Few weeks back Government of Singapore announced revised eligibility criteria for its hugely popular employment pass scheme. This caused widespread debate in the country on whether these amendments were good for business growth in the country or whether entrepreneurs would start to look for other locations for the new ventures. Already the entrepreneur pass eligibility criteria was amended a year or so back and hence there was a general feeling that foreigners were no longer welcome in the country.
However, even though the visa schemes have been revised, Singapore overall has one of the most liberal immigration policies in the world. The only thing that the Government of Singapore has done is that ensured that people with genuine skills and business backgrounds would now be able to enter Singapore freely. This will not only ensure that the skillsets of Singapores work force is extremely high, but would also see to it that there is no unfair competition for job for local residents. Foreign entrepreneurs are more than welcome in Singapore if they have a genuine viable business plan with them.
Also the revised immigration policies have definitely not acted as a deterrent for overseas business owners. The entrepreneur pass scheme was revised more than a year back and still the Ministry of Manpower in the country receives a few thousand applications every year. Entrepreneurs need to invest only SGD 50,000 in their Singapore Company and have a relevant business background to qualify for the entrepreneur pass. They can also complete their Singapore company formation within a matter of a day or two without even visiting Singapore. The laws in the country are still extremely entrepreneur friendly and taxes are constantly being lowered. Singapore is still the easiest place to do business as per the World Bank in the annual report Doing Business and hence the country is very much on the radar of most overseas entrepreneurs.
The changes in the immigration policy should not be confused with the ease of doing business in Singapore. Sure it may be slightly tougher to bring in overseas staff for your Singapore Company, but businesses already have access to millions of highly skilled professionals in Singapore itself. Business laws are still the same, the taxation policy is still liberal and Singapore has one of the most ideal infrastructures for businesses to grow and excel. All this has ensured that the country has remained one of the most attractive destinations for setting up a company even though the visa eligibility criteria have been toughened slightly.
However, even though the visa schemes have been revised, Singapore overall has one of the most liberal immigration policies in the world. The only thing that the Government of Singapore has done is that ensured that people with genuine skills and business backgrounds would now be able to enter Singapore freely. This will not only ensure that the skillsets of Singapores work force is extremely high, but would also see to it that there is no unfair competition for job for local residents. Foreign entrepreneurs are more than welcome in Singapore if they have a genuine viable business plan with them.
Also the revised immigration policies have definitely not acted as a deterrent for overseas business owners. The entrepreneur pass scheme was revised more than a year back and still the Ministry of Manpower in the country receives a few thousand applications every year. Entrepreneurs need to invest only SGD 50,000 in their Singapore Company and have a relevant business background to qualify for the entrepreneur pass. They can also complete their Singapore company formation within a matter of a day or two without even visiting Singapore. The laws in the country are still extremely entrepreneur friendly and taxes are constantly being lowered. Singapore is still the easiest place to do business as per the World Bank in the annual report Doing Business and hence the country is very much on the radar of most overseas entrepreneurs.
The changes in the immigration policy should not be confused with the ease of doing business in Singapore. Sure it may be slightly tougher to bring in overseas staff for your Singapore Company, but businesses already have access to millions of highly skilled professionals in Singapore itself. Business laws are still the same, the taxation policy is still liberal and Singapore has one of the most ideal infrastructures for businesses to grow and excel. All this has ensured that the country has remained one of the most attractive destinations for setting up a company even though the visa eligibility criteria have been toughened slightly.
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