No at the point of application, but you will need to hold at least 30% shares in the company by Year 2.
Suggested Readings
Can I hold shares in other companies while I am on Employment Pass (EP)?
Can a shareholder of a company apply for an Employment Pass (EP)?
What types of business do not qualify for the Entrepreneur Pass (EntrePass) scheme?
Will I automatically get an Entrepreneur Pass (EntrePass) if I start a Singapore company?