5) What is Startup SG Talent
Startup SG Talent’s aim is to foster a conducive environment for promising global talent to set up innovative businesses in the city-state, as well as help start-ups attract good talent. The scheme has three avenues for this – Entrepreneur Pass (EntrePass), Technology for Enterprise Capability Upgrading (T-UP) and SME Talent Programme (STP) for Start-ups.
How to apply under the EntrePass scheme
EntrePass is a work pass scheme, which was overhauled on August 3, 2017, to facilitate and simplify the entry of global entrepreneurial talent into Singapore. Along with SPRING, InfoComm Media Development Authority (IMDA) and the National Research Foundation are the other two government agencies appointed to assess and support EntrePass applicants who meet the criteria.
In order to qualify for EntrePass, one has to meet at least one of the following criteria issued under the three categories of Entrepreneur, Innovator, and Investor:
|Has at least S$100,000 monetary funding from a Government-recognised VC or business angel
||Holds intellectual property
||Hold good track record of investing in businesses and want to grow new or existing businesses in Singapore NEW
|Is an incubatee at a Government-recognised incubator/accelerator
||Has research collaboration with an Institute of Higher Learning or credible research institute in Singapore (i.e. A*STAR)
|Holds significant business experience/network and promising entrepreneurial track record NEW
||Has exceptional technical/domain expertise in an area related to proposed business NEW
If you are unable to meet any of the above criteria, it is always advisable to go for a Singapore Employment Pass (link to Employment Pass service page).
Also, having already registered (for not more than six months) – or intend to (after knowing the outcome of the application) – a private limited company in Singapore is a prerequisite for all. While earlier, applicants were required to hold at least 30 percent share in the registered company, the enhanced scheme has deterred that requirement until the end of year one of holding the EntrePass. The S$50,000 paid-up capital requirement has also been removed.
The validity period of EntrePass has been extended from one to two years, after the first renewal to provide more certainty for global entrepreneurs in scaling up their businesses. Renewals are based on documentary proof of ongoing business activities as described in the original business plan, and that you hold at least 30 percent shareholding of the company. As an EntrePass holder, your family members can join you in Singapore if you meet certain requirements.
Related Article: Immigration into Asian countries
Renewal Criteria of EntrePass
|NO. OF YEARS YOU HAVE HELD AN ENTREPASS
||TOTAL BUSINESS SPENDING**MUST BE AT LEAST
||MUST EMPLOY AT LEAST
||3 FTES** OR 1 PME***
||6 FTEs OR 2 PMEs
||9 FTEs OR 3 PMEs
|8 or more
||12 FTEs OR 4 PMEs
*Hold a minimum of 30% shares in the Company from Year 2
**Total Business Spending (TBS) refers to total local business spending excluding remuneration to EntrePass holder
***Full-time Employees (FTEs) refer to Singaporeans and Permanent Residents who earn a monthly salary of at least $1,100
****PMEs refer to professionals, managers and executives who are Singaporeans or Permanent Residents and earn a monthly salary of at least $3,600
Note: 1 local PME = 3 local FTEs
How to apply for the T-Up scheme
The T-Up scheme subsidises up to 70% of the secondment costs of research scientists and engineers from A*STAR’s Research Institutes for a period of up to 2 years. SMEs with a minimum of 30% local shareholding and group annual turnover of not more than S$100 million or group employment size of not more than 200 workers, are eligible to apply.
How to apply for the SME Talent Programme (STP) for Start-ups scheme
Run by the Action Community For Entrepreneurship (ACE), this assistance scheme facilitates intern-ship matching between students and technology-based local start-ups, and allows for a 70% subsidy in stipends paid to interns. To be eligible, SMEs must have a minimum of 30% local (Singaporean or Singaporean PR) share-holding, must have less than 50% ordinary shares owned by other corporate entity, and be less than 5 years from date of incorporation at time of application.