Why hire Asiabizservices.com (a Singapore Business Incorporation Company) for EntrePass Application by Paul Media
Why Hire Asiabiz for EntrePass application.
As of September 28, 2009, the new eligibility requirements for application of EntrePass have become more rigorous; the application process has, thus, become more complex. Unless, you have the necessary time and experience, it is advisable that you engage a professional firm to assist you with the application.
At Asiabiz, we have been helping clients with incorporations of their businesses and work pass applications since 1998. Our team of experts is highly experienced and we can process your application and provide appropriate guidance so that you may avoid all the unnecessary frustration and pitfalls. We have business plan writers on staff to help create a good business plan, which is critical factor in the approval process for the application of your EntrePass.
As we assist you through the process, we will conduct all follow-ups and liaise with each authority on your behalf. Even in the rare event that your application is rejected, we will have a thorough inquiry into why it was rejected so that we can help you appeal successfully with MOM. The comprehensive services we provide can help you simplified this lengthy and complex process, and consequently, help maximize your chance of getting an EntrePass.
Entrepreneur Pass or EntrePass is a work visa designed for foreign entrepreneurs, whom may lack the appropriate educational or specialist skills qualification, but have proven track records of successful business ventures. As of September 28, 2009 the new eligibility requirements for application of EntrePass have become more rigorous. But, as long as you fulfill the conditions, your EntrePass approval is almost guaranteed.
Ministry of Manpower grants an initial EntrePass with a validity of 1 year, and it is renewable as long as the business meets requirements outlined by Ministry of Manpower. The EntrePass facilitates multiple entries and long-term stay of these foreign entrepreneurs to enable the management of business operations in Singapore. With an EntrePass, you can travel in and out of Singapore with minimum hassle at the immigration. It also gives you the benefit of applying for Permanent Residence.
EntrePass Eligibility Requirements
To be considered for an EntrePass, you must fulfill the conditions as follows:
- Incorporate a company with the Accounting and Corporate Regulatory Authority for no more than 6 months at the point of submission of the EntrePass application
- Own 30%-100% of shareholding in the company
- Have relevant experience and track record in creating and managing successful businesses
- Provide S$50,000 and above in paid-up capital for the new company
- Submit a 10-page business plan detailing business goals and objectives. Renewal of EntrePass is contingent on achieving goals and objectives outlined in the business plan
Business Plan Requirements
One of the key requirements for the application of EntrePass is a 10-page comprehensive business plan that outlines the goals and objectives of the proposed business venture. The business idea must be entrepreneurial in nature. Coffee shop, hawker stall, massage parlour, karaoke lounge and employment agencies are not considered entrepreneurial businesses, and therefore not applicable for EntrePass.
The business plan must also include a strategy to meet the requirements stipulated by Ministry of Manpower in which your business venture must demonstrate in a one-year period that it will meet the employment requirement of a minimum number of Singaporean or local workers; and with a Total Business Spending (TBS) of:
- P1 Pass “
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