Change Your Life by Applying for an Entrepreneur Pass in Singapore

Everyone dreams of going abroad and working in a country where progress is guaranteed. Singapore is also one of those countries where you can start your very own business and turn your dreams into a reality. Those who are thinking of opening a business instead of seeking employment should get an Entrepreneur; also known as Entrepreneur Pass. Once the Entrepreneur is issued, the individual has a right to commence his business in Singapore from thereon.

However, there are some rules and regulations penned down by the Ministry of Manpower, Singapore which must be observed in order to receive an Entrepreneur.

 

Who is Eligible to have an Entrepreneur?

·         The company about to be established must be a Private Limited Company and should be registered by the Accounting and Corporate Regulatory Authority.

·         Initial registration of the company is not necessary. However, if the company is already registered; the registration should not exceed the limit of six months prior to the application.

·         A paid up capital of $50,000 is a must. The bank statement from a local bank in Singapore must be produced as proof of the capital.

·          Entrepreneur is never granted for illegal businesses.

·         The applicant must have at least 30% of the Company’s share.

Restrictions on Certain Businesses

There are some businesses for which the Entrepreneur is not granted. These are listed below.

·         Night clubs, liquor bars and karaoke clubs

·         Food courts, coffee shops and small hawker stalls

·         Massage parlors

·         Chinese acupuncture and herbal medicine stores

·         Employment agencies

Considerations That Must Be Taken Into Account

There are certain important documents that approved candidates must provide through iSubmit. The time limit for producing the required documents is six months after receiving the Entrepreneur. Failure to produce the required documents within six months may lead to revocation of the granted Entrepreneur.

·         Up to date ACRA business profile

·         Documentary proof showing effort to employ new workers or the tenancy contract or employee’s CPF should be produced.

Privileges of Having an Entrepreneur in Singapore

Individuals who receive the Entrepreneur are entitled to certain privileges as well after renewal of their passes.

·         Individuals who have fulfilled the requirement of a total business spending of $150,000 and have managed to create for local jobs at least can bring their families to Singapore under certain conditions.

·         The Dependant’s Pass can be issued for the spouse if the marriage is legal and children under 21 years of age can be brought to Singapore too.

·         Long term Visit Passes are issued to common law spouses, unmarried handicapped children under 21 years and unmarried step children below 21 years.

·         The Entrepreneur holder wishes to bring his parents to Singapore, he must fulfill the requirement of creating minimum 8 local jobs and a total business spending of $300,000.

These are some of the terms and conditions under which Entrepreneurs are awarded to foreign individuals. If you’re thinking of starting your very own business and meet the requirements discussed above, contact Singapore Immigration today.