Singapore Startup Visa: Guide to Singapore's Entrepreneur Pass (EntrePass) Scheme

Singapore is a global financial hub in Asia. With a strong infrastructure and convenient access to various Asian markets, it presents excellent opportunities for business professionals. For entrepreneurs interested in moving to Singapore, the government offers a business-friendly startup visa, EntrePass, to encourage fostering an innovative and tech-oriented ecosystem. Read on to learn more about Singapore’s EntrePass and how to apply.

Table of contents

What is the Singapore Startup Visa? Who is eligible for the Singapore EntrePass? Who is not eligible for the Singapore EntrePass? Benefits of the Singapore Startup Visa for Entrepreneurs Requirements for Singapore Startup Visa Documents required for Singapore EntrePass Application process for Singapore Startup Visa Moving to Singapore from abroad Banking in Singapore Meet Wise: International Account for Global Entrepreneurs Wise Account for Singapore Residents Wise Business Account for Singapore Startups

What is the Singapore Startup Visa?

The Singapore Startup Visa, EntrePass, is a work visa for business startup entrepreneurs, experienced investors, and high-caliber innovators. Successful applicants set up and operate venture-backed or fully-owned innovative, tech-oriented businesses in Singapore. This work visa is open to all nationalities, provided they meet the eligibility requirements.¹

Who is eligible for the Singapore EntrePass?

You may be eligible for the Singapore EntrePass if you meet the following criteria:²

• You must meet the requirements of an entrepreneur, innovator, or investor in one of the approved business types.
• You should have started or intend to start a venture-backed or own innovative, technologically advanced private limited company. It must register with ACRA (Accounting and Corporate Regulatory Authority).
• If registered, your company must be less than six months old.
• If not registered, you can do so after receiving approval for an EntrePass.

You can email entrepassenquiry@enterprises.gov.sg to get specific information on your eligibility criteria.

Who is not eligible for the Singapore EntrePass?

Individuals who participate in the following businesses are not eligible for the Singapore EntrePass:³

• Employment agencies
• Coffee shops, food courts, and hawking centres
• Karaoke lounges, nightclubs, and bars
• Foot reflexology and massage parlours
• Herbal dispensing, acupuncture, and traditional Chinese medicine businesses

Benefits of the Singapore Startup Visa for Entrepreneurs

The Singapore EntrePass offers various benefits for global entrepreneurs.

• Access to the Asian Market - Singapore is an important business destination as it stands at the crossroads of many Asian countries. It presents global entrepreneurs with a strong regional base and the opportunity to access the lucrative Asian market.
• Business-friendly policies - Singapore has one of the best business ecosystems in Southeast Asia. It has a strong banking and financial environment, with almost all international banks having a presence in Singapore.
• Path to residency - Singapore EntrePass holders become eligible for permanent residency status depending on their age, qualifications, the company’s success, and their stay in Singapore.
• Top-class infrastructure - Despite being a small country, Singapore has some of the world’s best infrastructure to encourage global entrepreneurs to relocate their businesses and contribute to its economy.
• Bring your family - You can bring your family to Singapore using two different passes.

1. Dependent pass - You can bring your spouse and unmarried children under 21 years old. You must have sufficient financial capability (at least $100,000 SGD), and your company must have at least three full-time employees and a local PME (Professional Manager/Executive).
2. Long-term visit pass - Bring your common-law spouse, unmarried children below 21 years, and your parents. You must show a financial capability of at least $200,000 SGD. Your company must have at least six full-time employees and two local PMEs.

Requirements for Singapore Startup Visa

The Singapore EntrePass is available for entrepreneurs, innovators, and investors who meet the requirements and go through the application process. Make sure you meet the criteria listed below for the role that is most relevant for you, to qualify.⁴

• Entrepreneurs requirements:
  • Your business must have funding from a government-recognized venture capitalist or angel investor. The minimum investment is $100,000 SGD, or
  • Your company is an existing incubatee at a government-recognized incubator or business startup accelerator
  • You must plan to start an innovative tech or venture-backed business in Singapore.
• Innovators requirements:
  • Your company must have a registered intellectual property (IP) from an approved national IP institution.
  • Your IP should not be easily replaceable. It should deliver a competitive advantage to the business.
  • One of the shareholders must be the owner of the IP.
  • Your company should plan to have an ongoing research collaboration with an A*STAR institution of Higher Learning in Singapore.
  • You must have technical or domain expertise in any area of your proposed business.
• Investor requirements:
  • You or your company must be ready to invest substantial money in local tech startups.
  • You or your company must have a track record of investing and driving growth in highly scalable businesses.
  • You must have at least eight years of experience as a senior management professional in a large corporation.

Jump to the next section to see what documents you may need as an entrepreneur, innovator or investor.

Due to the list of requirements, the Singapore EntrePass may not be best suited for startups that are currently in need of seed money or have not arranged investment yet. Check out our other articles on countries that offer startup visas for early-stage founders.

Documents required for Singapore EntrePass

You must submit the following documents when applying for the Singapore Startup Visa:⁵

• Valid passport
• Previous employment testimonials, if any.
• For businesses registered with ACRA, you must submit the following.
• Business plan (maximum of ten pages)
• Details of products and services
• Operation plan and market analysis
• Profile of the management team
• Supporting documents like product certificates, licensing agreements, and endorsing patents

You must provide additional documents when you submit as an entrepreneur, innovator, or investor:

• Entrepreneurs must show evidence of funding of at least $100,000 SGD.
• Incubatees must show evidence of their incubation at a government-recognized incubator.
• Innovators must submit the details of their IP registration and research collaboration. You must also show proof of your expertise in your business.
• Investors must show proof of current investments, information on your sector, and level of engagement with these companies.

