All About Singapore Entrepreneur Pass
Singapore always wants to be one of the greatest regional business hubs in the world. EntrePass, which main purpose is to make foreign individual who is ready to stay and incorporate a business in Singapore. Introduced in 2004, EntrePass is an additional factor in making their country an attractive place to start up a business with for foreigners.
Given below are criteria needed for foreign individual who wish to apply for an EntrePass in Singapore a foreign national that will be active in the whole operation of the business and is ready to begin a business in Singapore.
They allow a foreign national with an existing shareholder in a registered company in Singapore that is interested in participating in the whole operation of the business. The EntrePass permits entrepreneurs and innovators around the globe to put and operate a business in Singapore.
Millions and a degree from a prestigious school is not a requirement. Essential things needed are a perfect business plan and some money to support the whole process of business operation.
Needed Ideas about EntrePass
Application of EntrePass should be done first before incorporation of business.
They only allow 10 page long business plan. The details of preparing a good business plan are described in the subsequent sections of this document. Businesses not of entrepreneurial nature for example, coffee shops / food courts, foot reflexology, massage parlours, karaoke lounges, money changing / remitting, newspaper vending, and tuition services etc will not be considered for an EntrePass.
The application processing time is usually 2-3 weeks.
If your application is successful, you will normally be issued an EntrePass that is valid for two years. You are not allowed to apply for an incorporation of your business not unless you are approved for EntrePass.
By the time your application for EntrePass is approved, you are now allowed to bring your family and live with them.
EntrePass is renewable for stable and well maintained business. You are now then permitted for a permanent residence in Singapore.
Essence of Business Plan for EntrePass
Preparation for business plan is considered as the central part of the application of EntrePass. Be reminded that the business plan is not more than 10 pages and not less than 10 pages.
In addition to its importance in applying for EntrePass, another important value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically.
A well thought out business plan will not only improve your chances of getting a Singapore EntrePass, but it will also help you clarify your mind and better prepare for your entrepreneurship journey. The well-known fleas-in-the-box analogy applies to your plan as well; if you put a lid on the box, the fleas will learn to jump to that height only, but if there is no lid, they jump as high as they are capable of doing. It implies that goals should be established at a higher point. Ensure yourself that the figures present in your business plan will be easy to achieve. Be realistic and optimistic at the same time.