Singapore Attracts Wealthy Entrepreneurs
For last few decades, the government of Singapore continues to woo high net worth individuals (HNWIs) and families from around the world. As a result, its economic structure has been developing in a consistent manner and still has room to grow. Surprisingly, Singapore, an erstwhile sleeping South Asian nation, has now topped the list of the countries with the highest number of millionaires. The authorities of the country have made an immense effort to fascinate world’s richest business investors and entrepreneurs to its soil. Even the wealthiest citizens from world’s economically developed nations are also eyeing the business opportunities in the nation.
The island nation is adaptive to liberal business policies (pro-business tax structures, company act, immigration policies, etc.) that can contribute to the vibrancy of its business landscape and give a boost to economic growth of the nation. Foreign entrepreneurs consider Singapore as a heaven of a booming business that protects their assets from taxes. According to a survey report conducted by Boston Group in 2011, there are around 188,000 millionaire households. The effort to attract new business venture in Singapore brings new ray of hope in its general economic growth by facilitating more scope for new capital investments and generate more employment opportunities in its country.
Below are the key reasons why Singapore attracts more wealthy foreign entrepreneurs:
- Outstanding Tax Structure: Tax structure of the nation is undoubtedly an alluring factor to consider for the richest foreign investors. With some business-friendly policies like low corporate tax rate of 17%, single tier tax system, and tax exemption scheme, the outstanding tax structure of Singapore allows the entrepreneurs to protect their wealth and provide immense scope for business to flourish.
- Easy and Quick Process of Business Incorporation: Singapore’s Company Act regulates its company’s laws and policies. The policies are liberal and implemented in an organized way. Company registration process is far easier than any other nation. It takes only a couple of days for foreign investors to form a business in overseas. There are certain prerequisite conditions set by the government such as the unique name of the company, approval of name, a local registered address, determination of director, shareholders, appointment of company secretary, etc. that to be accomplished at the time of registration.
- Attractive Entrepreneur Pass (EntrePass) Scheme: Entrepreneur Pass Singapore is designed for foreign investors who wish to relocate to Singapore to establish their business entity here. It is not required in case of operating business from overseas. An EntrePass holder can apply for permanent residence in due course, and it allows an investor to bring his family by applying for the dependant’s pass. However, there are certain criteria for eligibility and requirements of document to apply for Entrepreneur pass Singapore. There are no major difficulties to obtaining an EntrePass in Singapore, which is an added advantage.
- Flexible Immigration Policies: Singapore’s government has speculated the needs of foreign entrepreneurs and made ideal immigration policies for them. The Employment Pass is the main type of work permit that permits a foreign individual to work in Singapore. EntrePass or Entrepreneur pass is a variation of it that meant to newly incorporated company owner. It is an open policy where there is no official quota system.
The above-mentioned appealing policies give evidence to the country’s support towards richest foreign investors who can bring new positive changes in the economic structure of Singapore.
About SBS Consulting:
SBS Consulting is a Singapore’s leading company registration firm. The firm is a specialist in providing services related to company formation. Since its inception in 2010, it has done tremendously well with its expertise in the concerned field. The company has also extends its services in the areas like taxation planning, Payroll system, Singapore accounting services, auditing, IT Consultancy and software development.