Singapore Entrepass Business Plan
Overview: How to prepare Entrepass business plan?
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. Foreign entrepreneurs who wish to relocate to 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, recognised 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
Besides the above, the success of the application will be assessed based on the applicant’s credential and past experience as well as the innovativeness and viability of the business. See below on the Applicant’s criteria for entrepass.
Entrepass Criteria for Applicant
Must have a viable and innovative business idea
- Must have a proven investment track record or an IP or have research collaboration with a recognised 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 (refer to our entrepass guide for more information)
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 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.
Additionally, 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. If writing a business plan might not be your forte as it might take a considerable amount of time, why not contact our experts to help you draft your entrepass business plan.
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