Future of Entrepass

[AngMoG]

Hot off the LinkedIn news referral: http://futurebooks.asia/blog/the-future ... doubt/6709

From 1 September 2013 only businesses with funding from a recognised venture capitalist firm or angel, businesses holding registered intellectual property or businesses supported by a Government agency, will be eligible for an EntrePass.

While I am on EP rather than EntrePass, I guess this will hit quite a few people hard.

*edit* source in second post, thanks.

[sundaymorningstaple]

Here you go. Straight from the hoss's mouth...

http://www.mom.gov.sg/Documents/Speeche ... rePass.pdf

Read it and weep.

[the lynx]

That's very.... specific.

[Sergei82]

Pointless question: WHAT FOR???????????
I understand when it comes to workforce, but what about entrepreneurs?

[AngMoG]

Pointless question: WHAT FOR???????????
I understand when it comes to workforce, but what about entrepreneurs?

I think the idea is to get rid of (foreign-owned) one-man-companies and increase the quality of foreign-owned companies operating here. But the propsed measures seem to be overshooting that target.

[sundaymorningstaple]

They only want startups/companies that are going to need manpower to kickstart more employment to replace those companies who are going to bail out due to insufficient or too costly hired help. Having a OMO business for a foreigner doesn't do anything for the country at all with regards to employment of it citizens. If you cannot do that, then you are actually a detriment to the progress of the country in as much as you take up space for no reason other than personal ones. They want people to come here who are dreaming "large", not just the survival of self, which they could do in their own country.

[Wd40]

Makes sense. Besides with all other passes getting tightened up, it was a matter of time that the entre pass getting the hit.

I wonder what next? Snatch some of the rights from PRs like starting companies?

[Strong Eagle]

This is going to be a great way to drive off real foreign talent. Moreover, it will cause service based companies to reconsider setting up in Singapore, and this in turn will hurt the multi-nationals, who outsource as much as they can, especially in IT, logistics, etc.

A new business is going to look at the onerous Entrepass regulations, then take a look at what they will be able to do in terms of hiring foreign staff, and then say, "the hell with it". This is not at all business friendly and will come back to bite Singapore in the ass.

The only ray of hope is that, as in the past, individual professionals will still be able to form a pte ltd, then get an EP for their professional skills... under these Entrepass criteria, no forex or other financial traders, no IT professional consultants like PM's, design architects, etc will ever be able to come into the country.

I never thought I'd see the day where it would be easier to start a company in Thailand or Malaysia than Singapore.

[zzm9980]

This is going to pretty much kill Singapore's previously stated desire to incubate technology startups. I'm sure the list of "recognised third-party venture capitalist or business angel; " is quite controlled to those who already are driving around in Maseratis.

[Mi Amigo]

Step by step, the gahmen seem to be spoiling the Singapore 'recipe', in their haste to satiate the local population's rabid desire to get rid of as many foreigners as possible. That's the only interpretation I can draw.

Yesterday there was an article in the BCL about plans to 'nurture' more Singaporeans for 'leadership' roles in the financial industry. A laudable enough goal perhaps, but no-one wants to be a 'worker' - everyone wants to be a manager, director, VP, etc. I don't see how that can work if they don't allow enough 'FT' in to do the actual work. And perhaps it's best if I refrain from commenting on the suitability (or otherwise) of the bulk of those coming out of the Singaporean education sausage machine for those 'leadership' positions.

[katbh]

It has already hit many of us hard. It is very difficult when people are already here on the scheme. Fair enough if they want to change it for new people coming in. But it is annoying when they change the rules when you have set up here.

[ukdesigner]

bollocks. That could be me screwed then. Better get my PR application in now then.

[the lynx]

Wait a minute, will this change affect the current Entrepass holders?

[ukdesigner]

yep, everyone regardless.

"These changes will apply to all new and existing EntrePass holders with effect
from 1 September 2013. Each newly issued and renewed EntrePasses will be valid for a period of up to one year."

[Sergei82]

So it is the second time they alter the conditions for existing pass holders (first was PEP).
Feels like outright deception and betrayal!