Have you ever thought that if you have failed to get your entrepreneur pass, what should you do? If in case you have been rejected to get your EntrePass, you can file an appeal within 90 days of your notice of rejection. The application for EntrePass appeal is generally processed within 8 weeks.
What is expected to get an EntrePass?
The EntrePass application will be reviewed by three government bodies –
– SPRING Singapore
– Infocomm Media Development Authority (IMDA)
– The National Research Foundation (NRF).
Applicants must demonstrate at least one of the following:
- Be funded by a popular business angel and third-party venture capitalist.
- Has research alliances with recognized research institutions such as A*STAR or any other institute of higher learning.
- Hold crucial business experience or the network and should have a promising entrepreneurial track record
- Hold a decent track title of investing in businesses and expect to grow new or prevailing businesses in Singapore.
- Has exceptional technical or domain aptitude in an area associated with the proposed business?
- Is incubated in an incubator or an accelerator that is approved by the government.
- Hold a licensed or proprietary intellectual property that is nationally recognized.
The applicants must furthermore fulfill the following:
- Register a Private Limited Company. The corporation must not be enrolled for more than 6 months at the point of application. You can register the company after the authorization of your EntrePass application.
- Should have pertinent knowledge and path record in establishing and governing a business successfully.
- Submit a 10-page business strategy documenting business goals and objectives. Renewal of EntrePass is contingent on the fulfillment of goals and objectives summarized in the business plan.
Business Plan and Renewal Criteria
A 10-page business plan is one of the key requirements for the application of an EntrePass. The plan must indicate your skilled business experience, the healthiness of your business notion, and a comprehensive enactment plan.
MOM has an advanced renewal criteria framework to confirm that the donations of EntrePass holders are proportional to the duration of their operations in the country. Successive renewals of the EntrePass are contingent on meeting these provisions as well as on accomplishing the goals and objectives in the business plan. It is therefore important to have a well-drafted business plan.
Permanent Residence Eligibility
EntrePass holders are capable to pertain for Permanent Residency. There is a designated waiting duration of 6 months since one of the assessing norms is to have a minimum of six months spend slips, and preferably an IRAS tax examination can be given.
Don’t leave your entrepreneur pass application to chance, rather talk to the experts at Timcole and get your application approval earlier. We understand that running payroll can be a confused and time-consuming task. There are a lot of legal laws, which means there are severe hazards to getting things false. For these reasons, many businesses holders choose to leave it to the experts and outsource payroll. It provides them more time and additional peace of understanding.
In addition, payroll providers at Timcole are often able to do your payroll at a somewhat low expense as they use software to automate several of the duties implicated.
