Singapore’s Wealthiest 9% Richer This Year

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The strategy helps investors create wealth and enhance the economic pie for Singapore-based start-ups as well as employees, says Asiabiz Services.

Singapore company registration

Singapore company registration

“The wealth earned by many of the individuals in Forbes’ list is in part due to Singapore’s keen insistence on an open door immigration policy to high calibre professionals and investors.

According to the latest Forbes Rich List published by Forbes Asia, the wealth of Singapore's 40 richest individuals collectively has registered a 9% year-on-year increase, totalling to US$59.4 billion this year.

Asiabiz Services, a Singapore company formation consultancy is optimistic that the presence of high net worth individuals (HNWIs) enhances the economic pie for Singapore and bodes well for its enterprises and startups.

The Forbes Rich List features Mr. Robert and Mr. Philip Ng, owners of the Far East Organization unhinged from their top ranking this year. They are estimated to be worth US$9.2 billion. The five richest individuals in Singapore have also held the fort.

The list also highlights eight newcomers, five of whom have made their fortunes in property. The most well-known addition to Singapore’s list is the 30-year-old Facebook co-founder, Mr. Eduardo Saverin, who was ranked 8th with a net worth of US$2.2 billion. India-born and newly naturalized Singaporean citizen Mr. Bhupendra Kumar, the owner of Spice Group, was also a newcomer at number 23 with an estimated wealth of US$755 million.

Budget hotel chain chiefs - Hotel 81's owner Mr. Choo Chong Ngen, along with Fragrance Hotel owner Koh Wee Meng also made it to the list at 25th and 15th place respectively. They are worth an estimated fortune of US$690 million and S$1.25 billion respectively.

“The wealth earned by many of the individuals in Forbes’ list is in part due to Singapore’s keen insistence on an open door immigration policy to high calibre professionals and investors. As demonstrated in the list, investors are part and parcel of strengthening an economy as they generate wealth through investing in local start-ups and generate job opportunities,” said Mr. James Nuben, Head of Taxation at Asiabiz Services.

In April this year, the Singapore government has enhanced the Global Investor Program (GIP), to attract investors to Singapore providing them a green channel entry. The GIP offers two investment options including investing at least S$2.5 million either in a new business or expanding an existing business, or investing at least S$2.5 million in a GIP- approved fund that invests in Singapore-based companies.

To qualify for the GIP, foreign investors and entrepreneurs must meet the following criteria:
●    A minimum of 3-years of entrepreneurial and business track record. Audited financial statements of your company for the last 3 years are also required.
●    Real estate or construction-related companies: Most recent annual turnover must be at least S$200 million, and an average of S$200 million annually for the last 3 years;
●    Other sectors: Most recent annual turnover must be at least S$50 million, and an average of S$50 million annually for the last 3 years. One may submit financial statements of the company with the highest turnover or consolidate the financial statements of various businesses to meet the minimum turnover criteria.
●    Privately-owned companies: Have minimum 30% shareholding in the company. Must also demonstrate role in the company, as well as the growth and profitability of your company or companies.

“Our analysis reveals that the GIP has grown fruition and created opportunities for wealth in the real estate, hospitality and tech industries in Singapore. Should this trend gain traction, we are optimistic that more niche-skilled professionals and team members will apply for Singapore employment pass and complement our workforce. In any case, a win-win situation arises and this may in turn elevate the living standards in Singapore,” concluded Mr. Nuben.

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Asiabiz Services is a Singapore-based consultancy that offers business solutions for both local and foreign professionals, investors and entrepreneurs. Our areas of expertise include Singapore company registration, incorporation, offshore company setup, accounting, taxation and other related corporate services. Asiabiz Services also provides work visa and immigration services for foreign professionals wishing to relocate to Singapore.

120 Telok Ayer Street, Singapore 068589
Phone: +65 6303 4614

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James Nuben
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