Details On Singapore Entrepreneur Pass
With Singapore becoming a regional business hub, it attracts a good number of entrepreneurs into the country from overseas. Foreign individual who wishes to stay and put up a business in Singapore are given EntrePass. 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 who is an entrepreneur ready to start a company/business and be actively involved in the operation of the company/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 accepts foreign entrepreneurs who are very much interested in constructing and establish a business in Singapore.
It is not required to have a diploma or degree from a prestigious school or either millions. All you need is a good business plan and some investment to cover your start up expenses and support yourself in the early stages.
Important Facts about EntrePass
Application of EntrePass should be done first before incorporation of business.
The business plan should be composed of the details of the whole preparation of business. 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 whole process will be only 2-3 weeks.
An EntrePass that is valid for two years is given by the time your application is approved.Incorporation is not allowed if the process of EntrePass is not yet done.
You can bring your family by the time your application for EntrePass is approved.
EntrePass is renewable for stable and well maintained business.You are now then permitted for a permanent residence in Singapore.
Significance of Business Plan for EntrePass.
Preparing a good business plan for your new Singapore business is one of the most crucial aspects of applying for EntrePass. The Good news is that the business plan is expected to be relatively concise i.e. no more than 10 pages long.
Except for the application of EntrePass, business plan is essential to make the whole process in order.Planning will always be a prefect step in everything and always be noted that you should make some researches to open up some ideas.
A business plan with complete thought will help make the whole business a successful one and you will be having the Entrepass you needed. 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. At the same time you must be confident that figures in business plan are achievable. Bear in mind that you should be positive along the way.