In 2010 Singapore Budget, the Singapore Government finally introduced the Productivity and Innovation Credit (PIC) Scheme, a scheme that will strengthen the competitive edge of every business and will allow them to save on corporate taxes.

PIC Scheme has been enhanced in 2011 Singapore Budget. The objective of the enhancement is to straighten out the scheme so as to further encourage innovation and raise productivity efforts. The tax benefits under PIC will be effective from Years of Assessment YA 2011 to YA 2015.

Below are six activities along the innovation value chain that will qualify for PIC benefits.

1. Acquisition or leasing of PIC Automation Equipment – Costs incurred to acquire/lease prescribed automation equipment.
2. Training of employees – Costs incurred on In-house training (i.e. Singapore Workforce Development Agency (“WDA”) certified, Institute of Technical Education (“ITE”) certified; or All external training.
3. Acquisition of Intellectual Property Rights – Costs incurred to acquire IPRs for use in a trade or business (exclude EDB approved IPRs and IPRs relating to media and digital entertainment contents)
4. Registration of patents, trademarks, designs and plant varieties – Costs incurred to register patents, trademarks, designs and plant variety.
5. Investment in approved design projects – Costs incurred to create new products and industrial designs where the activities are primarily done in Singapore.
6. Research and development activities – Costs incurred on staff, costs and consumables for qualifying R&D activities carried out in Singapore or overseas, if the R&D done overseas is related to the taxpayer’s Singapore trade or business.

• For 1-5 activities: 400% allowance or deduction for qualifying expenditure subject to the expenditure cap, 100% allowance or deduction for the balance expenditure exceeding the cap

400% tax deduction for qualifying expenditure subject to the expenditure cap*.  For qualifying expenditure exceeding the cap for R&D done in Singapore, deduction will be 150%. For balance of all other expenses, including expenses for R&D done overseas, deduction will be 100%

For assistance on application of Productivity and Innovation Credit (PIC) Scheme, businesses may consult Rikvin, leading Singapore consultancy firm. Rikvin has developed a comprehensive tax claims chart to help Singapore entrepreneurs and firms enjoy 100% tax savings via the PIC scheme. Rikvin encourages businesses to take advantage of the 400% tax allowance to improve their performance at a low cost.

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However, according to a recent news article, the number of Singapore permanent resident (PR) applications approved under the Professionals, Technical Personnel and Skilled Workers Scheme (PTS Scheme) have plummeted by 58.7% between 2009 and 2010. Deputy Prime Minister and Minister of Home Affairs, Mr. Teo Chee Hean confirmed that only 11,161 PR applications were approved in 2010. In comparison, 27,042 PR applications were approved in 2009.

The article also revealed the profiles of applications that were approved under the PTS Scheme between 2005 and 2010. In gist, out of all the approved PR applicants during this period:

• 83% are diploma or university graduates;
• 56% are 30 years old or younger; and
• 43% earn at least S$4,000 per month.

Additionally, 85% of the successful applicants received their PR status five years after residing in Singapore via the Singapore employment pass, long-term visit pass (LTVP), work pass, dependant’s pass and student pass.

Analysis by Rikvin shows that the following three factors – acceptable salary, age and education – are crucial to securing the Singapore permanent residency status and in fact serve Singapore’s human capital and societal needs.

For one, having more residents who are diploma or university graduates dovetails with the national strategy to increase the quality of its workforce as they can fill professional-level vacancies and complement the workforce.

Secondly, as Singapore has an ageing population, having more residents who are younger means having a more productive and future-ready workforce. In turn, granting young foreign professionals the PR means that they can set up homes in Singapore. This translates to the possibility of building families and mitigating the low birth trend that Singapore has been facing for years.

Thirdly, having residents earning more than S$4,000 a month, which was the qualifying salary for a P2 Employment Pass w.e.f 1 July 2011, is consistent with the national aim to attract more high-calibre professionals to Singapore. Furthermore, having a higher salary means having the ability to meet the rising costs of living in Singapore.

On a macroscopic level, the ability to meet these requirements mean that applicants have proven that they have the means to reside in Singapore and not fall through society’s cracks. Singapore does not have a dole system and will never be a welfare state. Approving the application of potential residents who can independently earn a living and sustain their livelihood will in turn ensure that Singapore as an economy does not incur unnecessary societal debt. This then ensures a lower societal burden for all and for years to come.

