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Singapore Entrepass

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Overview

Singapore, apart from being a financial hub, a buzzing place, a marvelous economy, is a potential immigration destination too! Not many people are aware of its USP as the same and that’s where its advantage lies in! Worthy possessions, alluring job openings and potential business alternatives, many such facets are still left unexplored and a lot can be added, courtesy the skills that would be brought in by the imminent new immigrants to Singapore.

Let us see as to what are the reasons that people are just flocking in to this blissful country:


A friendly country for all! Be it investors, skilled migrants, firms or any other class of immigrants, Singapore has a friendly regime for all! Its various government and private schemes enable new immigrants to settle in with ease, and apply for a PR status or citizenship in the long run.

Taxation Rates: Low taxation rates means immigrants would be left with ample finances to spend on self and kin, hence saving it for future too. This is also applicable for firms operating in Singapore, making this facet directly proportionate to expandable growth.

Great advantages and schemes for everyone: New immigrants, citizens and PR are entitled to get certain benefits from government, which enables them to experience a happy living in Singapore. Additionally, citizens of Singapore enjoy visa exempt travels for a majority of countries in the world. Not to forget the advantages in Singaporean education system, health care system and housing options in Singapore.

Great Quality of life: Singapore is considered as a brilliant immigration destination, offering a stupendous quality of life to its people. The culture of business and family go side by side, hence generating a right merge of ambiance for everyone! Along with a good quality of life, chances of becoming a citizen are high too! The transparent immigration system of Singapore allows the applicant to apply for citizenship within twelve months of being a law-following PR.

An Organized Singapore: Being a small country, commuting is viable! An excellent transport system adds cherry on the cake of the amazingly existing state-of-the-art facilities making transportation an affordable and classy aspect for every Singaporean. Coming to other facets, the education system of Singapore is decked with plenty of options, hence providing proficient scope for every knowledge-seeker. The job of Technical Training Centers is to further ensure that students are converted into skilled labors, hence fulfilling the demand of the country along with providing job opportunities to new immigrants.

Those who are looking for Singapore as tourist destination are not left empty handed too! Being one of the best food capitals in the world, "foodies" would love to travel to this place with mouths wide open! Lovers of Colonial flavor can find solace in Singaporean architecture, which shows ample glimpse of the same.

This is just a fragment of why Singapore is one of the hottest immigration destinations Simply fill our free of charge assessment form as Abhinav's Singapore immigration experts would revert back to you on your eligibility criteria or simply mail your resume at ajay@abhinav.com

 

Why "Singapore" For Businessmen?

Talking about prospective immigration destinations, the name of Singapore (officially the Republic of Singapore) can never be missed out. The country has perfectly molded itself into what all it takes to be an idyllic immigration place of one`s vision! Adding feathers in hat, it`s faultless as a business destination too!

Further, through the applauding of 4th leading financial hub across the globe, the high prospects of oozing trade and finances cannot be ignored. Moreover, Singapore`s port (which is one of the five buzzing ports across the planet) works towards adding cherry on the bar as far as the country`s thriving economy is concerned.

With an everlasting narration of migration, and consisting almost one third of its actual population as immigrants, a majority of ethnic groups are making their way into this amazing city-state island country. No wonder the exuberant economic status takes its contribution from the highly skilled immigrants, who have been playing a critical role in augmenting every positive facade in Singapore since ages.

Exploring the business options further, the country sits proudly at the top position when it comes to reigning every country in Asia along with their fiscal markets. This is one of the biggest reasons as to why a majority of businessmen are getting engrossed towards this country every now and then. Making industrialization as its biggest USP, the country has by now succeeded in luring business immigrants from all over the globe with its sheer magnetism! This directly or indirectly spawned job opportunities for skilled migrants, not only from Asia but all over the cosmos!

Be it the Global Investor Program (GIP) or the Entrepreneur Pass program businessmen can land in Singapore (provided whichever out of these suits them the best) and eventually apply for permanent residence in the long run too.

Abhinav`s Singapore`s immigration specialists are there to assist you at every critical step. Fill our Free of Charge Assessment Form for us to determine your eligibility towards getting the apt visa.

Why 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.

