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Ratnarao
Singapore is a magnet for foreign companies because of its business-friendly laws and strategic Southeast Asian position. As one of Asias most lucrative business and commercial centres, Singapore is sure to lend this same profitability to any organisation that decides to invest in it.
Foreigners looking into the option of a Singapore business should first know the numerous available programmes from the government. The GIP or Global Investor Programme, one of these government initiatives, was designed to make investing simple for foreign nationals.
The GIP is carried out through Contact Singapore, which is an alliance between the Ministry of Manpower and the Singapore Economic Development Board. Its primary purpose is to link interested investors with established business networks to make company formation in Singapore a lot easier. Moreover, GIP also provides support for foreigners who are processing their immigration requirements.
Investors have two possible options: the first one entails investing at least S$2.5 million into a new business endeavour, or else to an existent one. The other option, meanwhile, requires an investment of a similar amount to a GIP fund, which will in turn invest in one of the existing companies in the country.
One has to note that if one chooses the GIP, one must secure approval for the programme before undergoing other processes such as company incorporation. If application to GIP is successful, and an investor chooses the first investment option, then company incorporation Singapore will follow suit relatively smoothly.
Foreigners should first obtain a Permanent Residency status in Singapore as part of the GIP application, and then submit requirements as proof of considerable business track record and entrepreneurial know-how. A business record of no less than three years is a must for applicants, as well as financial documents for the last 3 years. At least S$200 million as average yearly turnover is needed for those that belong to the real estate and construction industries, while S$50 million for the rest.
Foreigners looking into the option of a Singapore business should first know the numerous available programmes from the government. The GIP or Global Investor Programme, one of these government initiatives, was designed to make investing simple for foreign nationals.
The GIP is carried out through Contact Singapore, which is an alliance between the Ministry of Manpower and the Singapore Economic Development Board. Its primary purpose is to link interested investors with established business networks to make company formation in Singapore a lot easier. Moreover, GIP also provides support for foreigners who are processing their immigration requirements.
Investors have two possible options: the first one entails investing at least S$2.5 million into a new business endeavour, or else to an existent one. The other option, meanwhile, requires an investment of a similar amount to a GIP fund, which will in turn invest in one of the existing companies in the country.
One has to note that if one chooses the GIP, one must secure approval for the programme before undergoing other processes such as company incorporation. If application to GIP is successful, and an investor chooses the first investment option, then company incorporation Singapore will follow suit relatively smoothly.
Foreigners should first obtain a Permanent Residency status in Singapore as part of the GIP application, and then submit requirements as proof of considerable business track record and entrepreneurial know-how. A business record of no less than three years is a must for applicants, as well as financial documents for the last 3 years. At least S$200 million as average yearly turnover is needed for those that belong to the real estate and construction industries, while S$50 million for the rest.
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