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One of the measures taken to raise the quality of foreign manpower inflows was reflected in the more stringent qualifying requirements for the Singapore work visa. The changes, which were implemented with effect of January 1, 2012, requires new and returning applicants to give proof of acceptable educational qualifications and professional background as well as higher minimum salaries.

Recent news articles have shown that this measure has not been popular with many small enterprises in Singapore.The overarching concern for start-ups has been that the more stringent requirements effected since July 2011 have made it more difficult for them to hire in sectors such as manufacturing, retail, F&B and construction. However, according to Rikvin’s analysis of Singapore work permit applications between 2010 and 2011, the new requirements have not deterred high-calibre professionals and entrepreneurs from going for a chance to work and live in Singapore. Between 2010 and 2011, Rikvin has seen a 25.7% increase in the total number of Singapore work visa applications.

What needs to be understood here, is that the introduction of tighter Singapore employment pass requirements is only a part of and not the only strategy employed to ensure that Singapore’s workforce is future-ready. To brace the workforce for a potentially tough year ahead,  the Ministry of Manpower (MOM) is also working closely with the Workforce Development Agency (WDA) and the Employment and Employability Institute (e2i) to roll out education and training programs that will help Singaporean workers remain competitive in the job market and upgrade their skills for higher level positions.

Additionally, and to address rising concerns over unfair employment practices, the Tripartite Alliance for Fair Employment Practices (TAFEP) has enhanced and issued the Fair Employment Practices Guidelines in October 2011. The guidelines seek to ensure that Singapore workers are not marginalized in their own country and are presented with a more level playing field to compete for jobs as well as development and promotion opportunities based on merit.

Rikvin supports Singapore’s manpower strategy and believes that it will contribute to the greater good of the Singapore workforce as a whole and competitiveness for the long run. Implementing clear and fairer employment guidelines sends a signal to entrepreneurs and professionals worldwide that Singapore does not tolerate unjust practices in the workplace and this could in turn attract businesses to opt for Singapore company registration. Raising the productivity bar for both foreigners and Singaporeans alike shows that no one is spared from stepping up their game in Singapore and that it is necessary to do so, given the heightened level of competition we are facing as an open economy and global city. While the year looks uncertain, these manpower plans are indeed a timely step in the right direction.

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Yet even the dullest bystander has begun to realize over the last few years that such platitudes are questionable, at best. Many independent contrarians have abandoned them altogether.

The big issue is this: there is no such thing as risk free. Government bonds carry risk. Cash in a bank carries risk. Cash under your mattress carries risk. The oldest, most well established companies in the world carry risk. There is no escaping it. We can no longer assume away risk with anything.

Even the nature of the market itself has become risky, particularly in the developed world. The price discovery mechanism no longer exists — a consequence of the market being dominated by fresh swaths of newly-minted money and the latest round of political innuendo.

As an example, a few months ago US Rep. John Larson introduced H.R. 2835. It’s purpose?

“To establish a joint select committee of Congress to report findings and propose legislation to restore the Nation’s workforce to full employment over the period of fiscal years 2012 and 2013, and to provide for expedited consideration of such legislation by both the House of Representatives and the Senate.”

What will they think of next — a bill proposing that the S&P 500 readjust to 2,000?

These people will never learn that you cannot legislate your way into prosperity. And yet, it’s organizations like the United States Congress, the Treasury Department, the Federal Reserve, the European Central Bank, and the International Monetary Fund which underpin the modern financial system.

As long as these guys are around, those old timeless investment strategies are nothing more than a recipe for financial ruin. Municipal bonds for tax efficiency? S&P index funds for guaranteed long-term investment results? US Treasuries for safety and security? Throw all that nonsense right in the garbage.

Entrusting your hard-earned savings to such conventional thinking is incredibly risky. And with this notion of risk in mind, it’s really time to think differently about investing.

Here’s the good news: it’s a great, big, giant world out there that’s full of opportunity. If you start by looking at places that actually have solid structural fundamentals (i.e. countries and markets that are in good shape and have a bright future), you’ll come up with some incredible possibilities.

Here are just a few that score highly on my radar:

Mongolia: We’ve talked about this before– the evidence is overwhelming that Mongolia will be among the richest places in the world in terms of per capita GDP within 10-years based on its natural resource wealth.

The Mongolian market is small, but there are a number of ways to invest– including a local brokerage account (which is completely open to foreigners), a high-yielding bank account (though you do have to show up in person), direct real estate holdings, or foreign companies which invest in Mongolia.

