Bow Setup

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Bow Setup

PART 1 Bow Set Up HQ

Singapore business setups defined by growing population and economy, says Singapore company incorporation

Minister for the Ministry of National Development, Mr Mah Bow Tan, said that Singapore's growing population and economy would define the country's development over the next 40 to 50 years.

"Prime Minister Lee Hsien Loong said, Marina Bay will define Singapore in the same way the iconic Bund defines Shanghai," said Mr Mah.

As part of the 2011 Concept Plan review, URA has sought ideas and feedback from the public to make sure that its plans are keeping pace with and can support Singaporean's evolving lifestyles and aspirations. Mr James Nuben of AsiaBiz Services said that the government's flexible policies are essential to the economy, as new business startups need a lot of support to grow their profit margins. "Foreign investors often look at the policies and economical environment before a Singapore company incorporation. Singapore does very well on both counts, inspiring confidence for business setups," said Mr Nuben. Mr Nuben added that these policies make Singapore business visas very attractive to foreign talent or investors who plan to relocate here.

AsiaBiz specialises in Singapore company incorporation, business accounting services as well as business visa applications for foreign investors and corporations. On the housing front, the Housing Development Board (HDB) has increased its building plan for this year to 16,000 new flats to meet the strong housing demand, especially from first-timer households.

HDB also made several policy changes to strengthen the fundamentals of Singapore's public housing system and advance socio-economic policy objectives.

Mr Nuben said these policies make Singapore business visas very attractive to foreign talent or investors who plan to incorporate a Singapore company and relocate here. Mr Mah said the government's efforts to transform Singapore into a City in a Garden are also coming into fruition.

"We will reach a new milestone in the expansion of the Park Connector Network as we launch the Northern Explorer Park Connector Network this year," said the Minister. The Northern Explorer Park Connector Network is the third of seven loops that will link parks islandwide into a seamless lush network.

In line with national efforts to move towards productivity-driven economic growth, Mr Mah said the MND and BCA are championing the productivity improvement of the construction industry. Mr Mah recognised that labour intensive nature of the work and its high reliance on foreign workers. To support the industry, the minister said MND and BCA launched S$250 million Construction Productivity and Capability Fund (CPCF) in June that will encourage technology adoption, manpower development, and capability building. Mr Mah also added that the foreign worker levy fee has been revised to encourage employers to retain more experienced and better skilled workers.

The revision in levy fee also intends to encourage a reduction of the overall supply of foreign workers in phases.

"Together with BCA, we are actively engaging the industry stakeholders to seek their inputs and buy-in. The CPC will have account managers to engage individual companies in the industry to improve productivity," Mr Mah said. The BCA will work with other government agencies to review procurement processes and existing regulations to remove impediments to productivity improvement. "This will enable us to work towards a transformation of the construction industry into one that is highly productive, well-equipped with a skilled and experienced workforce, and innovative in adapting new technologies and construction methods," said Mr Mah.

Mr Nuben said that although new Singapore business setups in construction would have to ensure they comply by these revisions, they would not have any problems as Singapore provides an excellent workforce. Mr Mah said as Singapore pushes ahead rapidly with plans to build a better home and city, the government is well aware of the need to ensure a resilient supply of safe food for the growing population. "What is a country if it cannot feed its people safe, good food?" asked Mr Mah. Mr Mah said that Singapore must continue to diversify food sources, citing the Jilin Food Zone project in China as an example where Singapore companies have taken the lead to help secure a food supply upstream.

"We have made good progress, with AVA providing technical advice to the Jilin City Government to establish a Disease Free Zone (DFZ) in the Food Zone. Here in Singapore, Agri-Food and Veterinary Authority (AVA) will continue to help our local farms build their capabilities to meet some of our food supply needs," said Mr Mah.

AVA's Food Fund, which is receiving positive response from the industry, will provide support for local companies to improve production in eggs, leafy vegetables, and aqua-cultured fish. The AVA also encourages Singapore companies in the agri-food industry to explore new business opportunities overseas to further diversify food sources.

Mr Mah ended his speech by encouraging Singaporeans to not only celebrate the achievements but also "to aspire for an even brighter future".

"For our dreams to come true, we have to be bold and imaginative, and we have to work as one country united and determined. Singapore's best days still lie ahead of us.," said the minister.

About the Author

Since 1998, Asiabiz has been providing highly professional company incorporation services, both in attractive standard packages as well as customised services. Online incorporation being a hallmark service, other services of Asiabiz include Offshore Incorporation, form singapore company , EntrePass/Employment Pass/Personalised work Pass application, GST Registration, Accounting Services, Tax Planning & Consulting, and Business Plan Drafting. Asiabiz would help you streamline all of the processes necessary to setup a Singapore company

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