Singapore PR Applications | What it means by Business Relocation
What it means by Business Relocation
Singapore is the hub of businesses where a professional can easily get himself a potential spot and start working on it. Singapore citizenship advises you that your best decision should be to confide in and take a step further in your entrepreneurship dream with our expert advice by your side every step of the way.
Obtaining relevant information about the process of setting up a business in Singapore is a vital step. Without understanding the business incorporation policies in-depth, a non-citizen can’t achieve an acceptable outcome. The first step is to learn the right measures for setting up the business and the second is to ensure that your business is in alignment with the local immigration laws. Once you find the alignment robust and healthy, you are ready to take on the business responsibilities.
The massive business industry budding in Singapore is so well fortified that even the global pandemic failed to suppress its strategic improvisation and development for too long. It is a central attraction point for most organizations all around the world. The country’s extraordinary entrepreneurship laws and policies have caused the industry to grow in both small and large dimensions.
Despite the havoc of COVID-19 and its extensive global impact on the worldwide economy, Singapore stood its guard and as a result of its strong system, the business-friendly country bagged the first position in the World Competitiveness Ranking formulated by the Institute for Management Development (IMD) in June 2020.
With the right choice of partner, the policies and laws associated with the Entrepreneurship opportunities for a Singapore citizen whether he is an investor, budding entrepreneur, or a corporate level individual could be as seamless as possible.
Why Singapore is the ultimate dream location for setting up a 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.
Being an active promoter of the economy and claiming the first position in the World Competitiveness Ranking prepared by the Institute for Management Development (IMD) in June 2020, Singapore has managed to retain a top-notch position in the world. Followed by Singapore, only Denmark, Switzerland, the Netherlands, and Hong Kong managed to qualify for the economically potential countries that could bring prosperity and strength to the country’s economy and security. Having said that, Singapore remains the only entrepreneurial country to survive the pandemic by reporting the least economic downfall throughout the year.
The major reason why ASEAN and Asia choose to reside in Singapore for a long term with the intent to build their headquarters and operate it is because of the following entrepreneurial attributes offered by the country to its citizens.
Stabilized Government affairs and politics
Added Government advantage to the citizens in terms of Taxation, Laws, and Intellectual Property policies.
The quality standard of life
Extensive Entrepreneurial Services
Diverse Infrastructure supporting Art and Connectivity
Rich in talent and professional expertise
Easy Access to progressive markets and industries
In recent statements made by the Prime Minister of Singapore, Lee Hsien Loong, the possibility of a better future where “Singapore is well placed to connect to the new channels and flows” seems to be highly guaranteed. Optimal results are expected to unveil after “Digitising both private and public sectors, building R&D and innovation capabilities”. The Prime Minister also added that this approach is expected to “Retain and Attract talent, and making investments to contribute to the economy”.
On May 30, 2020, a big step for the future stabilization of Singapore came to light when Channel News Asia reported a whopping investment of S$13 billion procured by the Economic Development Board of Singapore (EDB) to secure the commitments of the impending years. Likewise, the numbers increased from S$8 to S$10 billion to ensure that the country is in safe hands and undisrupted during the COVID-19 pandemic.
As assured by the Prime Minister while standing amidst closed doors, “When other countries are closing their doors, we are keeping ours open*”.
Singapore Citizenship Assistance in Business Affairs
The step-by-step process put together by Singapore Citizenship that enables your business dream to come to life expeditiously includes the following operational pointers:
Thorough Analysis/Composition of Profile
Notifying about foreign investment policies and laws regarding registration
Getting company licensed and registered by Accounting and Corporate Regulatory Authority (ACRA)
Compilation of relevant documents
Getting Corporate Singapore Bank Account Registration
The Accounting and Corporate Regulatory Authority (ACRA) is responsible for licensing the different kinds of business companies in Singapore, a few of which are mentioned below:
Subsidiary Company: The subsidiary company refers to a local private limited company with most of its shares accumulated by local or foreign company shareholders.
Branch Office: It is a legitimate and registered office of a parent company that sits in a foreign country with roots embedded in Singapore.
Representative Office: A temporary corporate setup that enables foreign companies to operate and explore the market options and efficacy or manage company affairs in Singapore without conducting any profitable business activity.It refers to an office that temporarily represents companies from foreign countries to carry out critical tasks on their behalf in Singapore and explore the market industry to help them make better choices for growth.
Single-Family Office: This office is responsible for managing and solving issues pertinent to the family’s investment, tax filing, management, and consolidation.
Likewise, to execute a long-term business plan in Singapore, an interested entrepreneur or an investor must acquire EntrePass or Global Investor Programme (GIP) through legal processing. For a struggling investor in Singapore, these passes are the gateway to a long and ripe era of entrepreneurship. This can be done through the EntrePass, or under the Global Investor Programme (GIP).
Global Investor Programme (GIP)
The GlP accords PR status to investors with a substantial business track record who intend to drive the growth of their investments from Singapore. To qualify for the GIP, the applicant must either
Only investors who have sufficient experience in the business industry are eligible to apply for the Global Investor Programme (GIP). For a candidate, one of the following criteria will suffice: (a) Investment of S$2.5 million at the minimum, for the potential growth of a firm in Singapore or a brand-new startup.
(b) Investment of S$2.5 million, at the minimum, to add to the GIP funds for further investment in the companies of Singapore.
(c) Investment of at least S$2.5 million, along with the ownership of S$200 million (at least) Assets -Under-Management (AUM*), for potential growth or startup of a single-family office in Singapore.
With the help of our services and EDB, IASG clients can easily apply for Permanent Residency using the scheme of the Global Investor Programme (GIP). After a few EDB signups, the clients will be ready to take on the process.