ANNOUNCEMENT 28 Sep 2009In September 2009, the government of Singapore announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
Ministry of Manpower. (21 September 2009). Changes to EntrePass Framework. Available at http://www.mom.gov.sg/publish/momportal/en/communities/work_pass/other_passes/EntrePass/application/changes_to_entrepass.html
Ministry of Manpower. (23 September 2009). New EntrePass Framework - FAQ. Available at http://www.mom.gov.sg/publish/etc/medialib/mom_library/work_pass/files5.Par.96842.File.dat/New_EntrePass_Framework_FAQs.pdf
Singapore's Ministry of Manpower has introduced changes to the country's EntrePass framework effective 28 September 2009. The EntrePass framework regulates access of foreign business start ups to the city-state. The new regulation subjects receipt and renewal of such permits to various new qualifications.
From the end of September 2009, foreign entrepreneurs seeking to set up a business in Singapore need to supply at least S$ 50'000 in capital, up from S$ 3'000. Also, the new EntrePass framework requires successful applicants to own a stake of 30 percent or more of the established company, and the company to be of a certain legal form.
As for the renewal of EntrePass permits, the Ministry now requires participants to employ mimimum numbers of local employees and to reach certain thresholds of business expenditure within Singapore. Depending on the type of permit, at least 2 to 8 locals have to be employed. Mimimum total business spending ranges from S$ 100'000 to S$ 300'000.