There is a new and enhanced EntrePass scheme. For the uninitiated, the EntrePass Visa issued by Singapore is similar to a business visa. The term is an amalgamation of Entrepreneur and Pass. Any foreign investor or entrepreneur interested in setting up a business in the city state or relocating an existing enterprise will need an EntrePass. As one of the global leaders in financial services and technology sectors, Singapore has always had a thriving ecosystem for business. Robust civic infrastructure, transparent business policies and reliable continuity in the political environment ensure an ideal proposition for businesses, including a stable tax regime.
A major trading port in Asia Pacific and in the world, Singapore is taking initiatives to make it a friendlier and more welcoming nation. It is with this intention the EntrePass visa requirements have been changed with effect from August 2017. One of the highlights of the new policy is the waving of the upfront capital investment of at least fifty thousand Singaporean dollars for startups. Till last August, the paid up capital was a minimum and nonnegotiable requisite. The evaluation criteria have been expanded. Businesses with funding worth a hundred thousand Singaporean dollars from a venture capitalist and business angel recognized by the government, startups in incubation as per the various policies of the government and any business with an existing formidable network or a proven entrepreneurial history will be favored.
Any company that owns intellectual property, which cannot be emulated easily, will be given priority. Businesses that have a significant advantage in its competitive space, those embarking on research in collaboration with a research institute or IHL in Singapore and companies that appear to be pioneers in their field will also be given priority. The EntrePass visa was earlier valid for a year following initial renewal which will now remain valid for two years. While SPRING Singapore has been one of the main partners all along, more agencies have been roped in to encourage foreign investors and to simplify the whole process. New agencies that have been partnered with are Infocomm Media Development Authority and National Research Foundation.
Dependant passes and renewal criteria have also been simplified and made easier for most entrepreneurs. EntrePass holders will be able to opt for dependant passes for spouse and children after satiating the two year renewal criteria. This is an attempt to facilitate long term business planning and to ensure the strategic interests of investors and entrepreneurs are protected by assuring stability in the visa policy.
EntrePass application has also been simplified although the formal processes remain largely unchanged. One would have to fill up the EP form, provide details of past employment, memorandums of understanding with potential clients or partners, license agreements and the business plan including an extensive personal profile. EntrePass applications may take up to eight weeks to be processed. There is an in-principle approval in the interim and applicants may be asked to take a medical test among others. The rest of the procedure remains unchanged.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like What are some ways to better enhance EntrePass applications?, Singapore’s Immigration Visa Schemes and all topics related to Singapore Visa and Business Setup. If you are interested about Business Registration Singapore visit our website for more info.
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