As Asia's financial center, Singapore is also one of the few developed countries. Due to its geographical location close to China, many Chinese people choose to invest in venture capital in Singapore and immigrate in the later stage when they go to the country. So is it troublesome to apply for a Singapore entrepreneurial permit? This article comprehensively explains how to apply for a Singapore Entrepreneurship Pass.
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Singapore Entrepreneur Pass (Entre Pass)
Entrepreneur Pass (Entre Pass)
Entrepreneur Pass is completed by registering a Singapore company and then applying for an entrepreneurial pass.
Entrepreneurship Pass is a work permit for foreign entrepreneurs jointly reviewed by Singapore Ministry of Human Resources and Singapore Standard and New Zealand Bureau. Establishing a new company in Singapore will give you the opportunity to apply for a entrepreneurship pass, thereby further obtaining Singapore permanent residence .
Conditions for applying for an entrepreneurial permit
1. The applicant is ready to own a registered company in Singapore;
2. The business of the applicant's company must comply with the local laws and regulations of Singapore;
3. The applicant must hold it. At least 30% of the company shares ;
4. The registered capital of the applicant's company is at least 50,000 SGD and fully paid;
5. The subscription of the entrepreneurial permit must be within 6 months after the company registration;
6. The business you operate must meet the following conditions:
➢ Receive funds or investments from recognized third-party venture capitalists (VCs) or commercial angels recognized by Singapore government agencies;
➢ Inventors with approved intellectual property rights (IPs) registered with national IP institutions;
➢ Continuous research cooperation with Singapore-accredited scientific, scientific and technological institutes or university institutions (A*STARs), etc.;
➢ Participate in the cultivation program supported by Singapore government.
Process for applying for an entrepreneurial permit
1. Applicants register for a Singapore company;
2. Applicants formally submit an application for an entrepreneurial permit to the "Ministry of Human Resources of Singapore";
3. Once the applicant's application is approved, he will receive the approval form of the "Ministry of Human Resources of Singapore" in principle;
4. Applicants must go to the Ministry of Human Resources of Singapore within half a year to complete the relevant formal procedures.
Notes on applying for an entrepreneurial permit
1. The entrepreneurial permit cannot be applied together with the family permit. The entrepreneurial permit must be applied separately first. After approval, after completing the first renewal (the operating fee must be 150,000/-, the company will hire at least 4 local employees) before applying for a family permit for his family.
2. There are no strict regulations on entrepreneurial projects applying for entrepreneurship permits, but long-term experience shows that the more the industry can develop Singapore's technology and employment. The more likely the application is to be approved. But some industries will almost certainly not approve them, such as massage parlors, singing room, labor agency, etc.
4. Education is not the decisive factor in applying for an entrepreneurial permit. The applicant's business background, entrepreneurship projects, investment amount, and the writing quality of entrepreneurship plan are the most core factors in applying for an entrepreneurial permit.
5. The applicant's English level is not one of the considerations for applying for an entrepreneurial permit.
6. There are no strict regulations on whether entrepreneurial permit holders need to stay in Singapore for a long time, but long-term experience shows that the longer the applicant stays in Singapore, the more beneficial it is for them to renew their entrepreneurial permits or apply for Singapore permanent residents in the future.
7. Preparation for the entrepreneurial permit usually takes about 1 month, and the specific time depends on the degree of customer cooperation. The approval time for the Entrepreneurship Pass of the Ministry of Human Resources in Singapore is usually about 4 to 6 weeks.
8. After the entrepreneurial permit is approved, there are no strict regulations on how long it takes to apply for permanent residents in Singapore. However, long-term experience shows that usually starts to apply after 6-12 months, so as to avoid being rejected by the Singapore Immigration Department as much as possible.
9. After the applicant obtains the status of Singapore permanent resident, the applicant can only apply for Singapore citizenship after he stays in Singapore for at least 2 years.
Singapore has a very friendly attitude towards foreigners. Coupled with its convenient geographical location and transportation, Singapore is the destination for many Chinese immigrants and work. If you have any questions about Singapore entrepreneurship, work visa processing, immigration, etc., you can find Bajie.
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