What the Singapore Entrepreneur Pass enables you to do
In Singapore, any foreign entrepreneur or investor is allowed to incorporate a company in the country from overseas. They can manage their Singapore business from the current country of residence and visit Singapore on a standard visa to handle any company matter which requires personal presence. However, just because an entrepreneur is allowed to incorporate a business in Singapore, it does not mean they are allowed to relocate to the country to manage the business. If the foreign entrepreneur wishes to relocate to the country to operate their Singapore Company, then they will need to apply for the Singapore Entrepass and fulfill all eligibility criteria.
Once a foreign entrepreneur has successfully acquired the Singapore Entrepass, the entrepreneur work pass enables them to do the following:
1) The most important ability for an Entrepass holder in Singapore is the right to relocate to Singapore to manage their Singapore business. Without the entrepreneur pass, the foreign entrepreneur would have to operate their business in Singapore from overseas. It also enables them to stay in Singapore for the entire validity of the entrepreneur pass and they do not have to apply for additional visas every time they go in and out of the country.
2) The entrepreneur pass also enables the entrepreneur to bring in their spouse and unmarried children below the age of eighteen. Of course for each family member they would have to apply for the dependent pass, but without the Entrepass, you cannot apply for the dependent pass of the family members.
3) While the rules for permanent resident status have been amended for foreign entrepreneurs working in Singapore, they can still apply for permanent resident status in due course. Usually it takes up to a few years to successfully operate your Singapore Company before you can apply for the permanent residency in the country.
4) Being a holder of an entrepreneur pass in Singapore, it enables you to operate a business in the country which is deemed the same as a local company. Due to this, all business benefits, tax incentives and other government schemes to promote companies in the country are available to the foreign entrepreneur as well. This is a significant advantage as Singapore has one of the lowest taxation rates in the world and also provides a number of incentives for new startups to establish them in the country.
5) In Singapore, having a local resident director is mandatory for all companies based in the country. If a foreign entrepreneur holds an Entrepass and relocates to Singapore, they can act as the local resident director themselves and would not need a nominee director service.
Author Bio
Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about Singapore entrepass filing agent and Singapore entrepass.
Processing your request, Please wait....
