Event

Entrepreneurship Permit Application Conditions

  • October 14, 2019

Entrepreneurship pass

The Entrepreneurship Pass is a work permit for foreign entrepreneurs , jointly planned by the Singapore Ministry of Manpower and Singapore’s SPRING, attracting innovative talents and entrepreneurs. The Entrepreneurship Pass is suitable for innovative talents/entrepreneurs who have the technology patent,  and are willing to operate the company in Singapore and have the ability to obtain investment.

After the permit is approved, the applicant is required to invest funds to start the company’s operations.

While the applicant is building a business  in Singapore, the Entrepreneurship Pass can also help the applicant to achieve three generations of immigrants from the family. The spouse and children under the age of 21 can obtain a family pass, and the parents can receive a long-term social visit pass, which can be accompanied in Singapore for a long time live.

Conditions for applying for Entrepreneurship pass

Company registration time is less than 6 months and meet any of the following conditions:

Applicants can apply for any of the following conditions as an entrepreneur, entrepreneur or investor. You do not need to meet all the conditions, but the more conditions you satisfy, the higher the success rate.

Entrepreneur:

1)  Obtain government-approved third-party venture capital funds or angel investment (at least 100,000 SGD)

2)  It is a technology-innovative enterprise recognized by the government

3)  Have a certain business network and business record, and hope to establish, develop and manage new or existing business in Singapore.

You must meet any of the following conditions:

  • You have established and sold a technology company.
  • You have raised or raised a lot of money from investors now.
  • You are now or have been incubated by an internationally renowned incubator or accelerator.
  • You have a strong business network and business contacts in the industry.
  • Your business or corporate achievements have been recognized by national agencies, recognized media publications, or official industry organizations.

Entrepreneur:

1)  You or your company has an intellectual property (IP) registered in an IP institution in a designated country, which is sufficient to ensure the uniqueness and uniqueness of the company’s business.

You must meet all of the following conditions:

  • Your intellectual property must be registered with a designated national intellectual property agency.
  • Your IP provides an absolute competitive advantage for your business and cannot be easily replicated.
  • One of the company’s shareholders or companies must be the owner of the intellectual property.
  • If the company’s shareholders are the inventors of intellectual property, the expired intellectual property rights can also be taken into account.

2)   Research partnership with R&D institutions accredited by Singapore A*Star (AGENCY FOR         SCIENCE,TECHNOLOGY AND RESEARCH, Singapore’s world-class development center) or local higher education institutions

You must meet all of the following conditions:

  • Research collaboration projects must be relevant to your company’s business.
  • R&D institutions need to provide relevant contacts to confirm the details of the research cooperation project.
  • You must be involved in an ongoing research collaboration project.
  • The employment contract relationship is not considered a research partnership.

3)   Have expertise or outstanding achievements in relevant professional fields.

You must meet all of the following conditions:

  • Your professional domain achievements must be relevant to your company’s business.
  • You have gained international recognition and achievement in the professional field.

Investors: 

1) Have a good investment record and hope to develop new or existing business in Singapore.

You are willing to invest a lot of money in your local company and meet one of the following conditions:

  • Invest and promote a highly sustainable business.
  • He has worked in senior management of large companies and has extensive work experience (at least 8 years).

Renew entrepreneurship pass

The initial update period for the Entrepreneur Pass is 1 year, and the subsequent update period is usually 2 years.

The renewal pass is that the applicant needs to provide renewal application materials according to the requirements. According to the number of years of possession of the pass, the renew conditions that need to be met are different.

Standard of renew entrepreneurship pass:

No of years holding passCompany annual expensesLocal employment status
1
2$100,0003 full time employee or 1 executive
4$200,0006 full time employee or 2 executive
6$300,0009 full time employee or 3 executive
8 and above$400,00012 full time employee or 4 executive

 

In the first year of the entrepreneurship pass, there is no specific annual total expenditure and company employment requirements ,but need to prove that the company is in continuous operation ,and the applicant owned at least 30% of the company’s shares.

Family pass application

Entrepreneur Pass holders can apply for a family pass for their immediate family members after they have met the Singapore Department of Manpower’s annual expenses and company employment requirements.

Immediate relativesCompany annual expensesLocal employment status
Spouse and Child$100,0003 full time employee or 1 executive
Parents$200,0006 full time employee or 2 executive