Essentials:

Prospective Entrepreneur Pass applicants are required to complete certain mandates to ensure a winning entry in Singapore through Entrepreneur Pass. The biggest of them all is to have an excellent record in management field, along with a convincing business plan and ample finances to manage the business in Singapore. Abhinav`s business immigration specialists have plenty of competence under their buckle to craft an inspiring business plan, keeping in mind the minutest of grains of Singapore Entrepreneur Pass application process. It would highlight key aspects of applicant`s capitalist proficiency, prospective business in Singapore and marketing stratagems for future growth.

Also, surfing the Singaporean market conditions since ages, we would accustom our clients on realistic businesses that have developed a strong base in the country till now. Additionally, the USP of Entrepreneur Pass lies in letting those applicants apply for Singapore visa, who otherwise face age and qualification constraints for other Singapore visa options.

Further, the Entrepreneur Pass enables an applicant to bring his immediate family members to reside in Singapore, after fulfilling the pre-requisites allied with the application process. He is permitted to leave and re-enter the nation and later on go on to apply for a PR status and later Singaporean citizenship in the long run.

One can commence the operations of his Singapore Company after getting positive approval of the Entrepreneur Pass application. Singapore Immigration Entrepreneur Pass visa experts at Abhinav would be delighted to mentor their clients about key aspects of Singapore Entrepreneur Pass. Applicant`s business and personal profile would be assessed with sheer examination, based on which the application process would be instigated further.

 

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 victorious Entrepreneur Pass application. Hence, the application must be decked with a credible ten-page professional document. (With oodles of experience, Abhinav's Singaporean immigration specialists know what all it takes to craft one for its clients).
  • 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

Applicants intending to move to Singapore under the Entrepreneur Pass visa can shoot their updated resume at ajay@abhinav.com and know their chances of moving to this incredible country.


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. The application process of Singapore Entrepreneur Pass would be bedecked with subsequent steps performed by Abhinav`s Singaporean immigration experts:  

  • 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.

Abhinav`s Singapore associates can collect the Entrepreneur Pass on behalf of our clients against the required consent.
 

Business plan for Entrepreneur Pass

In addition to a successfully filled application form and other pre-requisites, applicants are required to submit a professionally crafted business plan which is a mirror of their past entrepreneur records as well as their upcoming business establishments too. It should be attired with following aspects:  

  • Business Idea: A brief snippet explaining your proposed business concept.
  • Product/Service: Analysis of the product/ services offered by your proposed business in Singapore.
  • Market Analysis: Market research, industry knowledge in Singapore, competitors and their records, and further growth potential of the company would be thoroughly highlighted.
  • Marketing Plan: Distribution and marketing of the product/service
  • Operational Plan: The operational plan further caters to the additional requirement of the resources in future, along with taking care of the internal operations.
  • Management Team: A shred of key individuals who are involved in running the overall business along with their responsibilities.
  • Financial Projections: Estimated growth/sales and net profit before tax for three years, in addition to mentioning the projected break-even point.
Please note that an Entrepreneur Pass business plan may differ from any document of same sort prepared while raising venture funding for the business. Its nature depends on the complexity of the business and its overall budget. Abhinav`s business plan experts would judge the nature of your business, depending on which the document would be designed accordingly. Mail your updated resume at ajay@abhinav.com for us to scrutinize your profile better.

Documents Required for Entrepreneur Pass

It is vital to accompany the application form along with an administrative fee of $40 per application. Abhinav`s Entrepreneur Pass documentation specialists would certify that the application is endorsed by the company`s stamp and steal. Following are the essential documents required for a successful Entrepreneur Pass application:  

  • A 10-page detailed business plan.
  • A valid passport.
  • A recent passport size photograph.
  • Prospective name of the company, if not registered.
  • A copy of the resume/CV of the applicant.
  • Proof of educational qualification.
  • Copies of testimonials (if any).
  • Documents proving that you have a sponsor in Singapore.

For any visa-related assistance, Abhinav`s immigration specialists are always there. Fill our free of charge Assessment Form and we shall revert back to you regarding your eligibility criteria.


In-Principle Approval (IPA)

As part of Entrepreneur Pass visa stamping process, an In-Principle Approval (IPA) letter would be issued by the Ministry of Manpower. (At this stage, it is mandatory to ensure that the company has been registered with Accounting and Corporate Regulatory Authority of Singapore). After registration, the applicant would get the final letter after showing a copy of registration along with financial documents showing paid-up capital, etc. The IPA letter holds six-month validity from the time of notification of approval.

