Singapore woos entrepreneurs from Punjab

Recognising the success of entrepreneurs from Punjab all over the world, the government of Singapore is making efforts to woo the entrepreneurs of Punjab to trade there.

Officials in the Singapore High Commission say global business opportunities in Singapore are likely to enhance the entrepreneurial and enterprising skills of entrepreneurs in Punjab to a great extent.

Indo-Singapore trade relations have witnessed impressive growth from S$7.9 bn in 2003 to S$16.6 bn in 2005, an increase of over 110 per cent. The signing of the Comprehensive Economic Cooperation Agreement (CECA) between Singapore and India has opened areas for intensifying trade and investment exchanges.

The Singapore Indian Chamber of Commerce & Industry, together with Indian trade associations, is planning to bring business delegations to Punjab and invite delegations to go Singapore, and are planning to hold more business meetings aimed at enhancing business-to-business ties.

Talking to Business Standard, R Narayanamohan, director, Singapore Indian Chamber of Commerce and Industry, said: "Singapore is a recognised gateway for entrepreneurs and technopreneurs in the Asia-Pacific and the world. Initiatives like the Startup Enterprise Development Scheme (SEEDS), a S$50 million equity finance fund and HOTspots (Hub of Technopreneurs), have had a strong take-up rate, which indicates active and flourishing entrepreneurship in Singapore. "

It is very easy to start a business in Singapore due to entrepreneur-friendly policies and highly-simplified procedures. Individuals and companies registering business firms need not be citizens or incorporated in Singapore."

"Many entrepreneurs are handicapped by limited access to global markets, poor quality standards, and low managerial skills, and low-grade technologies. These reasons make Singapore a perfect destination for investment, doing business, or even to work, because it carries a pro-business environment, excellent rankings, robust infrastructure, ample R&D resources and a strategic location," Narayanamohan said. He was in the city at an event held to discuss investment opportunities in Singapore with the entrepreneurs in the region, organised by the PHDCCI.

Alan Tan, first secretary (commercial), Singapore High Commission in India, said the CECA had widened opportunities for bilateral trade. The interest goes beyond the business community. It could be exchange of our quality education and skilled manpower. These developments provide glimpses of how the India-Singapore relationship was creating shared prosperity, on the back of widening interactions between our countries.

"Singapore would provide a new opportunity to the traders and businessmen in Punjab. It was a small but most global country though did not have any natural resources but sells their idea globally. Be it building a career or setting up a business, Singapore offers opportunities that draw the best in the world. Global talent, entrepreneurs and professionals alike, can capitalise on their potential simply by their presence in the right business environment," he says.

Vimal Harnal, Area Director, Contact Singapore said that Singapore hopes to precipitate more tie-ups between its financial markets and Indian businesses. Singapore is ranked as the second most competitive globally, after US. Singapore's applicable tax regime was favourable as compared to other countries.

Speaking on advantages of incorporating a company in Singapore, he said that dormant companies and exempt private companies with revenues not exceeding S $ 5 million w.e.f 1st June 2004, would be exempted from audit requirement.

CECA provides a level playing field between Indian and Singapore investors. Both would be treated equally in each other's countries. Qualifying companies would be able to enjoy tax exemption on the capital gains from their investments in India.