On the back of a global economic slowdown and fears of a rough landing in China, Singapore company registration specialists Rikvin opines that there is a need to strike a balance between helping Singapore companies without coddling them. Rikvin is also optimistic that the Budget will continue to invest in strategies that will see Singapore’s competitiveness for the long run.

Commenting on the observation, Mr. Satish Bakhda said, “As indicated in Prime Minister Lee Hsien-Loong’s interview at the World Economic Forum Annual Meeting 2012, Singapore will remain generous to businesses. However, there has to be a limit to this generosity and the failure to maintain that limit may undermine Singapore’s long-term competitiveness.”

During the interview with CNN’s Fareed Zakaria, PM Lee explained that on top of tax concessions, Singapore would also rather invest in the “preconditions that enable a range of industries to take root and prosper” rather than compensate businesses with money if they make losses. These foundations include 1) education, 2) infrastructure, 3) a stable financial system that supports industries and 4) a clean, efficient and forward-looking government that can anticipate, prepare for and tide economic bumps.

Rikvin stands by the view articulated by PM Lee. Analysis by Rikvin shows that as Singapore develops into a mature economy, its standard of living inevitably increases year by year. The new normal economy also calls for a different approach to mitigating new risks and governing business policies. Therefore, Singapore will best create a future-ready economy by encouraging businesses and workers to keep upgrading their capabilities and not give up trying.

Further analysis by Rikvin shows Singapore has indeed anticipated the economic bumps. Hence, inducing innovation and productivity has been high on Singapore’s agenda and featured in recent Budgets. The Productivity and Innovation Credit (PIC) Scheme, introduced in 2010 and enhanced last year, is one of the initiatives taken to boost Singapore’s economic ante in this regard. It grants every Singapore company a 400% tax deduction on the first S$400,000 invested in six productivity and innovation-related activities. As demonstrated in Rikvin’s PIC Claims Chart, Singapore firms that plan their PIC strategies ahead of time could reap up to S$9.6 million in tax savings on their annual taxable income. However, according to a recent ICPAS’ survey, only 36% of respondent firms have taken advantage of this scheme.

In spite of concerns over increasing labor costs, labor growth has been robust in the past year. As discussed in previous press releases, Rikvin has observed a surge in the number of queries and applications for the Singapore work visa and Personalized Employment Pass for high-skilled professionals. Additionally, according to the Ministry of Manpower’s latest Employment Situation 2011 report, Singapore’s unemployment rate reached a 14-year low. Throughout 2011, Singapore’s unemployment rate averaged 2%. The average income of full-time Singaporean employees have risen by 13% while the 20th percentile of low-income Singaporeans saw their real income grow by 11% cumulatively over the last five years.

“The economic landscape is changing but the situation is far from bleak. Businesses that wish start a Singapore company must continually innovate and create economic value for Singapore. As the saying goes, give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime,” added Mr. Bakhda.

Rikvin anticipates that the 2012 Budget recommendations will be in line with the PM’s sentiments at Davos. Rikvin also anticipates the upcoming Budget to motivate businesses to tap developing economies by setting up their bases in Singapore and emphasize the abundance of opportunities for high-calibre talent here.

The Singapore Budget Statement will be announced on February 17.

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ANKH is a global partnering company specializing in management advisory services and brings with it over 25 years of bespoke strategic support aimed at raising the bar for organizational excellence. It also offers a spectrum of talent alignment and search services geared at improving professional lives. ANKH has served some of the world’s best-known brands such as UBS, Deloitte, IBM, Adidas, Pepsi, Citibank and Westin Hotels & Resorts.

ANKH’s current network extends to over 35 countries in five continents. Prior to its Singapore incorporation, the consultancy has established hubs in Switzerland, Turkey, Azerbaijan, Australia and Thailand. Commenting on the decision to set up its headquarters in Singapore, Mr. Ahmet Adam Aldikacti, Managing Director of ANKH Pte Ltd said, “ANKH’s coverage is both extensive and at the highest levels of organizations. For this, the ANKH head office needed a secure, global, ethical and convenient hub with solid business-protecting laws. Singapore therefore posed an ideal choice.”

Rikvin assisted ANKH with its Singapore company incorporation, business license application, website design and Singapore work visa application. Rikvin is also ANKH’s corporate secretarial services partner. Commenting on his experience with Rikvin, Mr. Aldikacti added, “I’ve had prior experience with Rikvin and I found that they are consistently flexible, informative and cost-effective. Rikvin’s specialists offer help in any way that they can to an organization setting up in Singapore. This in turn reduces the stress level and helps a company manage finite time more productively.”

