Government Programmes For Company Formation In Singapore

By Eri San


Foreign companies are attracted to Singapore because of its business-friendly government and its strategic location in Asia and Southeast Asia. For those looking into increasing their brand, Singapore provides endless opportunities with its competitive business landscape.

For foreigners thinking about starting businesses in Singapore, the several programmes the government is implementing are worth noting. One of these is the GIP or the Global Investor Programme, which was crafted to make starting a business easy for foreigners.

Contact Singapore, an alliance between the Singapore Economic Development Board and the Ministry of Manpower, is behind the implementation of the Global Investor Programme. The GIPs chief purpose is to link foreign investors interested in Singapore to established business networks, making company formation in Singapore a lot simpler. Aside from this, the programme also makes it possible for foreigners to arrange for their immigration documents.

Investors have two possible options: the first one requires investing a minimum of S$2.5 million into a new business venture, or else to an existent one. The other option, meanwhile, requires an investment of the same amount to a GIP fund, that will in turn invest in an existing company in the country.

One has to note that if one chooses the GIP, one must secure approval for the programme prior to undergoing other processes like company incorporation. If application to GIP is successful, and an investor goes for the first investment option, then company incorporation Singapore will follow suit relatively smoothly.

Foreigners must first secure a Permanent Residency status in Singapore as a part of the GIP application, and then submit requirements as proof of substantial business track record and entrepreneurial know-how. A business track record of no less than three years is a must for applicants, as well as financial documents for the last three years. A minimum of S$200 million as average annual turnover is needed for those that belong to the real estate and construction industries, while S$50 million for the rest.




About the Author:



No comments:

Post a Comment