Growing / Starting A Business In Singapore 2019: How A Foreigner Loan Can Help
Singapore is undoubtedly one of the most attractive countries in which to do business. Hence, it is unsurprising many Singaporeans and foreigners alike are starting or looking to build their business in the country.
Why Is Singapore Attractive To Foreigners
1. A Unique Position In The World Economy
Singapore plays an essential role as a key business area in the Asian continent. In particular, Singapore is one of countries that have some of the best environments for doing business. It is strategically located at the crossroads of the main shipping and trade routes of the world. It has also established itself as the gateway to ASEAN, making it very favourable for business owners. Hence, many foreign businesses are setting up their operations in Singapore due to the favorable business atmosphere. In turn, the businesses that invest in Singapore attract expatriates from different countries across the world.
2. Investment In Education
Singapore is widely known as having an incredibly successful education model. In fact, Singapore is one of the countries whose education systems, from pre-school to University are ranked highly. If you are a foreigner living in Singapore with your family, you can be assured that your children will receive access to a system that has relevant pathways for all academic levels and interests. If you are working in Singapore, you can further your education by joining any of the universities or polytechnics to receive higher certification. It is important to also mention that many people come to Singapore to pursue the educational opportunities that the country offers.
3. Cultural Diversity
Singapore is a country in which multiculturalism is deeply entrenched. Thus, it is easy to interact with different people while you are in Singapore. Also, businesses that seek to embrace cultural diversity find it easy to do business in Singapore because of the country’s openness towards multiculturalism. For example, it is easy for foreigners to get work permits as long as they meet the necessary requirements.
Why Is Singapore A Good Location To Start A Business
Business people seek to invest their resources in countries that have favorable business environments. This is because a good business climate not only favors the starting of businesses but also helps ensure that the businesses that are opened can grow and become successful. The business environment in Singapore is highly attractive because it is characterised by the following aspects:
1. Political Stability
Political stability is a prerequisite for the steady growth of businesses. Singapore is a country that is ranked highly in terms of political stability. According to data provided by the World Bank, in 2016, Singapore had a score of 99.52% in terms of political stability and absence of terrorism or violence. This means that anyone can start a business in the country without worrying that the business will stagnate because of political violence or be threatened by instances of terrorism.
2. Developed Infrastructure
Within Asia, Singapore has proved itself as a country that boasts world class infrastructure. It is renowned for its airports, being one of the busiest ports in the world, housing, communication and info-communications infrastructure.
3. Availability Of A Skilled Workforce
Singapore’s population is highly educated and ready for the job market. This means that new businesses can easily hire the people that they need from the population in Singapore.
4. Policies That Favor The Opening And Growth Of Businesses
One of the most important drivers of business growth is policies that favor the formation of startups and growth of these businesses. In this regard, Singapore has highly favorable policies. Such policies are related to ease of starting a business, investor protection, ease of access to credit, and low start-up costs.
5. Strong Intellectual Property Laws
Intellectual property laws are required for the protection of innovations. The strong Intellectual property laws in Singapore make it easy for innovators to protect their ideas, which enhances the development of new products and services.
6. Use of English As The Main Language Of Communication
English is a global language. Being used as a working language in Singapore makes it easy for people in the country to communicate and do business with people in other countries across the world.
While it is easier for a Singaporean to apply for a loan to start or boost their business, most foreigners might find it tougher to get loans because not many banks or credit card companies are willing to offer loans to foreigners. However, if you are a foreigner working in Singapore and are looking to start a business but lack the requisite funds, you might wish to consider applying for a foreigner loan. In this article, you will learn about the reasons why Singapore is attractive to foreigners, why the country is a good location to start a business, and how you can use a foreigner loan to start or expand a business in Singapore.
How You Can Use A Foreigner Loan To Start A Business In Singapore
If you are a foreigner thinking of starting a business in Singapore, you should be aware that a good business may require a good amount to start. Also, if you are already running a business as a foreigner in Singapore, you may want to expand the business by injecting more capital into it. Whether you would like start a business or to grow a business that is already in operation, the main obstacle that you may encounter is where to get the wherewithal.
The good news however, is that as a foreigner working in Singapore, you can apply for a foreigner loan and receive a timely and stable financial help to start or grow your business. So what exactly is a foreigner loan? A foreigner loan is basically a loan that is provided to those who are working in a country other than that in which they are registered citizens.
With our flexible repayment terms and low interest rates, you can focus on what truly matters to you: growing or starting up your business.
In order to qualify for a foreigner loan in Singapore, you must meet certain requirements. Firstly, ensure that you have a valid work permit that shows that you are employed in the country. You are also required to have a letter of employment from the company that has employed them. You also need to produce your identification documents and be aged between 21 and 55 years. The moneylender will also require you to produce recent banks slips and pay slips.
Once you have submitted your application, we will assess you based on your credit score and other considerations and determine whether to give you the loan. Alternatively, you can also speak to us to find out more about our foreigner loan. Like any other type of loan, a foreigner loan can greatly boost your business. Whether you would like to start a business or to boost your working capital, a foreigner loan is one of the ways by which you can achieve your goals.