Importance Of The Entrepreneur Pass For Foreign Business Owners In Singapore

While thousands of foreign owned companies get registered in Singapore each year

, not all foreign owners choose to relocate to the country in order to manage their Singapore business. Thanks to liberal policies for foreign business owners, companies in the country can be managed from anywhere in the world. As long as the mandatory compliance requirements are met, the business owner can choose to reside anywhere in the world. Of course if the foreign owner of the Singapore Company feels that it is best for them to relocate to the country to manage the business, then the Entrepreneur Pass comes into play.

The Singapore entrepreneur pass or also known as the Entrepass, is the visa meant for foreigners who wish to live in Singapore and manage a business. While you are allowed to apply for the entrepreneur pass before or after company incorporation, many business owners prefer to apply before they setup their company so that they are sure the expenses incurred would not go to waste.

The most important criteria of the Singapore entrepreneur pass is the business plan of the proposed company in the country. The authorities would go through the entire plan and decide whether such a business is viable in Singapore or not. They would also check if the business would be beneficial for Singapores economy. Apart from the business plan itself, the entrepreneur needs to have a relevant business background and also must be willing to invest at least SGD $50,000 as paid up capital in their proposed new company. Eligibility criteria for the entrepreneur pass must be taken seriously as it is the most important tool a business owner would need to enter Singapore to manage a company.

In fact it is not just obtaining the entrepass that is important, ensuring that you meet all criteria for renewal is also equally important. If the business is not profitable or has not been able to generate any employment for Singapore residents, then the entrepreneur pass would not be renewed upon its expiry. If the business in Singapore is not profitable until the validity of the entrepreneur pass, the business owner would at least need to secure funding from any venture capitalist and also create employment for Singapore residents in order to continue living in the country and manage their business. Successfully renewing the entrepass a few times could also make it simple for the business owner to attain Singapore permanent resident status in due course.

by: Bryan Wong

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