Local firms should expect an influx of foreign talent in the coming months after the enhanced EntrePass scheme was launched on Wednesday.
In a joint statement from the Ministry of Manpower,
Ministry of Trade and Industry, Spring Singapore and Startup SG, this newly bolstered visa program is said to position Singapore as a leading global startup destination by strengthening and adding vibrancy to the local tech ecosystem.
The EntrePass scheme is a work visa intended for foreign entrepreneurs who are keen to do business in Singapore in areas such as deep technology. Among the new enhancements are:
- a removal of the $50,000 paid-up capital requirement
- an expansion of the qualifying criteria
- extension of visa validity from one to two years
- inclusion of two new partner agencies, expanding the variety of areas that startups could be eligible for
According to the Ministry of Manpower, foreign startups employed more than 19,000 workers in 2015. From 2013 to 2015, these startups increased employment of local workers by around 500 each year. With Singapore’s unemployment rate expected to continue rising, opening the gates for these global startups may help satisfy the increasing demand for employment.
“Startups are an important driver of innovation and are becoming increasingly important as Singapore transforms to become an innovative and value creating economy,” said Koh Poh Koon, Senior Minister of State for the Ministry of Trade and Industry.
“These enhancements are part of the Government’s efforts to develop a vibrant startup landscape that is attractive to global startup talent while promoting our local startups to establish and build innovative businesses, thus creating new industry sectors and job opportunities for Singaporeans.”
“They will complement our local founders, with their skillsets and understanding of foreign market opportunities, to build stronger and fast-growing startups that create good jobs,” said Edwin Chow, group director with SPRING Singapore.
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