Mr. Satish Bakhda, Head of Operations, Rikvin, said, “Throughout 2011, management consultancies and head offices have consistently been one of three sectors seeing the most incorporation activity in Singapore. Therefore, we look forward to ANKH’s continued growth in Singapore.”

ANKH aims to be continue to be a differentiating global partnering firm that drives relationships through value-add and quality. Moving forward, ANKH also has plans to catalyze more synergistic partnerships between the banking, technology, professional services and IT sectors by hosting networking sessions for related professionals and organizations.

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The latest data from Singapore’s Accounting and Corporate Regulatory Authority (ACRA) reveals that Singapore company incorporation activity has declined by 3.6% in between Q2 and Q3 2011. The figures further deteriorated by 7% between Q3 and Q4 2011 and only 12,952 Singapore firms were registered during the last quarter of 2011.

Responding to the figures, Mr. Satish Bakhda, Head of Operations, Rikvin, said, “Although incorporation activity has naturally taken a hit as a result of a weakening economic outlook, the decline in incorporation activity is not as drastic as it appears. Furthermore, we need to remember that business activities are cyclical and long-term trends are presenting a stronger case for Singapore incorporation than short-term fluctuations.”

Over the past decade, Singapore’s biomedical sciences sector has grown significantly. Data from ACRA shows that the sector mushroomed from 17 companies in 2000 to 377 companies in 2010. According to the Singapore Indian Chamber of Commerce and Industry (SICCI), there were approximately 5,000 Indian companies in Singapore in 2011, up by 1,000 since 2010. Additionally, recently published data by the Singapore Economic Development Board (EDB) reveals that Singapore has continually seen an increase in fixed asset investments (FAI) year-on-year. In 2011, Singapore received S$13.7 billion in FAI, up from S$11.8 billion in FAI in 2009.

Analysis by Rikvin shows that some entrepreneurs opt to push on and start a Singapore company even in uncertain times because they recognize the long term benefits of investing through Singapore. In terms of dollars and cents, companies, especially those with subsidiaries, have greater potential to save significantly as they grow by registering in a low tax regime such as Singapore. Rikvin has recognized five features of Singapore corporate taxation that continually attracts businesses and investors to set up in the global Asian city – 1) low corporate taxes, 2) Productivity and Innovation Credit claims, 3) extensive network of tax treaties, 4) absence of capital gains tax and 5) no thin capitalisation or Controlled Foreign Corporation regime.

LOW CORPORATE TAXES

At 17%, Singapore’s corporate tax rate allows a spectrum of firms ranging from start-ups to holding companies to operate at a low cost. In the assessment year 2012, Singapore firms are set to benefit from a partial tax exemption scheme on the first $300,000 of chargeable income while eligible start-ups may qualify for full exemption. A holding company that is headquartered in Singapore may stand to enjoy lower corporate tax rates as well.

PRODUCTIVITY AND INNOVATION CREDIT (PIC) CLAIMS

The updated PIC scheme grants every Singapore firm a 400% tax deduction on the first S$400,000 invested in six productivity-enhancing and innovation activities. As demonstrated in Rikvin’s PIC Claims Chart, Singapore firms that plan their productivity and innovation strategies ahead of time could potentially reap up to S$9.6 million in tax savings on their annual taxable income.

EXTENSIVE NETWORK OF TAX TREATIES

Singapore firms stand to benefit from the nation’s extensive network of tax agreements. Singapore has to date established 69 comprehensive and seven limited Avoidance of Double Tax Agreements (DTAs). The Mutual Agreement Procedure (MAP) and Advance Pricing Arrangements (APA) provisions in Singapore’s DTAs in turn assure Singapore companies reduced taxes as they expand or conduct business across borders.

TAXATION OF INBOUND AND OUTBOUND DIVIDENDS

Singapore’s DTAs also have positive implications on the amount of payable withholding tax on inbound and outbound dividends. Singapore firms that receive dividends from their overseas subsidiaries often pay reduced withholding taxes in Singapore. Alternatively, if those dividends are taxed in the source jurisdiction and have a corporate tax rate of at least 15%, then those dividends are exempt from taxes in Singapore. Outbound dividends are exempted from withholding tax in Singapore.

