What is Entrepreneur Pass?
Entrepreneur Pass is an easy gateway towards gaining entry in Singapore and especially preordained for potential entrepreneurs who are planning to start a new business and/or get involved in a Singaporean firm.
Eligibility for Singapore Entrepreneur Pass
Prospective Entrepreneur Pass applicants must accomplish the following mandates to fulfill the eligibility criteria for Singapore Entrepreneur Pass:
- A well-crafted business plan is your first step towards a Entrepreneur Pass application. Hence, the application must be decked with a credible ten-page professional document.
- The nature of business must be highly entrepreneurial with a LEGAL entity.
- Pre-requisite is to register the firm as a Private Limited Company with the Accounting and Corporate Regulatory Authority (country’s regulator of businesses and public accountants.)
- The company must have a minimum of SGD 50,000 paid-up-capital. For authentication, it is essential to provide a bank statement of a minimum of $50,000.
- Please note that the firm will be incorporated only if the applicant receives an in-principal approval for Entrepreneur Pass application.
- Further, the prospective applicant for Singapore Entrepreneur Pass must have a minimum of 30% of shares in the firm.
- It is essential to have a local sponsor for the applicant. If this pre-requisite cannot be completed, the applicant must provide a Bank Guarantee of SGD 3000/-. The applicant can take the bank guarantee from any Singapore bank (normally the bank where he has deposited the funds will help him out) by giving collateral of equivalent amount. The applicant will present the Ministry letter that conform approval-in-principal of his Entrepreneur Pass application.
- By any means, the company must NOT be registered for more than six months at the phase when application is being made.
- Business(s) which are not considered for Entrepreneur pass are: business linked with coffee shops, food courts, hawkers, night clubs and bars, employment agencies, massage parlors and karaoke lounges, centers for foot reflexology, centers for herbal dispensing acupuncture, and businesses associated with Chinese medicine
Application Process of Entrepreneur Pass
Applying for an Entrepreneur Pass visa should commence with a positive application process, the success of which decides the bright chances of an applicant’s entry into Singapore.
- After analyzing applicant’s resume and case study, his business interest areas would be highlighted, based on which our Singapore business plan research analysts would decide the chances of acceptance of proposed business plan.
- The next step of the ladder leads to the collection of documents and information in accordance with the Entrepreneur Pass application form.
- Immigration specialists at Abhinav would next prepare the business plan for your Entrepreneur Pass, in accordance with the guidelines and filing the application with the Ministry of Manpower in the later stages. It would be accompanied by the required application (SGD 40) fee.
- The next phase would deal with the processing of the application by the Ministry of Manpower. For approved applications, Singapore approval-in-principal (AIP) is given by MOM within a span of 6 weeks. For those applications which demand additional information/ documentation, the time may enhance 2 to 4 weeks further.
- If the firm is not incorporated, we would register and incorporate the company on your behalf, courtesy Abhinav`s collaboration with our Singapore company incorporation specialists. After a successful incorporation, the applicant would be given a copy of business profile, which along with the bank statement of SGD 50,000/- and the approval-in-principal letter would be submitted for further assessment by MOM and the “Standards, Productivity and Innovation Board” Singapore.
- An in-principal approval is issued in another 2-6 weeks, which is valid for 6 months.
- After successful response, the applicant must collect the Entrepreneur Pass from Singapore.
- The application can be made on-line by paying an application fee of SGD 30/-.
- Additionally, the applicant is entitled to undergo the process of finger printing and photo-imaging.
- First time applicants normally enjoy the validity of up to 2 years. Depending on individual situations, the final visa duration validity is discretion of the Singapore Immigration office.
- Renewal of Entrepreneur Pass: Applicants with renewed Entrepreneur Pass can enjoy the validity period, a facet which is dependant on their Business Spending as well as total number of recruitments given to the local Singaporeans.
Permanent Residence (PR) in Singapore
- The Professional, Technical Personnel and Skilled Worker scheme (PTS Scheme) allows an applicant to apply for a Permanent Residence status in Singapore. Entrepreneur Pass holders (under P1, P2 and Q status) have the freedom to apply for PR as main applicants. Additionally, their spouse and children (should be under 21 years of age and NOT married) can apply for a PR status in Singapore. Holders of Entrepreneur Pass are permitted to apply for a PR status within 6-12 months of holding a P1, P2 or Q status. Normally – post renewal of status – the applicant can apply for and receive PR status within one year getting the renewal.
- Some of the facets which affect the decision of converting the status to a PR holder are establishment of business in Singapore, time spent in the country, generation of employment in Singapore, tax contribution and input in Singaporean society, to name a few.After receiving the approval for application, the applicant will have 30 days to finalize their PR status at ICA. At this stage, Abhinav`s Singaporean documentation specialists would see that right documents are companied with the application form.
What are the benefits of PR status in Singapore?
Getting a PR status not only allows the applicant to enjoy rights of an altogether new country but adore benefits provided by its government too. Some of them are:
- Singaporean Blue Card means no visa restrictions to travel to and from Singapore and work and live in Singapore without a need for any employment pass!
- Spouse and children (under 21 age) can apply for PR status.
- PR holders can switch over their employment without applying for work permit again every time.
- Central Provident Fund (CPF) scheme provides special benefits to PR holders.
- PR holders having school children have better chances of choosing the public school of their preference.
- PR status opens the gates of applicants towards getting Singapore citizenship.
Apart from enjoying the advantages, PR holders have certain obligations towards the Singaporean government too. They have the entire onus to maintain their PR status without breaking the rules or getting involved in unlawful activities.
Citizenship in Singapore
A PR holder in Singapore is entitled to apply for Singaporean Citizenship, provided he fulfills the eligibility criteria mandatory for the same:
- The minimum age limit of the principal applicant must be 21 or more along with a PR status held for at least 2 to 6 months preceding the date on which application is filed.
- The applicant can apply for Singapore citizenship if is a spouse of Singapore citizen. It is essential that the marriage should be for at least 2 years prior the date of filing the application.
- Child who is born outside Singapore, but has parent having Singaporean citizenship.
- Additionally, essentiality lies in having a good background as a PR, positive investments and contribution towards Singapore economy and an overall positive record of the applicant.Apart from above criteria, a rightly filled application form and apt documents play a crucial role in making the application a “triumph”. This, along with pertinently payment of fee and a successful interview process would only add more feathers in your cap. Abhinav`s Singapore documentation experts, with plenty of expertise of handling such cases under their wrists, are well-acquainted of what all it takes in making this process a cinch for you.
With citizenship, comes it benefits too. Citizens of Singapore are entitled to get the following benefits as citizens:
- Less likely to face travel restrictions for a majority of nations, including the US.
- Singapore companies give preferences to PR holders and citizens as compared to aliens with unrecognized status.
- The benefits of Central Provident Fund (CPF) are available to citizens and PR holders of Singapore.
- They can get involved in buying/purchasing property and are permitted to get loans from the HDB at special interest.
- They have the right to vote/ stand in elections and represent their authorization.
- They (as citizens) are entitled for certain educational schemes like Edusave scheme.
Other concessions are provided in medical schemes, parenthood tax rebate, house loans, childcare leave etc.