What is Singapore Entrepass and Singapore Employment Pass Application
EntrePass is a Singapore Employment Pass type adopted for foreign entrepreneurs in order to facilitate their uncomplicated entrance and stay in Singapore in order to incorporate and start their own business in the country.
An EntrePass is a scheme for entrepreneurs who lack the requisite tertiary education. For entrepreneurs, however, who possess good educational qualifications, the better choice is usually an Employment Pass. Prior to incorporating a Singapore company, an EntrePass application is usually made. Upon approval of EntrePass application, the holder must incorporate his company within 30 days from receipt of the in-principle-approval letter (IPA). On the other hand, in case of a rejected EntrePass application, you are not required to setup a Singapore company.
EntrePass (or more technically, Entrepreneur Pass) permits the stay of global value-creating entrepreneurs and innovators in order to personally run their business ventures in Singapore. Through this scheme, Singapore plans to attract a good number of entrepreneur minds into the country from overseas and thus achieve its desire of becoming a regional business hub.
Key Facts About EntrePass
You need an investment of at least S$50,000 is required and can only incorporate your business after you have applied for EntrePass. In your EntrePass application, a 10-page business plan must be attached and submitted. After submitting the application, you will wait for about 4 to 6 weeks for the processing time. In case of a successful application, an EntrePass will be issued with an initial validity of 1-2 years. Until the successful outcome of your EntrePass application, you need not incorporate your business in Singapore. And when you have an EntrePass in your hands, you will be allowed to bring your immediate family members like your spouse and children under 21 years old to Singapore to be with you.
The Singapore Employment Pass (EP) is a visa issued to foreign entrepreneurs, shareholders, and managing directors in order to allow them to setup and personally manage their business in the country. However, EP can also serve as a work visa given to supervisors and managers, “key employees,” professionals, and workers with a specialized skill. Aside from these four factors, the Ministry of Manpower (MOM) also makes a decision based on the applicant’s age, current citizenship, and his roles and responsibilities in a company.
Generally, it will take more than three weeks before the agency can review the appeal. It is important to note that whenever there is a change in employer, EP holders should immediately notify MOM which will then review their professional qualifications, employer credentials, and work-related. However, there is no need for EP holders to cancel their existing work pass since the agency will do this for them as soon as they have been approved with their new visa.
Meanwhile, the EP should be renewed every two or three years (depending on its validity to a certain individual). Two months before this visa expires, a person will receive a notification from MOM requiring him to renew his pass four weeks before its expiration.
Rikvin has effectively facilitated Singapore entrepass and Singapore employment pass application , Singapore company registration , ipa singapore for both non-resident and resident financiers build business firms in Singapore.
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