Chile: In full disclosure, I’ve invested a great deal of my time and capital in the country. And with reason. Chile is a wealthy, market-oriented, export-driven economy, and I’m hard-pressed to think of a better, more stable place to be well-positioned for the emerging boom in agriculture.

Singapore: Did you know that more than half of Singapore’s population (of nearly 5 million people) falls within the world’s top 8.8% wealth bracket? The country’s average wealth per adult is nearly $300,000 (USD) and rising. Soveriegnman.com recommends Rikvin Singapore.

Given its favorable (and growing) wealth demographics, easy regulatory framework, and market transparency, Singapore is a great place to both start a business and to invest.

Cash: If you’re looking for a paper currency to hold, any of the above-mentioned (Singapore dollar, Mongolian tugrik, Chilean peso) demonstrate stronger fundamentals to any of the major currencies out there (dollar, euro, yen, pound).

For generating superior risk-adjusted returns on unallocated cash, though, I’ve found no better solution than Tim Staermose’s 4th Pillar method. More on that soon.

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“The middle, the lower middle level – foreigners are here, many on employment pass. Singaporeans are working – they are probably graduates or diploma holders, not hard up, not unskilled but not so confident of themselves that they are ready for unrestrained competition… I think at this middle level, we need to tighten a little bit further,” is what the Singapore Prime Minister said in his speech.

The policy announcement is seen as the first step to rein in the unchecked inflow of foreign workers and to address the concern of the local workforce. The expats in Singapore are, in fact, not very surprised over the announcement since the government had warned about tougher immigration norms. Further, there are likely to be more changes in the policy requirements for foreign workers in the coming months.

Tougher for the Mid-segment

Under the new rules, the details of which have been unveiled by Singapore’s ministry of manpower, starting January 2012, foreigners seeking employment in Singapore, in certain categories, will find it tougher to get work permits. The changes will apply to Q1 pass holders, which is the lowest category of employment passes, who have to earn at least S$3,000, up from the current S$2,800. The qualifying salary for P2 employment pass will go up from S$4,000 to S$4,500.

So is there reason for Indians to worry? “We can expect a moderate impact on Indian workers who apply under the Q1 and P2 categories. These are middle-level professional, managerial, engineering and technical talents. Although accurate figures are not available, Indians do comprise a significant portion of the foreign talent in this segment,” says Satish Bakhda, manager with Rikvin Group, a firm which specialises in immigration and visa services.

However, typically, workers from India come with better qualifications and complement the local talent; therefore they command a relatively better salary. “The objective of the change in regulations is to tighten the eligibility requirements for entering lower and mid-level jobs. The more stringent requirements will include better educational qualifications and higher qualifying salaries. This will eventually have positive impact on the economy of Singapore,” says Vijay Bajaj, principal, Positive Moves Consulting, an HR and executive search firm.

The changes are also likely to impact small and medium enterprises. With global slowdown already affecting many of them, the minimum salary threshold, will push up wage cost. Indian companies in Singapore, apart from employing significant number of local workers also employ foreign workers, especially from India.

Small companies like those engaged in trading or services with less than 10 employees are likely to tighten their recruitment process. Nina Alag Suri, president & CEO of executive search company Nastrac Group, doesn’t see the new rules making a very big difference for highly skilled Indian workers.

“The Singapore government is being more selective than before in granting employment permits to foreigners and their requirements have been made more stringent with regards to education qualifications, type of college/university, experience etc. If a company feels the person has the required skills, the additional salary requirement is not going to be a deal breaker,” she says. For now, the highly skilled professionals from India – especially in the IT and banking sectors – probably don’t have a reason to worry.

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He also said that while the long-term aim was to go for high quality and inclusive growth, one had to recognise that the competition from abroad – especially in the battle for the best jobs – was becoming fiercer than ever.

In a wide-ranging speech in parliament yesterday, Mr Lee weighed in on the week-long debate on the President’s address for the first time, which saw many members of Parliament raise issues affecting Singaporeans and offer different suggestions on how to make their lives better.

He devoted much time to the precarious state of the global economy, with many ‘serious problems’ due to the ongoing financial woes in the United States and Europe and the ‘real risk’ of a protracted global stagnation.

‘We must get used to 3-4 per cent growth being a good year. If we can make 3-plus per cent over the next ten years, we will have had a good decade. We need to moderate our expectations,’ he said.

Mr Lee said that economic growth in Singapore was likely to slow given the many constraints of population and space, as well as the government’s ongoing efforts to gradually reduce the inflow of foreign workers and immigrants.

