Singapore has been lauded for its management of COVID-19, with a very low number of deaths from the virus. Evidently so, the city-state has been ranked among the top 20 countries in the world as of December 2021 in Bloomberg’s COVID-19 resilience ranking. There was even periods during the pandemic that Singapore was ranked first. This can only be made possible by the government’s continuous efforts to cope with the economic slowdown by introducing various safety and financial support measures, in addition to the people’s resolute aim to adhere to safety measures towards endemic living with the virus.
Despite the uncertainties brought upon by the new Omicron variant, the number of new companies registered in Singapore remains stable. The latest ACRA Business Registry Statistics show that in December, a total of 3,628 local and foreign companies were incorporated in Singapore. The top 5 sectors for the formation of businesses are in Information & Communications (828 companies), Professional Services (765 companies), Finance & Insurance (746 companies), Wholesale Trade (683 companies) and Retail Trade (415 companies).
With various schemes such as the Vaccinated Travel Lanes (VTL), Periodic Commuting Arrangements and Reciprocal Green Lanes amongst many others, Singapore aims to remain open for businesses. More information on these travel lanes can be found here.
Recently, the Singapore government introduced a new vaccination condition for visa applicants and new supply chain initiatives to adjust and manage the Omicron variant, and better prepare itself for any new Covid variants.
COVID-19 VACCINATION MANDATORY FOR NEW APPLICATIONS AND RENEWALS OF VISA PASSES AND IMMIGRATION PERMITS
With various schemes such as the Vaccinated Travel Lanes (VTL), Periodic Commuting Arrangements and Reciprocal Green Lanes amongst many others, Singapore aims to remain open for businesses. More information on these travel lanes can be found here.
Recently, the Singapore government introduced a new vaccination condition for visa applicants and new supply chain initiatives to adjust and manage the Omicron variant, and better prepare itself for any new Covid variants.
COVID-19 VACCINATION MANDATORY FOR NEW APPLICATIONS AND RENEWALS OF VISA PASSES AND IMMIGRATION PERMITS
Announced on December 26, 2021, the Ministry of Manpower (MOM) state that COVID-19 vaccination will be a condition for approval and renewal of long-term passes, work-passes and permanent residence. These new measures will help Singapore sustain its high vaccination rates and better facilitate the safe reopening of its society and economy. The new rules will take effect from February 1, 2022.
SUPPLY CHAIN 4.0 INITIATIVE
This initiative aims to leverage the use of technology to help smaller companies deal with any future major disruptions in the supply of products and services. Launched in November 2021 by Singapore’s Deputy Prime Minister Mr Heng Swee Keat and with a total investment of S$18 million over two years, it is led by the Agency for Science, Technology and Research (A*Star) in collaboration with the National University of Singapore and the Singapore University of Technology and Design.
COVID-19 has exposed supply chain vulnerabilities caused by factory lockdowns and border restrictions. This initiative will help with the development of digital and automated solutions such as artificial intelligence (AI) that can meet the demands of businesses. AI could help SMEs spot trends and anticipate disruptions to their supply chain allowing them to make changes and adapt. The use of technology can make supply chains more agile, resilient and secure.
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Singapore’s stable and pragmatic regulatory framework have helped many businesses deal with the challenges faced during this pandemic. Through such government interventions such as introducing various business grants, tax relief and special support programs, it encourages the flow of investment opportunities into the city-state and making these investments more accessible. It is then no surprise that many entrepreneurs are still confident to incorporate in Singapore.
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HOW IGS CONSULTING CAN HELP YOU?
If you are considering to establish your business presence in Singapore, contact our corporate consultants to find out more details on company registration requirements and any applicable corporate compliance matters.
COVID-19 has exposed supply chain vulnerabilities caused by factory lockdowns and border restrictions. This initiative will help with the development of digital and automated solutions such as artificial intelligence (AI) that can meet the demands of businesses. AI could help SMEs spot trends and anticipate disruptions to their supply chain allowing them to make changes and adapt. The use of technology can make supply chains more agile, resilient and secure.
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Singapore’s stable and pragmatic regulatory framework have helped many businesses deal with the challenges faced during this pandemic. Through such government interventions such as introducing various business grants, tax relief and special support programs, it encourages the flow of investment opportunities into the city-state and making these investments more accessible. It is then no surprise that many entrepreneurs are still confident to incorporate in Singapore.
~~~
HOW IGS CONSULTING CAN HELP YOU?
If you are considering to establish your business presence in Singapore, contact our corporate consultants to find out more details on company registration requirements and any applicable corporate compliance matters.