From 3 August 2017, the EntrePass scheme will be enhanced to facilitate the entry of promising global startup talent who are keen to establish innovative businesses in Singapore. This enhanced scheme will strengthen and add vibrancy to our tech startup ecosystem to position Singapore as a leading startup location.
The evaluation criteria for global startup founders has been broadened to attract more entrepreneurs, innovators, and investors. Applicants will now be assessed on factors beyond the existing four innovation criteria to allow global startup talent to enter Singapore during the business exploration stage. Examples of new criteria include entrepreneurial and investment track record, business network and key achievements in their areas of expertise.
Other key enhancements to the EntrePass scheme, as announced during the Ministry of Trade and Industry (MTI)’s Committee of Supply (COS) debate in March 2017, include the removal of the S$50,000 paid-up capital requirement to recognise the non-monetary contributions of global startup talent such as expertise and relevance to industries. Additionally, the validity period of each EntrePass will be extended from one to two years, after the first renewal to provide more certainty for global entrepreneurs in scaling up their businesses.
Startup SG Talent – a key enabler to develop a strong startup ecosystem
Talent is critical to build a strong and thriving startup ecosystem. The EntrePass scheme comes under the Startup SG Talent pillar, one of the five pillars of the Startup SG umbrella branding that consolidates all local startup schemes.
Enhancements to the EntrePass scheme will attract a larger pool of skilled global startup talent to complement our local startups by catalysing more innovative businesses and creating good jobs for Singaporeans.
Source: Ministry of Manpower, Singapore
Illustration Photo: Singapore (Public Domain from Pixabay.com)