Singapore Business Opportunities are manifold but at the same time there are some laws and regulations that the business men have to abide by. The Scope of Business in Singapore is really vast. There are innumerable categories of business in which the Entrepreneurs can invest their money and can earn considerable amount of profit.
The Main Business Categories prevalent in Singapore are the following:
Education
Real Estate
Recruitment
- Banking
- Computers
- Hotels
- Book Shops
- Fashion Apparel
- Travel
- Furniture
- Restaurants
- Florists
- Child Care
But for starting some business from some of these categories, every aspiring business owner has to receive Government Approval. This Government Approval is not necessary for the Entrepreneurs who are not residents of Singapore. But,there is an exception. If these non resident entrepreneurs want to engage in any financial business like Banking then they have to seek the permission from the Singapore Government.
There are some products, manufacturing business of which requires Government Approval, no matter whether the business owner is resident of Singapore or not.
These products are:
- Beer
- Cigarettes
- Air Conditioners
- Refrigerators
Entrepreneurs who want to set up Restaurants or Bars in Singapore also require government approval to start and carry out the business.
Though the Banking Business in Singapore requires government approval, we can say that the Financial Service Business Laws in Singapore is enough flexible compared to other countries. A proof of this is that in Singapore other than Local Banks, a lot of Foreign Banks operate smoothly. Singapore Government offers three types of Business Licenses for these Banks or Foreign Financial Organizations.
The Types of Licenses are:
- Full License
- Restricted License
- Offshore Banking License
Moreover, some significant Foreign Businesses can receive some special Government Assistance in form of Financial Incentives and Tax incentives from Singapore Government by applying in a proper manner.
So, one can find not only Foreign Banks but also numerous Foreign Securities Firms, Leasing Companies and Investment Banks in Singapore.
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