The Entrepreneur Pass (EntrePass) scheme under Startup SG Talent was enhanced and several new changes were introduced to facilitate the entry and stay of global startup talents in Singapore. Three more qualifying criteria have been included under the enhanced EntrePass scheme that came into effect from 1 August 2017. The following is an overview of the criteria and applicants filing for EntrePass as an Entrepreneur, Innovator and or Investor are required to meet at least one of the criteria.
Following is an overview of the qualifying criteria for EntrePass applicants – applicants are grouped under three broad profiles: Entrepreneurs, Innovators, and Investors. Notably, applicants are required to meet any one of the seven requirements only. Howsoever, applications carry more merit when the applicant meets more criteria and are able to substantiate his competence and merit as a deserving applicant. Always validate your claims with adequate material proof in the form of certificates, commendation letters, copies or links to press coverage and certificates to prove your merit.
Entrepreneur Profile for EntrePass
Funding from Government Recognised VC or Business Angel
Your company must have funding of at least $100,000 from a government investment vehicle, venture capitalist (VC) or business angel that is recognized by a Singapore Government agency. Shareholders certificates and other documentary proof need to be submitted along with the application.
Examples of such VCs and Business Angels include SGinnovate, investor and venture partners under Startup SG Equity Scheme and Early Stage Venture Fund (ESVF) scheme.
Incubatee at a Government-recognised incubator/accelerator
Your company is an incubatee at an incubator or accelerator in Singapore that is recognised by the Government. It must be noted that Action Community for Entrepreneurship (ACE) Limited is an accredited mentor partner under Startup SG Talent and Rikvin is the official corporate service partner for ACE. We are able to provide comprehensive services to potential applicants, from helping them with their EntrePass applications to providing company incorporation and ongoing compliance services.
Other examples include incubators or accelerators in SPRING Singapore’s Startup SG Accelerator Programme and mentor partners under Startup SG Founder scheme and partner agencies under SG Innovate-linked incubation and acceleration programmes.
Business Network and Entrepreneurial Track Record
Serial entrepreneurs and those who have previously established highly scalable businesses and are keen on establishing, managing or developing a new or existing business can qualify under this criteria if they meet any one of the following;
- You have founded and sold a tech company.
- You have raised significant funding from investors for a current or past venture.
- You have been or are being incubated by an internationally renowned incubator or accelerator.
- You have strong industry networks and business contacts that are related to your proposed business.
- You have substantial track record related to your proposed business.
- You have received recognition by a national body, recognised media publication or credible industry organisation for your professional, business or entrepreneurial achievements.
This will enable early stage entrepreneurs to stay in Singapore to explore, evaluate fine tune, establish and scale their business in Singapore before seeking validation from incubators, accelerators, and mentors.
Related Article : Singapore Entrepreneur Pass
Innovators Profile for EntrePass
Holds Intellectual Property Rights
All of the following criteria must be fulfilled
- Your IP must be registered with an approved national IP institution.
- Your IP delivers a competitive advantage to your proposed business and cannot be easily replicated.
- One of the shareholders or the company must be the owner of the IP.
Note that expired IP can be considered as long as one of the shareholders is the inventor of the IP.
Has research collaboration with an Institute of Higher Learning or credible research institute in Singapore
Your company has an ongoing research collaboration with a research institution under the Agency for Science, Technology, and Research (A*STAR), an Institute of Higher Learning (IHL) in Singapore.
- A*STAR Research Institutes
- Campus for Research Excellence and Technological Enterprise (CREATE) entities
- Institutes of Higher Learning (e.g. National University of Singapore, Nanyang Technological University, Singapore University of Technology and Design, Singapore Management University, the Polytechnics)
- Recognised non-profit and private sector research groups (e.g. Temasek Life Sciences Laboratory)
It must be noted that the research should be relevant to your business, you must be directly involved in the research and the research institution must verify and confirm the details of the research. Contract of service would not be considered as research collaboration.
Extraordinary achievements in key areas of expertise
This means outstanding domain knowledge and exceptional expertise in an area relevant to your business and this must be proved on the basis of international awards or recognition or other outstanding achievements in an area relevant to your business.
Investors Profile for EntrePass
Investment Track Record
You must have a good track record of investing in scalable businesses and growing them and also be willing to invest substantial sum of money in a local business and must fulfill one of the following
- Track record of investing in and driving the growth of highly-scalable businesses. Or
- Substantial experience as a senior management professional or executive in a large corporation.
Entrepreneur Pass Closing Note
Entrepreneurs, innovators, and investors often need to commence their businesses with an exploratory phase during which their stay in Singapore becomes essential. They need to personally build and manage their business, investment and innovation process, and partnerships. The enhanced Entrepass evaluation criteria specifically address the needs of the early-stage startups. The scheme has in place ample checks and balances to ensure that the EntrePass remains accessible to worthy, viable and economically value-adding startups.
Let us help you navigate the EntrePass application process
Liaise with a dedicated specialist who will guide you through your EntrePass application and the drafting of your business plan. We are a licensed employment agency registered with the Ministry of Manpower and the Official Corporate Services Partner of ACE. Our reliable guidance and high success rate comes with 20 years of experience. Secure your EntrePass with us.