The Singapore EntrePass fee structure is as follows.⁶

Type of fee	Cost
Application Costs	$105 SGD for each pass
On issuance of the pass	$225 SGD for each pass $30 SGD for each multi-entry visa

Application process for Singapore Startup Visa

You can apply for the Singapore visa online, although you will only receive your EntrePass once you are in Singapore. Here is the process you can expect:⁷

• Apply online:
  • Download the application form for online submission.
  • Complete the application and get the reference number.
  • Print the application form and sign it if e-signature is not available.
  • Pay the $105 SGD fee.
  • Submit online with Singpass and include the signed application form, fee payment confirmation, and supporting documents.

The processing time is around eight weeks. You can track your application status online. If you are approved you will receive a In-principle Approval letter (IPA) which allows you to travel to Singapore and work there until the EntrePass is issued.

• Enter Singapore:
  • Complete the vaccination requirements.
  • Comply with the travel requirements to Singapore based on the passport you hold.
  • Arrive in Singapore and present the IPA letter to the immigration officer.
  • Complete any required medical examinations and verify your overseas vaccination records.
• Get the EntrePass issued:
  • EntrePass is issued within six months of the IPA.
  • You must be in Singapore when you receive the pass.
  • Confirm an appointment with the Employment Pass Service Center.
  • Submit the supporting documents.
  • Pay the $225 SGD fee for each pass and $30 SGD for each multiple journey visa.
• Complete the biometrics.
  • Check your notification letter to learn about the biometrics requirements.
  • Visit the EPSC after making an appointment.
  • You must register the biometrics within two weeks of the pass issuance.
  • You must bring your passport, appointment letter, and notification letter.
• Receive the card
  • The EPSC delivers the Employment Pass card to your address within five working days.

Moving to Singapore from abroad

Got the IPA letter? That is just the first step in moving to Singapore. Here are other things to consider before and after moving:

• Update bank and credit card accounts: You may need to update your bank account when moving abroad. Some banks in certain countries, like India, require you to change your bank account from a resident to a non-resident account, while others may just need to be notified of use in a new country. Let your credit card company know as well so that you can keep using your card abroad. Lastly, have a system for any recurring bills that may need to be paid at home while you are away.
• Staying connected to family and friends: Apps like WhatsApp can be a convenient way to stay in touch by messages, calls or video chats with family and friends. Social media platforms like Instagram or Facebook are also great ways to share your journey. You may also consider getting a local phone number to stay in touch with locals.
• Cultural changes: Singapore is a global city with influences from across Asia, India and the West. Certain aspects may feel familiar but there may be cultural differences as well. Stay open to learning local customs and new experiences to help adjust to the country.
• Accommodation and logistics: Accommodation in Singapore can be more expensive than at home so set aside money in your budget. You can find places to stay before leaving or reserve a hotel for the first few days when you arrive. This can give you time to find and see your new home before signing a lease.
• Healthcare: Singapore laws require every resident to have adequate health insurance for any medical emergency. Identify your nearest hospital and doctors to get medical in case you need it.

Banking in Singapore

Singapore has a well-developed banking infrastructure and most international banks have their branches in the country. New residents will have ample options for opening either a personal or business account or both.

A personal bank account in Singapore can make it easier to receive earnings and make local payments. Having a personal bank account can also help to open a credit card or get a loan later on. Learn more in our full guide to opening a bank account in Singapore.

A business bank account for your company in Singapore will be a good way to track income and expenses and separate transactions from your personal account. In most cases, a bank will want to see your visa and company registration when opening a new account.

When choosing a bank, review the fee schedule and compare options. Transactions like international transfers can be expensive as banks tend to have a transfer fee and an extra mark up on the exchange rate you receive.

Want a cheaper way to send money globally? Check out Wise.

Meet Wise: International Account for Global Entrepreneurs

Wise is the fast, easy and low-cost way to send money around the world. With an award-winning app, you can send transfers directly to local bank accounts abroad. You’ll only have one low transfer fee plus get the mid-market exchange rate. That means no hidden fees.

Wise uses smart tech to make transfers safe, secure and quick. Sign up for Wise today and see how a personal or business account can make sending money simple.

Wise Account for Singapore Residents

Need to send money home or for booking your next holiday? The Wise multi-currency account lets you hold, send and spend up in currencies from one account. Whether you need Malaysian Ringgit, Indian Rupees or Euros, you can use the multi currency account as your go-to for international transactions.

The Wise multi currency account is everything you love about Wise, but now in one simple account. If you opt for the linked debit card, you can use the card to swipe and tap like a local around the world. Sign up for the Wise multi currency account today and see how much easier managing multiple currencies can be.

Wise account for Singapore Residents 🚀

Wise Business Account for Singapore Startups

Take your business to the next level with a Wise Business Account. Pay staff, freelancers, contractors or suppliers around the world with direct transfers to local bank accounts. To make receiving money even easier, Wise provides local bank details in multiple currencies so clients can pay in their preferred currency.

The Wise Business Account can make batch payments and integrate with your existing accounting software, like QuickBooks, to track transactions. With no hidden fees or monthly subscription, sign up for Wise Business and go global with your business.

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This article is intended to provide a general overview of possible visas for Singapore and is not to be taken as personalised advice. Consider contacting professionals in immigration, finance and business to help if you are thinking of moving to Singapore.

Sources used for this article:

1. Singapore EntrePass - An Overview
2. Singapore EntrePass - Who is eligible
3. Singapore EntrePass - Who is not eligible
4. Singapore EntrePass - Requirements
5. Singapore EntrePass - Documents
6. Singapore EntrePass - Visa Fees
7. Singapore EntrePass - Application Process

Sources verified on 17 January 2024.

Cover photo by Ketut Subiyanto.