Qualifying for Singapore's EntrePass just got easier
The EntrePass is designed for foreigners who intend to move to Singapore to start a business. Applicants must own at least 30% of a newly incorporated Private Limited (Pte. Ltd.) company that is registered under ACRA for less than 6 months at the time of application. The paid-up capital must be at least $50,000 and documentary proof from a local bank is required. In addition, the business must meet one of the 4 other requirements: ownership of Intellectual Property (IP), investment by accredited venture capitalist/business angel, conducting ongoing research with a recognized institution or incubatee at a Singapore Government supported incubator.
To entice more international entrepreneurs to Singapore a number of compelling changes have been made to the EntrePass’ requirements.
- The assessment criteria has been broadened to attract more promising foreign talents to set-up their business in Singapore.
- Has funding from a Government-recognised VC or business angel
- Is an incubate at a Government-recognised incubator or accelerator
- Business network and entrepreneurial track record (new)
- Holds an intellectual property, registered with an approved national IP institution
- Has a research collaboration with an Institute of Higher Learning or research institute in Singapore
- Extraordinary achievements in key areas of expertise (new)
- Investment track records (new)
- Removal of capital requirement to have S$50,000 paid-up capital
- Extended validity of EntrePass to 2 years after the first renewal instead of 1 year
- Inclusion of 2 new partners: Infocomm Media Development Authority & National Research Foundation , supported by SGInnovate