If you are looking for professional opportunities, Singapore can be an ideal destination. With a perfect blend of work and fun, Singapore has the infrastructure for both work and leisure. Singapore government ensures that foreigners get ample opportunities to display their talent. Apply for Singapore business visa after analyzing different aspects associated with it.
EntrePass Business Visa for Singapore
The EntrePass business visa allows a foreign visitor to initiate his or her own business in Singapore. When it comes to business, EntrePass is the most suitable option available for the entrepreneurs and investors. This visa is valid for one year. The procedure for EntrePass is managed under Employment of Foreign Manpower Act, Singapore.
You are eligible to apply for EntrePass if you intend to establish a private limited company. If you have already established, the company must be less than six months old from the date of applying for EntrePass. Your company should have paid-up capital of at least $50,000. You should be a stakeholder with 30% shares in the company. There are other requirements that strengthen your motive of applying for Singapore business visa.
If you are considering about launching a coffee shop, food court, bar, nightclub, massage parlor, employment agency, traditional medicines business; you will not be eligible for EntrePass.
You can bring your spouse and children on a dependent's pass. You can bring your parents on a long-term visit pass. For obtaining these passes, you must have renewed your EntrePass, created a specified number of jobs, and achieved a particular milestone in business spending.
Eligibility for EntrePass Singapore Business Visa
- Valid passport
- Employment testimonials
- A business plan listing business idea, market research, projections, management, etc
- If your business is registered with Accounting and Corporate Regulatory Authority, you must provide latest business profile and a bank statement of at least $50,000
Application for EntrePass Business Visa for Singapore
You can apply for EntrePass with valid documents listed above. You have to make a payment of $70 while submitting an application and $150 when the pass is issued. It takes around six weeks for Singapore business visa processing. You have to submit a completely filled application, register your business for getting the in-principle approval letter, complete biometrics, and finally, get the pass.
Moreover, it is renewable if you fulfills certain conditions such as:
- A number of years spent in Singapore on EntrePass visa. As the number of years increase, you have to prosper in order to create more job opportunities and increase your business capital.
- Employment generation - The number of jobs created by your business for the local citizens. Every year, there should be an increment. The workers should be employed for at least three months, the total payout should be at least $1,000, and must be entitled to CPF contributions.
- The total business expenditure for the business development. For the first year, it is $ 100,000 and for five years or more, it is $400,000. The business spending is calculated after deducting all the taxes, fees, remuneration, etc from the total operating expenses.
You will receive the renewal form three months prior to the expiration of Singapore business visa. You must submit the application, which is complete in all aspects, at least two months before the visa expires. The EntrePass processing takes around six weeks to complete. It will be valid for one year.
Apply for Singapore business visa if you have a business plan streamlined with the above guidelines. Singapore holds a lot of potential for enthusiastic entrepreneurs.
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