Singapore to Welcome Foreign Entrepreneurs Through Entrepass

Singapore to Welcome Foreign Entrepreneurs Through Entrepass

Singapore has managed to achieve an iconic economic stature among its regional counterparts by always choosing to play its game differently.  Yet again it has played a smart move, when globally the heavyweight economies are steering towards protectionism, Singapore is easing the entry of foreign entrepreneurs and enhancing funding support for start-ups. Singapore, being a resource-scarce nation, has promptly realized the significance of nurturing an innovation-driven economy to achieve higher value growth amidst intensifying competition. Therefore, it is not enough to nurture local start-ups and entrepreneurs but in order to achieve and sustain a higher-value innovation economy, the government needs to remain open to foreign entrepreneurs while promoting local start-ups. This brings us to the introduction of the Entrepass

The government clarified its policy stance when Mr. Koh Poh Koon, Minister of State for Trade and Industry, on 3 March 2017 during his ministry’s Committee of Supply debate, announced a slew of changes to the schemes relating to foreign entrepreneurs and startups.  The changes announced to the Entrepass scheme sector are the key points.

Changes to the Entrepreneurship Pass

Launched in 2003, the Entrepass is a special work pass targeted at foreign entrepreneurial talent. The pass weighs the applicant’s track record and the viability of the proposed business. More importantly, the authorities evaluate the potential of the business to positively contribute to Singapore’s economy. The key merit of Entrepass is that the educational and professional experience of the applicant takes a backseat, this benefited several entrepreneurs who have emerged successfully in business despite the lack of educational qualification and also innovative startups whose founders did not have formal educational background.

Read more about Entrepass at Rikvin.com.

      • Singapore to Welcome Foreign Entrepreneurs Through Entrepass