Opportunities to foray into entrepreneurship are abundant in Singapore for locals and foreigners alike. Whether you are a foreigner seeking to start a new business in Singapore, or one who is looking to expand your existing business to a foreign country, you have come to the right place.
What are some of the incentives for foreigners who are seeking to establish a business in Singapore? What programmes are available to facilitate entry into Singapore? What corporate services are available for foreigners who wish to register their business before arriving in Singapore?
Here are Five Key Reasons Foreigners Choose to Set up a Business in Singapore
1. Strong Government Support through the Global Investor Programme
The Singapore government facilitates the entry of foreigners desiring to do business in Singapore through the Global Investor Programme (GIP). The GIP accords Permanent Residence status to foreign businessmen who have a successful business which they would like to bring to Singapore.
Foreigners who have not yet achieved a substantial business track record may still venture into Singapore through the EntrePass or the entrepreneur pass. A foreigner who submits a business proposal that offers a comprehensive information about the nature of the business, creative financial products to support the business and a plan on long-term scalability may be eligible to enter Singapore through the EntrePass.
Those granted the EntrePass can also come relocate to Singapore with their family, and are allowed to stay for an initial two years, during which time, the entrepreneur and his or her family members can go in and out of Singapore with ease. The EntrePass can be renewed as long as the business is still viable.
2. Business-friendly Environment
The government has made it easy for foreigners to start a business in Singapore by promoting a business-friendly environment. First, the requirements for establishing a Singapore branch of an existing business is streamlined. Under the Companies Act, the minimum number of authorized representatives who is ordinarily a resident of Singapore is one.
What does ordinarily resident mean? It means that the director is a Singapore Citizen, a permanent resident or an EntrePass holder.
3. Strategic Location
Businesses of all sizes, from start-ups to multinational corporations, prefer to establish their Asia Pacific regional hubs in Singapore. A sprawling metropolis, the city-state is well-positioned to help companies sustain and grow their business because of its political stability, multi-cultural talent pool, and ease of doing business. Singapore is also home to one of the world’s biggest and busiest ports, making it easy for businesses to bring products into the city-state, or out to countries where their trade could expand. Establishing a regional headquarters in Singapore is strategic for businesses pursuing markets in China, Australia and the rest of Southeast Asia.
4. Ease of Doing Business
From ease of accessing corporate services providers to government frameworks that offer rebates and tax exemption, Singapore is every entrepreneur’s haven. Registering a business is not a challenge whether a foreigner decides to engage a corporate services firm while yet overseas or upon arrival in Singapore.
Through the Accounting and Corporate Regulatory Authority’s BizFile+ site, the process of company incorporation can be accomplished within in a day, supposing the foreign business has submitted all requirements accurately and completely.
To avoid delays in filing for business registration, foreigners are encouraged to engage the professional corporate services firm to do the job for them.
5. Access to Top notch Talent
Singapore’s talent pool is among the best in the world, offering foreigners a strong workforce support to bring their business forward to new growth directions.
Singapore’s universities and educational institutions produce among the world’s topnotch graduates who have been honed to take on challenging roles in the business world. The talent pool is also teeming with middle managers and managers who have substantial experience tucked under their belt, enabling a newly set up business to harness expertise that will take the business fast forward to success.
Aside from this, Singapore is also a melting pot of regional talents who come to the city-state ready to make a contribution to companies that employ them.
That said, foreigners have a strong backing for what they need to take their business aspirations to the next level.
These are just some of the reasons many foreigners find Singapore as the ideal destination for setting up their business.
Corporate services are available to assist foreigners to incorporate their business in Singapore while they are still overseas.
If you are a foreigner planning to engage a corporate services firm, study your options well and go for corporate services that do not only register your business for you, but can also give you much needed advice on the regulatory requirements.