Whats and hows of Singapore Entrepreneur Pass

With the desire of Singapore becoming a regional business hub, plans to attract a good number of entrepreneurial minds in the country from abroad. The EntrePass is a type of Singapore Employment Pass that is designed to facilitate entry and residence of foreign entrepreneurs who are ready to integrate and launch a business in Singapore. EntrePass was introduced in 2004 and aims to attract foreign entrepreneurs in the country.

Two categories of aliens are eligible for Entrepass Singapore:

o A foreign national who is an entrepreneur ready to start a company / business and be actively involved in the operation of the company / business in Singapore.

o A foreign national who is an existing shareholder / partner in a Singapore registered company / business and wants to become actively involved in the management of the company / business.

The EntrePass allows the creation of global value entrepreneurs and innovators to build and manage their business ventures in Singapore.

No need to have a PhD from the top-notch school or have millions in the bank to get started. All you need is a good business plan and some investment to cover the launch and sustain themselves in the early stages.

Important data on EntrePass

Question or EntrePass must be made before incorporating your business in Singapore.

Ø Together with the application EntrePass, you must submit a business plan to 10 pages long. Details of the preparation of a good business plan are described in subsequent sections of this document.

Companies or business in nature, for example, coffee shops / food courts, foot reflexology, massage, karaoke rooms, money changing / remitting, newspaper vending, and tuition services etc will not be considered for an EntrePass.

The application or processing time is usually 2-3 weeks.

o If your application is successful, usually issued a EntrePass which is valid for two years. You do not need to enter your business in Singapore until the successful outcome of your application EntrePass.

o The EntrePass allows you to bring your family closer to Singapore to live with you.

The EntrePass or is renewable for as long as the company remains viable. They are also eligible to apply for permanent residency in Singapore, in due course.

Importance of the Business Plan for the implementation EntrePass

Prepare a good business plan for your new business Singapore is one of the most crucial question for EntrePass. The good news is that the business plan should be relatively short ie not more than 10 pages.

Besides its importance in the application of EntrePass, another important value is the process of research and thinking about your business in a systematic way. The act of planning helps you to think about good things, study and research if you are not sure of the facts, and look at your ideas critically.

A well thought out business plan not only improve your chances of getting an EntrePass Singapore, but will also help you clarify your mind and better prepare for your trip entrepreneurship. The well-known fleas-in-the-box analogy applies to the plan and, if you put a lid on the box, the fleas will learn to jump to that height only, but if there's no cover, jump higher in as they are able to do. Your plan should state that the top cover. At the same time we must be sure that the figures in the business plan are achievable. You need to find a good balance between optimism and realism.

Make EntrePass business plan is impressive in presentation. Your plan must pass to the readers what is interesting about your business. Effort of marketing and sales strategy and include a break-even analysis. Be sure to include tax payments, payments to accountants, and other local service providers and the fact that the corporate funds will be kept in a bank in Singapore!

How to prepare a good business plan for EntrePass?

Then you are ready to prepare a business plan and apply for Singapore EntrePass? The guide below will help you get a better understanding of the various sections and content that is expected in the business plan.

1. Executive Summary (about half a page)

Write this section last and keep it halfway down the page. Provide a brief summary of product (s) / service (s), target customers, owners, and the future for your business and industry in Singapore.

2. Business Concepts (about half a page to one page)

This section should include a brief description of the proposed business and industry, a mission statement, company goals and objectives, business philosophy, strengths and core competencies of the proposed initiative, the critical success factors, and legal form of ownership. (To learn more about possible legal forms, see Options for Singapore property business entrepreneurs).

3. Product (s) / Service (s) (about 1 page)

This is the place where it is necessary to describe your product (s) or service (s) in detail. How will you differentiate your product (s) / services (s) from the competition? What will be your competitive advantage?

4. Marketing Plan (approximately 2-3 pages)

No matter how good your product and / or service, your business venture will not succeed without effective marketing. It begins with careful research and planning in advance. Talk to the size of the market, the current demand and future growth prospects, and opportunities for a business of your size. What are the obstacles you face with your new venture and how did you overcome them? Write your targeted customers, their characteristics and their geographic locations, otherwise known as their demographics. Write your direct and indirect competition: who, their size, market position. How do your offerings compare with competitors? Use a table of competitive analysis to compare your new company in Singapore with the two largest competitors. Include factors such as price, quality, selection, service, reliability, technical expertise and management, sales and marketing force, etc. Make an honest assessment of strengths and weaknesses of your company over the competition. Describe the marketing strategy. How will you identify potential customers? How do you create awareness of your offerings? How will you advertise? What is your marketing budget (startup and ongoing)? What image you project? What is your plan for the creation of marketing materials (logo, website, business cards, brochures, etc.)? How will you retain customers? Write on distribution channels. How do you plan to distribute your products / services? What is your pricing strategy?

5. Operating Plan (approximately 1-2 pages)

Explain the operations and resource needs of new business ventures Singapore. How and where your product (s) / services (s) will be produced? What equipment do you need? What is your procurement plan? Explain production, delivery and quality control processes for the product (s) / s (services). Describe your location and space requirements? Who are your suppliers? What will the proposed credit, delivery, and quality control policies? What are the legal requirements for your business? Business licenses? Other regulations that apply to your industry? The insurance coverage you need? What are the requirements for staff? What kind of work force (skills and experience), do you need? Pay structure? Job descriptions? Duties and responsibilities? Organizational chart? HR policies? Recruitment plan? What services do you plan to outsource and to whom? What are your inventory needs and how you plan to manage it? How will you manage your accounts receivables and accounts payables?

6. Financial projections (about 2 pages)

Provide sales and net profit before tax for three years, start-up costs, cash flow projection and break-even point, key assumptions. The capital used to start your new business in Singapore must be able to cover the start and keep you afloat for the first 6 months. Many startups fail because they run into liquidity problems soon after starting. The person who will evaluate your application EntrePass Singapore will surely be very careful about this.

7. Management Team (about 1 page)

Talk about your past work and business experience, achievements, key skills and roles and responsibilities. Identify weak areas and how you will address them.

8. Supporting documents

Here you can provide all the supporting documents that you should back up the information provided in the business plan. This could include brings customers, articles written, awards, certifications, etc.

Although it requires some effort and research, preparing a good business plan is not as difficult as you might think. Write a business plan is just to capture your long-term goals, objectives, estimates and forecasts on paper. It typically takes two weeks to complete a good plan. Most of the time is spent in research and re-thinking your ideas and assumptions. So the time to do the job properly. Those who do never regret.

Our company AsiaBizSetup can help in the preparation of a comprehensive business plan and application for your EntrePass Singapore. We are based in Singapore and provide a full range of business services in-one-roof. For more information about our services and start a business in Singapore, please visit our website www.asiabizsetup.com...