18 August, 2017
Executive Summary
From 3 August 2017, the EntrePass scheme has been enhanced to facilitate the entry of promising foreign startup talent who are keen to establish innovative businesses in Singapore.
The enhanced EntrePass scheme introduces new evaluation criteria for prospective applicants such as entrepreneurial and investment track record, business network and key achievements in their areas of expertise.
Other key enhancements to the EntrePass scheme include the removal of the SGD 50,000 paid-up capital requirement and extension of pass validity after the first pass renewal.
Enhancements to the EntrePass scheme will attract a larger pool of skilled global startup talent at an early stage of idea exploration. They will complement our local startups by catalysing more innovative businesses and creating good jobs for Singaporeans.
Eligibility for EntrePass
Under the existing innovation criteria, an applicant has to:
- have funding/investment from a Government-recognised venture capitalist or business angel; or
- hold intellectual property; or
- have a research collaboration with an Institute of Higher Learning or research institution in Singapore; or
- be an incubatee at a Government-recognised incubator/accelerator.
The introduction of new evaluation criteria includes:
- business network and entrepreneurial track record; and
- extraordinary achievements in key areas of expertise; and
- investment track record.
An applicant has to meet any one of the above criteria to be eligible for an EntrePass.
Apart from broadening of evaluation criteria, foreign startup talent no longer need to meet the SGD 50,000 paid-up capital requirement in order to be eligible for an EntrePass. This is to recognise the non-monetary contributions of global startup talent such as expertise and relevance to industries.
The validity period of each EntrePass will also be extended from one to two years, after the first renewal to provide more certainty for global entrepreneurs in scaling up their businesses.
In addition to SPRING Singapore, the enhanced EntrePass scheme will see the inclusion of two new partner agencies: the Infocomm Media Development Authority and the National Research Foundation, supported by SGInnovate. Together, these agencies will work with the Ministry of Manpower to evaluate the applications in their respective sectors.
Conclusion
The enhanced EntrePass is part of Singapore's efforts in establishing innovative business startups. This will result in the creation of more job opportunities, knowledge and skillsets exchange, and understanding of foreign market opportunities.
For further information, please contact:
Celeste Ang, Baker & McKenzie.Wong & Leow
celeste.ang@bakermckenzie.com
