The new regulations and framework are more rigid than has been the case in the past, however with the correct advice we believe that most entrepreneurs will still be greeted with open arms by the Singapore authorities.
Singapore (PRWEB) August 21, 2013
As of 01 September 2013, foreign entrepreneurs looking to start up businesses in Singapore will be faced with more stringent requirements in order to qualify for EntrePasses due to tightened entry and renewal criteria recently announced by Singapore’s Ministry of Manpower (MOM).
The new EntrePass framework has been designed to level the playing field for Singaporean entrepreneurs who face stiff competition for resources and funding from foreign nationals entering the Singapore marketplace.
According to leading Singaporean visa consultancy, One Visa, the new criteria will affect those entering the market, as well as those applying for EntrePass renewal and will target start-ups defined by a pre-determined set of well documented criteria.
One Visa Senior Immigration Consultant, Cheng King Heng emphasised that those entrepreneurs entering the market would be well advised to seek professional assistance on just how the new qualification criteria would affect their EntrePass application, in order to increase their chances of successful application.
“The new regulations and framework are more rigid than has been the case in the past, however with the correct advice we believe that most entrepreneurs will still be greeted with open arms by the Singapore authorities,” said Mr Heng.
According to the MOM guidelines as from the 1st of September EntrePass applicants will have to meet at least one of the following criteria, on top of already existing requirements:
- Receives funding from a recognised third-party venture capitalist or business Angel.
- Holds proprietary or licensed Intellectual Property (IP) recognised by an approved national IP institution.
- Is involved in research collaboration with a research institution recognised by Agency for Science, Technology and Research (A*STAR) or any local tertiary Institution.
- Is an incubatee at a recognised incubator supported by SPRING Singapore or National Research Foundation (NRF).
- Receives support from a Singapore Government agency.
In addition the start-up will have to provide more detailed documentation for MOM within the first six months of operation.
“By establishing the new framework the Singapore government seeks to ensure that only quality entrepreneurs that bring real value to the Singapore economy, and provide employment to local Singaporeans will be qualified to receive EntrePass based access to the Singapore market,” said Mr. Heng.
The One Visa Senior Immigration Consultant was upbeat about entrepreneurs considering entry into the Singapore market or applying for renewal of their EntrePass.
“There’s no doubt that the process of application and renewal is now more challenging. However with the right advice we believe that the majority of applications will be successful. One Visa has a record of providing applicants with advice that makes the visa application process as painless as possible.”
“Our success rate is extremely high and we remain convinced that these new barriers to entry and renewal are not insurmountable if applicants select the right partner to help make sense of the new framework. If we had one piece of advice to those who are looking to apply or renew their EntrePass is to take action and seek professional guidance sooner, rather than later,” concluded Mr. Heng.
For more information on the changes to EntrePass requirements, check:
More About One Visa:
One Visa is a Singapore-based consulting firm that specialises in providing solutions to Immigration, Recruitment and Incorporation matters to both the corporate clients and individuals.
One Visa Offers specialised immigration service to obtain Singapore Work Visa, Permanent Residency and Angola Visas. In addition, the company provides recruitment services from Junior to Mid-Level Executives as well as Technical specialists for IT, Finance, Oil & Gas Sectors.
9 Temasek Boulevard, #09-01 Suntec Tower Two, Singapore 038989
Tel: +65-66816516 / 64071579