This is a boon to entrepreneurs who wish to control and directly run the business operation in Singapore. A foreign entrepreneur who is ready to start a new business and will be actively involved in the operation of the business in Singapore or owns a business registered with the Accounting and Corporate Regulatory Authority (ACRA) is eligible to apply for an Entrepass which will be issued upon the submission of a sound business proposal. EntrePass applications are jointly determined by the Ministry of Manpower (MOM) and the Standards, Productivity and Innovation Board Singapore (SPRING). Applications are assessed by SPRING, while MOM will issue the EntrePass for successful applicants.
The Entrepass is designed to facilitate the entry and stay of entrepreneurs in Singapore to directly manage the business operations, and comes with an initial validity period of up to 2 years. It is renewable as long as the business remains viable and lucrative. The EntrePass also allows the applicant’s immediate family to live in Singapore while the successful applicants start and grow their business here. With the EntrePass a person can leave and re-enter Singapore frequently with ease. The dependent pass holders can work and study in Singapore with the prior approval from the MOM.
Upon receipt of the duly completed Entrepass application form, along with the Business plan of the proposed company along with the requisite testimonials it takes around six weeks to know the outcome of the application. The application must be sponsored by a Singapore-registered company or a banker’s guarantee of S$3,000 to be furnished by the applicant upon successful approval of the application. A local sponsor is not required for this application if you furnish a banker’s guarantee of S$3,000. Similarly the Dependant Pass application must be sponsored by a Singapore-registered company or a banker’s guarantee of S$3,000 to be furnished for each applicant upon successful approval of the application.
Successful applicant will be issued with an ‘Approval-
There is no minimum capital (investment)
However the grant of an Entrepass by the Work Pass Division does not guarantee that the application for registration of a company/business will be approved by the ACRA, or any licenses required for the establishment of the applicant's business will be approved by the relevant licensing bodies
Ms. Ragini Dhanvantray CEO of ( http://www.rikvin.com ) Rikvin Consultancy whish is offering a seamless service for Entrepass aspirants says “Our past experience and high success rate (98%) in the approval of the Entrepass for foreigners have given us an edge over other firms. We provide our clients with a total package from assisting them to draft a business plan, act as the local sponsor, submitting the Entrepass application to Incorporation of your Singapore Company. Entrepreneurs would wish to nurture the business, which is their brainchild in its infancy and their direct involvement during its crucial startup years is indispensable, Entrepass which is solely granted base on the viability of the proposal submitted, comes with the shortest processing time and entitles them to bring their family along, It is no doubt an Expressway to start a new business in Singapore and reach the dramatically growing regional markets”
Singapore is ranked 1st for the ease of doing business in Asia (World Bank report: "Doing Business 2007: How to Reform") and 1st for being the least bureaucratic place for doing business in Asia (Political and Economic Risk Consultancy, June 2006). These are remarkable testimonial to Singapore’s reputation as the ideal location for any business.
Rikvin consultancy provides highly professional company incorporation services, both in attractive standard packages as well as customized services. Online incorporation being a hallmark service, other services of Rikvin include the incorporation, setup including the application of Singapore Entrepass
For further information visit http://www.rikvin.com
