Decoding Singapore Entrepreneur Pass (EntrePass)

Looking at the today’s global economy, are you wondering which is the best country to invest your hard-earned money? If your answer is ‘yes’, why not consider investing in Singapore? Also known as the ‘Garden City’ and the ‘Lion City’, it is the most affluent country located in Asia.

The country is rather small, in terms of size, but it offers high standard of living, economic prosperity, world class health facilities even as the work environment is excellent. It is rather difficult to overlook the financial achievements of the nation.

It is the Asia’s major financial hub and for the last five years the World Bank (WB) has termed it as the ‘easiest place to do businesses’.

What is Singapore Entrepreneur Pass (EntrePass)?

The scheme was first introduced in 2004 with the objective to attract foreign investors/entrepreneurs with innovative business ideas. The economic aim is to become the Asian business hub and draw the best and the most capable and innovative business mind to the country.

EntrePass or Entrepreneur Visa refers to the Entrepreneur Pass Scheme. Foreign investors–with no formal education qualification and keen interest in setting up a business in the nation—may use the Entrepreneur Pass Scheme which is the most feasible option at present.

Basic Requirements

  1. Candidate must be above the age of 21 at the time of submitting the application.
  2. He must hold outstanding business record.
  3. He must own around 30% of the company’s total shares.
  4. He must have at least $50,000 paid up capital.
  5. He must submit a business proposal which must consist of the complete business plan, objective, idea, financial resources and project success rate.
  6. His business proposal does not consist of any illegal activity.
  7. He must be sponsored by a well to do local company or must furnish the Bank Guarantee of $3,000 by a local bank, post approval of his application.
  8. At the time of submitting the application, the candidate must not incorporate the company in other situation and the company must not be more than six months old at the time of submitting the application.
  9. The candidate plans to register his business as a Singapore Pvt. Ltd and not as a proprietor or partner.

Following are the points taking into consideration while issuing an Entre Pass!

  1. Candidate’s nationality.
  2. Education qualification
  3. Business proposal
  4. Net investment
  5. Candidates experience and skills
  6. Number of jobs will be created through business proposal.

Following are the certain advantages enjoyed by the candidates!

  1. Candidate may bring along his family members via separate dependent pass.
  2. Once the aspirant has successfully lived and worked in the country for minimum two years, he stands eligible to apply for Singapore Permanent Residency.
  3. He enjoys low tax rate, on working visa income tax is 2.5% – 15%, and cooperate tax is also minimum only 17% which is the lowest in the world.
  4. Initially, visa is issued for one year which can be easily extended further.
  5. Candidates with no formal education are also given equal importance.

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