Singapore top expat destination
08 November, 2012
Countries that resist trends of increasing taxation and regulation are flooded with investors and well-to-do immigrants. One of the top destination in the world is Singapore, which not only attracts ambitious and successful Asians, but also has a huge western expat community. Most amazingly of all, 17,1%, more than 1 in 6 of Singapore households has an income over one million US dollars. This figure excludes real estate, business assets and luxury good. Considering the value of property in Singapore, the real number of millionaires could be much higher. These millionaires also enjoy higher purchasing power compared to other rich folks living in countries like the US, UK or Switzerland.
The number of foreign workers steadily increased with an average of 6.7% per year over the past five years, now totalling 1.2 million. Shortages remain in many sectors, even today. Companies are lining op to make use of Singapore's attractive fiscal climate, small and virtually corruption free government and modern infrastructure.
Singapore's immigration laws are especially attractive for entrepreneurs. Simply starting a business in the city-state automatically entitles you for a so called Entrepass working visa. (Minority) shareholders who want to become actively involved are eligible too.
There are few requirements to apply for the Entrepass program:
- Applications should be made before incorporating your business
- A 10 page business plan needs to be submitted
- Some simple businesses such coffee shops, kiosks, karaoke bars and so on are excluded from the program.
Applications are usually approved within 2-3 weeks and provide residence for dependants too. They are valid for a period of two years and can be extended indefinitely as long as the business is operational.
« Go Back to Blogs