Singapore’s Surging Economy Inviting Foreign Entrepreneurs
Singapore advocates free trade policy which provides benefit for foreign trade and exchange making it a great market to be explored.
Accelerated growth and flexible economy are two very important factors which govern success of a business and investment opportunities to be availed. Surprisingly one finds all these factors in Singapore, motivating many foreign entrepreneurs and business tycoons to establish company branches, representative offices and an entirely new company here.
Prominent Points making Singapore a growing business hub:-
The geographical location of Singapore favors business and foreign trade, much to its approachability and positioning.
Singapore is blessed with state of the art infrastructure, best transportation mediums and flexible commercial sector.
Even the stats show that Singapore is best place to do business owing to its free trade policies.
Governed by flexible and part stringent immigration policies, Singapore gives an easy thoroughfare for business entrepreneur.
Now you must like to know essential factors to establish a business in Singapore. Seeing this we have complied a quick walkthrough.
Visa Considerations :–
To avail the business opportunities in Singapore as a foreigner, you would definitely require a visa. Singapore has different categorization of visa and if business, work and investment are looked by you then apply for Singapore Employment Pass. Making you eligible to stay and work in Singapore for a year.
Singapore Employment Pass is renewal after two years for first timers and then after three years.
If you are foreign business entrepreneurs incorporating a new company, then you would need Singapore Employment Pass for your staff, directors and managers to be relocated to Singapore.
Another incentive of Singapore Employment Pass is that it makes you eligible for permanent residency in Singapore. Kindly consider to engage an efficient visa consultancy to ensure efficient and right visa approval.
Registering Process – in Singapore involves numerous in’s and out but a gist have been given below.
Representative Office (RO) – is good way to expand your business in Singapore. If you are opening a RO in the banking and insurance sector then get it registered with Monetary Authority of Singapore (MAS). For other industries the RO needs to be registered with International Enterprise (IE) Singapore.
Branch Office – If you are thinking to open a branch office in Singapore, then it needs to be duly registered with Accounting and Corporate Regulatory Authority (ACRA).
Incorporate New Company – would require fulfilling the Visa norms first, which include getting Singapore Employment Pass and Singapore Entrepass.
Promising Business Opportunities in Singapore
Telecom Sector and IT – Information technology and telecom is on rise in Singapore. Facts and stats point that Singapore has optimum infrastructure to meet the demanding IT sector. Telecom is another forte of Singapore providing excellent internet services, landline and mobile connections. According to estimations Singapore Telecommunications Limited (SingTel) has landmark 185 million customers.
Travel and Tourism – Singapore’s hospitality industry will and is experiencing a boom with, estimated 17 millions arrivals and buzzing S$30 billion investment in tourism sector. Note that this rise brings ample of opportunity for entrepreneurs and job seekers in Singapore in future.
Food and Beverages Industry – With multicultural and multiethnic setup in Singapore, food and beverages is another blossoming business market. Chinese, Indian, Continental and fast food are an evergreen market in Singapore.
About Author:
Peter Lee is a renowned visa consultant here at Singapore and had efficiently processed hundreds of visas/pass for foreign immigrants and expatriates. You can get the most ample counsel for your Singapore Employment Pass/Singapore Enterpass from Mr. Lee. This would lead to much higher chances of success for your visa application.
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