ABSENCE OF CAPITAL GAINS TAX

Many DTAs accord and honor the taxing right of a parent jurisdiction. In the case of Singapore, capital gains are tax exempt. Therefore, Singapore holdings may repatriate overseas capital gains without being liable for taxes in Singapore.

NO THIN CAPITALISATION OR CONTROLLED FOREIGN CORPORATION (CFC) REGIME

Singapore is not a CFC regime. This in turn benefits Singapore holdings as the profits of their foreign subsidiaries will not be subject to Singapore tax. Singapore also does not have any thin capitalisation rules as it is a high-risk business strategy that could have a disastrous ripple effect for businesses and regional economies. The absence of the thin capitalisation rule assures businesses that Singapore is a stable place to do business.

“These tax features are designed to keep Singapore attractive as a business setup location for the long haul. Furthermore, during the recent World Economic Forum (WEF) talks, Prime Minister Lee Hsien Loong confirmed that Singapore’s upcoming Budget will remain committed to sustaining Singapore’s long-term competitiveness. Rikvin anticipates positive amendments that will complement these tax features and further buoy businesses through this year,” added Mr. Bakhda.

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According to data from the Singapore Commissioner of Charities (COC), the number of registered charities in Singapore has increased by 143% between the end of December 2001 and 2010. By the end of 2010, there were 2,028 charitable organizations in Singapore, more than two-fold of that in 2001 (834).

The latest annual report by COC also revealed that the total amount of tax deductible donations raised for local charitable causes registered S$776 million in 2010, signifying a 13% increase since 2009. Additionally, the latest data from the Ministry of Community, Youth and Sports (MCYS) reported that the number of community volunteers has increased by 29.5% over the decade – from 33,022 in 2000 to 42,778 in 2010.

In Singapore, every charitable organization and institution of public character (IPC) that conducts not-for profit activities to contribute to the good of the public or nation must be registered as a public company limited by guarantee in order to 1) engage in contractual agreements, 2) raise funds from non-members and 3) claim tax exemptions on funds raised. Furthermore, donors are more inclined to give to registered entities as they are legitimate and have been approved by the Singapore law to conduct operations.

Commenting on the observation, Mr. Satish Bakhda, Head of Operations, Rikvin, said, “Singapore is well-known as a financial and business hub and many who have not been here imagine it to be purely a money-making haven. However, the rise in not-for profit activity in Singapore over the past decade is an indication that more people are tuning in to philanthropic activities and deem the act of giving as a worthwhile pursuit.”

Further analysis by Rikvin shows that government support had a hand in spurring the registration of not-for profit entities over the past decade. First of all, the Singapore government committed to encouraging greater giving to IPCs by improving the donors tax deductions scheme in 2009. The renewed scheme, which was extended for five years, grants donors 250% in tax deductions for donations made.

Secondly, charities and IPCs could tap of the VWOs-Charities Capability Fund (VCF) to enhance their training, management, administrative and infocommunications setup needs at significantly subsidized rates. By March 2011, 780 charities and IPCs have improved their capabilities by taking advantage of S$8.7 million in VCF credits. Thirdly, the government has recently exempted charities with an annual income or expenditure under S$500,000 from financial auditing. This in turn eliminates auditing costs for organizations and allows them to utilize their funds to roll out worthwhile projects.

“Altogether, these funding and tax schemes demonstrate that the Singapore government stands firmly behind philanthropic activities and welcomes organizations that wish to contribute to the greater good of the community. We are confident that these schemes will continue to motivate more Singapore charities to be formed in the months to come,” added Mr. Bakhda.

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A holding company is a firm that is set up specifically to 1) centrally manage the finances of a group’s subsidiaries, 2) hold or pool shares of a group’s subsidiaries and 3) receive dividends of the subsidiary companies and declare them to the group.

Singapore has long been seen as a highly-competitive and stable economy. Its business-friendly processes and advantageous tax policies have also contributed to its consistent top ranking as the easiest place to do business worldwide. Therefore, and in the face of the intensified fiscal crisis riddling the Eurozone this year, setting up a Singapore holding company would be a prudent investment for any discerning entrepreneur or key decision maker for years to come.

Commenting on the observation, Satish Bakhda, head of Rikvin’s operations said, “The global nature of business operations today presents a compelling case for setting up a holding company. A holding company gives a business leader clarity and peace of mind as it allows him to have a bird’s eye view of and track his group’s assets and shares. This macroscopic view in turn allows him to better grasp where the avoidance of double tax payments are possible. In the long run, a group could potentially save significantly in tax payments.”

