2. SINGAPORE
TARGET COUNTRY: GDP: 297.9 BILLION USD IN 2013
POPULATION: 5.399 MILLION IN 2013
Singapore is rated #1 in the world by World
Bank for ease of doing business
Singapore is ranked the third wealthiest
nation in the world by Forbes magazine.
Singapore has been ranked as the third most
globalized economy among 60 of the world’s
largest economies in the recently released
Ernst and Young 2011 Globalization Index
Singapore is rated #1 as the most politically
stable country in Asia
Singapore is rated #1 as the best labor force
in the world
Singapore is rated #1 in Asia for quality of
life
8. LATE LIFERS
TARGET MARKET
AGES 60 and above
Recorded population in 2013 is
642,000
Known as the “Late-lifers”
Expected to rise to 743,000 in
year 2016
Estimated to grow to about
10. CHANGE IN LIFE EXPECTANCY
Singapore’s life expectancy has increased by 10 years over the
last 3 decades: 72 years in 1980 to 82 years in 2011
At current fertility and immigration rates, Singapore will have more
citizens in the older age group in 2030
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healthcare%20sector%20construction%20workers%20and%20forei
gn%20domestic%20workers.pdf
11.
12. At current fertility and immigration rates, the median age of the
citizen population will increase from 39 years in 2011 to 45 years
in 2030
The number of elderly aged 65 years and above will increase
from 340,000 (10%) in 2011 to 900,000 (24%) in 2030
In particular, the number of citizens aged 80 years and above
who will require more care and support will increase from 70,000
in 2011 to 210,000 in 2030. We anticipate an increasing demand
Anticipate an increasing demand of healthcare and caregiving
support for the elderly
13. Due to declining fertility rate, the elderly of tomorrow will have
fewer children to care for them compared to elderly of today
More singles and more elderly projected to be living alone in 2030
Number of elderly citizens living alone increased from 6,000 in
1990 to 29,000 in 2011 and may reach 92,000 by 2030
There will be a need for more community and home-based care to
support the needs of the elderly
17. REQUIREMENTS TO ESTABLISH A
BUSINESS
1. You must engage a professional firm to register a Singapore
company. Singapore law does not allow foreign individuals or
entities to self-register a company.
2. There is no requirement for you to obtain any special Singapore
visa if you merely want to incorporate a private limited company but
have no plans to relocate to Singapore. You are free to operate
your company from overseas as well as free to visit Singapore on a
visitor visa whenever required to attend to company matters on a
short-term basis.
3. If you plan to relocate to Singapore to operate your company, you
are required to obtain an Employment Pass or Entrepreneur Pass
type of work pass.
4. All Singapore company incorporation formalities (as well as work
permit formalities, if applicable) can be handled without you having
to visit Singapore. The only exception may be opening a bank
account, depending upon the bank you choose.
18. ENTREPASS
1. You wish to establish a business in Singapore and relocate to
Singapore to run it. The proposed business idea must be
entrepreneurial and innovative in nature, and able to create local
employment.
2. You have an entrepreneurial and/or relevant background.
3. You plan to register your business as a Singapore private limited
company and not as a sole proprietorship or partnership.
4. You have not yet incorporated your company, or the company is not
more than six months old at the time of EntrePass application.
5. You plan to have at least 30% shareholding in the proposed
business.
6. The company will have a minimum paid-up capital of S$50,000.
You are sponsored by a well-established Singapore-registered
company or are able to furnish a Banker’s Guarantee of $3,000
issued by a Singapore-based bank upon approval of application.
19. REQUIREMENTS FOR A E-PASS
Aside from the minimum salary, the applicant’s educational
qualifications and work experience are also key considerations for
the MOM in granting the EP.
A tertiary degree from a reputable university and relevant
professional experience is important. Applicants should be
educationally qualified with qualifications from reputable
institutions
The minimum salary requirement of S$3,300 is typically
applicable to fresh graduates from good quality educational
institutions; whereas older applicants who are experienced will
need to command higher salaries in order to qualify.
There is no official quota system. Each application is reviewed by
authorities based on the credentials of the employing company
and the applicant.
20. REQUIREMENTS FOR A CAREGIVER
LICENSE
You need to be older than
23
You need to be service
oriented, genuinely
interested in caring for an
elderly or a sick client
You need to be in good
health
