Are you an entrepreneur and looking forward to setting up a company in Singapore? You will have to apply for an entrepreneur pass or Entrepass to do so.
What is an EntrePass?
For all the serial entrepreneurs, with high caliber innovation and good experience in investments and who want a business to be set up in Singapore, the Entrepass scheme is made. This scheme is an important part of Singapore’s plan to attract talent and become a regional hub of talent.
How do I file my application for EntrePass and how long will it take to process?
Your application for Entrepass and other required documents will need to be filed with MOM, Singapore’s Ministry of Manpower. It can be submitted through any over-the-counter SingPost branch. It generally takes about 8-weeks to process an application. In this period, it is assessed jointly by MOM, government-linked agencies such as-
- Standard, Productivity and Innovation Board of Singapore (SPRING)
- Infocomm Media Development Authority (IMDA) and SGInnovate.
How would I know if my EntrePass is approved and how would I collect it?
You will get a Principle Approval (IPA) letter from MOM as soon as your EntrePass Application is approved. You will get this application at the Singapore address, which you have provided on your application form. This address is generally valid for six months from the date of issue.
You will need to be present in Singapore to receive your to collect your EntrePass. Moreover, you will have to present a copy of your passport, IPA letter, and other forms of documents. If required, A one-time entry visa will be handed out to you to enter Singapore.
Note- You may have to go through a medical test to get your IPA letter and produce the report when you go to collect your visa. That medical test may opt to be done at an established clinic or a hospital in your home country. Be sure that the medical report you will have must be in English language and submitted along with the full medical examination form given in the IPA letter.
As soon as the final IPA letter has been issued to you, you must relocate to Singapore within six months of the date of approval.
I have applied for an EntrePass, but have yet to register the company in Singapore. When should I do so?
Until and unless your EntrePass is approved, you are not required to register your company in Singapore. Even if you incorporate your company after getting your EntrePass, it saves you from incurring business registration and relocation expenditures if in case your application is rejected.
Once you have got your IPA letter from the authorities, you will have to register your company get your corporate bank account, and put in any necessary share capital within 30 days of the letter. After getting your company registered, you will require to update the details of your EntrePass with MOM before your final and approved EntrePass is issued to you.
For more details on company incorporation, registrations, and other sort of services, contact Timcole. Being one of the top corporate service providers we work with full determination to get your dream come true.