Singapore’s Ministry of Manpower (MOM) has implemented the Singapore EntrePass program, to attract foreign entrepreneurs. This program is hoped to increase new business implementation in Singapore, as a result of its offerings. The EntrePass allows the business owner, and family, to obtain a one-year visa for the country, which gives ample time for the business to incorporate and establish itself as an established business. It is hopeful that the company can prove to be an economic asset to the country, not only through economic generation, but also through the hiring of local Singaporean workers.
The MOM has reduced the number of foreign visas offered in recent years, in order to increase demand for the Singapore workforce. It is the goal of the EntrePass that chosen businesses will hire a number of local workers to complete projects and to strengthen the image of Singapore as a capital for enterprise.
Gaining an EntrePass to establish business in Singapore is contingent upon presentation of a sound business plan. This business plan must be detailed in outline, and must establish concrete goals, marketing strategies, core principles, financial obligations, and exit strategies, among other things. The business plan should outline investors and costs, and should show how financial records will be kept and documented.
Singapore’s MOM has placed great importance on the business plan for good reason. The business plan is the guideline from which all business-related decisions should be made. A business plan generally consists of the following sections: executive summary, business description, market strategies, competitive analysis, a development plan, a management plan, and then finally, financial projections
Executive summary is a brief overview of the company, which is extended upon in the business description. Competitive analysis is essential for proving the viability of the business concept. Introducing a new or improved product or business that exceeds the competition will draw both investors, and the MOM, to move forward. Financial information should be included, to outline the startup costs of the business and how they will be funded. This should include information about repayment of loans or gifts, on what timeframe and in what increments will loans be repaid.
It is important to include legal documentation when necessary, as this will increase the legitimacy of the business and its proprietorship. The business plan outline the tactics and strategies that will be put in place if x, y, and z situations are to occur. Therefore, it is important that the business plan outline not only the positive future dealings, but also exit strategy and contingency plans for the instance that the business does not succeed as hoped.
If granted an EntrePass to incorporate in Singapore, it is important to follow all business regulations including taxation and legal restrictions. Most importantly, hiring and maintaining a Singaporean workforce with strengthen the local economy and will bode well for recipients of the EntrePass. The MOM wishes to offer advantages both to its local people, and to those who are willing to make the move to establish their business in the growing sect of overseas business establishment.