Business opportunities in Singapore are available in abundance not only for locals, but also for foreign business people. As a viable candidate for foreign transactions, exchange and businesses, Singapore has a reputation of being an effective port for foreign investment and foreign businesses.
Foreigners can make use of these business opportunities in Singapore by first understanding how one can set up or expand his business in Singapore as a foreigner to the country. One has to ensure that he or she attains the correct visa, prepare the necessary requirements that are important for foreign business registration and finally know the proper registration process for his or her business in Singapore.
A foreign business person pursuing business prospects in Singapore has to attain a work pass called the EntrePass for foreign business people to start a business in Singapore and to optimize the usage of business opportunities available in Singapore. The Ministry of Manpower (MOM) and the Standards, Productivity and Innovation Board Singapore will process the application for the EntrePass and approved EntrePass applicants will enjoy the working pass for up to two years. This validation period of the EntrePass is available for the successful first-time applicants. When the EntrePass expires and meets the criteria for a renewal of the work pass, such renewals will award the business with an EntrePass that has a three-year validity period.
Registration can be easily done for one’s business in Singapore through Bizfile, a system that was set up by the Accounting and Corporate Regulatory Authority (ACRA). Registration for the expansion of businesses in Singapore can also be done through this system. That is, one can also register his or her business branch through this system of registration.
If one wishes to make a foreign expansion of his or her business in Singapore and set up an extended branch office of his or her company, he or she can approach various government agencies for advice and guidance. Relevant procedures and information regarding the registration process can be attained through agencies such as the Monetary Authority of Singapore (MAS) and the Attorney-General Chamber’s. Such agencies provide information and help in the financial and accounting and legal businesses respectively. Help for and information on other sorts of business ventures can be attained from the International Enterprise of Singapore.
Furthermore, one can approach the Economic Development Board for viable locations in Singapore where one can place or position his or her business offices and company. The Economic Development Board (EDB) provides extensive information on industrial and business parks and business locations in Singapore to fill in foreigners about information about potential business locations in the local territory.
Singapore’s large population of local business talents can effectively provide for the human resources needed for one’s company or business. One can use online recruitment portals and various recruitment agencies to aid the human resource sector of one’s company or business. Information on the training and the availability of potential recruits can be found on the EnterpriseOne website, while the EDB aids in providing various training programs for potential local business recruits.
Aside from the EDB, the ACRA and the EnterpriseOne site, further assistance can be acquired from various other government agencies such as the Standards, Productivity and Innovation Board (SPRING) and International Enterprise Singapore (IE Singapore).
The relevant links to websites, agencies and authorities mentioned can be easily found on the MOM website.
If you require government grants for small business opportunities, then Paul Hype Page & co. can help you get your hands on it. With plenty of experience and a library of knowledge, we can help foreigners start their own business in many countries such as Singapore.
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*For further explanation on Setting Up a Business in Singapore, click here.
Categories: Singapore Incorporation and Company Registration