THE SINGAPORE BUSINESS VISA GUIDE:
Being an entrepreneur/business / Investor own looking to try your business in Singapore, the Entrepreneur Pass (Entrepass) visa is the most relevant visa for you. Singapore government assures that foreigners get ample opportunities to display their talent. Apply for Singapore business visa after examining diverse aspects associated with it.
The Entrepass is also for foreigners who would adore relocating themselves and their business to Singapore. An Entrepass is primarily the visa you will require before you incorporate your business to Singapore.
What Is an Entrypass (EP) In Singapore?
The Singapore Entrepreneur Pass, which is also recognized as the Entre pass, is a work visa allowed to foreign entrepreneurs who are enthusiastic in setting up their businesses in Singapore. This also incorporates innovators and investors interested in using Singapore as a launchpad to enter ASEAN and the rest of Asia. The main factors of the Entrepass include:
ü No least salary is required
ü It persists 1 year and can be renewed for another year; every future renewal lasts 2 years
ü There is no worker tax or quota required
ü You can take your immediate family including parents (if you meet certain requirements)
Eligibility for Entrepass Singapore Business Visa
· Valid passport
· Employment testimonials
· A business strategy listing business idea, market research, projections, management, etc
· If your business is registered with the Accounting and Corporate Regulatory Authority, you must present the latest business profile including a bank statement of minimum $50,000.
Application for Entrepass Singapore Business Visa
You must submit the application and accompanying documents over the counter at any SingPost branch. The charge to submit is $70 and the process will about 8 weeks. The Ministry of Manpower including government-partnered or government-affiliated agencies such as the Standards, Productivity plus Innovation Board of Singapore, Infocomm Media Development Authority, including SGInnovate, will jointly assess your application.
The business plan will require to include:
· A summary of your professional background, skills, awards, and academic qualifications
· A description of your business idea with supporting documents and market analysis
· A clearly explained plan to implement your business
Please note that all the documents required to be in English. You will need to have any non-English documents altered. When you submit your application, you must present both the non-English also translated documents. We agree that this can be a little complex. Please reach out to us for help.
How prolonged does it take to get an Entrypass in Singapore?
Once your application is permitted, you will get an in-principle approval (IPA) letter in the mail. You will then have 6 months to arrive in Singapore to get the Entrepass. You will get a one-time entry visa to enter Singapore. Be sure to bring all the accurate documents with you: the IPA letter, your passport, also, if needed, other documents asked in the letter. It will then take four days for the exact Entrepass card to be posted to your Singapore address.
It required 8 weeks to process the application. You can start to check its status in 3 weeks on EP Online
Furthermore, it is renewable if you fulfil specific conditions such as:
· Several years settled in Singapore on Entrepass visa. As the number of years additions, you must prosper in order to generate more job opportunities also increase your business capital.
· Work generation - The number of jobs generated by your business for the local citizens. Every year, there should be an addition. The workers should be employed for at least three months, the cumulative pay-out should be at least $1,000, also must be entitled to CPF contributions.
· The complete business expenditure for business development. For the first year, it is $ 100,000 including for five years or more, it is $400,000. The business spending is determined after deducting all the taxes, fees, remuneration, etc from the total operating expenses.
You will get the renewal form three months before the expiration of Singapore business visa. You must present the application, which is complete in all aspects, at least two months before the visa expires. The Entrepass processing takes around six weeks to finish. While it will be valid for one year.
Apply for a Singapore business visa if you have a business plan streamlined with the above guidelines. Singapore holds a lot of potential for ambitious entrepreneurs.
An application submitted without a well-considered preparation often results in a rejection. The reason might be due to the failure to submit an effective business plan, or an unfit selection of business such as a bar or restaurant. In the event of a rejection, you can apply within 90 days. The succeeding appeal review will take up to 6 weeks.
It has been our experience that authorities examine other factors as well, such as how long you have been serving in Singapore. In order to submit the most desirable application possible, we firmly recommend that you inquire about help from us. We will provide you with the required forms to fill out and tell you which other documents you required. Asking us for help will positively boost your chances of success. Don’t put it off any longer.
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