Role of Foreign Professionals in Singapore’s economy
Singapore is one of the few nations in the world that has been able to effectively use its immigration policy for economic growth. Singapore’s immigration laws make it quite simple for a qualified foreign professional to relocate to Singapore and work in the country. They can even bring in their spouse and unmarried children under the age of eighteen by applying for a dependent pass for each of their family members. Today over one third of the entire working population of Singapore is made up of foreigners and these foreign professionals have been able to integrate into the society quite well. They are now part of the new Singapore and part of one of the most vibrant societies in the entire world.
You will find professionals from all corners of the world working in Singapore. Each one brings with them a special skillset and together they form a strong work force which most other nations would not be able to match. Singapore’s own citizens are known for being well educated, hardworking and highly skilled. However, due to the tiny size of the country and its low overall population, local residents could not keep up with the demand for new jobs in the country. With an incredible fast paced economy growing at a phenomenal rate, Singapore creates more and more jobs each day. For its economy to maintain the momentum, Singapore had no choice but to open up the immigration policy and make it easy for eligible foreign professionals to work in the country.
Of course with anything that Singapore does, the immigration policy was also crafted with excellent vision for the future and with immaculate execution. Singapore ensured that the immigration policy would attract the best minds from all over the world. The country soon realized that it would be even better if they could attract foreign entrepreneurs and investors who could make a genuine impact on its economy. They opened up the country to foreign business owners, allowed 100 per cent foreign ownership in Singapore companies and also created a straightforward company registration process which took only about a day or two to complete. The result is that today Singapore has hundreds of thousands of foreign owned companies investing in the country. Every year a few thousand more foreign entrepreneurs setup a business in Singapore and apply for the entrepreneur pass to relocate to Singapore. Foreign professionals and foreign entrepreneurs have now become an integral part of Singapore’s society and have been able to make a huge impact on its economy which was the fastest growing economy in the year 2010.
Author Bio
Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about Singapore company registration agency and Singapore company director.
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