Entrepass Business Plan Guide

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Entrepass Business Plan Guide

 

A scheme designed for foreign entrepreneurs or high-caliber investors who have a desire to start their own business and relocate to the Lion City, the Entrepreneur Pass or EntrePass is part of Singapore’s attractive offerings to convince foreign talent to the country and grow its reputation as a regional business hub in Southeast Asia.

A solid Entrepass Singapore business plan is necessary in order to ensure the approval of your Entrepass application. MOM entrepreneurs Singapore must be aware that the EntrePass Singapore business plan is a crucial document. It can determine the outcome of the Entrepass application and it can also open the gateway to infinite possibilities in the Little Red Dot. Therefore, getting it right so that you can present a clear picture of your proposed business venture is significant.

Entrepass Business Plan Requirements

To apply for an EntrePass, a simplified standard business plan is required. It must be a maximum of 10 pages and must contain all of the following elements:

  • Any award received from a national body, recognized media, or credible organization

  • A summary of the individuals who will be running the business and their roles

  • A short summary of the proposed business concept

  • The details of the products or services which will be offered

  • An analysis of the competitors, target customers and the business’ potential growth in the country

  • A description of the marketing plans for the products or services

  • A description of how the business will operate and the resources needed to produce the services and products

  • The business’ projected sales and net profits for three years (before tax), and the estimated break-even point

  • Other documents needed to support the application, such as licensing agreements, product certifications, and endorsements

Entrepass Applicants Profile Requirements

  • Must have a viable and innovative business idea

  • Must have a proven investment track record or an IP or have research collaboration with a recognized Singaporean institution for the proposed business

  • A compelling business plan to substantiate the proposed business

  • Must choose the right criterion on the application form to bolster the case

It is important to note that the EntrePass business plan is different from a plan which you need to present if you want to get venture funding for your business. It is more of a simplified version and will highlight the size, nature, objectives, and goals of the business you are planning to start. The business venture must emphasize that it can meet the requirements of employing the minimum number of local employees and a particular Total Business Spending, within a one-year period.

The business plan must demonstrate an unmet demand in the country which is to be served by the proposed venture. A good business plan is vital in the EntrePass application process and key points must be addressed without any ambiguity in order to have higher chances of success. Writing a business plan might not be your forte and it might take a considerable amount of time.

Need assistance in your EntrePass business plan drafting? One Visa has 9-years of proven track record in helping investors/entrepreneurs like you to secure their visa in Singapore. Contact us for more details at info@one-visa.com.

 

 

 

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