S'pore uneveils scheme to attract foreign entrepreneurs

September 24, 2003

SINGAPORE - Singapore on Wednesday unveiled a scheme to attract foreign entrepreneurs into the city-state based on their business plans instead of their educational qualification and salary levels.

Minister of State for Foreign Affairs and Trade and Industry Raymond Lim said the 'EntrePass' scheme will ease the requirements for foreign investors to start up businesses here.

'This scheme will allow them to work in Singapore on the basis of their business plan, instead of educational qualifications and salary as was the case previously,' he said in a speech to the Foreign Correspondents Association.

Details of the plan are still being finalised and will be announced next month, said Mr Lim, who is also minister of state in charge of entrepreneurship.

Mr Lim's job includes encouraging the spirit of taking business risks in a nation whose people are often said to be more used to being told by the government what to do.

Critics have said that for Singapore to encourage entrepreneurship, the government must ease many of the strict rules which have stifled creativity among its people.

A mindset that looks down on people who have failed must also be changed because entrepreneurship carries the risk of failure, the critics say. Mr Lim, however, said that 'Singapore has what it takes to help entrepreneurs thrive.

'We aim to offer the best environment for start-ups and budding entrepreneurs to succeed. Companies will find that they have within a small, compact location a wealth of opportunity to work with a diversity of players, technology, funding and ideas to create new innovative products and services.