Rikvin Talks about Singapore Entrepreneur Pass Eligibility and Privileges
June 14, 2011 - With an open economy, foreign investors flock to Singapore to take advantage of its entrepreneurial landscape. Singapore has a very attractive taxation rates for corporate and personal level. In the Year of Assessment 2011, the corporate tax rates are even lower than the current. Foreign investors can relocate to Singapore to run their company. To gain eligibility, they need to possess a work visa. The Entrepreneur pass is unlike any other. It is designed based on the feasibility and growth estimates of the businessman’s business. It does not take into account the educational qualification of the foreign applicant. Rather, it probes into the impressive entrepreneurial skills of the businessman based on his experience. “Foreign investors who seek to become a resident director in a private limited company or a subsidiary company may apply for an Entrepreneur pass,” says Rikvin, “Unlike the other work visas, the Entrepreneur pass is first sought before a company is registered.” Rikvin specializes in incorporation and immigration, among others. The work visas in Singapore are only applied by the registered companies that offer employment to foreign nationals, except the Entrepreneur pass, which is exclusive for businessmen. “The requirements of an Entrepreneur passare 10 pagesof businessplan, investment capital starting at S$50,000,and the Total BusinessSpending category,” cites Rikvin. The business plan should be feasible and entrepreneurial in nature. It should highlight the business goals, specify the product or service, and identify the marketing strategies. Meanwhile, the Total BusinessSpending is a requirement on the first year of doing business. It pertains to the capacity of the businessman to employ local residents for one whole calendar year. It is also the basis of ascertaining the type of Entrepreneur passissued. “The Q1 type of Entrepreneur pass requires a TBSof S$100,00or 2 local residents as employees, and P2 type needs a TBS worth S$150,000 or 4 local employees, and P1 is for a TBS starting at S$300,000 or 8 local employees,” Rikvin elucidates. Once it is issued, the holder can enjoy its validity of up to 2 years and renewable as long as the business is earning & yields economic spin-offs. The immediate family such as the legal spouse and unmarried children below age 21 can apply for a Dependant pass.
About the Publisher: Rikvin offers business solutions for both local and offshore investors and entrepreneurs. The firm’s specialties include Singapore company registration, offshore company setup, incorporation and providing professional corporate services. Rikvin also provides professional services on accounting, taxation, immigration and processing of work visas for foreign workers to work and relocate in Singapore. For more information visit the company website at: http://www.rikvin.com/