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Singapore EntrePass: A Visa Issued to Foreign Entrepreneurs by AsiaBizServices
Singapore EntrePass: A Visa Issued to Foreign Entrepreneurs by AsiaBizServices
Foreign entrepreneurs who want to setup a business can apply for Singapore EntrePass which is a visa that has a validity of up to two years. In most cases, this pass is for applicants who did not qualify for the Employment Pass (EP) due to their lack of college diploma.
Singapore,
Singapore,
Singapore
(pr4links.com)
15/10/2010
"Foreign entrepreneurs who want to setup a business can apply for Singapore EntrePass which is a visa that has a validity of up to two years. In most cases, this pass is for applicants who did not qualify for the Employment Pass "
Foreign entrepreneurs who want to setup a business can apply for Singapore EntrePass which is a visa that has a validity of up to two years. In most cases, this pass is for applicants who did not qualify for the Employment Pass (EP) due to their lack of college diploma.
According to business registration specialist AsiaBiz Services, EntrePass has a more stringent business requirement compared to EP.
“EntrePass applicants should create a sound business plan in order to increase their chances of being approved. With this, the plan should have all the basic information including the amount of investment, marketing strategies, products or services, nature of business, short- and long-term goals, and projected sales and profit,” AsiaBiz said.
The business registration firm said the Singapore government has passed a more stringent set of conditions to ensure that foreign applicants are highly qualified to manage a Singapore company that will have a significant contribution to the country’s economic growth.
“EntrePass applicants should bear in mind that they should meet strict requirements which usually include owning at least 30 percent shares of a company; having notable entrepreneurial and professional skills; and willingness to spend at least S$100,000 annually for their business operation,” AsiaBiz said.
In addition, applicants are also required to have at least S$50,000 paid-up capital for their company that will show their potential economic contributions to Singapore, the firm added.
Meanwhile, the Singapore Companies Act prohibits EntrePass holders to setup a business related to hawker stalls, karaoke lounges and bars, employment agencies, and coffee shops as the government does not consider these establishments as “commercial in nature.”
During the renewal process, AsiaBiz has warned that the Accounting and Corporate Regulatory Authority (ACRA), which is the governing-body for businesses, are stricter to EntrePass holders.
“This agency scrutinizes the business plan of the EntrePass holders during the renewal process to determine if their business is meeting their own set of standard. Also, the authorities check if the entrepreneurs are hiring at least two local residents and posting at least S$100,000 total business spending per year,” it said.
Because of the stricter requirements imposed to EntrePass holders, AsiaBiz usually recommends foreign applicants to first try the EP, including those who fall short in the educational criteria.
“In some instances, the authorities make an exception by issuing EP to applicants lacking in college degree as long as their entrepreneurial and professional skills are notable,” AsiaBiz said.
More Information:
Asiabizservices.com is the leading Singapore company that provides Singapore Company Incorporation services to both local and foreign entrepreneurs and investors and offer consultation regarding the immigration and taxation, accounting and book keeping requirements, and other compliance matters stated under the Singapore law. AsiaBiz has successfully helped thousands of foreign and local entrepreneurs form a Singapore company and secure their Singapore Entrepass.
Asiabizservices Pte Ltd
http://www.asiabizservices.com/
120 Telok Ayer Street Singapore 068589
Phone: (65) 6242 6533
Fax: (65) 6303 2670
About
AsiaBiz is a company that provides Singapore Company Registration services to local and foreign entrepreneurs and investors and offer consultation regarding the immigration and taxation law, accounting and book keeping requirements, and other compliance matters stated under the Singapore law.
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