Foreigners who leave their country to live in Singapore for business purposes should be aware that in many ways, the lifestyle in Singapore will be very different from that of their home country. Those who are unprepared for these differences might not want to go through with company incorporation in Singapore.
One of the most striking features of daily life in Singapore is the extreme population density. It is the second-most densely populated country in the world, only trailing Monaco. As such, most major areas of the country tend to be rather crowded. Therefore, people who are uncomfortable being in large crowds or being in areas full of people might not be able to adapt well to living in Singapore.
The relatively high cost of living must also be considered. The Cost of Living Index ranks Singapore as the world’s 105th-most expensive city. While this ranking does not seem to be that high, it actually means that Singapore is among the top 25% of the most expensive cities in the world. In Singapore, daily necessities such as public transport, clothing, utilities, and food can easily be afforded by most living there. However, education, housing, and car ownership and maintenance can take up a large portion of one’s budget, as they are expensive for those who live in Singapore.
How We Can Help You Relocate to Singapore
It is obvious that there are several difficulties to which everyone who moves to Singapore must adjust. After reading this, foreigners might even have second thoughts about relocating and instead choose to remain in their home country.
However, if you would nevertheless like to relocate to Singapore in spite of these possible issues, we at Paul Hype Page & Co can be of assistance. Our team will arrange for you to obtain all the necessary passes and permits with as little trouble as possible. Whether you are seeking an Employment Pass, S Pass, Personalized Employment Pass, or any other work visa, we can steer you in a direction that will ultimately lead to your receiving of the visa. This will help you establish a functional company in Singapore.
Entering an Industry Unsuitable for the Singaporean Economy
Even if everything on the path to setting up a business in Singapore has been done in the proper manner, if the industry to be entered is not in good shape, then all of one’s efforts could come to bought. Certain industries in Singapore have been in a state of decline and continue to be in one. Among the businesses which have not been performing well include print and media companies, departmental stores, and travel agencies. Many print and media companies are currently losing print revenue money because of the high costs associated with operating such a company. Although these companies’ digital revenue has been increasing, it does not make up for the losses in print revenue they have suffered. The economic power of departmental stores has also been declining due to the ever-increasing power of e-commerce. The operating costs of departmental stores are much higher than those of e-commerce businesses as well. Travel agencies in Singapore also find themselves in a precarious position. This is because most people tend to use online or mobile methods to book vacations. Furthermore, travel agencies often have to spend much money for the purposes of rent or payroll. Therefore, people who are considering setting up a Singapore company in one of these industries should reconsider.
Singapore company registration is not for everyone because it carries major risks that may come back to haunt those who are not ready to do so. However, those who choose to incorporate a company in Singapore may find success. They can do so as long as they adeptly handle the problems that have been described and thus gain many benefits from their Singapore company.