<article>Singapore government is set to consolidate its various funding schemes for startups under a single umbrella brand &#8211; Startup SG.</article>

Singapore government is set to consolidate its various funding schemes for startups under a single umbrella brand &#8211; Startup SG.
In another significant move, the city-state has decided to revise the <a style="color: #000080;" href="http://dealstreetasia.com/tag/entrepass" target="_blank">Entrepass</a> visa scheme, aimed at enabling foreign entrepreneurs seeking to launch a business venture in Singapore.
Schemes under the Startup SG umbrella will include Startup SG Founder, a scheme to support first-time entrepreneurs; Startup SG Talent to support talent development for startups; and Startup SG Equity to incentivise equity co-investment for startups.
Minister of State for Trade and Industry Koh Poh Koon announced on these measures on Friday (March 3, 2017), and added that the move would see all entrepreneurial funding schemes unified under this scheme.
The reforms will see enhanced co-investment support for ventures in the area of deep technology (deep tech) in domains such as medical technology, clean technology and advanced manufacturing, to catalyse private sector investment.
It could translate to increased investment cap for the Government’s co-investment portion for deep-tech startups, which will double from S$2 million to S$4 million. Also, the proportion of co-investment funding support will be increased from 50 to 70 per cent.
Koh highlighted, in a Channel News Asia <a style="color: #000080;" href="http://www.channelnewsasia.com/news/singapore/government-to-unify-start-up-support-schemes-under-startup-sg/3565692.html#.WLts71LeO5Y.linkedin" target="_blank">report</a>, &#8220;with the unified branding, it will be easier for budding entrepreneurs to identify the relevant schemes for their unique situations and needs. Over time, we will work with other stakeholders to further strengthen this Startup SG brand”.
The city-state&#8217;s startup ecosystem has seen a growth in startup ventures rising from 22,000 in 2003 to 48,000 in 2015, with corresponding increases in the number and aggregate valuations of startup exits.
Koh adds, “Notable successes include live customer support chat solution provider Zopim and online marketplace Lazada, which were acquired for about $30 million in 2014 and $1 billion in 2016 respectively.”
As part of the revision of the significant <a style="color: #000080;" href="http://dealstreetasia.com/tag/entrepass" target="_blank">Entrepass</a> visa scheme, the existing entry and renewal criteria for such entrepreneurs would be extended from one to two years.
The revision will see the requirement for paid-up capital of at least S$50,000 in startups removed; evaluation criteria broadened for global startup founders with an established track record and the extension of EntrePass term from one to two years.
Singapore has to remain open to what are termed &#8216;foreign talents&#8217; due to talent scarcity in its ecosystem, and also as a driver to business venture formation and retaining its appeal as a global business destination with access to the Indo-Asia Pacific.
According to Koh, as at 2015, foreign startups operating out of Singapore employed more than 19,000 workers in total.
Koh noted: “Foreign entrepreneurs have the capacity to add to the vibrancy of our startup scene. They complement our local startups through the cross-fertilisation of ideas, catalyse new partnerships and create good jobs for our people.”
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Singapore is reforming its startup initiatives and consolidating them into a brand called Startup SG.

Singapore consolidates all startup schemes under one umbrella

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