Business Relocation To Singapore | Eligibility & Schemes
Overview of Business Relocation to Singapore
If you are looking for a one-stop solution to incorporate or expand your business to Singapore, look no further. Regardless if you are a seasoned business professional or a budding entrepreneur, IASG is at a position to best advice you on the various options available.
Setting up a business, especially if you are a non-Singaporean, requires that you be familiar with the policies and systems in place. As such, it may be worthwhile to engage the services of a professional firm that has the relevant track record and expertise. After business incorporation, it is also critical that you continue to receive best in class immigration advisory. This ensures that your business complies with local immigration laws and policies and you are well positioned to operate optimally.
With its pro-business environment and laws, Singapore has established itself as a hotbed for innovation and entrepreneurship, attracting organizations both small and large as the choice destination to relocate. In 2020, with Covid-19 globally impacting the world, it was widely reported how Singapore has yet again proven its efficiency with its deliberate decision making in handling matters.
Most recently in June 2020, Singapore has retained the top spot as the World’s most competitive economy in the latest edition of the Institute for Management Development’s (IMD) World Competitiveness Ranking. This comes amid the flurry of uncertainties plaguing businesses and whole economies globally, due to Covid-19.
Regardless whether you are a corporate or individual investor, as one of the world’s easiest places to do business, setting up in Singapore can be seamless and efficient when you work with the right partners.
Singapore Continues to be an Ideal Location for Business
Singapore has what it takes for your business to thrive. In June 2020, Singapore has retained the top spot as the World’s most competitive economy in the latest edition of the Institute for Management Development’s (IMD) World Competitiveness Ranking. The Global Competitiveness Report evaluates an annual list of 63 economies, which analyses their ability to generate prosperity. Making up the top five after Singapore were Denmark, Switzerland, the Netherlands and Hong Kong – which economists duly noted as illustrating the ‘strength and resilience of many small economies’, rather than a single major player in dealing with Covid-19.
As a gateway to ASEAN and Asia, many companies have settled on Singapore not only for their expansion, but also for their operational headquarters. This can be attributed to Singapore’s attractiveness for:
- Business-friendly environment
- Having a stable government and political climate
- Supportive government policies (Taxation, Laws and Intellectual Property rights etc)
- Diverse talent pool with the right expertise
- Access to fast growing markets in the region
- State of the art infrastructure and connectivity
- Good quality of life
In a series of national ministerial broadcasts on Singapore’s post-COVID-19 future, Singapore Prime Minister Mr Lee Hsien Loong reaffirmed how “Singapore is well placed to connect to the new channels and flows”. Further, he added that the Singapore government will be “Digitising both private and public sectors, building R&D and innovation capabilities”. They will be committed to “Retain and Attract talent, and making investments to contribute to the economy”.
In a ChannelNewsAsia article published 30 May 2020, the Economic Development Board of Singapore (EDB) reported in the first four months of 2020, Singapore have secured about S$13 billion in investment commitments for the “next few years”, Trade and Industry Minister Chan Chun Sing said. Despite the perils of Covid-19, Singapore has exceeded the S$8 billion to S$10 billion which had been projected for the whole of 2020.
This echoes Mr Lee’s calm reassurance that, “When other countries are closing their doors, we are keeping ours open*“.
*Sources – https://www.gov.sg/article/pm-lee-hsien-loong-overcoming-the-crisis-of-a-generation
https://www.channelnewsasia.com/news/singapore/covid-19-edb-singapore-investments-coronavirus-surpass-projected-12786876
How Does IASG Help?
IASG will front the entire business registration process so as to get your business operational in the shortest possible time. This includes :
- Conducting an Initial profiling
- Advisory on local laws and policies necessary for foreigners registering businesses / looking to invest in Singapore
- Registration of company with the Accounting and Corporate Regulatory Authority (ACRA) of Singapore
- Preparation of all necessary documentation
- Opening of Corporate Singapore Bank Account
- Pass Applications (Employment Pass , Personalised Employment Pass (PEP), Dependant’s Pass)
EntrePass
The EntrePass is designed to facilitate the entry and stay of entrepreneurs who intend to start and operate a new business in Singapore. Successful applicants will be awarded a one-year pass. Visit the Ministry of Manpower for more information.