Singapore is appealing to most people who wish to set up business due to the fact that it has open market views. It is the easiest place among other developed countries for an expat to be able to set up business since its corporate tax is reasonable. The wide cultural diversity that is found in Singapore makes it one where it is easy to have access to talent based on the available workforce that collects there.
The Singapore government provides motivation and help to some industries of those who start a business body there. This comes in the form of tax and financial incentives given to the development schemes listed by Economic Development Board of Singapore to assist businesses. Provision is made for assistance that relates to financing, capabilities and management development. Innovation in addition to technology and the access of the start-ups to markets is also provided by Singapore for young start-ups as well. The assistance that an expat gets from the Singapore government while starting out in the country is a good initiative to get him on his feet soon enough.
There are free trade agreements in Singapore that is made with major world economies that benefits international firms in the country a lot since it helps reduce the tariffs on imports. Since there no tax imposed on capital gains in Singapore also works to draw expats to invest in the country. A company can have as many Employment Passes as they like despite how big or small it is and this is issued purely on merit.
As much as it is relatively easy for one to set up a company in Singapore, the special pass that enables one to be able to get authority to transact business in Singapore known as the EntrePass is a requirement. This enables one to set up a business branch and enterprise or even a company by allowing an expat to be able to stay in the region and make an application to do business there. The EntrePass is a basic requirement to enable the incorporation of a company since registration with Accounting and Corporate Regulatory Authority is necessary. This is done through the filing system available online known as BizFile.
Before starting out an application to set up a company in Singapore, an expat needs to have some details on his fingertips. This is what is required to fill out the application form and consists of details such as his CV and business plan. His qualifications and work history need also be included in the application well articulated with no spelling mistakes and in a clear way to enable the one who reviews it give good points to the expat. It is required that the expat makes copies of his qualifications and previous work certifications which should all be attached to the application.
An expat is also required to give reasons and also his mode of doing business in the country. He should also set up a fixed term savings account while awaiting the EntrePass. After a week’s wait and having been given the Banker’s guarantee letter from Ministry of Manpower he will then submit his guarantee, letter and passport to the MOM with a small fee that is charged. He is then issued with a green card and given a month within which to submit particulars about his new company to the Ministry of manpower.
The ease with which one is able to get a permit to set up a company in Singapore makes the country an accessible place of business with the right resources that are needed for business startups. It is for this reason that the country enjoys global attention from expats who seek visas so as to be able to successfully send applications to do business in Singapore.
The facilitation of a system to enable expats eyeing prospects of running business overseas within structures that offer competitive activity in the business world works to bring more of them to Singapore. That, coupled with the conducive business environment successfully sets the country apart among others in Asia for global trade to take place within its borders.