BiZQ - SBF Download Area - Singapore Business Federation

31BusinessOpportunitiesSetting up basein SingaporeWith the rising power ofAsia in the global markets,Singapore has beengaining prominence as adestination to do business.This is one of the reasonswhy many foreign firmsset up a representativeoffice (RO) here.At a recent seminaron the “Next Steps forRepresentative Offices”organised by SBF andone of its partners, JanusCorporate Solutions, SBFGlobal-Asia Hub’s MrLauw Kok Keen said thatSBF organised the RObriefing as part of its rolein helping and facilitatingforeign companies to setup a base in Singaporein order to expand intothe Asian region.The seminar wasattended by key executivesand senior managers of 26foreign enterprises withROs in Singapore. Theattendees came froma variety of industries,including manufacturing,transport, logistics, as wellas food and beverage.The event was part ofcollaborative efforts inpositioning the countryas an operational basefor overseas companiesthat want to enter orexpand in the SoutheastAsian market.The presentationprovided first-handrelevant and practicalSetting upREPRESENTATIVEOFFICESin Singapore is toposition the country asan operational base forforeign companies thatwant to enter or expandin the SEA market.information about thebenefits, ease and processof setting up a permanentestablishment in Singapore.Participants werebriefed on the processfor creating a permanentpresence in the countryby either setting up aSingapore subsidiaryor branch office.The seminar coveredseveral relevant topics,including incorporationprocedures, respectivetax benefits, compliancerequirements and theSingapore EmploymentPass work visa schemefor foreign employees.Since November lastyear, SBF has conducted atotal of four RO briefingswith a total attendanceof 159 participants.ASIAN DEMANDFOR AFRICANRESOURCESHAS ENGENDEREDA REVIVAL INTHE TERMSON WHICHTHE CONTINENTTRADES.China-Africa tradeis worth about$75billiona yearIndia-Africa tradeis valued at about$30billionforum held in 2010 thatattracted 400 participants,including several Africanministers. The firstforum raised bilateralawareness betweenAfrica and Singapore.Supported by SBF’sAfrica Business Group(AfBG), this eventwill feature industrySOUTHAFRICAAfrica, Singapore andpost-recovery Asia– such as achievingsustainablegrowth, identifyingopportunitiesemerging inthese regions andharnessing these newengines of growth.The forum will be sectorspecificon infrastructure,education, ruralredevelopment, privateequity, urban solutions aswell as other areas whereSingapore companies canprovide their expertise.The topics will include:● Progress andpotential in Africa● Africa’s changingconsumer landscape● Infrastructuredevelopments● Enabling economicgrowthMr Shabbir H.Hassanbhai, Singapore’sHigh Commissioner toNigeria and Chairman ofAfBG, said the businessgroup has acted as acatalyst to spearheadinitiatives in buildingawareness on Africa ona sustainable basis, sinceits inception in 2010. Hewas speaking at the recentAfrica Trade & Investmentseminar organised by theAfrica Diplomatic Group.In this endeavour, SBForganised two recentbusiness missions lastNovember and Decemberto Kenya, Tanzania,Equatorial Guinea andCongo. In 2010, AfBG alsoled five business missionsto other parts of Africalike Angola, South Africa,Botswana, Kenya, Uganda,Rwanda, Gabon, Cameroon,Africa-SingaporeBusiness ForumThe upcoming secondAfrica-Singapore BusinessForum 2012 will beheld on Aug 29 and 30this year. This followed experts as they delve Mauritius, Senegal asthe successful inaugural into topics pertinent top.32