On the latter, he said the trade-off would mean squeezing out more businesses and reducing growth further.

‘Already, many employers are feeling this, especially the local SMEs that are run by Singaporeans, who tend to be less generous paymasters. Also, the industries serving Singaporeans but are mainly staffed by foreigners, such as nursing homes,’ said Mr Lee.

As he stressed how social mobility would be his top priority in the coming years, the prime minister also said that his government would make a greater effort to reach out to the people.

Apart from social cohesion, Mr Lee said that maintaining a vibrant economy was just as crucial to create jobs, raise wages and generate confidence in a brighter future.

‘If the economy is slow, it’s very hard to be optimistic and find new opportunities and have that zest,’ he told the House. ‘Take Japan. They are a high-tech society, their people are very disciplined. But what’s missing? A certain zest and that optimism that there will be a better tomorrow. Without growth, the poor will be the worst hit.’

Meanwhile, Mr Lee said Singapore was facing greater competition from its competitors in Asia than ever before.

He shared how China was producing seven million graduates a year and India churning out as many as three million. That total of ten million, said the prime minister, was equivalent to the size of two Singapores alone.

The entry of so many qualified people into the jobs market would not only impact blue-collar workers but also middle-income professionals as the race to the top became more intense.

‘There is no way to insulate ourselves from this competition. We cannot simply pay ourselves more without justifying our premium, or shut out foreigners hoping to protect local jobs,’ he said.

Mr Lee acknowledged the many ideas put forth by MPs – both from the ruling People’s Action Party and the opposition – to increase social spending to meet the needs of a rapidly ageing population.

Approving every measure that MPs asked for would mean raising taxes right away, he warned. While he said that social spending would increase in the coming years, the programmes had to be both properly designed and be able to yield good results.

‘We must make sure that they are really investments in our people. More spending is not always better, whether on healthcare or welfare. We must make sure we spend the money well. Just calling it an investment does not mean it will yield positive returns,’ he said.

As far as policies, both existing and new ones, are concerned, Mr Lee said that he would ensure that his government would explain clearly how they would impact Singaporeans and share as much information as possible about why they did things in a certain way.

‘If policies are wrong, or circumstances have changed, we will say so and change the policies. If not, we should persevere and preserve our core principles, but be flexible on details and improve implementation,’ he said, citing the recent decision to shorten Electronic Road Pricing timings on certain roads in response to public feedback as one such example.

By: LEE U-WEN
Source: http://www.businesstimes.com.sg/sub/news/story/0,4574,461505,00.html

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To be eligible for the Entrepass, applicants will be assessed on the credibility of their proposed Business Plan. Conditions and Requirements are as follows:

• Incorporate a company with the Accounting and Corporate Regulatory Authority no more than 6 months before the submission of the Entrepass application

• Own 30%-100% of shareholding in the company

• Have relevant experience and track record in creating and managing successful businesses

• Provide S$50,000 and above in paid-up capital for the new company

• Submit a 10 page business plan detailing business goals and objectives. Renewal of Entrepass is contingent on achieving goals and objectives outlined in the business plan

The business plan must also include a strategy to meet the requirements stipulated by Ministry of Manpower in which your business venture must demonstrate in a one year period that it will meet the employment requirement of a minimum number of Singaporean or local workers; and the Total Business Spending (TBS) as follows:

• P1 Pass – 8 local employees; TBS S$300,000

• P2 Pass – 4 local employees; TBS S$150,000

• Q1 Pass – 2 local employees; TBS S$100,000

All Employment pass holders can apply for Dependent Pass and/or Long-Term Visit Pass for their family members:

Both P and Q1 Pass holders can apply for Dependent pass for their

• Spouse

• Unmarried children under 21 years of age

Long Term Visit Pass:

P Pass holders can also apply for Long Term Visit Pass for their:

• Common law spouse

• Unmarried daughters above 21 years of age

• Handicapped Children

• Step Children

• Parents/Parents-in-law

Q Pass holders are not eligible for the application of Long-Term Visit Pass for their immediate family members.

Visit our Singapore Entrepreneur Pass (commonly known as EntrePass) Scheme for a detailed and complete guide.

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The findings come from the latest projections of the Institute of Policy Studies (IPS) on the future population growth and change in Singapore, where two key questions were examined: What will the future population look like if the TFR remains below 1.3 over the long term, and what will be the likely effects of raising the TFR versus increasing immigration on the future population of Singapore.

