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Singapore Immigration Policies Help Attract and Retain Best and Brightest

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Singapore Immigration Policies Help Attract and Retain Best and Brightest Powered By Docstoc
					Singapore Immigration Policies Help
Attract and Retain Best and Brightest

With the world inevitably becoming a “global village,” immigration naturally is part
and parcel of that phenomenon and in some cases, desirable. In a recently released
first-ever comparative study of global immigration policies by U.S. think tanks,
Partnership for a New American Economy and Partnership for New York City,
researchers have identified risks facing the U.S. economy if it does not reform its
immigration laws and explores the recruitment strategies of countries such as
Singapore.


Titled “Not Coming to America: Why the US is Falling Behind in the Global Race for
Talent,” the report identified three risks namely, a shortage of workers in innovation
industries, a shortage of young workers, and slow rates of business startup activity
and job creation.


According to the report, jobs in science, technology, engineering, and mathematics
(STEM) fields are increasing three times faster than jobs in the rest of the economy,
but American students are not entering these innovative fields in sufficient numbers.
As a result, by 2018, U.S. faces a projected shortfall of 230,000 qualified advanced-
degree STEM workers.


Secondly, the U.S. population is ageing, baby boomers are retiring en masse, and the
growth in the U.S. labor force has slowed to historic lows of less than 1%. Finally, the
most recent U.S. census data shows that the number of business startups has hit a
record low.


In comparison, Singapore’s immigration, education and business policies are
intimately connected in order to attract the best and brightest to work in Singapore.
Although Singapore has a growing silver population, it has been ranked by the World
Economic Forum Global 2011 – 2012 Report as the leading economy in the world for
producing high quality STEM education as well creating jobs to hire STEM graduates.


Institutions such as the National Technology University (NTU), Singapore University
of Technology and Design (SUTD), Singapore Institute of Technology (SIT), Digipen
Institute of Technology and TUM (Technische Universitaet Muenchen) Asia offer the
high-calibre STEM education to local as well as regional students.
“As detailed in the study, while the U.S. was once the first choice for young dreamers
with the next big idea, things have certainly changed now. Ambitious individuals now
look to Singapore to start a company, as they see enormous market potential and
opportunities, abundant financing possibilities, and a proactive government that
buttresses the business ecosystem,” said Mr. Satish Bakhda, Rikvin’s Head of
Operations.


Analysis by Rikvin shows that Singapore has over the last decade tailored its
recruitment and work visaframework to become the preferred high-skilled talent
capital in Asia Pacific.


Firstly, the Republic issues highly skilled workers the Singapore employment pass to
allow them to work in the Republic. Their dependants i.e. spouses and children may
also pursue employment in Singapore via the Dependant Pass, and may over the
years be eligible to apply for the Singapore permanent residencystatus. This is vastly
different from the H1B visa for highly skilled workers in the United States.


Secondly, the Singapore EntrePass (Entrepreneur Pass) scheme allows an
entrepreneur with at least S$50,000 in capital and a sound business plan to stay in
Singapore for an initial period of one year, with renewals available afterwards.
“In addition to these visas, a progressive corporate and income tax system, robust
intellectual property protection laws, and a wide network of Free Trade and
Avoidance of Double Tax Agreements (DTAs) give Singapore a defining edge in
encouraging entrepreneurship and generating investor confidence in Singapore,”
added Mr. Bakhda.


Furthermore, the city-state’s government has been encouraging existing start-ups
and multinational firms to move up the innovation and productivity chain via the
Productivity and Innovation Credit (PIC) scheme. The PIC Scheme offers every
business that opts for Singapore company formation an automatic 400% tax
deduction or option for a 60% cash payout each year for investments made via the
scheme.


“As noted by Singapore’s manpower minister, Gan Kim Yong, the Singapore
government is committed to attracting and retaining the best and brightest to
complement our workforce. Having a holistic immigration framework that includes
pragmatic work visa policies, green card opportunities and cohesive new migrants
programs not only serve the economy’s needs but motivate the best and brightest to
come to our shores,” concluded Mr. Bakhda.
About the Publisher:

Rikvin is a Singapore-based consultancy that offers business solutions for both local
and foreign professionals, investors and entrepreneurs. Rikvin’s areas of expertise
include assistance for Singapore company incorporation or incorporation of a
Singapore company, offshore company setup, accounting, taxation, Singapore work
visa such as Personalised Employment Pass and Singapore Entrepass, and other
related corporate services. Rikvin also provides immigration services for foreign
professionals wishing to relocate to Singapore.

Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines: (65) 6438 8887
Fax (65) 6438 2436
http://www.rikvin.com

				
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posted:6/30/2012
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