Whats and Hows of Singapore Entrepreneur Pass

Title:Whats and Hows of Singapore Entrepreneur PassWord Count:1423Summary:Are you a foreign national who would like to moveto Singapore and start a new business? Or perhapsyou are currently on an employment pass workingfor another company in Singapore but would ratherquit and incorporate your own business here? Ifthe answer to any one of the above is 'yes', theSingapore Entrepreneur Pass (EntrePass) is for

you.Keywords: singaporesingapore company incorporation,business registrationArticle Body:With Singapore 抯 desire to become a regionalbusiness hub, it plans to attract a good numberof entrepreneur minds into the country fromoverseas. The EntrePass is a type of SingaporeEmployment Pass that is designed to facilitatethe entry and stay of foreign entrepreneurs whoare ready to incorporate and launch a business inSingapore. EntrePass was introduced in 2004 andis aimed at attracting foreign entrepreneurs intothe country.Two categories of foreign nationals are eligiblefor the Singapore Entrepass:

?A foreign national who is an entrepreneur readyto start a company/business and be activelyinvolved in the operation of the company/businessin Singapore.?A foreign national who is an existingshareholder/partner in a Singapore registeredcompany/business and who wishes to becomeactively involved in the operation of thecompany/business.The EntrePass allows global value-creatingentrepreneurs and innovators to establish and runtheir business ventures in Singapore.You don't need to have a Ph.D. from top-notchschool or have millions in the bank to get started.All you need is a good business plan and someinvestment to cover your startup expenses andsupport yourself in the early stages.Important Facts about EntrePass

?Application for EntrePass should be made priorto incorporating your business in Singapore.?Along with EntrePass application, you will needto submit a 10 page long business plan. Thedetails of preparing a good business plan aredescribed in the subsequent sections of thisdocument.?Businesses not of entrepreneurial nature forexample, coffee shops / food courts, footreflexology, massage parlours, karaoke lounges,money changing / remitting, newspaper vending,and tuition services etc will not be consideredfor an EntrePass.?The application processing time is usually 2-3weeks.?If your application is successful, you willnormally be issued an EntrePass that is valid fortwo years. You do not need to incorporate yourbusiness in Singapore until the successfuloutcome of your EntrePass application.?Your EntrePass allows you to bring yourimmediate family members to Singapore to live

with you.?The EntrePass is renewable for as long as thebusiness remains viable. You are also eligible toapply for a permanent residence in Singapore indue course.Importance of Business Plan for EntrePassApplicationPreparing a good business plan for your newSingapore business is one of the most crucialaspects of applying for EntrePass. The Good newsis that the business plan is expected to berelatively concise i.e. no more than 10 pageslong.In addition to its importance in applying forEntrePass, another important value lies in theprocess of researching and thinking about yourbusiness in a systematic way. The act of planninghelps you to think things through thoroughly,study and research if you are not sure of the facts,

and look at your ideas critically.A well thought out business plan will not onlyimprove your chances of getting a SingaporeEntrePass, but it will also help you clarify yourmind and better prepare for your entrepreneurshipjourney. The well-known fleas-in-the-box analogyapplies to your plan as well; if you put a lid onthe box, the fleas will learn to jump to thatheight only, but if there is no lid, they jump ashigh as they are capable of doing. Your planshould set that lid higher. At the same time youmust be confident that figures in business planare achievable. You must strike a good balancebetween optimism and realism.Make sure business plan EntrePass is impressivein presentation. Your plan must get across toreaders what is interesting about your business.Stress your marketing and sales strategy andinclude a break-even analysis. Be sure to includetax payments, payments to local accountants and

