Singapore is graduating as a business center of choice among established enterprises as well as aspiring entrepreneurs. Singapore offers a top-ranking, globally-connected, pro-business environment with a strong and stable infrastructure to boost and sustain exceptional growth and success in a myriad of industries. Singapore has signed numerous free trade agreements (FTAs) in the past years and currently has the most extensive FTA network in Asia. Asia as a manufacturing base and as a market for the goods and service is an enticing market for any enterprise. Singapore by means of its location, infrastructure, stable Governance and the policies tops the list of the preferred country to base the locus of business operation for the entire region and beyond. To facilitate the entrepreneurs with the drive to accomplish their Mission Singapore Government in 2003 introduced Entrepass – A Singapore version of Entrepreneur’s employment pass, granted based on the Feasibility and Growth prospects of the proposed business.

This is a boon to entrepreneurs who wish to control and directly run the business operation in Singapore. A foreign entrepreneur who is ready to start a new business and will be actively involved in the operation of the business in Singapore or owns a business registered with the Accounting and Corporate Regulatory Authority (ACRA) is eligible to apply for an Entrepass which will be issued upon the submission of a sound business proposal. EntrePass applications are jointly determined by theMinistry of Manpower (MOM) and the Standards, Productivity and Innovation Board Singapore (SPRING). Applications are assessedby SPRING, whileMOM will issue the EntrePass for successful applicants.

The Entrepass is designed to facilitate the entry and stay of entrepreneurs in Singapore to directly manage the business operations, and comes with an initial validity period of up to 2 years. It is renewable as long as the business remains viable and lucrative. The EntrePass also allows the applicant’s immediate family to live in Singapore while the successful applicants start and grow their business here. With the EntrePass a person can leave and re-enter Singapore frequently with ease. The dependent pass holders can work and study in Singapore with the prior approval from the MOM.

Upon receipt of the duly completed Entrepass application form, along with the Business plan of the proposed company along with the requisite testimonials it takes around six weeks to know the outcome of the application. The application must be sponsored by a Singapore-registered company or a banker’s guarantee of S$3,000 to be furnished by the applicant upon successful approval of the application. A local sponsor is not required for this application if you furnish a banker’s guarantee of S$3,000. Similarly the Dependant Pass application must be sponsored by a Singapore-registered company or a banker’s guarantee of S$3,000 to be furnished for each applicant upon successful approval of the application.

Successful applicant will be issued with an ‘Approval-in-Principle’ letter by the Singapore Ministry to register the company/business in Singapore with the relevant Authority. Upon submission of the Company Incorporation/Business Registration Certificate, the Ministry will continue to process the application and issue an employment pass to the applicant to do business in Singapore. Dependant passes will also be granted for the immediate family.

There is no minimum capital (investment) requirement under this Scheme. Local Director or Shareholder is also not required to form your Company in Singapore, if your application is successful. Foreign Entrepreneur may register his/her business in Singapore either as a Sole Proprietorship, Partnership, Limited Liability Partnership or a Private Limited Company.

However the grant of an Entrepass by the Work Pass Division does not guarantee that the application for registration of a company/business will be approved by the ACRA, or any licenses required for the establishment of the applicant's business will be approved by the relevant licensing bodies

Ms. Ragini Dhanvantray CEO of www.Rikvin.com which is offering a seamless service for Entrepass aspirants says “Our past experience and high success rate (98%) in the approval of the Entrepass for foreigners have given us an edge over other firms. We provide our clients with a total package from assisting them to draft a business plan, act as the local sponsor, submitting the Entrepass application to Incorporation of your Singapore Company. Entrepreneurs would wish to nurture the business, which is their brainchild in its infancy and their direct involvement during its crucial startup years is indispensable, Entrepass which is solely granted base on the viability of the proposal submitted, comes with the shortest processing time and entitles them to bring their family along, It is no doubt an Expressway to start a new business in Singapore and reach the dramatically growing regional markets”

Singapore is ranked 1st for the ease of doing business in Asia (World Bank report: "Doing Business 2007: How to Reform") and 1st for being the least bureaucratic place for doing business in Asia (Political and Economic Risk Consultancy, June 2006). These are remarkable testimonial to Singapore’s reputation as the ideal location for any business.

Rikvin consultancy provides highly professional company incorporation services, both in attractive standard packages as well as customized services. Online incorporation being a hallmark service, other services of Rikvin include

• Offshore Incorporation
• Singapore Immigration -EntrePass / Employment Pass
• GST Registration
• Accounting Services
• Tax Planning & Consulting
• Business Plan Drafting

For more information, visit www.rikvin.com

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Rikvin consultancy started in 1995 is an incorporation specialist specializing in company incorporation, registration and administration processing for all business types and sizes in Singapore and throughout the world. Rikvin facilitates foreign entrepreneurs’ immigration into Singapore by assisting in obtaining Entrepass for themselves and their families and employment pass for their employees. Rikvin also provides a full range of accounting services for companies who require a complete and properly constructed set of financial statements for their business purposes. For further information visit www.rikvin.com