Rikvin Explains Singapore EntrePass in Detail

Online, October 22, 2010 (Newswire.com) - The Singapore EntrePass is a visa issued to foreign entrepreneurs who want to form and personally manage their company in Singapore. More often than not, the applicants for this visa are those who did not qualify for the Employment Pass due to their lack of college diploma.

Since the applicants fall short in the educational criteria, business registration firm Rikvin said that they need to create a sound business plan that will show their potential economic contribution.

To draft a sound business plan, the professional firm said that it should contain these four divisions: overview which is the basic concept of the business; marketplace which includes the characteristics of the target-market and the business environment; game plan which includes the marketing and operational strategies of a company; and money trail which includes the projections and financial statements.

Meanwhile, Rikvin said the government has passed a stricter set of requirements for EntrePass applicants to make sure that they are qualified to form a Singapore company and that they will have a significant economic contribution to the city-state's economy.

With this stricter provision, which was passed in 2008, EntrePass applicants are required to meet these following conditions: their paid-up capital should be at least S$50,000; they should have at least 30 percent shareholding in a company; and have already incorporated their company to the Accounting and Corporate Regulatory Authority (ACRA) not later than six months after submitting their application.

It is important to note that EntrePass is not applicable to coffee shops, hawker stalls, karaoke lounges and bars, and employment agencies since the authorities do not recognize these establishments as "entrepreneurial" in nature.

In most cases, the renewal for the Singapore EntrePass is stricter than the application process since the authorities will determine if the foreign entrepreneurs have meet these two requirements: hiring of at least two local residents as a staff and spending at least S$100,000 for the annual business operation.

For first-time applicants, this visa is renewed after their first year of business operation and every two years after their initial renewal. And as long as their business remains financially viable, they can renew their visa without any problem.

Generally, EntrePass holders, including their direct family members, are qualified to become a permanent resident just after six months of staying in Singapore. However, Rikvin recommends foreign entrepreneurs to wait for at least two years before applying for this status.

More Information:

Rikvin is an ACRA registered service bureau. We provide a complete corporate solution under one roof for Singapore Subsidiary Registration, assistance to Start a Singapore Company, formation of offshore companies with opening of corporate accounts, business registration including accounting, tax, immigration related to work passes visa and compliance services in Singapore.