EntrePass Seasoned Entrepreneurs Ticket to Singapore

PR Log (Press Release) – Aug 24, 2009 – Along with luck a host of other factors including, economic scenario and regulatory policies should favor a brilliant business idea to graduate into a successful commercial entity. Singapore is one country which encourages the entrepreneurial spirit among locals as well as foreigners alike. Singapore as a business hub will top the list of any foreign entrepreneurs, looking for a commercially viable location in the South East Asian region, to domicile their venture. EntrePass is a boon for such foreign entrepreneurs who wish to expand or debut their venture by forming a Singapore registered business/company.  http://www.rikvin.com/Singapore-Entrepass-Entrepreneur-V ...

EntrePass is a Singapore version of entrepreneur’s employment pass, granted to foreigners based on the feasibility and growth prospects of the proposed business. The EntrePass facilitates multiple entry and long-term stay of successful applicants, so that they can establish their venture and actively manage the daily operations of the business. The foreign entrepreneur must not own a business registered with Accounting and Corporate Regulatory Authority (ACRA) for more than six months, at the point of application.   It comes with an initial validity of up to 2 years thereafter it is renewable subject to the viability & performance of the business.

EntrePass applications are jointly determined by the Ministry of Manpower (MOM) and the Standards, Productivity and Innovation Board (SPRING) of Singapore. While SPRING assesses the viability of the proposed venture, MOM issues the EntrePass for successful applicants. One of the chief criteria for the application to be considered favorably is the outstanding nature of business. The government welcomes and encourages novel and exceptional business ideas which are also legal and economically productive. Cut and dried businesses such as such as coffee shop, hawker stall, massage parlor, karaoke lounge etc will not stand a chance.

EntrePass applications must be accompanied by a Business Plan, not exceeding 10 pages. The pan must convey the unique nature, viability and potential economic benefits of the business, while giving a clear picture of the financial, ownership and management aspects of the company. Each application is charged an administration fee of S$40. Each application must be sponsored by a Singapore-registered company or must furnish a Singapore banker’s guarantee of S$3,000 upon successful approval of the application. Applicants who are married and whose spouse is a Singapore Citizen, Singapore Permanent Resident or Employment Pass holder must attach a copy of marriage certificate with the application. There is no quota for EntrePass therefore a group of foreigners who will be actively managing a business can also apply for the pass individually, provided they qualify.

Other privileges that accompany the pass include an eligibility to apply for a dependent pass for the immediate family members – spouse and children below 21 years, the dependent pass holders can also work and study in Singapore. Dependant's Pass application must be sponsored by a well-established Singapore-registered company or else be backed by a Banker's Guarantee of S$3,000 for each applicant.
Upon submitting the fully completed application along with 10 page business plan and supporting documents the processing time may take about six weeks. An In-Principle Approval (IPA) letter, which is valid for 6 months, will be sent to successful applicant. The successful EntrePass applicant must be in Singapore to collect the EntrePass. The applicant or a company representative can submit the request for the issue of EntrePass via online service – EP Online or across the counter at the MOM Employment Pass Service Center (EPSC). The applicant must report to EPSC on appointed date and time for registration of his/her fingerprint and photo-image and four days thereafter the applicant can collect the EP card from the Card Collection Lobby at MOM building.  Fee for issue of the EntrePass (S$30 per year) and Multiple Journey Visa (if applicable) - S$30 per issue, is payable on collection of the card.

Established in 1995, Rikvin Group is a leading corporate solutions consultant in Singapore. The group provides company incorporation, business registration and EntrePass/ Employmnet Pass services to entrepreneurs from around the world. Since its formation, Rikvin has empowered thousands of entrepreneurs by assisting them with the first step of starting a new business. For more information on Rikvin Group, please visit http://www.rikvin.com