A Singapore holding company, like all Singapore-registered companies, enjoys extensive tax benefits borne out of Singapore’s healthy bilateral relations with various economies as well as its simple domestic tax structure.

For one, Singapore has established a wide network of 69 comprehensive and seven limited Avoidance of Double Tax Agreements (DTAs). It has also inked 20 Free Trade Agreements (FTAs) with 26 trading partners and is in the process of negotiating eight more with economies like Canada and Mexico. These agreements not only pave the way for uninterrupted movement of business personnel and goods; they also extend tax privileges such as doing away with erroneous double taxation across borders.

Secondly, a Singapore holding company stands to benefit from the absence of capital gains tax in Singapore. This means that capital gains achieved from the sale of its investments in or outside of Singapore are tax exempt. Furthermore, many DTAs identify the taxing right on such capital gains to the holding company jurisdiction; if Singapore exempts capital gains from taxation, then the Singapore holding company need not pay taxes on the capital gains gotten from the sale of shares or investments.

Additionally, outbound dividends declared to foreign shareholders are not subject to the Singapore withholding tax. Singapore holding companies may also repatriate capital gains from overseas divestitures to their parent companies or group without being subject to taxation in Singapore.

Last but not least, having a Singapore holding company means having the ability to tap low corporate tax. At 17%, the Singapore corporate tax rate is one of the lowest in the world. It also comes with various tax incentives such as the partial exemption scheme on the first S$300,000 of normal chargeable income and concessionary tax rates under the regional headquarters scheme.

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Rikvin is confident that the guide will help employees and employers quickly grasp and understand their rights and duties under an employment contract. This understanding would in turn enable both parties to negotiate fair and mutually-beneficial grounds for employment based on the Singapore employment act, Singapore’s fundamental labor law.

The Overview includes:

1. a brief explanation of the Singapore Employment Act as well as the parties it covers.
2. a brief explanation of what an employment contract is and what it should essentially constitute.
3. other important factors relating to an employment contract.

Rikvin’s guide also lays out eight salient features of an employment contract namely:

1. the designation title and job scope.
2. employee’s commencement date and employment period.
3. hours of work.
4. probation conditions.
5. remuneration package.
6. employee benefits.
7. code of conduct.
8. conditions for termination.

Commenting on the Overview, Mr. Satish Bakhda, Head of Rikvin’s Operations, said, “We have observed that many young entrepreneurs engaging our Singapore company registration services would like to draft fair Singapore employment contracts but do not know how to do so. Rikvin’s Overview of the Singapore Employment Act is a one-stop checklist that gives owners of small enterprises the most important components to draft fair employment contracts. On the other hand, the same guide provides an employee with a concise reference point with which he can check against the terms of his employment contract.”

Furthermore, the Overview is aligned with the recommendations laid out by the Tripartite Alliance for Fair Employment Practices. Drafting a fair employment contract is the first step to establishing a respectful working relationship with an employee, regardless of the type of Singapore work visa he is holding. A fair employment contract is also one of the first documents shared between an employer and a potential employee. As the contract is an extension of the company brand, it is then of utmost importance to begin the relationship on the right foot, even if it does not come to fruition.

To view the complete guide, please visit the Overview of the Singapore Employment Act page.

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The leading biotech company has over 30 years of stem cell research to its name and is committed to developing and manufacturing US cGMP (Current Good Manufacturing Practices) grade allogeneic adult stem cell products. Stemedica’s products would in turn help medical institutions and pharmaceutical firms develop drugs for severe neurological, dermatological, cardiac and ophthalmological conditions such as Alzheimer’s and Parkinson’s disease, spinal cord injury, central nervous system damage, stroke and diabetic retinopathy.

Prior to setting up its Singapore subsidiary, the biotech firm has manufacturing facilities in Lausanne, Switzerland and Seoul, Korea. Stemedica Asia was established in Singapore, out of all Asian cities, for its transparent business processes and strategic location which facilitates the serving of the regional market’s needs. In addition, Singapore proved to be a natural choice for Stemedica, which is headquartered in San Diego, California as Singapore’s regulatory business practices could easily be coordinated with US audit needs.

Commenting on Stemedica’s decision to engage the services of Rikvin, Ms. Amy Sanson, General Manager of Stemedica Asia said, “One of my Singapore-based business partners had a legal counsel who could’ve helped me with the incorporation of Stemedica Asia. However, as I was in the United States, he recommended Rikvin, saying that it would be best to work with a Singapore company registration services company that has a very strong presence online as well as offline.”

