Singapore is one of the business-friendly countries in the world, according to the World Bank, which is why the small territory attracts a rising number of foreign investors every year. The Government also assists enterprisers by granting them various facilities, from tax-related ones to investment ones.
In 2004, the Singapore Government enabled the Entrepreneur Pass (EntrePass) program destined to foreign enterprisers who want open a company in Singapore and relocate here.
You can also watch this video created by our company formation consultants in Singapore on how to apply for an enterpriser visa in Singapore:
Eligibility criteria for the entrepreneur visa in Singapore
Foreign citizens aged 21 or more are invited to apply for the Singapore EntrePass provided that they meet certain requirements imposed by the Government. One may apply under the following conditions:
- – they have an innovative business proposal that will also create new jobs;
- – they want to open a company in Singapore;
- – the business will be incorporated as limited liability company;
- – they have the necessary qualifications to run a business.
Also, if the individual has registered their business, the company must be no more than 6 months old at the time of the application for the Singapore entrepreneur visa.
Company registration requirements for the Singapore EntrePass
Apart from the requisites for the investor, the company to be incorporated or the already registered one is also subject to several requirements. These are:
- – a minimum share capital of 50,000 SGD;
- – the investor owns at least 30% of the company’s shares.
The company must also fulfill at least or the following criteria:
- – has received at least 100,000 SGD from a business angel or a venture capitalist;
- – has intellectual property rights over various assets registered with the Singapore Intellectual Property Office;
- – is conducting research studies in collaboration with a local university;
- – the company follows the program of a business incubator sponsored by the Government.
Our company formation agents can assist you if you want to open a company in Singapore.
Applying for the Singapore Entrepreneur Pass
The applicant filing for the Singapore EntrePass must submit the following documents:
- – a prescribed application form;
- – documents supporting the innovative idea of the business;
- – a business plan;
- – a copy of the bank statement regarding the company’s minimum share capital, for registered companies only;
- – a copy of another business profile, if any;
- – a passport photo;
- – a copy of the passport;
- – studies diploma;
- – documents related to previous jobs, if any.
For complete information about the application for the entrepreneur permit, do not hesitate to contact our Singapore company formation consultants. Our agents can also handle the entire process of opening a company in Singapore.