BE YOUR OWN BOSS-APPLY FOR EMPLOYMENT PASS FOR ENTREPRENEUR

If you haven't tried applying for Singapore PR or your application had been rejected a few times, there is still a way to setup your own Business in Singapore.

You can apply for Entrepass, it is an Employment pass for Foreign Entrepreneurs who want to start businesses in Singapore. Before you can apply for this, you have to prepare the following:

1. You must register your Business at the Accounting and Corporate Regulatory Authority (ACRA)Your Business Name and office address must be available before registration. The business name must be unique, you have to go to ACRA in person to apply. You can also apply for the Entrepass first and supply the proposed business address first. Once the EP is approved, you can then secure the place for your business operations.

Singapore Permanent residents can register online with their Singpass and creditcard/debitcard through ACRA's website. The form itself will determine if your business name is not yet in use.Unless it is not in use, your application cannot continue but you can make adjustments until the name is accepted.

If you cannot afford to rent an office unit at the time of application, you can always setup a home office. If you live in an HDB housing estate, you can apply online to use your address for the business registration and use it as a home office. Owners, tenants, authorised occupiers and subtenants of HDB flats, who are 18 years and above, are eligible to apply under the scheme. The administrative fee is only $20.

For Singapore PR's, you need a Singpass to apply for HDB Home Office and ACRA to be able to register a business online. You can get your Singpass instantly at any CPF branch office. Once you have a business address and unique business name, filling up the form is easy. The fee for business registration is $60 and must be renewed yearly online for $20.

Once the business is registered, you must print the Business Profile that will be provided when the transaction is complete. This will be submitted to Ministry of Manpower after they approve the In-Principle Entrepass for collection of the pass.

2. Before you can submit your application for Entrepass to the Ministry of Manpower (MOM), you have to prepare a detailed Business Plan for your proposed Business. It must clearly state the name, address, your designation as a Sole-Proprietor (single owner of the business), operation plan, business idea and market plan. It is best to Register first the business with ACRA before applying for Entrepass because the pass will not assure you of an approved business registration. If ACRA rejects your application then you cannot proceed with the Entrepass application.

The Entrepass application is submitted through Singpost for an administrative fee of $40. You can check your application status online via MOM website. They will send the result to your Office address.

3. Once the Entrepass is approved, you will receive an In-Principle Entrepass approval. You must satisfy the other requirements before collection of the pass. If you are not sponsored by a company you must furnish a Banker's Guarantee of $3000. You can deposit this amount to any bank under your name. Request for a Banker's Guarantee from the bank, supply them with the In-principle letter from MOM. The money will be considered a fixed deposit and can only be withdrawn after the termination of the Entrepass.MOM will inform the bank of termination of the pass and the bank will then inform you of the release of the bond.

4.You must undergo a medical examination and must bring the medical report form given by MOM.

5. You can now collect your Entrepass from MOM by furnishing the medical report, the In-principle Letter from MOM, the Business Profile from ACRA and the Banker's Guarantee.

Now you can start your business congratulations!

Note: You must declare your tax as a sole-proprietor. Inform IRAS about your business. You must record your profit and issue a receipt. You don't need an auditor or accountant for submitting your profit, unless you are earning 500k and above. But if you are planning to apply for PR later on, you must engage an accountant to manage your accounts because you will need to submit this for your PR application for income declaration.

For Permanent Residents (PR) you only need to register your business, follow the simple steps above. You don't need to leave your home, just apply online through http://www.bizfile.gov.sg/ with your Singpass and creditcard/debit card. You must also have a business address or if you are setting up a home office and lives in an HDB hosuing estate, must already have the HDB approval to be able to use your home address as your business address. For Taxation, you have to declare your tax in your income tax returns and for CPF matters, you only have to make contributions to your Medisave account.The CPF Board will write you regarding your contribution, they will require you to contribute 6% of your declared Income. If you have declared $30,000 the 6% medisave contribution will be $1800. But worry not you can apply for GIRO installment of 1 year.


http://www.bizfile.gov.sg/  Link to ACRA website for registering of business

Link to Ministry of Manpower Entrepass Requirements
http://www.mom.gov.sg/publish/momportal/en/communities/work_pass/other_passes/EntrePass.html

Link to HDB website for Home Office application
http://www.hdb.gov.sg/fi10/fi10206p.nsf/WPDis/Setting%20Up%20A%20Home%20OfficeOverview?OpenDocument

Link to MOM for Entrepass requirements
http://www.mom.gov.sg/publish/momportal/en/communities/work_pass/other_passes/EntrePass/documents_required.html