The study’s findings make clear that if Singapore’s long-term resident TFR remains lower than 1.3, and if there is no in-migration, the resident population – comprising citizens and permanent residents – can be expected to decline and be extremely aged.

In all four projections that IPS discussed yesterday, the median age of Singapore residents will rise, albeit in varying degrees. Scenarios 1 and 4 will see the greatest jump from the 2010′s median age of 37.4 years, to 54.6 years and 50.9 years respectively. This is due to the fact that in both projections, more than 30 per cent of the population would be over the age of 65.

These translate into a potential support ratio of 1.7 working adults for every elderly person in scenario 1, and 1.9 in scenario 4 – a far cry from last year’s support ratio of 8.2.

Since the difference between scenarios 1 and 4 is the latter’s heightened TFR, the results suggest that raising the TFR alone will only marginally alleviate the situation of an ageing and declining population.

While potential support ratios decline in scenarios 2 and 3 as well, they do so in lesser degrees with respective 2050 ratios resting at 2.7 and 3.5. This is because a smaller portion of residents would be over 65 years old as compared to those of working age.

In contrast to scenarios 1 and 4 which maintain zero migration, scenarios 2 and 3 assume a flat TFR alongside positive net migration figures. The difference in findings between each pair of projections suggests that in-migration helps to raise the support ratio and in doing so, reduces the dependency burden on persons of working age.

The IPS study also shows that without immigration of some magnitude, Singapore’s resident population will decline by 2050 – even with an increase in the TFR. This is the case in scenario 4, where the resident population peaks in 2030 before declining to 3.37 million in 2050.

This is in contrast with scenarios 2 and 3, which register positive net migration figures, while keeping the TFR constant at 1.24. The resident population is raised to 4.89 million and 6.76 million respectively.

On the other hand, in scenario 1, where the TFR also stays constant but with zero net migration, findings bear similarity to scenario 4. The resident population hits a high in 2020 before declining to 3.03 million in 2050.

Said IPS director, Janadas Devan: ‘This projection underlines the fact that there is no way you can keep your population from declining without immigration.’

‘In any (of the four scenarios), you’re going to see the support ratio and percentage of your working age population decline. The decline will be less only if you have a higher number of immigrants,’ he added.

IPS’s projections on population growth are especially timely given how highly the issue ranks on the national agenda. Earlier this week, former prime minister Lee Kuan Yew had touched on the importance of raising Singapore’s TFR in light of the country’s fast-ageing population.

Economists BT spoke to stressed the trade-offs involved in curbing Singapore’s population growth. Said CIMB Research’s Song Seng Wun: ‘More business opportunities are created with more people, and so people must decide what they want.’

In agreement was OCBC economist, Selena Ling: ‘Singapore can either stay open to foreign talent, or it can risk becoming like Japan, with a decline in economic competitiveness.’

Still, she noted that the long-term nature of the project also means that the ‘margin of error can be very large’.

‘The biggest change right now may come from heightened productivity levels. This will have implications on the assumptions and therefore findings of the study – with retirement ages likely to go up, perhaps the number of elderly people contributing to the economy will have to be revised,’ added Ms Ling.

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Singapore improved on its third-place finish last year and is now just behind Switzerland, which retained its top spot for a third straight year.

Sweden dropped one rung to third and Finland came in fourth. The United States – which was No 1 as recently as 2008 – declined for a third straight year to fifth spot.

The annual competitiveness survey – released yesterday – covered 142 countries and is based on economic data and a survey of some 15,000 business executives worldwide. Together they form an index, which was introduced in 2004.

The survey assessed countries based on 12 categories including innovation, market size, infrastructure and the macroeconomic environment.

Singapore’s economy expanded by a record 14.5 per cent in 2010 after a stunning rebound from the crisis, although the GDP growth forecast for this year is expected to be much lower at between 5-6 per cent.

The WEF report noted how Singapore scored well in terms of having low levels of corruption and an efficient government.

China, which recently bypassed Japan to become the world’s second-largest economy, moved up the ladder for a sixth straight year to 26th, which also meant that it was the highest-ranked of the large developing economies.

Among the other major Asian economies, Japan came in ninth while Hong Kong was 11th.

Malaysia was 21st but India tumbled five places to 56th spot. Still, the overall strong showing by Asia could be seen as further proof of the shift in the global balance of power from the West to the East.

The WEF wrote in its report that Asia’s ‘rise to economic prominence’ had been accompanied by a remarkable dynamism in terms of competitiveness.

