Singapore:Tougher Singapore entrepreneur pass criteria is set to attract a new breed of high-potential startups that can create longer term employment for residents, says Singapore work visa specialist Rikvin.
The new Singapore EntrePass framework, which has been refined to create better workplaces for Singaporeans, has come into effect this week.
Earlier in March this year, Singapore work visa specialist Rikvin has outlined the details of the impending changes in an announcement titled Foreign Entrepreneurs to Meet Tougher Criteria to Relocate: Rikvin.
In gist, the new framework features tougher entry and renewal criteria for entrepreneurs who wish to relocate to Singapore to run their businesses. Singapore’s Ministry of Manpower (MOM) asserted that this is to ensure that Singapore will attract a certain caliber of high potential and high growth startups.
Analysis by Rikvin shows that the framework has also been updated to keep in line with Singapore’s new direction of raising the quality of Singapore’s foreign workforce in a bid to create quality growth for Singaporeans.
When the EntrePass scheme was introduced in 2003, it served to encourage entrepreneurship in Singapore. It functioned as an avenue for business persons with innovative ideas or those who were not eligible under the Singapore Employment Pass scheme to relocate to Singapore and run their business in the city-state. In 2009, it was yet again fine-tuned.
In essence, at least one of the following new EntrePass criteria must be met by prospective applicants, on top of the existing set of criteria:
-- Receives support from a Singapore Government agency
-- Holds a nationally-recognised proprietary or licensed Intellectual Property (IP)
-- Has research collaboration with recognised research institutions such as A*STAR or a local tertiary institution
-- Is an incubatee at a government-approved incubator; or
-- Funded by an approved third-party venture capitalist or business angel
Commenting further, Mr. Satish Bakhda, Head of Operations at Rikvin said, “The new framework is no doubt more challenging for foreign entrepreneurs who are keen to relocate to Singapore. However, it also ensures that those who manage to qualify for the scheme have a good chance of doing well in Singapore and may be able to sink deeper roots in the citystate; therefore creating longer term employment opportunities for Singaporeans. This again could help the country create good jobs for an increasingly educated workforce.”
Established in 1998, Rikvin has since partnered with thousands of investors, entrepreneurs and professionals in their pursuit to access business opportunities overseas. Rikvin’s areas of expertise include company incorporation, accounting, taxation and other related corporate services. Rikvin is also a licensed employment agency with the Ministry of Manpower (MOM) and offers a full spectrum of Singapore work visa services for foreign professionals who wish to relocate to Singapore.
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
(+65) 6320 1888
Satish Bakhda, Rikvin Pte. Ltd., +65 9221 9221