Foreign entrepreneurs can now make use of the improved EntrePass scheme to enter Singapore to set up innovative enterprises there with immediate effect.
With the EntrePass scheme, overseas entrepreneurs can obtain work visas and eligible foreigners can establish and operate a new business in Singapore.
The scheme, whose aim is to attract more entrepreneurs, investors and innovators, is an effort to add strength and dynamism to Singapore’s tech start-up ecosystem.
Dr. Koh Poh Koon, Senior Minister of State for the Ministry of Trade and Industry, was quoted by Todayonline.com as saying that start-ups are a crucial driver of innovation and are gaining in importance as Singapore switches over to become a groundbreaking and value-creating economy.
A joint statement by the Ministry of Trade and Industry, the Ministry of Manpower, enterprise agency Spring Singapore and Startup SG said that it was announced that assessment criteria for global start-up founders will be widened beyond the existing criteria to let global start-up talent enter Singapore during the business survey stage.
Included in the new criteria are track records of entrepreneurship and investment, business network and significant achievements in their areas of expertise.
Dr Koh said that these improvements were part of the efforts of Singapore government to develop a vibrant start-up ecosystem that attracts global startup talent while promoting their local start-ups to set up and develop innovative businesses, which, in turn, would create new industry verticals and job opportunities for Singapore nationals.
Other crucial enhancements to the EntrePass scheme include the elimination of the paid-up capital requirement of S$50,000 to acknowledge the non-monetary contributions of global start-up talent, including expertise and relevance to businesses.
It has been decided to extend the period of validity each EntrePass to two years from one year, following the first renewal to provide assurance for global entrepreneurs to develop their businesses.
The applications will be assessed by The Infocomm Media Development Authority and the National Research Foundation, supported by SGInnovate, by partnering with the Ministry of Manpower in their respective sectors
In March, the Asian island nation was ranked as the best place globally for start-ups to hire talent, surpassing Silicon Valley too, in the US-based Startup Genome project’s the 2017 Global Startup Ecosystem Report and Ranking.
If you are looking to migrate to Singapore, get in touch with Y-Axis, one of the popular companies for immigration services, to apply for a visa.