See this thread for information.
http://forum.singaporeexpats.com/ftopic60398.html
You can register a business (sole proprietorship) and apply for an LOC.
Note that if you are planning tuition services, fortune telling, massage, karaoke, etc (same list as Entrepass) you will not get the LOC.
Note also that some people who started a sole proprietorship as opposed to a private limited were turned down when attempting to apply for their own EP. Those who created a private limited and then demonstrated earnings from the company are generally granted EP's.