September 29, 2011 (Powerhomebiz.com) When the Government of Singapore announced important amendments to the employment pass scheme a few weeks back, some had expected changes in the hugely popular entrepreneur pass scheme as well. Better known as the Entrepass in Singapore, it is the main type of visa required by foreign entrepreneurs who want to relocate to Singapore after setting up a company in the country. However, as of now no amendments have been announced and it is not expected to be changed anytime soon.
As per SingaporeSetup.com (www.singaporesetup.com) the entrepreneur pass was amended already a year or so back. Those changes were quite significant as it required the foreign entrepreneur to invest at least SGD $50,000 as paid up capital in their Singapore venture and there were stricter eligibility criteria announced. Since then, the entrepreneur pass has been able to attract only the best and most innovative entrepreneurs to the country and as of now there is no real need to change any of the clauses of the entrepass scheme. The employment pass on the other hand was untouched for a while and with rapid changes in Singapore’s economy as well as its working population, there was definitely an urgent need to amend the employment pass.
SingaporeSetup.com feels that many companies complaining about the stricter eligibility criteria for foreign professionals now should not worry too much as Singapore’s work force has grown considerably over the years and the skillsets have improved as well. Already more than one third of the entire working population in Singapore was made up of foreigners and this had started to become a discussion point amongst local residents. With the new policies in place, there is a much better balance between hiring foreign professionals and giving local residents a better work environment. The employment pass and entrepreneur pass together have been hailed as one of the best immigration policies anywhere in the world and the new amendments have not dented this at all.
About SingaporeSetup.com
SingaporeSetup.com is a Singapore focused business information portal. We help educate local and international entrepreneurs and companies who are interested in setting up a company and growing business in Singapore. For more information, please visit http://www.singaporesetup.com/