Singapore is the Top Destination in Asia for Work and Business Migrants in 2020

Asia's Lion City is still going to be the preferred destination for global workers and entrepreneurs in 2020, according to a top immigration consultant. Favourable immigration policies, stable political and economic climate and a growing tech sector will continue to drive foreign talent and investment to Singapore.

Singapore Business District

A leading immigration consultant foresees continued interest in Singapore as a preferred destination for foreign talents and entrepreneurs. One Visa Immigration Consultant Cheng King Heng noted that a confluence of factors will continue to put Singapore at the top of ideal countries for setting up a business or pursuing career growth.

“As a regional hub and an economic centre, Singapore has always attracted global talent and investments,” he noted. “This year’s economic and political developments have cemented that role for Singapore, as evidenced in the increasing migration interest from various sectors.”

In May this year, Singapore replaced the U.S. as number one in IMD’s World Competitiveness Rankings. The Lion City was named 2019’s most competitive economy owing to its competitive labour pool, favourable immigration policies, business-friendly landscape and world-class technological infrastructure.

To support the Lion City’s drive to be a global leader in the tech industry, the country’s Economic Development Board (EDB) also announced in August a new two-year programme that will make it easier for qualified local tech firms to bring in highly skilled global workers via an Employment Pass (EP). The EP is a visa that allows qualified foreign professional to work in Singapore. Under Tech@SG, tech companies will be given more flexibility in complying with the EP’s stringent requirements.

According to Heng, the high quality of living that Singapore has to offer is also a major draw, especially for entrepreneurs and investors who wish to bring their families. In 2018, Singapore topped the World Bank’s human capital rankings. The index measures factors such as health, education, future productivity and survivability measures.

Another report cited Singapore, known for its low tax rates, as one of the top 10 destinations that millionaires migrated to in 2018.

“Immigration has always been a key part of Singapore’s success story,” Heng said. “And it is likely to continue in the next year, especially with businesses and jobs becoming increasingly mobile and digitally driven. Based on our experience, the priority has always been quality immigration, which is why policies are regularly reviewed to ensure they fill an actual gap.”

As Singapore copes with a slowing and aging population, current immigration policies are likely to remain stable in the next few years. The island’s population is “expected to be below six million by 2020,” with Singaporeans aged 20 to 64 “projected to peak at 2.2 million.”

Heng furthered that, with Hong Kong’s political future still uncertain, there has been an increased interest in Singapore as a viable "go-to" in the region.

He added, “Global investors, entrepreneurs and skilled migrants look for long-term stability when they decide to migrate. And this is something that Singapore can offer. It’s a rewarding but extremely competitive landscape, which is why we always recommend getting professional advice to increase chances of success.”

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One Visa is a Singapore-based global immigration agency specialising in visa solutions for corporate professionals, entrepreneurs and investors.

Media Contact:
​Zac Wong

Source: One Visa Pte Ltd


Categories: Business News

Tags: employment pass application, gip, immigration agent, Singapore employment pass, singapore permanent Residency application, singapore work pass

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