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Entrepreneur Pass paves way for young entrepreneurs to initiate business in Singapore

The ideas of foreigners who are ambitious about initiating a company can be accomplished through Entrepreneur Pass Scheme. The Manpower Ministry had designed this scheme in order to pave the way for more inflows of foreign investment that enhance the economic condition of Singapore. The designing of this scheme encourages new talents and innovative ideas of individuals who are aspirating to migrate to Singapore. The individual may apply for Entrepreneur Pass or Entrepass before the formation of the company in Singapore or within the six months from the day of company formation in Singapore. Initially the Entrepreneur Pass is valid for one year, and it can be renewable depending upon the survival status of the firm in Singapore.  EP visa facilitates the dependents of the applicant to stay in Singapore under the regime of the visa period. There are certain minimum requirements to be justified by the applicants applying for Entrepreneur Pass and upon fulfillment of those criteria individual can attain an EP visa.

These specifications include,

1. The individual should own 30% of shares in the company.

2. A 10 page business plan including all the processing’s should be submitted to the concerning authority.

3. The company should not cross six months of registration policy from the date of application.

4. There should be a minimum of S$50,000 as paid up capital and the same amount in the Singapore Company based bank account for the verification process.

5. Thus business incorporated must not be illegal, and the business sections that come under EP visa are Coffee shops, hawker centers, food courts, Bars, night clubs, karaoke lounges, Foot reflexology, massage parlors, Acupuncture, traditional Chinese medicine, herbal dispensing, Employment agencies, geomancy.

The entire processing time for Entrepreneur pass is 6-12 weeks from the date of incorporation of application. Thus if, any individual who is willing to initiate a business in Singapore and meets the above stated criteria and need of visa processing counseling or assistance, directly walk-in nearest Opulentus branch or call 1800-103-1555.

To get the latest information on immigration visa services feel free to visit Face book.

To check your eligibility before initiating the actual visa processes go through the free evaluation form.

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