Business

EntrePass criteria broadened to attract start-ups

A government scheme to attract global start-ups has been enhanced to make it even easier for them to establish operations here.

The initiative, which kicks in today, involves broadening the criteria for start-ups that want to apply for the EntrePass scheme.

Applicants have been assessed on four innovation criteria, such as whether they have financing from a government-recognised venture capital fund.

Under the newly added criteria, start-ups can also be assessed on factors such as their entrepreneurial and investment track records, business networks and key achievements in their areas of expertise.

The Government has also removed a requirement for the start-up applicants to have a minimum $50,000 paid-up capital.

This is to "recognise the non-monetary contributions of global start-up talent", said a joint statement yesterday from the Ministry of Manpower, Ministry of Trade and Industry, Spring Singapore and Startup SG.

The validity period of each EntrePass will be extended to two years - from one year - after the first renewal to provide more certainty for global entrepreneurs in scaling up their businesses. - THE STRAITS TIMES

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