| With Singapore's desire to become a regional | | | | Entrepreneurs).3. Product(s)/Service(s) (Approx. 1 |
| business hub, it plans to attract a good number of | | | | page)This is the place where you need to |
| entrepreneur minds into the country from | | | | describe your product(s) or service(s) in detail. |
| overseas. The EntrePass is a type of Singapore | | | | How will you differentiate your product(s) |
| Employment Pass that is designed to facilitate the | | | | services(s) from the competition? What will be |
| entry and stay of foreign entrepreneurs who are | | | | your competitive edge?4. Marketing Plan (Approx. |
| ready to incorporate and launch a business in | | | | 2-3 pages)No matter how good your product and |
| Singapore. EntrePass was introduced in 2004 and | | | | or service, your business venture will not succeed |
| is aimed at attracting foreign entrepreneurs into | | | | without effective marketing. And it begins with |
| the country.Two categories of foreign nationals | | | | careful research and planning upfront. Talk about |
| are eligible for the Singapore Entrepass:- A foreign | | | | the size of your market, current demand, and |
| national who is an entrepreneur ready to start a | | | | future growth prospects, and opportunities for a |
| company/business and be actively involved in the | | | | business of your size. What barriers will you face |
| operation of the company/business in Singapore.- | | | | with your new venture and how will you |
| A foreign national who is an existing shareholder | | | | overcome them? Write about your targeted |
| partner in a Singapore registered company | | | | customers, their characteristics, and their |
| business and who wishes to become actively | | | | geographic locations, otherwise known as their |
| involved in the operation of the company | | | | demographics. Write about your direct and indirect |
| business.The EntrePass allows global value-creating | | | | competition: who, their size, position in the market. |
| entrepreneurs and innovators to establish and run | | | | How will your offerings compare with your |
| their business ventures in Singapore.You don't | | | | competition? Use a competitive analysis table to |
| need to have a Ph.D. from top-notch school or | | | | compare your new Singapore Company with the |
| have millions in the bank to get started. All you | | | | two most important competitors. Include factors |
| need is a good business plan and some | | | | such as price, quality, selection, service, reliability, |
| investment to cover your startup expenses and | | | | technical and management expertise, sales and |
| support yourself in the early stages.Important | | | | marketing strength, etc. Make an honest |
| Facts about EntrePass- Application for EntrePass | | | | assessment of your company's strong and weak |
| should be made prior to incorporating your | | | | points against the competition. Outline your |
| business in Singapore.- Along with EntrePass | | | | marketing strategy. How will you identify potential |
| application, you will need to submit a 10 page long | | | | customers? How will you create awareness of |
| business plan. The details of preparing a good | | | | your offerings? How will you advertise? What is |
| business plan are described in the subsequent | | | | your marketing budget (startup and ongoing)? |
| sections of this document.- Businesses not of | | | | What image do you want to project? What is |
| entrepreneurial nature for example, coffee shops | | | | your plan for creating marketing collateral (logo, |
| food courts, foot reflexology, massage parlours, | | | | website, business cards, brochures, etc.)? How will |
| karaoke lounges, money changing / remitting, | | | | you retain customers? Write about distribution |
| newspaper vending, and tuition services etc will | | | | channels. How do plan to distribute your products |
| not be considered for an EntrePass.- The | | | | services? What will be your pricing strategy?5. |
| application processing time is usually 2-3 weeks.- If | | | | Operational Plan (Approx. 1-2 pages)Explain the |
| your application is successful, you will normally be | | | | operations and resource needs of your new |
| issued an EntrePass that is valid for two years. | | | | Singapore business venture. How and where your |
| You do not need to incorporate your business in | | | | product(s)/services(s) will be produced? What |
| Singapore until the successful outcome of your | | | | equipment do you need? What is your |
| EntrePass application.- Your EntrePass allows you | | | | procurement plan? Explain production, delivery, and |
| to bring your immediate family members to | | | | quality control processes for your product(s) |
| Singapore to live with you.- The EntrePass is | | | | services(s). Describe your location and space |
| renewable for as long as the business remains | | | | requirements? Who will be your suppliers? What |
| viable. You are also eligible to apply for a | | | | will be the proposed credit, delivery, and quality |
| permanent residence in Singapore in due | | | | control policies? What are the legal requirements |
| course.Importance of Business Plan for EntrePass | | | | for your business? Business licenses? Other |
| ApplicationPreparing a good business plan for your | | | | regulations that apply to your industry? Insurance |
