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| Inter-agency
WIT draws global investors |
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| Ms
Janice Tan sharing about the Global
Investor Programme initiative
with Mr Heng Swee Keat, Permanent
Secretary of the Ministry of Trade
and Industry. |
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Dreams do come true
— not only in the movies. In January this
year, a Taiwanese, a German and a Filipino jointly
registered a company called CineNow Singapore with
hopes of making it big in the DVD and VCD rental
business.
They launched four 24-hour outlets in Clementi,
Tampines, Jurong East and Toa Payoh. Their novelty
— a fully automated dispensing machine —
proved to be such a hit that the trio broke even
within two months!
CineNow is just one of the many businesses that
have sprung up since the Government launched the
EntrePass scheme last October.
The scheme enables foreign entrepreneurs to set
up shop in Singapore with ease. Unlike previous
entry schemes which required applicants to meet
certain salary and academic criteria, EntrePass
only requires applicants to submit their business
plans. By liberalising the entry rules, the Government
hopes more global investors will come to Singapore.
Judging from the feedback given so far, the scheme,
which has attracted over 800 applications, is achieving
its aims.
Said the founders of CineNow: “[Singapore’s]
safe, has excellent infrastructure, minimal red
tape and a supportive government that’s open
to foreign entrepreneurs.
“We consider ourselves a Singaporean company.
We may expand overseas but our headquarters will
be here.”
The EntrePass scheme is one of the three key initiatives
introduced under the Economic Development Board’s
(EDB) Global Investor Programme.
This is a programme that sets out to attract global
investors (foreign investors, businessmen and entrepreneurs)
by making it more convenient for them to explore
business opportunities and start businesses here.
The other two initiatives under the programme are
the Multiple Journey Visa (MJV) for frequent business
travellers and the Social Visit Pass for Entrepreneurs
exploring business opportunities. Global investors
have also given these the thumbs-up.
Said Mr Ji Jaisheng, President of China Ocean Investment
Ltd: “When we have periodic reviews of our
operations or board meetings in Singapore, some
of our top management officials from China are invited
to attend them. The MJV makes it easier for us to
bring in our top management to Singapore.
“EDB extended every assistance to us for our
MJV applications, and we appreciate this very much.
We are confident the MJV will help to boost business
between Singapore and China.”
The success of the Global Investor Programme can
be attributed to great teamwork. What started out
as an internal EDB objective to review its entrepreneurship
programme became an interagency collaborative effort
to develop a holistic programme that caters to global
investors in terms of our entry policy for foreigners
interested in doing business here.
The 14-member WIT comprised officers from EDB, the
Ministry of Manpower (MOM), Ministry of Home Affairs
and the Immigration and Checkpoints Authority. Although
the project took nine months to complete, everyone
agreed that it was a fulfilling experience.
Said Mr David Tan, who was previously from MOM:
“It was a refreshingly generative process
where we challenged each other’s assumptions
and engaged in some truly breakthrough thinking!”
Added Mr Kiren Kumar from EDB: “It was a phenomenal
experience being in a team of thinkers, innovators
and implementers.”
“And one year down the line, it’s heartening
to see the results and the impact it has had on
Singapore,” said Ms Janice Tan from EDB.
“It’s also fun to read the newspapers
or turn on the TV or radio and see companies that
you’ve been working with being profiled in
the national media!” |
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Next: MICA’s
innovation extravaganza |
