{"id":2115,"date":"2020-09-25T16:38:46","date_gmt":"2020-09-25T08:38:46","guid":{"rendered":"https:\/\/loopnewsletter.com\/?p=2115"},"modified":"2020-09-25T16:38:46","modified_gmt":"2020-09-25T08:38:46","slug":"4-key-factors-for-a-successful-entrepass-application","status":"publish","type":"post","link":"https:\/\/transformborders.com\/4-key-factors-for-a-successful-entrepass-application\/","title":{"rendered":"4 Key factors for a successful EntrePass application"},"content":{"rendered":"\n<p>The Lion City, being a prosperous financial hub, is a city of opportunities. Combined with its political stability, low tax rates and the city\u2019s being one of the most attractive destinations for foreign investors, it is no wonder why so many entrepreneurs and business owners are keen to set up their company in Singapore and would be delighted to relocate here to run their business. However, before you pack up your luggage and run off to the nearest airport, it is important to know if there are such visas that allow aspiring entrepreneurs such as yourself to start a business venture in Singapore.<\/p>\n\n\n\n<p>Well, there is one\u2014commonly known as the <em>EntrePass<\/em>\u2014but it is not applicable to all business types and it is not easily granted even if your business is suitable for it. Nevertheless, let\u2019s find out which business is eligible for the EntrePass and how you can increase your chances of getting your application approved.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-large\"><p>So, who\u2019s eligible for the EntrePass?<br><\/p><\/blockquote>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1368\" height=\"912\" src=\"https:\/\/transformborders.com\/wp-content\/uploads\/2022\/07\/TB-Oct-2020-2.png\" alt=\"\" class=\"wp-image-2117\"\/><\/figure><\/div>\n\n\n\n<p>The obvious answers would be entrepreneurs and investors but that\u2019s not entirely the case. Foreign owners of a newly incorporated Singapore company who are looking to move to Singapore to manage their company operations are also eligible for the EntrePass. You can apply for the EntrePass either before your company is incorporated or after the company has been incorporated (within 6 months of incorporation). If you are incorporating a Singapore company but do not plan to relocate to Singapore to run your company, you do not require an EntrePass.<\/p>\n\n\n\n<p>So, if you don\u2019t fall under this category, you are <strong>not <\/strong>eligible for the Entrepass.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-large\"><p>The 4 key factors for a successful EntrePass application<br><\/p><\/blockquote>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1368\" height=\"912\" src=\"https:\/\/transformborders.com\/wp-content\/uploads\/2022\/07\/TB-Oct-2020-3.png\" alt=\"\" class=\"wp-image-2118\"\/><\/figure><\/div>\n\n\n\n<p>Now let\u2019s say you are eligible for the Entrepass, what\u2019s next? First things first, you need to apply for the EntrePass application and get the seal of approval from the <a href=\"https:\/\/www.mom.gov.sg\/\">MOM<\/a> (Ministry of Manpower). Here we have narrowed down 4 key factors for a successful EntrePass application:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul><li><strong>The quality of your business idea<\/strong><\/li><\/ul>\n\n\n\n<p>Depending on how brilliant and feasible your business idea is, other factors worth considering are: Is it entrepreneurial in nature? Will it generate employment for the local populace? Does it have the potential to grow big and scale up?<\/p>\n\n\n\n<ul><li><strong>Your personal credentials and capability&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<p>Do you have the necessary qualifications to pursue the proposed business idea? Do you have sufficient experience and a well thought-out plan for your proposed business ideas? What is your backup plan if your proposed idea fails?<\/p>\n\n\n\n<ul><li><strong>How innovative is your business idea?&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<p>Is your business idea funded by corporate investors or venture capitalists? Are any of your research in collaboration with a recognised institution? Are you part of any incubation scheme in Singapore that would safeguard your business?<\/p>\n\n\n\n<ul><li><strong>Proposed investment&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<p>How much money are you willing to invest in the business? Where did you acquire the money? Is it your own personal money or borrowed money from the bank? Do note, however, that the recommended minimum amount for investment is S$50,000.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-large\"><p>What are the alternatives to the EntrePass?&nbsp;<br><\/p><\/blockquote>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1368\" height=\"912\" src=\"https:\/\/transformborders.com\/wp-content\/uploads\/2020\/10\/Untitled-design-34.png\" alt=\"\" class=\"wp-image-2122\" srcset=\"https:\/\/transformborders.com\/wp-content\/uploads\/2020\/10\/Untitled-design-34.png 1368w, https:\/\/transformborders.com\/wp-content\/uploads\/2020\/10\/Untitled-design-34-300x200.png 300w, https:\/\/transformborders.com\/wp-content\/uploads\/2020\/10\/Untitled-design-34-1024x683.png 1024w, https:\/\/transformborders.com\/wp-content\/uploads\/2020\/10\/Untitled-design-34-768x512.png 768w\" sizes=\"(max-width: 1368px) 100vw, 1368px\" \/><\/figure><\/div>\n\n\n\n<p>What if the unthinkable happened? What if you don\u2019t qualify for the EntrePass? Are there any alternatives or should you just give up your dream of starting your own business in Singapore? Well, fortunately for you, there are alternative visa options that might be more suitable for you. As an immigration consultancy, we have helped many business owners and key stakeholders obtain a suitable visa or pass here so that they could do the following:<\/p>\n\n\n\n<ul><li><strong>Migrate to Singapore in order to run, launch and grow their business.<\/strong><\/li><li><strong>Secure contracts and investments that were subject to their immigration status.<\/strong><\/li><li><strong>Bring in their family while operating their business in Singapore.<\/strong><\/li><\/ul>\n\n\n\n<p>If you would like to learn more about the EntrePass, please check out our full article <a href=\"https:\/\/loopnewsletter.com\/debunking-entrepass-myths-the-singapore-employment-passs-secret-cousin\/\">here<\/a>.&nbsp;<\/p>\n\n\n\n<p>Are you planning to apply for an EntrePass and still unsure if your business is eligible? <a href=\"mailto:consult@loopnewsletter.com\">Get in touch<\/a> with our Lead Immigration Specialist now to find out more. <br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Singapore is a safe haven for foreign investors, and many would be keen to start their own business in this country hailed as Southeast Asia financial hub. But what are the work visas required to start your own business, and who is eligible for it? Read more to find out...<\/p>\n","protected":false},"author":4,"featured_media":2116,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/transformborders.com\/wp-json\/wp\/v2\/posts\/2115"}],"collection":[{"href":"https:\/\/transformborders.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/transformborders.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/transformborders.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/transformborders.com\/wp-json\/wp\/v2\/comments?post=2115"}],"version-history":[{"count":0,"href":"https:\/\/transformborders.com\/wp-json\/wp\/v2\/posts\/2115\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/transformborders.com\/wp-json\/wp\/v2\/media\/2116"}],"wp:attachment":[{"href":"https:\/\/transformborders.com\/wp-json\/wp\/v2\/media?parent=2115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/transformborders.com\/wp-json\/wp\/v2\/categories?post=2115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/transformborders.com\/wp-json\/wp\/v2\/tags?post=2115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}