subject: Singapore As A Destination For Foreign Business Owners [print this page] Singapore is a state-city in Asia which is believed to be at par with countries like China and Japan to have one of the most dynamic economies in terms of growth, opportunities and promises. However, no country could reach its present epitome of growth and development without its share of difficulties and hard work. The same applies for Singapore as well which was a self-governing state within the British Empire from 1959 till 1963 after which it split up from British authority to join the Federation of Malaysia. It was not before 1965 when Singapore became an independent entity by itself and rest is history as the state-city never looked back as it only marched forward towards progress.
The rapid growth and progress coupled with very friendly taxation system and backed by an equally sound and stable political environment Singapore had made a place for itself by attracting the best talents from all over the world and a pool of foreign investors who remain interested to invest in Singapore. Singapore mainly depends on its manufacturing industry and export of goods. The flexible economy and ever expanding growth which Singapore offers makes it an ideal place for foreigners to have their business setups which include company branches, representative offices and also entirely new companies.
Singapore has an advantageous position geographically which favors business and foreign trade along with a state of the art infrastructure, flexible commercial activities and highly disciplined and well connected transportation. Free trade policies and supportive immigration policies equip Singapore from every possible way to make it a lucrative location for foreign trade and business.
For setting up a business in Singapore its not mandatory that you have to be a Singaporean nor do you need to be present in the country for the incorporation procedure in Singapore. But you must apply for an Employment Pass or Entrepreneur Pass to relocate to the country and live in the country while actively engaged in the business. The Government Business Department gives ample support to foreign entrepreneurs regarding business setups, visa arrangements and also regarding living and staying in Singapore. The Business Registration Act states clearly that a business means any kind of trade, commerce, craftsmanship, calling, profession and any activity carried on for the purposes of profit. Kinds of business setups you can consider are Representative Office, Branch Office or Incorporate New Company such as a private limited company or a subsidiary. The best opportunities are in the Telecom Sector and IT, Travel and Tourism, Food and beverage and so on.
by: Bryan Wong
Zaproxy alias impedit expedita quisquam pariatur exercitationem. Nemo rerum eveniet dolores rem quia dignissimos.