Some of the documents required to collect the Entrepreneur Pass are proof of In-Principle Approval (IPA), original passport of the applicant, passport size photo, the entry embarkation cards, and other documents stated in the approval letter.

Please note: If the applicant has been asked to go through medical test, it is essential for him to submit the medical exam report. Applicants can get it done in any established hospital in their home country or in Singapore.

Overseas applicants requiring an entry visa to enter the country would be benefited from the "Single Journey Entry Visa" attired with the IPA letter. Next step involves the applicant to go through the process of finger printing. After the completion of the procedure, the pass would be ready within 4 working days.

On applicant`s consent, Abhinav`s Singapore associates would collect the pass on their behalf.
 

Categories of Entrepreneur Pass

There are three types of Entrepreneur Pass categories. They are:  

  • P1 Pass: P1 Pass is for prospective applicants already engaged in earning S$7,000 or more. It is mandatory that the amount is earned on a fixed monthly basis.
  • P2 Pass: this is meant for potential Entrepreneur Pass applicants earning monthly fixed income of S$3,500 and up to S$ 7,000. Additionally, they have to fulfill pre-requisites linked with recognized qualifications.
  • Please note that the P Pass is for professional managerial, executives and specialists jobs

  • Q1 Pass: It is intended for potential Entrepreneur Pass applicants who have a monthly fixed income of S$2,500 or more in addition to the recognized qualifications. As a substitute for recognized qualifications, other factors like work experience and skills can also be taken into reflection.

Passes for Family Members

Pass Type Granted Dependant Pass Long-Term Visit Pass
P PASS  Yes  Yes
 Q1 PASS  Yes  No

Entrepreneur Pass executives at Abhinav would see to it that your application process for Entrepreneur Pass and journey towards Singapore is nothing less than smooth! Kindly fill our Free of Charge Assessment Form for us to scrutinize your eligibility criteria for Entrepreneur Pass.
 

Renewal of Entrepreneur Pass

The renewals of Entrepreneur Pass are subjected to the pre-requisites predetermined by Ministry of Manpower, where two facets play a critical role in deciding the fate of renewal. These are:  

  • Are the employment requirements of recruiting a minimum number of workers in one year span met?
  • Is the Total Business Spending compatible with the criteria set by the authorities?

Here are the Eligibility Criteria:  

Pass Type Criteria for Renewal Number of Years Approved
P1 - Recruit a minimum of eight local employees; AND
- Display TBS*  of S$300,000 over the last one year
a) 2 years if Net Asset Value is positive

b) 1 year provided Net Asset Value is negative  
P2 - Recruit a minimum of four local employee; AND
- Display TBS* of S$150,000 over the last one year
a) 2 years if Net Asset Value is positive

b) 1 year provided Net Asset Value is negative
Q1 - Recruit a minimum of two local employees; AND
- Display TBS* of S$100,000 over the last one year
a) Approved for 1 year for 1st renewal only;

b) Firms must upgrade to P by second renewal
 

It is essential that the renewal form must be sent to the employer almost three months before the expiry of the pass and should be submitted with following documents:

  • Audited documents
  • Proofs/ documents of Tenancy agreements
  • Proof of educational qualification.
  • Statements of Central Provident Fund for the employees.
  • Company registration information Profile from ÄCRA
  • Bank statements showing financial capabilities for the past three months.

It is advised that all Entrepreneur Pass holders must renew their passes ASAP to avoid any hassles in future. For more details, mail your query at ajay@abhinav.com


Validity

  • 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 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.

Why Entrepreneur Pass Applications are refused?

Once applicants file their Entrepreneur Pass applications with Abhinav, it would be always ensured that they are in safe hands. However, we have received some cases which have faced rejection in their first attempts. Our Singapore immigration experts would file reconsideration pleas for rejected application on applicant`s consent. Here are some of the reasons why Entrepreneur Pass applications are refused:

  • Incomplete application form
  • Not decked with ample/sufficient documents/information
  • The Business Plan is not in accordance with your business
  • Lack of work experience or proficiency in entrepreneurial skills
  • Not able to show ample financial funds to set up business/company in Singapore
  • The firm is not registered with ACRA

With Abhinav`s years of aptitude and expertise by your side, such instances can be least expected. Mail your updated resume at ajay@abhinav.com and give a kick start to your Entrepreneur Pass application process after getting a positive approval for your profile. Or fill our Free of Charge Assessment Form for us to know more about your case study.