On 2 August 2017, a joint statement was come by the MOM, the Ministry of Trade and Industry, Startup SG, enterprise agency Spring Singapore. They announced the enhancement to the criteria of evaluation to allow founders of global innovative start-ups to take entry and establish their businesses in Singapore, that too during the early exploration stage.
The enhance EntrePass scheme came immediately into effect on 3 August 2017.
Here are the two most important points to take care of –
- Broader evaluation criteria
To attract promising foreign talents, the critical for qualifying for EntrePass application is now been broadened. To the earlier four qualifying criteria, new evaluation criteria have been added. And to qualify, the applicants are required to meet at least one of them.
The newly joined criteria are a business network, entrepreneurial and investment track record, and major achievements in the applicant’s expertise area.
How does it provide benefits to foreign entrepreneurs?
The newly added standards would be especially helpful for early-stage innovators and investors, who are in their exploratory stage. While the earlier criteria were in favor of those investors who have already put their roots in Singapore in the form of research and funding collaborations.
Investors, innovators, and foreign entrepreneurs despite their achievements overseas and track records would not get research partners and potential funding straight away and would also need some time to network, explore and ascertain the merit of their project and to analyze the value of the collaborating partners.
To evaluate the viability of their start-up and to get their project running, they will have to stay in Singapore and this all would not be possible without a work visa.
- Validity of EntrePass
To give more certainty for world entrepreneurs in scanning up their business, the validity period of each EntrePass Singapore will be extended from 1 to 2 years after the first renewal. On the first issuance of an EntrePass, the duration will be 1+1 year. The foreign investor will also have to demonstrate progress at the end of the 1st year before he gets an extension for the next year.
How does it provide benefit to foreign entrepreneurs?
Before the enhancement, the EntrePass was to be issued for one year each time. This was cumbersome for the entrepreneurs who felt burdened to meet the renewal criteria.
They focused on renewal formalities and compliance measures year after year rather than focusing on the main areas of their business like taxable and non-taxable dividends, payroll services, and many others. But the validity of the pass has been enhanced. There will be a sense of assurance that they would be able to focus on the expansion of business further.
Interested in applying for Entrepass? With our structured strategy, Timcole is ready. We have witnessed clients having frustrations in navigating the tax, legal and regulatory requirements of Singapore. So, we never want you to follow the same. From starting to scaling up at heights, we guide you at every stage of setting up or maintaining your business. We believe that no one else can understand a startup in Singapore as we can do.