Asiabiz Services Processes Entrepreneur Pass
The Entrepreneur pass in Singapore is required for foreign entrepreneurs who are ready to start a new company / business and will be actively involved in the operation of the company / business in Singapore.
by Rain Stewart Friday, February 25, 2011
Also unlike all other labor passes available, only the Entrepreneur pass is applied as a requisite to business registration. Asiabiz Services, a professional business firm based in Singapore has been established in 1996 to create solutions to businesses including the processing of applications for entry passes and business registration.
One of its business consultants utters that foreign entrepreneurs need not stay in Singapore to process the application for the Entrepreneur pass. They only need to engage the professional services of a firm such as Asiabiz.
Beginning September 2008, the requirements for Entrepreneur pass have been amended to ensure that the applicants use such pass as their spring board to Asia Pacific markets. Hence, the Minister shall assess the economic strength of the applicants based on the applicant’s capacity to hire local employees and to spend a certain amount according to the Total Business Spending requisite.
“The foreign national must at the very least, own 30% of the total shares in a company he is investing,” says the business consultant, commencing her elucidation on the procedure, “and should incorporate a company with ACRA within 6 months following the approval of the Entrepreneur pass.”
Unlike the Employment pass, which is another premier pass issued by the Ministry of Manpower, the Entrepreneur pass requires a minimum capital of S$50,000 as a means to prove one’s financial capability.
Asiabiz continues: “The applicant must also prove he has a proven track record in establishing and managing the business with success.”
Such can be manifested by presenting documents like curriculum vitae and other supporting instruments accompanying the application.
A 10-page business proposal is another requirement equally important in the application.
Asiabiz adds: “The 10-page comprehensive business plan contains business goals, objectives, marketing strategies, risk management scheme, and more.”
It must sound feasible and entrepreneurial in nature.
Also, the business proposal should include strategies to satisfy the requirements of Total Business Spending requirement in a one-year period. The amount is relative to the number of local employees hired.
Asiabiz continues to elaborate: “Two local employees require a TBS of S$100,000, while 4 employees require S$150,000, and 8 employees require S$300,000.
Asiabiz Services assists foreign nationals in satisfying the business proposal requirement. It has a team of dynamic professionals and experts in different fields related to business ventures.
About the Publisher:
Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.
Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs Incorporate a Singapore Company. It also provides chartered secretarial services.
For more information visit:
AsiaBizServices PTE LTD
address: 120 Telok Ayer Street Singapore 068589
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