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Singapore’s EntrePass for Global Entrepreneurs – 2024 updates

Singapore 2024 EntrePass Updates - A New Chapter for Global Entrepreneurs

As Singapore continues to refine its foreign manpower policies to attract global entrepreneurial talent around the world, the 2024 updates to the Entre Pass visa scheme, under the One-Visa, establish narrow and more focused criteria aimed at reinforcing Singapore’s  reputation as a global innovation hub. . As such, the Ministry of Manpower has made certain changes to the entrepass criteria in 2024 to focus more on applicants that has both the entrepreneur track records and the technology background.

This blog post serves as a guide on the latest entrepass eligibility criteria for 2024 which would equip you with the important knowledge to make a successful application.

Key Takeaways:

  • Understand the Key Eligibility Criteria Changes in 2024: Understanding the  key  requirements for EntrePass applicants before moving ahead with your application.
  • The Impact to your entrepass applications: Learn about how this new policy changes would affects your new and renewal applications for the entrepreneur pass
  • Stay Updated on Policy Changes: Keep abreast of the latest foreign manpower policies that would impact the future work pass application and how they might affect your application.

EntrePass or the entrepreneur pass in Singapore, a work pass  scheme,  catered for foreign entrepreneurs or business owners who want to launch and run their business in Singapore. The entrepass is  not just a work visa scheme; it’s a gateway to a business  opportunities to one of the world’s most dynamic business environments. Check out our comprehensive guide toward  understanding the eligibility criteria of Entrepass.

EntrePass 2024 Criteria: Narrow and More Focused

Previously, the EntrePass allowed for diverse entrepreneurial backgrounds through its Investor and Business Network streams. These streams catered extensively to individuals with substantial investment histories or expansive entrepreneurial networks. The 2024 updates, however, phase out these broad categories to concentrate exclusively on innovation-driven enterprises. Besides facing out the old broader entrepreneurship criteria, there is an added flexibility on other criterion. 

Elimination of General Investor and Business Networking Tracks for the Entrepass:

  • Investor Stream: Previously catered to individuals with a history of scalable business investments or significant executive experience.
  • Entrepreneurial Network Stream: Focused on potential business impacts through networks or customer engagements.

Flexibility :

  • Old Criteria: Given 6 months timeline from the date of new company incorporation to apply for the Entrepass.
  • 2024 Criteria Update: Applicants are allowed to apply for Entrepreneur Pass even when their company is setup for over 6 months. This give the applicant time to slowly build up their business prior to the application. However, for companies incorporated older than 12 months from the date of application, applicant must meet the entrepass renewal criteria.

The new 2024 eligibility criteria have been consolidated to emphasise technological innovation and proven business acumen, particularly in the technological sector.

Key Criteria includes: 

  • Proposed Business must be Venture-Backed or Technologically Innovative; and
  • Fulfil One of the following Criterion:
    • Raised Significant Funding: A minimum of SGD 100,000 from recognised funding sources is required.
    • Endorsed by  Top-Tier Incubators or Accelerators: Strong support from reputable institutions is essential. Examples of eligible investors are Enterprise Singapore’s Startup SG Accelerator (SSGA) or Startup SG Founder (SSGF) programme
    • Intellectual Property as a Competitive Advantage: Owned registered IP from an approved national IP institution that provides a distinct market or service advantage to the business
    • Strategic Research Collaborations: Active and relevant collaborations with local research entities are necessary.

Implications for Future Applicants

The tightening of EntrePass criteria means that potential applicants must now present more concrete evidence of their business’s viability and alignment with technological innovation. This includes substantial initial funding, credible institutional support, and significant contributions to Singapore’s research and development landscape.

Application Tips for Increased Success

1. Develop a Robust  Business Plan to display Innovation

Applicants should outline your innovative technology or model, including projected financials and market analysis. Demonstrate how your business will impact Singapore’s economy. This plan is critical in convincing the authorities of your commitment and potential contribution to Singapore’s economy. Check out our n EntrePass Business Plan guide.

2. Demonstrate Applicant’s Business Track Record 

Applicants background and experience must reinforce his entrepreneurial thrust in operating a successful business. In case if the applicant does not have any business experience, he or she can meet other criterion that are non-entrepreneurial (e.g. having raised fund, registered an IP) 

Staying Informed on Policy Updates:

Singapore’s immigration policies, including those for the EntrePass, are subject to change. Staying updated is crucial for a successful application. For the latest updates, visit Ministry of Manpower.

How to Apply for EntrePass?

The application process for an EntrePass is detailed and requires meticulous documentation, including:

  • Business plan detailing the innovative nature and growth potential of the business
  • Evidence of funding, IP ownership, or research collaborations
  • Profiles and past achievements of the business owners

If you are intereted in apply for entrepass but unsure about the latest criteria, you may seek  advised to consult with professional agencies experienced like One Visa to ensure compliance and enhance their chances of approval.

Conclusion

Embarking on your entrepreneurial journey via  the EntrePass can be both transformative and daunting. The 2024 updates to the EntrePass scheme makes it more uncertain in the application process. At our agency, we are committed to guiding you through every step of this journey, from initial application to business establishment. If you’re ready to turn your business vision into reality in one of Asia’s top business hubs, contact us today for personalised assistance and expert advice.

Frequently Asked Questions

The minimum funding requirement is SGD 100,000 from recognized investors.

Yes, but your application will be assessed based on renewal criteria which focus on your business’s achievements and contributions to the local ecosystem.

While not mandatory, physical presence in Singapore is beneficial to manage your business effectively and fulfill the conditions of the pass.

Yes, dependents can accompany under certain conditions.

  • Businesses that are venture-backed, involved in innovative technologies, or have potential for rapid growth and scalability are preferred.

EntrePass is specifically for entrepreneurs and business owners, unlike other work visas like Employment Pass focused on employment.

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