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Singapore – An Ever Growing Nation

Singapore is not only a preferred destination for entrepreneurs and investors but also a premier tourist spot. Nestled at the heart of Southeast Asia, tourism in Singapore is a key source of revenue. According to the 2014 Annual Report on Tourism Statistics, there were 15.6 million visitor arrivals or a total growth of 7.4% compared to the previous year. While poverty in the city-state has declined, the gap between the rich and poor has not been bridged. Singapore ranks as one of the highest income inequality level. Addressing this issue, the government led by the Ministry of Trade and Industry (MTI) launched a series of initiatives announced in the Budget 2013 to open up more employment opportunities to locals.

Company Set Up Singapore

One of the measures adopted by the government is to improve the current employment rate and boost the socio-economic conditions of the working class people. More so, the government provides support to Small and Medium Enterprises (SMEs) to easily start and operate setting up new companies in the form of Wage Credit Schemes, Tax rebates, etc.

To give way to more employment opportunities for Singaporeans and lessen dependency on foreign talents, the government imposed restrictions such as increasing levies and wage requirement that must be met prior to hiring a foreign professional.

After setting up a company, in order to get maximum profits, the company must be able to invest in productive activities that help in improving the mindset of the employees. The government helps these companies to help regain their investment by introducing the Productivity and Innovation Credit (PIC) Bonus. Apart from this, assistance was provided to the R&D department of companies by offering them cash back schemes and tax rebate options on applying for patent or trademark rights on a new product.

The main motive behind the implementation of these measures was the development and bridging of the seemingly increasing gap between the rich and the poor. An increase in the number of SMEs leads to a direct increase in the employment of locals. Markets provide a sea of untapped business opportunities that can be seized by these companies and used to retain their financial independence. A workgroup has also been formed to implement the measures proposed in the budget. This is headed by the Ministry of Trade and Industry (MTI) along other business representatives, government agencies, etc. A considerable improvement in the productivity and the working conditions of the SMEs will leave a noticeable positive impact on the economy of the nation.

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