‘Much of the developing world is still seeing relatively strong growth, despite some risk of overheating, while most advanced economies continue to experience sluggish recovery, persistent unemployment and financial vulnerability, with no clear horizon for improvement,’ said WEF founder and executive chairman Klaus Schwab in a statement.

The US’ weaker showing once again was this time attributed to economic vulnerabilities as well as ‘some aspects of the US’ institutional environment’, in particular a low public trust in its politicians and corporate ethics and concerns about government inefficiency, among others.

The WEF, however, did praise the US for its productivity, highly sophisticated and innovative companies, excellent universities and flexible labour market.

Perhaps surprisingly, Western European countries dominated the survey’s top 10 economies, despite the ongoing crisis of confidence within the European financial system.

Apart from Sweden (third) and Finland (fourth), Germany came in sixth, followed by the Netherlands and Denmark.

The United Kingdom took 10th spot, France was 18th and bankrupt Greece dropped seven places to 90th.

Flying the European flag high once again was the top-ranked Switzerland, which the WEF said had emerged relatively unscathed by the crisis and had low unemployment and debt levels.

The country also benefited from effective public institutions, good public infrastructure and highly developed financial markets, said the WEF.

One of the forum’s chief economists, Jennifer Blanke, told the Wall Street Journal in an interview yesterday that the soaring Swiss franc could put pressure on the country’s competitiveness in the future.

As for the Middle East, Qatar was that particular region’s highest-ranked economy at 14th, while Saudi Arabia came in at 17th. The oil-rich United Arab Emirates was 27th. Meanwhile, the landlocked Saharan state of Chad was ranked last.

By: LEE U-WEN

Source: http://www.businesstimes.com.sg/sub/news/story/0,4574,455428,00.html

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Singapore’s entrepreneurial landscape is attractive. Its taxation is among Asia Pacific’s friendliest by awarding tax exemption, incentives, and reliefs to qualified companies.

Its physical environment is conducive to healthy living as in February 2011, Siemens Green City Index, a collaborative study with Siemens, Economist Intelligence Unit and Centre for Liveable Cities awarded Singapore as Asia’s greenest city.

Singapore laws let foreign entrepreneurs take over a company in its entirety, in the sense of ownership and management.

There are three ways to start a Singapore company for foreign entrepreneurs. Two of these offer relocation.

A company in Singapore requires three individuals in its formation:

1. Resident director
2. Shareholder
3. Company Secretary
4. Capital

Company Setup with Employment Pass

The minimum capital requirement for this setup is S$1. It can be raised at anytime during the operations of the company.

Foreign investors can register a company (by channeling the procedure through Rikvin) and thereafter apply for an Employment pass, which shall grant them eligibility to earn the position of a resident director, the highest position to be occupied by an individual.

Before an Employment pass is applied however, a company must first be registered. To solve the problem of a resident director, a nominee director is necessary.

Under the nominee director service of Rikvin, there shall be a nominee name and address indicated on the Memorandum and Articles of Association. It does not grant the nominee individual any corporate powers and responsibility as he remains to be a dummy.

After the registration, Rikvin shall process the Employment pass so foreign investors can earn the title. After which, the directorship is transferred.

Company Setup with Entrepreneur Pass

Unlike in the Employment Pass Company Setup, an Entrepreneur pass is first sought before the company is registered.

Also, unlike the Employment Pass, the Entrepreneur Pass is exclusive for foreign nationals who are professionals by experience. It does not require a tertiary degree of education. To qualify for an Entrepreneur pass, a foreign investor should prepare the following:

1. Capital Investment valuing a minimum of S$50,000
2. 10-page business proposal highlighting business objectives, goals, products and services, and marketing strategies.
3. Entrepreneurial skills indicating success. This can be showcased in curriculum vitae.

After the Entrepreneur Pass is approved and released, Asiabiz shall proceed with the company incorporation.

Company Setup With Nominee Director Service

Despite the business-friendly policy, not all investors are ready to relocate to Singapore and run their company. Thus, many of them choose to employ the nominee director service for a long-term basis.

As mentioned earlier, the nominee director does not function like a real resident director. The investor himself maintains authority and control. He may stay offshore, but he can run the company from there.

Upon compliance of requirements such as holding a board meeting or Annual General Meeting, he can simply use his passport or Long-Term Visit pass (for countries requiring a visa upon entry) and stay in Singapore for a month to tend to his business.

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