By being an economic leader in the Asian region, Singapore is one of the best countries to start a business. When it comes to handling the foreign entrepreneurs, the smart moves are favorable and encouraging. Now, Singapore has rolled out great plans for the foreign entrepreneurs through enhancing the Entrepass.
After realizing how crucial innovative start-ups are to the country’s economy, the country has also rolled out plans to give support to these innovations. According to the minister for trade and state policy, Mr. Koh Poh Koon, people wondering
how to get Entrepass will enjoy the new changes in the Entrepass which are better and conducive.
What is the Entrepass?
In 2003, Singapore introduced a work pass targeted for special foreign entrepreneurs who depict various innovations. After assessing how viable any the business is, the government allows the business owner to enjoy all the benefits entitled to the pass. However, the business must have a positive impact on the economy of the country before they allow enjoyment of the benefits. Educational qualification is not a major factor but rather the viability of the business.
What are the changes to the Entrepass?
Since 2013, the Entrepass structure was tightened and this limited many entrepreneurs from venturing in Singapore. However, the government has now made better changes to the same pass. Some of these changes include the following;
· Removal of the S$ 50,000 paid-up capital where now business starter-ups not pay any amount of money.
· The validity of business renewal changed from one year to two years giving the entrepreneurs another reason to smile.
· Broadening of the evaluation criteria will give start-ups more options to qualify under this criteria when they want to get the Entrepass. Initially one needed to meet at least one of the seven criteria but the government has outlined more options for qualifications.
What is there to enjoy?
Some of the newly added features on the Entrepass favors business greatly. They include renewal of the Entrepass based on a percentage of shares and number of years in operations. The number of both full-time and part-time employees must increase as the years go by. Further, the shares must increase to 30 percent by the time two years are hitting.
Entrepass and family conditions
The good news to entrepreneurs holding passes is that they can have their families come to Singapore. They need to have either long-term visit pass or dependant’s pass. However, the long-term visit pass for the family members is acquired only after first-year renewal. Otherwise, they will need a dependant’s pass. Entrepreneurs will only bring the family members after they have employed the minimum number of employees and met the minimum business expenditure per year.
According to many entrepreneurs either in Singapore or out of Singapore, Entrepass has some of the best conditions both in the region and at the global level. More, it cannot be compared to the strict measures it had before, the amendments in the recent past. The benefits are mutual, both for the country and the entrepreneurs.
image source: unsplash