Meetings, Incentives, Conventions and Exhibitions (M.I.C.E.)

The Singapore Tourism Board (STB) has launched a set of initiatives to propel the growth of the Meetings, Incentives, Conventions and Exhibitions (MICE) industry. Singapore is the hosting ground for Asia’s largest international conventions serving the Pan-Asian markets with events such as CommunicAsia, Food & HotelAsia, IMF/World Bank meetings, ITMA, the Singapore Air Show and WTO meetings.

The island-state has been ranked among the world’s top cities for meetings by the Union of International Associations (UIA) International’s Meetings Statistics Report 2010. For 23 consecutive years, it has been voted as the top convention city in Asia. The MICE industry, which rakes in several billion dollars in tourism receipts for Singapore, is expected to reach S$10.5 billion by 2015.

With developments such as the Marina Bay Sands and the redevelopment of the Marina Bay area into an integrated and vibrant MICE location, an additional 200,000m² of convention and exhibition space will be made available.

Ranked as the third most competitive economy in the world by the World Competitiveness Yearbook 2011 and the Global Competitiveness Report 2010-2011, Singapore also scores high in the areas of economic performance, government efficiency, business efficiency and infrastructure. The country offers unique opportunities with its superior infrastructure; airport; and port and freight management. A swift and business-friendly government outlook to promoting international business is an added advantage. Many companies have already chosen Singapore as their business headquarters to foray into China, India and Southeast Asia.

POLITICAL
Singapore runs on a parliamentary democratic system, allowing the country a blissfully stable environment for businesses to operate. Also, businessmen will like the government’s efficient and excellent manner of functioning as it minimises bureaucratic delays.

ENTERPRISE SUPPORT SCHEMES
The government has been hard at work crafting a pro-business environment in Singapore with favourable tax laws, incentives and funding for start-up businesses. SPRING Singapore is the enterprise development agency for growing innovative companies and fostering a competitive SME sector. For example, schemes such as the Local Enterprise Finance Scheme (LEFS) or the Bridging Loan Programme (BLP) offer entrepreneurs a boost for their start up businesses. For more information, look up www.spring.gov.sg.

ECONOMIC ENVIRONMENT
An understanding of the economic climate of Singapore is vital to planning for your business. Indicators important to the success of your business need to be considered. Singapore boasts of a competitive interest rate and low inflation environment. The consumer price index for 2010 is at 2.8 per cent. Other statistics such as national income and the labour market can be found at the Department of Statistics, www.singstat.gov.sg.

SINGAPORE WORKFORCE
With a literacy rate of about 96 per cent, Singapore’s demographics and psychographics are quite suitable for providing a skilled workforce to new and existing businesses. Women form an active part of the workforce with 55 per cent employed full-time – with 71.7 per cent of women age 25 to 54 working in 2010. With the per capita gross national income being S$57,603, Singaporeans’ higher spending power is itself indicative of a robust domestic demand. A trained English speaking workforce makes Singapore the perfect choice for setting up a regional headquarters.

TECHNOLOGICAL ENVIRONMENT
Singapore is technologically advanced, ranking as the third most wired nation and having 99 per cent of its population reachable by broadband network. In fact, the World Economic Forum ranked the country amongst the top 10 globally for network readiness. Entrepreneurs can easily tap on the technological infrastructure to assist them in business start-ups. In Singapore, the IT infrastructure is monitored by the Infocomm Development Authority (IDA).

LICENSING AND REGISTRATION
For foreigners who are not permanent residents of Singapore but wish to start their own business, an Entrepreneur Pass (EntrePass), which is an employment pass for foreign entrepreneurs, must be applied for at the Ministry of Manpower (MOM). For more information and enquiries on the EntrePass, visit the MOM website at www.mom.gov.sg.

Starting up certain businesses such as banks, insurance companies and stockbroker firms also requires obtaining a licence from the government. One must first register with the Accounting and Corporate Regulatory Authority (ACRA). Business Registration is simple and efficient with e-filing services. If the authorised share capital of a company is S$0.5 million or more, the foreign company must become a statutory member of the Singapore Business Federation (SBF). Details can be found at www.sbf.org.sg and www.acra.gov.sg.