“My experience with Rikvin has been very positive. I was pleasantly surprised that Rikvin, without failure, has answered all my queries promptly, no matter how insignificant they were. Best of all, I had several expert teams assisting me regarding incorporation and Singapore Employment Pass issues but I did not feel lost in communication as Rikvin presented me with a dedicated manager who excellently communicated and oversaw all activities. I have been very satisfied with the level of service as well as speed and ease of working with Rikvin. Eventually, I recommended Rikvin to a partner who ended up engaging their services due to its online presence and reasonable pricing,” added Ms. Sanson.

Moving forward, Stemedica Asia plans to set up a supply chain center in Singapore to market and distribute its best in class cell products across Asia. It also has plans to work with Singapore scientific resources to set up a cell and cell product distribution center.

Commenting on Stemedica Asia’s presence in Singapore, Satish Bakhda, Head of Operations, Rikvin, said, “In light of the immense value that Stemedica offers to the medical institutions and researchers in Singapore, we are confident that Stemedica Asia will contribute positively to the lives of the larger global community, especially those affected by severe conditions. We look forward to Stemedica Asia’s continued growth in Asia.”

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Inclusive of renewals, Singapore EP application numbers has increased by 25.7% year-on-year (y-o-y) between 2010 and 2011. Over the same period, the number of fresh Singapore EP applications alone has increased by 13.7%. On the other hand, the number of Singapore EP applications increased by only 5.2% between January and June 2010 (H1 2010) and H1 2011.

Commenting on the uptrend, Mr. Satish Bakhda, Rikvin’s Head of Operations said, “It seems counter-intuitive to see an increase in the number of Singapore EP applications after the higher requirements have come into effect. However, the higher educational, experiential and salary bars have not deterred highly-qualified professionals, especially those from ailing European and US economies, from going after a chance to work or set up a company in Singapore.”

Further analysis shows that the higher requirements mandated by the Ministry of Manpower (MOM) are far from draconian and are part of a larger national strategy to:

1. raise the quality of foreign manpower inflows and Singapore’s human capital as a whole and
2. implement fairer and more inclusive employment practices for Singapore workers.

Nevertheless, Singapore remains as one of the most open and attractive economies in the world to talented professionals. The World Economic Forum (WEF) has most recently ranked Singapore’s employment framework as one of the most flexible worldwide and its labor-employee relations as well as employment opportunities offerings as the second best worldwide.

Rikvin, having been in the professional immigration services since 1998, has also observed a high success rate for EP applications that demonstrate solid work experience and subject matter expertise that are not readily available in Singapore. In other words, candidates who complement, rather than compete with the local workforce are valued and welcome to apply for the Singapore EP as they offer opportunities for learning exchanges and add value to Singapore’s labor fabric. After 12 months of employment, Singapore EP holders, subject to the category of the EP, may be eligible to apply for the Singapore Permanent Resident status.

Adding to this, Mr. Bakhda said, “Altogether, highly-qualified and experienced professionals should continue to be undeterred from applying for the Singapore EP. Furthermore, as Rikvin is an MOM-registered employment agency, we can help professionals and managerial personnel bypass a 7 – 14 day authorization period and instead, submit their EP applications online in a much shorter time after their Singapore companies have been incorporated. This in turn saves our clients valuable waiting time and allows them to begin operations sooner.”

In the event that an EP or renewal application is rejected by the Authorities, Rikvin’s specialists will establish a firm appeal in defence of your position. Rikvin is committed to putting your best case forward in every application or appeal.

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The PIC scheme was first announced in 2010 with the aim of spurring skills upgrading and innovation-related activities amongst Singapore enterprises. A year later, the scheme was enhanced and extended to the Year of Assessment (YA) 2015. In gist, the updated scheme allows every Singapore company to enjoy a 400% tax deduction on the first S$400,000 invested in six qualifying productivity-enhancing and innovation activities. Therefore, Singapore firms that plan their productivity and innovation strategies ahead of time stand to reap full tax savings on annual taxable income of up to S$9.6 million. This is possible as they can estimate their taxable income and make provisions for investments in qualifying activities at the time of annual budgeting.

Commenting on the scheme, Mr. Satish Bakhda, Rikvin’s Head of Operations said, “The Singapore government understands that business owners are increasingly concerned about rising inflation and business costs. So, instead of slashing the headline tax rate, the government has introduced the PIC scheme to not only mitigate rising costs and lift the tax burden on businesses in the short term, but also to allow them to benefit for the long haul.”

