Singapore Woos Rich Foreign Entreprenuers, says Singapore Company Incorporation speacialists

May 17, 2008 - PRLog -- Big and successful foreign enterprises are not the only target of the city state but it is now all set to welcome rich and successful overseas entrepreneurs to start up operations in Singapore that would generate more employment opportunities for the locals. It was recently announced that the Economic Development Board (EDB) will join hands with the Ministry of Manpower (MOM) in running the Contact Singapore - an 11-year-old programme with an objective of getting talented individuals to work in the Republic. The programme was previously run by MOM alone, but in lieu with its extended agenda of attracting high net worth individuals and rich entrepreneurs to Singapore, EDB also joins the board.

It was also reported that Contact Singapore will also be setting up three new offices in San Francisco, Beijing and Sydney to add to its current four - Boston, Chennai, London and Shanghai - to help with this increased role. The high net worth individuals and entrepreneurs in and around these places are gearing up to tap the prospective opportunities, because the invitation is tagged with special incentives for deserving ventures.

The city state is adaptive to progressive policies that can add to the vibrancy of its enterprise landscape and contribute to the resilience of its economy. This new efforts to woo high net worth individuals and families in the region will bring in new investments, generate new employment, and give a boost to economic growth. Singapore is sustaining its economic growth even in the midst of the dreaded sub prime crisis. Singapore's Gross Domestic Product (GDP) grew 7.2% year-on-year in Q1 of 2008 based on advance estimates. Quarter-on-quarter seasonally adjusted annualised GDP expanded 16.9% after dropping 4.8% in the previous quarter. Continued growth in construction, manufacturing, Financial services and transport services have fuelled the Republic’s economic growth in the first quarter.

Singapore has enjoyed well above-trend economic growth for 4 consecutive years. Although a poor external demand is expected to weaken the exports, it is estimated that the domestic demand, that has been driven by the construction boom will help cushion the impact of the slowdown in external demand. Factors such as strong labor market, inflow of foreign capital, and infrastructure development to cater to the expanding population will spur the property market thereby positively aiding the construction industry. This is also expected to impact the financial services industry in terms of rise in domestic loans, insurance etc. Manufacturing sector will have a lukewarm pace of growth due to decline in electronic export however biomedical manufacturing will still enjoy a healthy double digit growth. Economists also forecast that any slowdown in the growth would be a cyclical slowdown rather than recession, hence sectors such retail, hospitality, tourism etc will still witness a strong growth underpinned by regional demand.

Foreign entrepreneurs and investors are encouraged by favorable policies facilitating their, entry into Singapore, which is more of a spring board into the regional markets. The EDB and International Enterprises Singapore together will help them in providing insights of the market. Foreign entrepreneurs have a wide array of business entity options to choose from, since 100% foreign ownerships is allowed in Singapore incorporated companies. They can choose to setup a branch office or a subsidiary Singapore company to get their Singapore venture rolling. Alternatively they can even study the Singapore market by setting up a representative office in Singapore before committing huge investments to Singapore.

Singapore also has tailored many immigration options to suit the need of foreign entrepreneurs and investors. Under the Global Investors Programme, Permanent Residence Status is granted to investors who bring in investments of at least S$1 million into new startups or expansion of existing business. For entrepreneurs with small capital but strong business potential as reflected in their business plan, Entrepass – a special employment pass, is granted to facilitate their entry and stay in Singapore to directly manage the business operations. Prospective foreign entrepreneurs and investors are further encouraged to explore the opportunity via multiple journey visa and social visit pass for entrepreneurs, which facilitates their frequent entry and extended stay in Singapore respectively.

Professional business service bureaus and consultants can be hired for consultation, registration and incorporation of business entity and to manage the immigration matters. There are many firms which provide comprehensive one stop service. Rikvin Consultancy is a business incorporation and immigration specialist that renders a seamless service to clients from all parts of the world. Ms. Ragini Dhanvantray, CEO of Rikvin Consultancy says “We have an impeccable track record and our client list is growing with satisfied clients from diverse industries. We are proud that we have played a key role in their success and we continue to reinvent our service package in order to remain relevant to our client’s changing requirements. Singapore as a hub of many industries have been a preferred destination for many foreign enterprises as well as startups and ever since the launch of Entrepass in 2003 the foreign entrepreneurial talents have grabbed the opportunity to tap on the leverage provided by the Republic and together with this open invitation by Contact Singapore we are witnessing a gradual surge in the enquiries we receive. To all of the rich and enterprising foreigners out there, our advice right now is - this is the best time, to make the most of this vibrant and progressive economy, so come, explore and win!”

Rikvin consultancy provides highly professional company incorporation services, both in attractive standard packages as well as customized services. Online incorporation being a hallmark service, other services of Rikvin include

Offshore Incorporation
Singapore Immigration -EntrePass / Employment Pass
GST Registration
Accounting Services
Tax Planning & Consulting
Business Plan Drafting

About Rikvin consultancy Pte Ltd:

Rikvin consultancy started in 1995 is an incorporation specialist specializing in company incorporation, registration and administration processing for all business types and sizes in Singapore and throughout the world. Rikvin facilitates foreign entrepreneurs’ immigration into Singapore by assisting in obtaining Entrepass for themselves and their families and employment pass for their employees.  Rikvin also provides a full range of accounting services for companies who require a complete and properly constructed set of financial statements for their business purposes. For further information visit http://www.rikvin.com

Website: www.rikvin.com