The Standards, Productivity and Innovation Board (SPRING) of Singapore assess the Business Plan to determine the viability of the proposed venture. Therefore it is important to understand the key aspects that need to be effectively addressed in the plan in order to be successful. http://www.rikvin.com/
SPRING as the nation’s enterprise development agency for growing innovative companies and fostering a competitive SME sector reviews every proposal for its commercial viability. Therefore it is important to illustrate that there exists an inherent or potential need for the product or Service which your business intends to promote. The evaluation of the market must be realistic and the management must demonstrate a well though out Plan of Action and an ability to tap the opportunity.
The business idea should not be mundane it must justify the need for the applicant to be personally present in the country to manage the business. One of the undercurrent objectives of the EntrePass is to foster innovation irrespective of nationality of the promoter. Singapore as an enterprise hub welcomes and nurtures innovative ideas so that they can be successfully commercialized. Therefore, a business that involves the application of innovative technology or complements any existing technical innovation, or contributes to the growth of innovations stands a better chance of approval.
The plan must clearly demonstrate a sense of undivided commitment to grow the business. This means that a long term visionary approach needs to be adapted in assessing the market of its impending risks, competition and allied opportunities for growth. The plan must comprehensively enlist the milestones that the business intends to accomplish in a short term and in the long term.
The Plan must also express the significance of locating the business in Singapore. The logic for choosing Singapore to conduct the business should be convincing. Singapore as an Island state is a small market, but has immense potential to serve as a base for the regional markets, therefore if the business is also regionally relevant, the government will be enthused to support a venture with expansion prospects.
Last but not the least the inherent economic benefits that the proposed venture can bring to the country are of utmost importance. The plan should reveal how it is likely to create more employment opportunities, bring synergies to the existing enterprises by drawing intellectual and financial investments, create or fulfill a demand in the enterprise ecosystem, add to and amplify the vibrancy of the business or even cultural environment, magnify the spirit of learning, innovation and service.
Please visit http://www.rikvin.com for more information on moving to or setting up your Company in Singapore. If you are interested in the application of Singapore EntrePass to relocate to Singapore: http://www.rikvin.com/
