(PRWEB) October 10, 2011
A recent report by analysts at Kim Eng Securities said most healthcare-related stocks in Singapore have outperformed the broader STI since the equity market selloff on 1 August 2011. This is a clear indicator of the resilience of the healthcare market in Singapore, with many top healthcare professionals seeking to set up their practice here, says leading local company incorporation specialist Rikvin Singapore.
"Even in a recession, it would be hard to put off spending on healthcare needs", the report noted. Stent maker Biosensors International has fallen by only 5.5 per cent, compared with a 14.1 per cent drop of the STI, Kim Eng said, adding that local hospital operator Raffles Medical has also shown resilience in the last financial crisis.
The healthcare industry in Singapore is tightly regulated, and rightly so. However, it does seem to reap generous benefits for enterprising entities who manage to enter it, particularly in the area of general practice as well as research and development.
“The licensing of medical practices in Singapore is presided by the Ministry of Health (MOH). Applications are made to the Central Licensing Branch (CLB) of MOH”, said a Rikvin representative. Singapore allows foreign individuals with medical licences, societies and organisations to start a medical practice in Singapore.
Interested practitioners can choose to register a medical clinic in Singapore under a business entity. However, they must first register with the Accounting and Corporate Regulatory Authority of Singapore (ACRA), after which they would then apply for a licence with CLB.
Rikvin admits that the procedure of setting up a medical clinic is long and rigorous, with possible rejection for the most innocuous administrative mistake. According to their representative, applications will only start to be processed when licence fees and required documents are submitted in full.
MOH licenses each clinic individually, and requires separate licences for medical-related facilities such as X-ray laboratories. Each licence is valid for two years, and the medical clinic has to be issued a licence to practice before it can open to the public.
Rikvin offers business solutions for both local and foreign investors and entrepreneurs. The firm’s specialties include Singapore company registration services, offshore company setup, incorporation and other related corporate services. Rikvin also provides professional services on accounting, taxation, immigration and application of Singapore work visa for foreign workers to work and relocate in Singapore. For enquires on setting up a medical business, visit our website at http://www.rikvin.com/.
Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887