ANNOUNCEMENT 02 Jul 2017
On 2 August 2017, the Singapore Ministry of Manpower announced changes to its Entrepass scheme to increase the inflow of foreign investors.
NUMBER OF INTERVENTIONS
Singapore Ministry of Manpower, Startup SG Talent: Enhanced EntrePass to attract global startup talent to build innovative businesses in Singapore, 2 August 2017. Available at: https://www.mom.gov.sg/newsroom/press-releases/2017/0803-enhanced-entrepass-to-attract-global-startup-talent-to-build-innovative-businesses-in-singapore
Singapore Ministry of Manpower, Factsheet: Enhanced EntrePass Scheme, 2 August 2017. Available at: https://www.mom.gov.sg/~/media/mom/documents/press-releases/2017/0802-annex-a-enhanced-entrepass.pdf
Effective 3 August 2017, the Singapore Ministry of Manpower introduced amendments to its Entrepass scheme to increase the inflow of foreign investors.
Under the amendments, the evaluation criteria for start-up founders have been broadened. In addition, new criteria have been introduced (in addition to the existing four based on innovation) to assess the applicants, including entrepreneurial and investment records, as well as existing business networks and key achievements.
The 30% shareholding eligibility requirement for the EntrePass has been deferred until the renewal of the EntrePass at the one-year mark. The validity period of the EntrePass has also been lengthened to two years (previously one year) after the first renewal of the pass.
In addition, the SGD 50,000 (USD 36,747) paid-up capital requirement for new EntrePass applicants have been removed.
This follows several other amendments to the scheme. Please see related act for more information.
Introduced in 2003, the EntrePass framework regulates access of foreign business start-ups to the city-state.