PROGRESSIVE RENEWAL CRITERIA FRAMEWORK

SERVICES FOR FOREIGNERS
To ensure contributions of Entrepreneur Pass holders commensurate with the number of years of business operation in Singapore, MOM has introduced a progressive renewal criterial framework which all Entrepreneur Pass holders have to meet:

No. of years after award of Entrepreneur Pass No. of local jobs created Minimum Total Business Spending Employment Pass Status
1 2 $100,000 Q1
2 4 $150,000 P2
3 6 $200,000 P2
4 8 $300,000 P1
>=5 10 $400,000 P1

Additional Notes:

• The processing time for renewals is at least 5-6 weeks
• Local jobs created refers to full-time employment of Singaporeans and PRs for at least 3 calendar months, under a contract of service with monthly salary and CPF contributions at prevailing salary threshold for full-time employees.
• Total Business Spending (TBS) = [Total Operating Expenses – (Royalties/Franchise Fees/Know How Fees to Overseas Companies + Work Subcontracted to Overseas Companies + Remuneration to Applicant & Immediate Family)]

Services

Our service for Entrepreneur Pass Application includes:

• Complete necessary application form
• Development of Business Plan (provided at least one of eligibility requirements are met)
• A professional letter written separately to support client’s application
• Submission of Application of Entrepreneur Pass with Ministry of Manpower (MOM)
• Monitoring of Status from Ministry of Manpower (MOM)
• Follow-Up with MOM for required clarifications for review and approval

Process/Documents Needed

• The applicant to be personally present during the application process.
• Bring NRIC and/or Passport of applicant; with contact numbers & email-addresses;
• Get ready your (a) Company Name; (b) Registered Office Address for your Company (c) Proof of Foreign Address (eg. Utility or Mobile Bill)
• Local Main Contact Person – Contact Numbers, Email-Addresses, Mailing Address (if unable to contact foreign directors)
• Bank statement showing at least $50,000 of funds (if company is incorporated prior to submission of application)
• ACRA Business Profile (if company is incorporated prior to submission of application)
• Passport-Sized photograph taken within the past 3 months;
• Documentary evidence of your previous employment(s) and/or business venture(s), if any;
• Documentary evidence of your educational certificates, if any;
• Other Supporting Documents can include your licensing agreements, MOUs and Patents; etc.
• Upon receiving payment, we will file your entrepreneur pass application on your behalf. The end-to-end processing time for an EntrePass application is about six (6) to eight (8) weeks. Processing time may take longer during peak periods or when additional information is required from the various economic agencies (in this case SPRING Singapore).
• An Approval In-Principle (AIP) letter will be mailed to the employer if the application has been approved.
• You must come to Singapore to register your Singapore company, open a corporate bank account and inject necessary share capital (if you have not registered your company), within 30 days from issue date of AIP.
• You are required to produce your AIP letter, along with ACRA Business Profile, bank statement showing injection of minimum $50,000* of funds, other supporting documents listed in the AIP letter (eg. Medical report, etc) before they can issue you a final approval letter (or In-Principal Approval, IPA letter).
• Once the final approval IPA letter is issued, you must relocate to Singapore within 6 months of the approval date.

Any documents that are not in English must be officially translated into English. Entrepreneur Pass business application must be sponsored by a Singapore-registered company or you will also be asked to provide a banker’s guarantee of S$3,000 upon approval of the pass.

*Kind Note: Evidence of injection of funds would be based on projected funds mentioned in business plan.