According to a recent news report, the Singapore manpower agency may soon further tighten the criteria for issuing Singapore work visas in order to mitigate the influx of its foreign workforce and ensure that Singaporeans have good career prospects.
In light of this announcement, Rikvin, a Singapore company registration specialist, recommends foreign entrepreneurs and investors to choose Singapore as a viable company formation location, and in turn, play their role in supporting Singapore’s vision to create better career opportunities for the core Singaporean workforce.
“As SMEs hire more than 60% of Singapore’s workforce, it is vital to ensure that the Republic continues to maintain an open door policy to businesses and investments. This would thereby entice entrepreneurs, local or foreign, with promising business concepts to set up shop in the Republic and in turn generate interesting employment opportunities,” said Mr. Satish Bakhda, Rikvin’s Head of Operations.
Analysis by Rikvin shows that in support of the national vision to encourage entrepreneurial individuals to open companies, Singapore’s Ministry of Manpower (MOM) has designed the Singapore EntrePass program. The entrepreneur visa program aims to facilitate the entry and stay of entrepreneurs who are ready to start a new business and be actively involved in the company operations of a in Singapore. The EntrePass, which has an initial validity period of one year, also allows the immediate family members to relocate to Singapore while the business develops.
However, securing an EntrePass is no easy feat. One of the key requirements for the application of an EntrePass is the submission of a 10-page comprehensive business plan that outlines the goals and objectives of the proposed business venture.
WHY A SINGAPORE BUSINESS PLAN IS VITAL TO THE ENTREPASS APPLICATION PROCESS
Writing a good business plan is the crucial first step to achieving tangible business goals. A well-written, meticulously laid out business plan can win substantial investments, attract key personnel or even generate new clientele. More importantly, it demonstrates the entrepreneur’s ability to present a clear roadmap to running a sustainable business and foresight in mitigating possible costly roadblocks.
According to MOM, to form a Singapore company, an entrepreneur must present a sound business plan that clearly conveys the firm’s goals and strategies, potential problems and possible resolutions, organizational structures and management duties, as well as the amount of capital injected and projected profits.
Mr. Bakhda added that form and content are fundamental components. “At Rikvin, we first determine a company’s operational objectives, financial goals and business potential. Once we’ve ascertained these factors, we then work with the client to develop a compelling business plan, which usually consists of an executive summary, business description, market strategies, competitive analysis, a development plan, a management plan, and then finally, financial projections,” said Mr. Bakhda.
Rikvin has been helping numerous local and foreign entrepreneurs develop successful business plans for nearly 15 years.
“When done right, a sound business plan can be a very powerful tool for starting or expanding a business in Singapore. It can bridge the gap between initial concept to actual reality. Rikvin is committed to helping first-time entrepreneurs start their business on the right foot,” he concluded.