Singapore wants foreign talent and entrepreneurs. Can you hear Singapore calling you?
Singapore is pro-business simply because economic wealth creation gives the opportunity for a small tax on corporate profit. The income tax can then be spent on infrastructure, healthcare and education. No tax funds no services. Singapore wants foreign talent and entrepreneurs to create future economic growth and the job creation that comes with that.
Singapore has the EntrePass visa scheme just for entrepreneurs like you. The EntrePass visa scheme is designed for foreign entrepreneurs who wish to start a business and relocate to Singapore. Once the EntrePass is approved, you will generally be given 30 days to incorporate the proposed company and inject the necessary share capital. The EntrePass allows you to bring your family to Singapore. EntrePass holders are eligible later, to apply for Singapore permanent residence. There are some conditions which are simple. Here is the detail from the Singapore government web site.
- Your proposed business idea must be entrepreneurial and innovative in nature, and able to create local employment.
- You will have to prove that you have an entrepreneurial and/or relevant background.
- The business will be registered as a Singapore private limited with at least S$50,000 paid up capital.
- You will own at least 30% of the company
Also your company must fulfil at least one of the “innovativeness” conditions laid out by the Singapore government as follows:
- The company is receiving monetary funding or investment of at least S$100,000 from a Venture Capitalist (VC) or angel investor accredited by a Singapore Government agency.
- The company holds an Intellectual Property (IP) that is registered with a recognised national IP institution.
- The company has on-going research collaboration with an institution recognised by Singapore’s Agency for Science, Technology and Research (A*STAR).
- The company is an incubate at a Singapore Government-supported incubator.
And of course you must provide a concise business plan.
Simple application and fast processing
Once your EntrePass application, along with supporting documents, is ready, it must be filed with Singapore Ministry of Manpower (MOM). Once submitted, the processing of Entrepreneur Pass application on the average takes about 6-8 weeks.
The application process works as follows:
If your application is successful, you will be issued an Approval In-Principle (AIP) letter, after which you have 30 days to register your Singapore Company, open a corporate bank account and inject the necessary share capital.
Like all work permit and permanent resident visa holders you will be required to go through a medical test. You can get the medical tests done in your own country through an established clinic/hospital or you can get it done when you arrive in Singapore.
Once the final IPA approval letter has been issued, you must relocate to Singapore within 6 months of the approval date.
So get your intellectual property and venture capital funder set up.
In a nutshell, that is it, and say welcome to Singapore!