Singapore eases immigration to lure high-tech ventures

Asian Economic News, July 5, 1999

SINGAPORE, July 2 Kyodo Singapore on Friday announced a package of measures, including easier immigration rules, to foster more technology-based entrepreneurs in the country.

The new immigration rules make it easier for foreigners to stay in the island republic and explore opportunities to set up technology-based companies, Teo Ming Kian, executive chairman of the National Science and Technology Board, said at a news conference.

Eventually, some foreigners without jobs in Singapore will be allowed to stay "long enough to properly explore opportunities here and subsequently set up business," Teo said.

Currently, Singapore's immigration authority only issues employment passes to foreigners who have already secured a job in the country.

"New ideas and ventures come about only after considerable exploration and deliberation," said Teo, who heads a government committee to develop technology- based entrepreneurs.

"The opportunity (to live in Singapore without a job) would be extended to foreigners considering Singapore as a base for their ventures," he said.

Other measures include changing the country's bankruptcy law so that people will not be deterred from taking risks, including allowing certain bankrupt firms to continue to run their businesses.

"There have been some comments that our society does not tolerate failure. Our bankruptcy laws and regime have often been cited as a manifestation of this low tolerance for failure," he said.