EntrePass is a visa for foreign businessmen who are planning to setup a Singapore company but lack college education to be qualified in Employment Pass which has less stringent company requirements.
To make up for their lack of college diploma, EntrePass applicants are advised to have a well-written business plan that should include their short- and long-term goals, operation and management, nature of the business, and other relevant information.
It is important for applicants to prove that they have a strong entrepreneurial skill and background. With this, they may also show their track records of their successful business ventures to the Ministry of Manpower (MOM).
Meanwhile, it is important to note that foreign businessmen are not allowed to register their own company and should appoint a professional firm that will conduct all the processes involved in Singapore company incorporation on their behalf.
Professional firms, which must be accredited by the Accounting and Corporate Regulatory Authority (ACRA), will perform these three steps.
Company registration specialists will incorporate the company and secure all the necessary documents required by the authorities.
And since the Singapore government requires a local resident director, most professional firms provide a temporary director. Once the foreign businessmen have secured their EntrePass, the professional firms will immediately transfer the company directorship to them.
During the incorporation process, firms will advise foreign businessmen to meet these following requirements: a local registered office address; minimum of one shareholder, qualified company secretary, and resident director; a paid-up capital of at least S$50,000; and 30 to 100 percent ownership of the companys shares.
The professional firms will secure and review all the documents required for EntrePass especially the business plan of foreign businessmen which can make or break their applications.
According to the MOM, a business plan should include the objectives, details of a companys goals, and total business spending which should be at least $100,000 annually. In addition, the business plan should demonstrate a companys capacity to employ at least two local residents within a year of its operation.
Most business registration firms have their own professional business plan writer who can help foreign businessmen in drafting this requirement.
After foreign businessmen have secured their EntrePass, the temporary resident director provided by their professional firms will transfer the companys directorship to them. But in case that they do not want to relocate in Singapore, they should at least appoint someone who can be a local resident director.
by: Diane Enriquez
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AsiaBiz offers cost effective Singapore Company Setup solutions for companies and entrepreneurs wishing to form a company in Singapore.