online: Inter-agency WIT draws global investors

Extract:

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.

Follow this link to the original article online:

http://www.ps21.gov.sg/challenge/2004_11/cover_story/wit.html