Who can get an EntrePass in Singapore?
This is a type of business visa for foreign entrepreneur who wishes to incorporate and run a private limited company in Singapore. MOM and SPRING Singapore are jointly responsible for it. This pass is applicable for innovative technology creation and application, and R&D-intensive enterprises including the clean-tech and biotech sectors.
What are the requirements for an EntrePass application?
- monetary funding of at least S$100,000 from a recognised third-party VC or a Singapore government agency accredited business angel
- any shareholder in the company possess an IP registered with an approved national IP institution
- ongoing research collaboration with institutes of higher learning in Singapore
- based at a Singapore Government supported incubator
- the applicant owns at least 30 percent stake in the to be incorporated company (with paid-up capital of at least S$50,000 for which a Singapore bank statement is needed)
- a 10-page draft business plan must be submitted along with the EntrePass application, which includes: (this is important as EntrePass renewal will depend on the stated objectives achieved)
- total local business spending of at least S$100,000 for the first 12 months
- hiring of at least two Singaporean residents within the first 12 months
Can EntrePass holders apply for permanent residency in Singapore?
Yes, EntrePass holders are eligible to apply for permanent residency in Singapore and bring their families here. The only difference is that EntrePass holders are only entitled to dependant privileges after they renew their passes.
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