other service providers and the fact that yourbusiness funds will be kept in a Singapore bank!How to prepare a good business plan for EntrePass?So are you ready to prepare your business plan andapply for Singapore EntrePass? The guide belowwill help you to get a better understanding of thevarious sections and contents that are expectedin the business plan.1. Executive Summary (Approx. half-page)Write this section last and keep it to half-page.Provide a brief summary of product(s)/service(s),target customers, owners, and the future for yourbusiness and industry in Singapore.2. Business Concept (Approx. half-page to onepage)In this section you should include briefdescription of the proposed business and industry,a mission statement, company goals and objectives,

business philosophy, strengths and corecompetencies of the proposed venture, criticalsuccess factors, and legal form of ownership. (Tofind out more about possible legal forms, seeSingapore Business Structure Options forEntrepreneurs).3. Product(s)/Service(s) (Approx. 1 page)This is the place where you need to describe yourproduct(s) or service(s) in detail. How will youdifferentiate your product(s)/services(s) fromthe competition? What will be your competitiveedge?4. Marketing Plan (Approx. 2-3 pages)No matter how good your product and/or service,your business venture will not succeed withouteffective marketing. And it begins with carefulresearch and planning upfront. Talk about thesize of your market, current demand, and futuregrowth prospects, and opportunities for abusiness of your size. What barriers will you face

with your new venture and how will you overcomethem? Write about your targeted customers, theircharacteristics, and their geographic locations,otherwise known as their demographics. Writeabout your direct and indirect competition: who,their size, position in the market. How will yourofferings compare with your competition? Use acompetitive analysis table to compare your newSingapore Company with the two most importantcompetitors. Include factors such as price,quality, selection, service, reliability,technical and management expertise, sales andmarketing strength, etc. Make an honestassessment of your company 抯 strong and weakpoints against the competition. Outline yourmarketing strategy. How will you identifypotential customers? How will you createawareness of your offerings? How will youadvertise? What is your marketing budget (startupand ongoing)? What image do you want to project?What is your plan for creating marketingcollateral (logo, website, business cards,

brochures, etc.)? How will you retain customers?Write about distribution channels. How do plan todistribute your products/services? What will beyour pricing strategy?5. Operational Plan (Approx. 1-2 pages)Explain the operations and resource needs of yournew Singapore business venture. How and whereyour product(s)/services(s) will be produced?What equipment do you need? What is yourprocurement plan? Explain production, delivery,and quality control processes for yourproduct(s)/services(s). Describe your locationand space requirements? Who will be yoursuppliers? What will be the proposed credit,delivery, and quality control policies? What arethe legal requirements for your business?Business licenses? Other regulations that applyto your industry? Insurance coverage needs? Whatare personnel requirements? What type ofworkforce (skills and experience) do you need?Pay structure? Job descriptions? Duties &

Responsibilities? Organizational chart? HRpolicies? Recruitment plan? What services do youplan to outsource and to whom? What are yourinventory needs and how do you plan to manage it?How do you plan to manage your accountsreceivables and accounts payables?6. Financial projections (Approx. 2 pages)Provide projected sales and net profit before taxfor three years, startup expenses, cash flowprojections, and breakeven point, keyassumptions. The intended startup capital foryour new Singapore business must be able to coveryour startup expenses and keep you afloat for thefirst 6-months. Many startup businesses failbecause they run into cash flow problems soonafter they start. The person who will beevaluating your Singapore EntrePass applicationwill definitely be paying close attention tothis.7. Management Team (Approx. 1 page)

Talk about your past employment and businessexperience, achievements, key competencies, androles & responsibilities. Identify weak areas andhow you plan to address them.8. Supporting DocumentsHere you can provide any supporting documentsthat you have to backup the information youprovided in your business plan. This mightinclude customer leads, written articles, awards,certifications, etc.Although it requires some effort and research,preparing a good business plan is not as difficultas you might think. Writing a business plan isjust capturing your longer-term goals,objectives, estimates, and forecasts on paper. Ittypically takes couple of weeks to complete a goodplan. Most of that time is spent in research andre-thinking your ideas and assumptions. So maketime to do the job properly. Those who do, neverregret the effort.