SINGAPORE – Changes to the Entrepass Scheme
The Singapore Ministry of Manpower (MOM) will revise the requirements for new applicants for the EntrePass from 1 September 2013, in order to attract more innovative and ambitious entrepreneurs to build businesses in Singapore.
New Entry Stage Requirements
In addition to the current EntrePass application criteria, new applicants will have to show evidence that their business is innovative by meeting at least one of these requirements:
- Receives funding from a recognized third-party venture capitalist or business angel;
- Holds a proprietary or licensed Intellectual Property (IP) recognized by an approved national IP institution;
- Has research collaboration with a research institution recognized by the Agency for Science, Technology and Research (A*STAR) or any local tertiary institution;
- Is supported by a recognized enterprise incubator scheme supported by SPRING Singapore or National Research Foundation (NRF); or
- Receives support from a Singapore Government agency.
Successful applicants will be awarded a one-year Q1 pass, but will, from September, have to submit all of the following documents within the first six months of receiving the pass, to demonstrate progress in scaling up their business:
- A tenancy agreement;
- Staff employment contracts/CPF (pension fund) statements;
- Statement of shareholding structure in registered company and date of incorporation.
Failure to present all of these documents will result in the cancellation of the Entrepass.
Progressive Renewal Criteria framework
From 1 September, all Entrepass holders must meet new criteria for renewal each year. After the first year, Entrepass holders must have created two local jobs and spent at least $100,000, to be granted a renewal. After the second year and successive years, up to the fifth year, there are progressive targets for local job creation and business spend.
Moreover, every two years, if the targets are met and renewal is granted, the holder’s work visa status will be upgraded from Q1 to P2 and then P1, conferring extra benefits to the holder.
These new renewal criteria are applicable to all new and existing Entrepass holders.
- Note the new entry requirement to provide evidence of innovation, and plan accordingly to obtain the necessary documents.
- Note the mid-year audit and annual renewal requirements, and ensure compliance.