Moving to Singapore as an Entrepreneur - What You Need to Know
Singapore offers an ideal gateway for English speakers to enter Asia for prosperous work opportunities and fast-growing markets. If you are a foreigner looking to work in Singapore, you’ll need to apply for an Employment Pass if you’re moving for work or a Personalised Employment Pass if you’re looking for work with greater flexibility. If, however, you are an entrepreneur and founder, as well as a shareholder, in a Singapore-based company, you will need to apply for an Entrepreneur Pass, or EntrePass. Relocating to Singapore with the EntrePass has been made easier as of 2017, with the Enhanced EntrePass scheme, while professional movers Allied can help take care of the transportation of your belongings.
Who Is Eligible for the EntrePass?
Applicants for the EntrePass are subject to strict conditions for obtaining the visa. They must have set up or have proven the intent to set up a private limited company in Singapore. The business must be registered with the Accounting and Corporate Regulatory Authority. It is important for the EntrePass applicant to apply before the company is formed or within 6 months of its establishment. If the application is made after 6 months you must apply using a regular Employment Pass visa. Applicants must be a shareholder and own a minimum of 30% of the capital of the company.
Applicants must also meet other criteria to succeed in the visa application, either as an entrepreneur, innovator or investor. These may change over time, so it is important to know you meet the current eligibility requirements detailed by the Ministry of Manpower (MOM).
Extending Your Visa
After relocating to Singapore to build your company, you must reach certain milestones in order to extend your visa’s validity. For example, after the first year, you can renew it without any other criteria, but for the second year, you must be able to show you have a business spending expenditure within the year and have 3 full-time employees or 1 professional, manager or executive in your company. Each extension after this allows 2 more years and extension comes with an expected level of growth.
Family
EntrePass holders can bring their family members only after a successful renewal of their visa. There are employee number and business spending milestones in order for spouses, dependents, and parents to be allowed to move to Singapore with you.
Situational Changes
It is expected you would notify the MOM whenever your company’s status changes. This includes the main activity of the business, your residential or company address, your salary, the company’s name or if your occupation within the company changes.
Help with your Singapore Relocation
Allied has years of experience helping Entrepreneurs, innovators, and investors when relocating to Singapore. From start to finish, we are there with solutions and answers to any questions or issues you may have with your move. Contact us today and start your new life in Singapore on the right foot.