The EntrePass, which was introduced in October 2013, had the noble intention of enhancing Singapore’s entrepreneurial vibrancy. However, like all good businesses, it requires fine-tuning every now and then to keep it up to date with the modern world’s changes.
For instance, the new social sites are slowly eclipsing the traditional media. EntrePass capitalize on this and reach out to the huge number of potential investors that flock its website, Twitter, Instagram, Facebook, and the likes.
Since 1 September 2013, there have been changes geared towards bettering the attraction of only businesses that have the potential to add value to the economy. However, this is not. A little flexibility on the rules like the requirement that the business be incubated at a Singapore government supported incubator is helpful in attracting more businesses. This is a sure way that EntrePass has used to maximize on the investors.
The one-year pass, given to applicants who meet the requirements, is also attracting potential investors in droves. Many entrepreneurs know that the period of one year is good enough for a meaningful breakthrough. Thus, if he would be forced to produce documents to show progress, then a businessman will be ready to comply with the authorities.
This short six month period give entrepreneurs time to create as many jobs as the authorities may want them to.
The six-month mark verification is a good thing period to many businessmen, and helps them get in touch with the authorities. Thus, it gives them just enough pressure to them to perform very well.
EntrePass has just done itself a lot of good just by relaxing the rule on the size of the companies, so that they may attract other middle-scale companies. These are companies with great potential, and may also become global conglomerates in the near future. As a matter of fact, all the big and famous companies we now know in the world, started out as small or middle companies. Thus, EntrePass may just be grooming another global giant by allowing middle-income companies.
In a highly globalised world, it is sometimes more beneficial for a company to outsource manpower from the foreign countries, rather than hiring a local one who has not perfected his skills. Many companies from foreign countries have their staff when they decide to expand, or relocate to another country. However, Malaysia has enough qualified personnel; plus unemployment rate to deal with. Therefore, any foreign investment is beneficial to the locals as they have their own way of employment. So the simple rule is, insist on the employment of the locals, but give them jobs that match their skills. The Total Business Spending and Local Employment of company are reliable.
The one year that companies are given, from the effective date of the revision from the first date of renewal, may be considered by a number of businesses as too limited. However, for any entrepreneurs who thrives working under pressure, this is enough space to operate and be assessed after about two or more years.
The EntrePass holders under groups (ii) and (iii) would be assessed based on Total Business Spending and employment of the locals. These EntrePass holders would be expected to meet the renewal criteria pegged to the number of years that they are on their EntrePass.
If the holders of EntrePass renew their application before 1 September 2014, they will be assessed under the current renewal criteria of total business spending and skilled worker employment. However, if they renew their application on and after 1 September 2014, they will be assessed under the progressive renewal criteria tied to the number of years of operations.
However, the New EntrePass holders will be subjected to the enhanced entry and renewal framework from the effective date of the enhanced framework. Similar indicators are commonly adopted by other countries, such as US, too. The day-to-day expenses arising in running a business, such as employees’ salaries, rental and depreciation and the royalties will also be assessed. Royalties include amount paid as consideration for the right to use copyrights, patents, trademarks, etc.
Franchise Fees has also developed a way of running a business successfully, licensing the rights to operate that business format, under its trademark or name, to another.