In September 2013, the scheme had been refined to attract technopreneurs as well as R&D-intensive enterprises, including those in the Cleantech and Biotech sectors, so that they can add value as well as inject vibrancy and  innovation in Singapore.

 

Businesses that are involved in the development or application of innovative technology, or contribute to the flourishing of innovative ideas, stand a better chance of having their EntrePass approved.

 

Company Incorporation only upon Approval of EntrePass

 

You can apply for Entrepreneur Pass Visa to Singapore’s Ministry of Manpower (MOM) before incorporating a Singapore company. Once the pass is approved, you will be  given 30 days to incorporate the proposed company and inject the proposed paid-up capital into your corporate bank account. Thus, you are not required to incur incorporation expenses until the positive outcome of your Entrepreneur Pass.

 

Applicant must fulfil at least one of the following:

 

• Be funded by a recognised third-party venture capitalist or business angel;

• Hold a nationally-recognised proprietary or licensed Intellectual Property (IP);

• Has research collaboration with recognised research institutions such as A*STAR or a local tertiary institution;

• Is an incubatee at a government-approved incubator; or

• Receives support from a Singapore Government agency.

   

They must also fulfill all of the following:

 

• Register a Private Limited Company. The company must not be registered for more than 6 months at the point of application.

• Own at least 30% of shareholding in the company.

• Have relevant experience and track record in creating and managing a business successfully.

• Provide verification (i.e. bank statement from a Singapore-based company bank account) for S$50,000 or more 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 the fulfillment of goals and objectives outlined in the business plan.

 

Upon  approval, applicants must submit the following within 6 months of receiving the EntrePass:

 

• Tenancy contract or employees’ CPF statements; and

• Latest ACRA business profile.

   

 

EntrePass Business Plan and Renewal Criteria

 

One of the key requirements for the application of an EntrePass is a 10-page business plan. The plan must demonstrate that your business venture will meet the employment requirements of a minimum number of Singapore resident staff, and a Total Business Spending (TBS).

 

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 as well as on achieving the goals and objectives in the business plan. It is therefore crucial to have a well-drafted business plan.

 

• NO. OF YEARS AFTER AWARD OF ENTREPASS

• LOCAL JOBS CREATED*

• MINIMUM TBS**

• TYPE OF ENTREPASS ISSUED

 

* The employees need to be full-time staff (citizens or PR) and engaged under a contract of service. They must receive monthly salaries of at least S$1000 on time as well as have CPF contributions.

 

** Total Business Spending (TBS) = [Total Operating Expenses – (Royalties/Franchise Fees/Know How Fees to Overseas Companies + Work Subcontracted to Overseas Companies + Remuneration to Applicant & Immediate Family)]

 

 

Things to Note

 

If you wish to incorporate a company and apply for an EntrePass, you must do the following:

 

1. Fulfill at least one of  the “Applicants must demonstrate pre requisite requirement” listed above

2. You can write your own business plan or engage Beaufort to assist you.

3. Submit the business plan.

4. Upon receiving the approval of the of the EntrePass application from the Ministry of Manpower, proceed to incorporate the Singapore Company.

 

Note: The drafting of the business plan and the submission of application can be processed regardless of your presence in Singapore.