The Singapore Entrepass allows foreign nationals who wish to startup and operate a business in Singapore to do so with the ability to come and go from the country with few problems. The process of applying for the Entrepass is relatively simple and can take up to six weeks for a positive decision to be made for a successful application.
The process of acquiring an Entrepass begins with an initial application made to the Singapore Ministry of Manpower at any post office in the country; the Ministry of manpower publishes a list of occupations regarded as needed which should grant a successful Entrepass application. Those interested in starting and operating a business in Singapore can visit www.company-registration.sg for assistance with applications and which businesses to opt for. The business of the person applying for the Entrepass can be no older than six months old at the time of the application.
After completing the application and submitting the administration fee, which in 2013 is $70 the initial application will be considered. In order to qualify for an Entrepass each applicant is required to submit a business proposal of at least ten pages and will initially be awarded an approval in principal letter if they meet the basic criteria of success. Criteria include the ownership of at least 30 percent of the business by the applicant and a track record of business success in the applicants career history.
After the initial approval in principal letter the applicant will be invited to complete company registration in Singapore with the Accounting and Corporate Regulatory Authority. At this point the applicant will be asked to prove they have the means to establish and maintain their business with a bank statement from a Singapore bank showing at least $50,000 in funds.
After submitting all the required documents a final decision will be made on whether the application has been successful. In most cases the initial Entrepass is issued for one year, but can be issued for up to two years; following this the Entrepass should be renewed and any additional licenses required for the business can then be obtained.