“Singapore’s PIC scheme is a perfect aid to businesses as they benefit from enterprise-level growth at little cost to them. Macroscopically, this scheme has immense potential to stimulate Singapore’s domestic economy. In gist, the PIC scheme is valuable as it allows Singapore enterprises to have the cake and eat it too. Therefore, it would be prudent for entrepreneurs to take advantage of this scheme as well. Rikvin’s PIC claims chart clearly illustrates the tangible Singapore corporate tax benefits that firms stand to enjoy,” added Mr. Bakhda.

FURTHER INFORMATION ON THE PIC SCHEME

Firms that roll out any of the following six activities will qualify for PIC benefits:

• Acquisition or leasing of prescribed automation equipment
• Training of employees
• Acquisition of Intellectual Property Rights
• Registration of patents, trademarks, designs and plant varieties
• Research and development activities and
• Investment in approved design projects.

The enhanced PIC scheme provides for:

• A tax deduction of 400% on the first S$400,000 spent for each of the six qualifying activities.
• The qualifying expenditure cap of S$400,000 per year, to be combined during the years 2013 – 2015 to a total of S$1.2m in claimable expenses, allowing businesses to mitigate potential cash flow issues when investing in large research and development projects.
• The scheme is available for research and development activities conducted outside Singapore.
• A cash conversion, where a cash payout of 30% can be received by the business for the first S$100,000 of qualifying expenditure in lieu of a tax deduction. This provision will specifically benefit small businesses which pay little or no tax in Singapore but wish to invest to increase productivity.
• The tax payment to be deferred from tax years 2011 – 2014 when companies incur qualifying PIC expenditure. The tax amount that can be deferred will be the lower of the tax payable assessed for the current tax year and the qualifying PIC expenditure incurred in the current financial year, subject to a cap of $100,000.

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Owing to the poor economic forecast, the employers are reportedly taking a very conservative approach towards hiring and trying to resort to lean staffing structure. If the uncertainty continues or overwhelms the growth predictions, they may deploy tougher strategies which will adversely impact the foreign executives, so foreigners seeking employment opportunities in Singapore are choosing to play it safe.

It must be noted, however, that the eligibility requirements for PEP are much higher than the other types of employment passes. Although it can be obtained prior to securing a job in Singapore, it is granted for applicants with outstanding qualifications and extensive experience in their respective fields, and more importantly higher last drawn salaries overseas. A PEP holder must secure a job in Singapore within six (6) months from the date of obtaining the PEP and must not remain unemployed for more than six (6) months from the cessation of the previous employment. The PEP is valid for five (5) years and is only granted once.

PEP Eligibility Requirements are as follows

* Overseas Applicant earning a minimum salary of S$8,000 per month (last drawn salary should not be older than 6 months at the time of application).
* A former P1 category Employment Pass holder who resides overseas (likewise, please note that you should not be unemployed for more than a continuous period of six months at the point of application).
* A current P1 category Employment Pass holder.
* A current P2 category Employment Pass holder with at least two years of working experience under the P2 category and has earned a fixed salary of at least S$ 34,000 in the preceding year.
* A current Q1 category Employment Pass holder with at least five years of working experience under the Q1 category and has earned a fixed salary of at least S$ 34,000 in the preceding year.
* A foreign graduate from institutions of higher learning in Singapore with at least two (2) years of working experience on a P or Q1 category Employment Pass

Elaborating further on the recent trend Satish Bakhda says “PEP provides the much desired flexibility in these uncertain times. More importantly, the PEP is obtained based on the applicant’s own merits, and the holder is given the right to reside or stay in Singapore to find the suitable job. Pursuant to the other types of employment passes, the cessation of employment results in the cancellation of the pass, and the pass holder is given only one (1) month to either find another job or leave Singapore. The flexibility likewise allows the holder to change employers during the 5-year validity of the pass, which explains why even those currently holding P1 and P2 category employment passes show great interest in the PEP. We feel that there will be a spike in PEP applications, and we can look forward to more highly qualified foreign talents coming into the Singapore employment landscape.”

About Rikvin:
Rikvin offers business solutions for both local and foreign investors and entrepreneurs. The firm’s specialties includes company registration services, offshore company setup, incorporation and other related corporate services. Rikvin also provides professional services on accounting, taxation, immigration and application of Singapore work visa for foreign workers to work and relocate in Singapore.

Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Website: http://www.rikvin.com/

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