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The Ministry of Manpower will be introducing a number of changes to the EntrePass framework with effect from 28 September 2009 as follows.
For all new EntrePass applications:
a. Company must be registered as a Private Limited Company
b. Applicant to hold at least 30% shareholding in the company
c. Company must have at least S$50,000 paid-up-capital
d. Company must not be registered for more than six months at the point of EntrePass
application.
For EntrePass renewals, approval will be based on the company's performance. More specifically, the criteria for renewal is as follows:
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P1
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- Company to employ at least eight local
employees*; AND
- Company to demonstrate TBS** of $300,000
over the past 12 months.
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Two years if Net Assert Value is positive.
One year if Net Asset Value is negative.
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P2
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- Company to employ at least four local
employees*; AND
- Company to demonstrate TBS** of
$150,000
over the past 12 months.
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Two years if Net Assert Value is positive.
· One year if Net Asset Value is
negative.
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Q1
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- Company to employ at least two local
employees*; AND
- Company to demonstrate TBS** of $100,000
over the past 12 months.
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One year.
Approved for one year for 1st renewal only; companies must upgrade to P by second renewal.
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* The employees need to possess at least NTC2/NITEC or vocational qualifications obtained after at least two years of full-time studies.
** Total Business Spending (TBS) = [Total Operating Expenses – (Royalties/Franchise Fees/Know How Fees to Overseas Companies + Work Subcontracted to Overseas Companies + Remuneration to Applicant & Immediate Family)]
With the above changes, new EntrePass applicants with greater economic contribution in Singapore will be issued a higher EntrePass type. Existing EntrePass holders will not be affected by the changes and will continue to be assessed based on the criteria as below:
a) First Renewal
- The business is in commercial operations and/or company has secured third party funding;
and
- The nature of business venture must be based on the original business plan.
b) Subsequent Renewals
- Evidence of turnover/sales activities;
- Employment creation (above and beyond main applicant);
- Corporate taxes paid for at least one of the last three years; and
- The nature of business venture must be based on the original business plan.
Although existing EntrePass holders can continue to renew their passes based on the criteria as outlined above, they are encouraged to transit to the new EntrePass framework. Under the new EntrePass framework, EntrePass holders who are issued with the higher pass types can apply for Long Term Visit Passes for their common law spouse, unmarried daughters above 21 years of age, handicapped children, step-children and parents / parents-in-law.
All existing EntrePass holders who wish to transit to the new EntrePass framework are required to complete the Request for Transit to New EntrePass Framework Form and mail it to Work Pass Division, Ministry of Manpower, 18 Havelock Road Singapore 059764. Please note that once assessed under the new EntrePass framework, EntrePass holders will no longer be eligible for assessment under the old EntrePass criteria.
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