| new Singapore business is one of the most crucial | | | | coverage needs? What are personnel |
| aspects of applying for EntrePass. The Good | | | | requirements? What type of workforce (skills and |
| news is that the business plan is expected to be | | | | experience) do you need? Pay structure? Job |
| relatively concise i.e. no more than 10 pages | | | | descriptions? Duties & Responsibilities? |
| long.In addition to its importance in applying for | | | | Organizational chart? HR policies? Recruitment |
| EntrePass, another important value lies in the | | | | plan? What services do you plan to outsource and |
| process of researching and thinking about your | | | | to whom? What are your inventory needs and |
| business in a systematic way. The act of planning | | | | how do you plan to manage it? How do you plan |
| helps you to think things through thoroughly, | | | | to manage your accounts receivables and |
| study and research if you are not sure of the | | | | accounts payables?6. Financial projections (Approx. |
| facts, and look at your ideas critically.A well | | | | 2 pages)Provide projected sales and net profit |
| thought out business plan will not only improve | | | | before tax for three years, startup expenses, |
| your chances of getting a Singapore EntrePass, | | | | cash flow projections, and breakeven point, key |
| but it will also help you clarify your mind and | | | | assumptions. The intended startup capital for your |
| better prepare for your entrepreneurship journey. | | | | new Singapore business must be able to cover |
| The well-known fleas-in-the-box analogy applies to | | | | your startup expenses and keep you afloat for |
| your plan as well; if you put a lid on the box, the | | | | the first 6-months. Many startup businesses fail |
| fleas will learn to jump to that height only, but if | | | | because they run into cash flow problems soon |
| there is no lid, they jump as high as they are | | | | after they start. The person who will be |
| capable of doing. Your plan should set that lid | | | | evaluating your Singapore EntrePass application will |
| higher. At the same time you must be confident | | | | definitely be paying close attention to this.7. |
| that figures in business plan are achievable. You | | | | Management Team (Approx. 1 page)Talk about |
| must strike a good balance between optimism | | | | your past employment and business experience, |
| and realism.Make sure business plan EntrePass is | | | | achievements, key competencies, and roles & |
| impressive in presentation. Your plan must get | | | | responsibilities. Identify weak areas and how you |
| across to readers what is interesting about your | | | | plan to address them.8. Supporting |
| business. Stress your marketing and sales | | | | DocumentsHere you can provide any supporting |
| strategy and include a break-even analysis. Be | | | | documents that you have to backup the |
| sure to include tax payments, payments to local | | | | information you provided in your business plan. |
| accountants and other service providers and the | | | | This might include customer leads, written articles, |
| fact that your business funds will be kept in a | | | | awards, certifications, etc.Although it requires |
| Singapore bank!How to prepare a good business | | | | some effort and research, preparing a good |
| plan for EntrePass?So are you ready to prepare | | | | business plan is not as difficult as you might think. |
| your business plan and apply for Singapore | | | | Writing a business plan is just capturing your |
| EntrePass? The guide below will help you to get a | | | | longer-term goals, objectives, estimates, and |
| better understanding of the various sections and | | | | forecasts on paper. It typically takes couple of |
| contents that are expected in the business plan.1. | | | | weeks to complete a good plan. Most of that |
| Executive Summary (Approx. half-page)Write this | | | | time is spent in research and re-thinking your |
| section last and keep it to half-page. Provide a | | | | ideas and assumptions. So make time to do the |
| brief summary of product(s)/service(s), target | | | | job properly. Those who do, never regret the |
| customers, owners, and the future for your | | | | effort.Our company AsiaBizSetup can help you in |
| business and industry in Singapore.2. Business | | | | preparing a comprehensive business plan and |
| Concept (Approx. half-page to one page)In this | | | | applying for your Singapore EntrePass. We are |
| section you should include brief description of the | | | | based in Singapore and provide a complete range |
| proposed business and industry, a mission | | | | of corporate services under-one-roof. For more |
| statement, company goals and objectives, | | | | information about our services and starting a |
| business philosophy, strengths and core | | | | business in Singapore, please visit our website |
| competencies of the proposed venture, critical | | | | provides Singapore company incorporation and |
| success factors, and legal form of ownership. (To | | | | business registration to foreign or offshore |
| find out more about possible legal forms, see | | | | companies wanting to setup a company in |
| Singapore Business Structure Options for | | | | Singapore. |