Rikvin Processes Entrepreneur Pass Application
by Axel Pierre Friday, February 25, 2011
To apply, a foreign national has two options: send the application before or after the incorporation of a company. Generally however, an EntrePass, its short name, is applied before a company is registered.
The application is best channeled through a professional firm based in Singapore for convenience and cost efficiency. Foreign investors need not stay in Singapore to personally handle the application until the labor pass is approved.
Rikvin, a reputable business solutions creator catering to foreign nationals and companies chants that a Singapore Entrepreneur pass— exclusive for investors pass—requires extensive requirements.
“Since it does not bank on a Bachelor’s Degree and higher, the Ministry of Manpower is curious to know about the applicant’s capability and financial capacity in running a business in Singapore.”
First off, when it comes to financial capability, a businessman is advised to invest a minimum of S$50,000 during registration. This amount is based on the revised rules of Entrepreneur pass taking effect on September 28, 2009. Depending on the nature of the business, some companies are more capital-intensive than others. Thus, should it be necessary, the capital investment may be raised higher.
Such is especially true as investors are expected to cover startup expenses for their business for the first 3 to 6 months.
Says Rikvin: “A company shall employ locals as part of their staff and relative to the number of local staff employed, the annual Total Business Spending amount varies.”
Another requirement equally important is the 10-page business proposal to be submitted to the Ministry of Manpower along with other required documents.
Rikvin continues: “The business proposal must highlight the principal activities of the company in Singapore. Among others, it should catalogue the business goals including the target revenues, the methodologies employed to their attainment, and risk management approaches.”
The business proposal must be entrepreneurial in nature. It must also sound feasible. To help enhance the chances of the entrepreneur’s approval for the labor pass, Rikvin extends its expertise in drafting the proposal itself.
“We have a team of professionals including accountants and market analysts adept at devising any written instrument with sound and strong infrastructure,” says its business consultant.
An indication of an approval is a notification from the ministry sent through an e-mail to the applicant. Known as In-Principle Approval, the applicant will use such document to gain entry into the city-state to claim the labor pass from the Work Pass Division.
Rikvin can assist foreigner in setting up the appointment between the Minister and the applicant.
About the Publisher:
Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company. The company provides complete corporate solutions to investors and entrepreneurs both local and abroad. Among its specializations are Singapore company registration, Singapore company setup and providing professional services relating to financing and compliance services.
Rikvin assures its clients of confidence in dealing with every transaction. Its employees maintain competence and above all, Rikvin’s principles adhere to business ethics and all applicable laws. Its goal is to provide a highly personalized and professional service worthy of our clients loyalty.
“Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.”
For more information, visit:
Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Fax : (65) 6438 2436
Email : firstname.lastname@example.org
Rikvin provides Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.
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