Getting certified for the EntrePass is not always straightforward. Many requests are rejected due to avoidable mistakes that could have been discussed earlier in the process.
In this article, we will survey five common mistakes candidates make — and how to avoid them — to increase your chances of a favourable EntrePass application.
Submitting an Incomplete or Weak Business Plan
One of the ultimate critical parts of the
entrepass application is your trade plan. It serves as the core document for evaluating your business viability, change, and economic impact on Singapore.
Avoid this mistake by:
- Including clear financial projections and development targets
- Outlining your worth proposition and what makes your plan unique
- Explaining your go-to-display strategy and target hearing
- Detailing your operational plan and wanted manpower development
A vague or excessively generic trade plan signals a lack of preparation and seriousness, and may lead to a refusal.
Failing to Meet Sector or Innovation Criteria
The EntrePass is not for each kind of trade. It specifically supports ventures in subdivisions like deep tech, buying, biotech, and social undertakings — especially those offering creative products or duties.
Avoid this mistake by:
- Checking if your business falls under a certified sector
- Demonstrating novelty, such as the use of cure technology or providing trouble-free solutions
- Highlighting research partnerships, IP takeover, or global scalability
Applicants running established businesses like restaurants or retail stores without a tech or novelty angle are less likely to qualify.
Not Meeting the Eligibility Requirements
Many aspirants dive into the process without fully understanding the fitness criteria, in a way that includes relevant restrictions, business record of performance, or endorsements from Singaporean agencies.
Avoid this mistake by:
- Confirming you meet the necessities (e.g., property held at least 30% association shareholding)
- Providing evidence of progressive or professional experience
Failing to address these early can bring about unnecessary delays or outright rejections.
Poor Documentation and Incomplete Submissions
Even if your trade idea is powerful, errors in your proof can hurt your chances. Missing attachments, old-fashioned forms, or inconsistent news can stall the review process.
Avoid this mistake by:
- Using new application forms from the official MOM website
- Double-checking that all supporting documents are complete and correctly labelled
- Ensuring consistency in business news across documents
Meticulous documentation indicates your professionalism and obligation.
Ignoring Post-Approval Requirements
Some entrepreneurs focus only on the initial authorization without preparation for the renewal tests. The EntrePass has ongoing trade milestones and service creation anticipations for continued validity.
Avoid this mistake by:
- Understanding recurrence benchmarks such as local enlistment and revenue goals
- Setting up proper bookkeeping and reporting methods from day one
- Regularly pursuing your business progress against these metrics
Planning further the initial use can ensure general success and agreement.
Conclusion
Applying for the EntrePass is a strategic suggestion for entrepreneurs who are going to build innovative ventures in Singapore. By preventing these five common mistakes — from feeble planning to weak documentation — you enhance your chances of success and set a reliable foundation for your business journey in individual of Asia’s most dynamic savings.
