Singapore (PRWEB) August 26, 2009
Based on past statistics from the gaming industry, GuideMeSingapore.com predicts that a significant number of jobs and new business ventures will be created in tourism-related industries over the next two years as a result of the new gaming resorts that are set to open in Singapore.
Two such resorts are slated to open in Singapore in the next 6 months: The Marina Bay Sands and The Resorts World at Sentosa. The Marina Bay Sands project, which is scheduled to open in December this year, will include 2,600 hotel rooms, 1.2 million square feet of convention and exhibition space for 52,000 attendees, an art and science museum, various theatrical venues, as well as a trio of linked marina-facing botanical gardens. The total cost of the development is placed at S$8.0 billion. The Resorts World at Sentosa project will open in early 2010. It will occupy 121 acres, house six hotels with 1840 hotel rooms, a Universal Studio theme part, a Water Park and numerous other attractions. The project will cost nearly S$7 billion. While the Singapore government has been keen to highlight the non-gambling attractions of the two integrated resorts, various gaming industry analysts expect 75 percent of revenue to come from gaming in the first year of operation.
Currently Singapore receives just 5 percent of its GDP from tourism. Using these resorts as the main attraction, Singapore aims to double its tourism arrivals to 17 million annually and triple its tourism receipts to $19 billion by 2015. The Singapore government has given its full backing to the launch of this new industry; given the government's successful track record, the success of this industry is all but assured. The anticipated rise in tourism will result in strong growth in a number of ancillary sectors. Among the businesses opportunities that these resorts will create in the hospitality and tourism sector are the following:
- Travel agencies that facilitate tours from foreign countries to the resorts
- Junket operators that organize tours for VIP gambling clients. Singapore's Casino Control Act stipulates that all junket operators must be licensed through the newly-formed Casino Regulatory Authority (CRA)
- Event Management companies that focus on organizing business conferences and exhibitions
- Transportation services that provide limo and other transportation services.
- Security companies that provide event security
- Recruitment companies that facilitate the hiring of card dealers, waitresses, etc. for the casinos. Earlier in the year, Marina Bay Sands lamented that it had managed to fill only 2,000 out of 4,500 dealer positions available.
- Training companies that provide training for casino staff
"This represents a very good opportunity for foreign entrepreneurs, investors and professionals who wish to setup a business in or immigrate to Singapore. By investing in or launching businesses that cater to these growing industries, foreigners can obtain quick immigration to Singapore and simultaneously participate in the economic growth that these industries will bring to Singapore," said Jacqueline Low, Director of Janus Corporate Solutions Pvt Ltd. - the firm that operates the GuideMeSingapore website. "The developers of these projects have promised to create 20,400 direct jobs but that is just the tip of the iceberg. For nimble local and foreign entrepreneurs, this represents an enormous new business opportunity. We are already seeing a lot of interest, especially from overseas business professionals who wish to establish an early foothold in these businesses," she added.
Individuals who want to explore this opportunity have three main options: Global Investor Program, Employment Pass, and Entrepreneur Pass (EntrePass). Under the Global Investor Programme (GIP), foreign investors can make an investment of one million dollar or more in Singapore and relocate to the country as Permanent Residents. A minimum investment of one million dollars can be used either to launch a new Singapore-based enterprise or beef up an existing one. Another highly popular immigration scheme is the Employment Pass (EP) issued to foreign professional employees, managers, owners or directors of Singapore companies who possess a good educational and professional background. Alternatively, entrepreneurs who do not qualify under the EP category due to lack of educational qualifications can apply for the Singapore Entrepreneur Pass (also known as EntrePass).
GuideMeSingapore.com website is a unit of Janus Corporate Solutions Pte. Ltd, a leading professional services firm that specializes in Singapore company formation, work permits, taxation, and related business services. For further details, visit GuideMeSingapore's Singapore Company website.