An EntrePass is meant for people who plan to start a new business in Singapore. The primary objective of the Singapore Government in issuing these EntrePasses is for the purpose of bringing in talented business persons to contribute to the general economy and create fresh job opportunities for locals.
Holders of EntrePass can bring in their dependents during the course of their stay in Singapore, and dependents do not include parents of the applicants.
In order to be eligible to apply for an EntrePass the proposed business needs to be a Private Limited Company which should be registered with the Accounting and Corporate Regulatory Authority in Singapore. If the company is not already registered, you need to register the company within 6 months of obtaining the EntrePass. In case the company is already registered in Singapore, it should not be more than 6 months on the day the application for EntrePass is being submitted.
Conditions under which the EntrePass is issued:
- The company needs to have a paid up capital of not less than $50,000.
- Evidence showing that the company has not less than $50,000 in any Singapore-based bank.
- The applicant needs to own at least 30% of the company’s share capital.
- The business needs to be legal under the Singapore government laws.
Restrictions for EntrePass Holders
- They need to have been drawing not less than $18,000 per month in their previous jobs, and for a minimum of six months at the time of applying for an EntrePass.
- Earnings should not be less than $144,000 per annum in Singapore.
- While holding the EntrePass currently, they cannot indulge in any business activities or entrepreneurial ventures.
- They cannot be holding any work pass under a sponsorship programme.
PEP has another restriction where the government specifically bars foreigners from indulging in any freelance activities or seeking employment in any overseas companies that is not registered in Singapore. They also cannot work as journalists, editors, sub-editors, or producers for any media in Singapore.
Duties and obligations prescribed for PEP work pass holders
- Keep the Ministry of Manpower (MOM), Government of Singapore informed about the employment status (employer) of the PEP work pass holder.
- Annual salary of the PEP work pass holder needs to be declared within 30 days of each calendar year.
- Furnish the local contact address and phone number to the MOM.
Documents to be Furnished
- All original educational certificates of the job seeker.
- Contract of current employment with employer in Singapore
- New Contract with an employer in Singapore though not working currently.
- Track record, including job history giving details likes last salary drawn along with bank statement.
- Tax returns statements with declarations.
- Passport and other related travel documents like visa etc.
All documents must be presented in neatly typed format in English and should be clear and legible. Wherever documents are in a language other than English, translated copies need to be attached in the prescribed format. PEP job seekers are required to pay all prescribed fees as per the existing rules.