2023-03-16
On 13 March, 2023, Minister for Transport S.Iswaran launched the Land Transport Industry Transformation Map (ITM) 2025. Developed by the Land Transport Authority (LTA) in close collaboration with industry and union partners, the refreshed Land Transport ITM aims to build a sustainable and resilient land transport sector, a future-ready workforce and a vibrant ecosystem. The Land Transport ITM 2025 will help the sector navigate through immediate challenges of manpower constraints and decarbonisation. It aims to achieve three strategic outcomes:(1)A Future-Ready Workforce; (2)A Sustainable and Resilient Land Transport Sector ; (3)A Reliable and Cost-effective Transport System through Innovation & Technology. FOZL […]
2023-03-15
On March 7, 2023, SACEOS and the Singapore Standards Council (SSC), which is overseen by Enterprise Singapore, launched the new Workshop Agreement (WA), known as WA 3 Sustainable MICE – Guidelines for waste management. Applicable to MICE events with 50 or more attendees, WA 3 provides specific guidelines for various MICE stakeholders. WA 3 aims to support the sustainable transformation of the MICE industry and position Singapore as one of the most sustainable MICE destinations in Asia Pacific, and a preferred destination choice for holding green events. To build waste management capabilities among MICE stakeholders, SACEOS will be running […]
2023-03-14
On February 27, 2023, The Infocomm Media Development Authority (IMDA) of Singapore and the United States Federal Communications Commission (FCC) have signed a Memorandum of Understanding (MOU) to enhance cooperation between both countries. The MOU aims to promote bilateral cooperation on telecommunications regulatory policies. It covers regulatory cooperation and information exchange in emergent areas of communications and connectivity. IMDA and the FCC will also explore technical cooperation and capacity building in the field of telecommunications. FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies in Singapore. FOZL assist clients to register Singapore companies, and provide Accounting, […]
2023-03-10
Private sector economists have raised slightly their forecast for Singapore’s economic growth in 2023, with the pace seen accelerating to 2.5 percent in 2024, according to a Monetary Authority of Singapore (MAS) survey. Most of the 21 economists and analysts who participated in the quarterly survey believe robust growth in China, underpinned by economic reopening and policy easing, better-than-expected global growth, and a faster technology sector recovery could further boost Singapore’s outlook. The median forecast for gross domestic product (GDP) growth in the survey, which was conducted in February, came in at 1.9 percent for the whole of 2023. This […]
2023-03-09
Starting from Wednesday, March 8th, 2023, global travelers can log onto the “Singapore Rewards“ website to select the activities they would like to participate in. There are currently 38 tourism products available for registration, divided into four categories: novelty and excitement, dining, wellness, and sustainable environment. The Singapore Tourism Board has launched this rewards programme to allow visitors to participate in guided tours for free and get to know a different side of Singapore. Only short-term travelers who enter Singapore by airplane can participate in free activities such as those mentioned above, with each person limited to one activity. Tickets […]
2023-03-08
On March 6th, 2023, Singapore’s Minister for Trade and Industry and Minister for Culture, Community, and Youth, Low Yen Ling, announced the launch of an updated version of the Arts and Culture Strategic Plan, focusing on three strategic goals from 2023 to 2027 : a connected society, a unique city, and a creative economy. This is the second five-year plan following the first one launched by the National Arts Council (NAC) in 2018. The NAC will roll out a new five-year plan to drive Singapore’s artistic development, enabling more people to access and integrate art into their daily lives while also […]
2023-03-07
On March 3, 2023, The Government will commit $50 million for the Civil Aviation Authority of Singapore (CAAS) to set up a new Aviation Sustainability Programme to support Singapore’s drive to develop a sustainable air hub. The $50 million programme will provide up to 70% funding for sector-wide projects and up to 50% funding for company-level projects. Examples of projects which the Aviation Sustainability Programme could support include the adoption of novel or more energy- efficient airport systems and/or equipment; optimisation of airport processes to enhance operational efficiency and sustainability of key processes, such as reducing aircraft turnaround time or […]
2023-03-03
On March 2, 2023, the Economic Development Board (EDB) announced new requirements that foreign businessmen will have to invest more and hire more locals to qualify to become permanent residents under the Global Investor Programme (GIP). The new requirements, which kick in on March 15, will therefore generate more jobs for Singaporean. The Global Investor Programme (GIP), which is under Contact Singapore, a subsidiary of the EDB. This programme accords permanent residency to eligible global investors who intend to drive their businesses and investment growth from Singapore. There are changes to all three investment options under the GIP. Under the […]
2023-03-02
Dear Business Partners: We are pleased to announce that Mr. Joel Leong Kum Hoe has been appointed as a partner of FOZL Corporate Strategy. Mr. Joel Leong is a recipient of Singapore Public Service Medal (PBM) and holds an Accounting Honours degree from Nanyang Technological University. He is also a Chartered Accountant in Singapore. Mr. Leong has served as an independent director in several listed companies and helped numerous companies go public through mergers and acquisitions or reverse takeovers. He has also served as the General Manager of the Northeast Community Development Council in Singapore, overseeing the development of the […]
2023-02-27
On February 27, 2023, the latest data released by Department of Statistics Singapore showed that the overall business receipts of the services industries (excluding Wholesale Trade, Retail Trade, Accommodation and Food Services) increased 10.9% in 4Q2022 compared to the same quarter in 2021. All industries registered higher business receipts on a year-on-year basis. The Recreation & Personal Services industry registered a year-on-year growth of 36.8% in turnover. This was attributed mainly to increased earnings of firms in the gaming and attractions segment in 4Q2022 relative to 4Q2021 when stricter covid-19 restrictions on operating capacity and social gathering group sizes were in […]
2023-02-24
About 200 people obtained permanent residency through the Global Investor Programme (GIP) from 2020 to 2022, said Minister of State for Trade and Industry Low Yen Ling. The Global Investor Programme is managed by “Contact Singapore,” a subsidiary of the Singapore Economic Development Board, and aims to attract entrepreneurs and investors to invest and create job opportunities in Singapore. FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies in Singapore. FOZL assist clients to register Singapore companies, and provide Accounting, Annual Return, Auditing, Tax Declaration, Trademark Registration, applying for Investment Promotion Policies, Corporate Advisory, Private Client Consultancy, establishing […]
2023-02-24
On February 22, 2023, the Suzhou Opening & Innovation Development Investment Promotion Symposium was successfully held in Singapore. During the event, several areas under Suzhou’s jurisdiction, including Taicang, Kunshan, Wuzhong District, Xiangcheng District, Huqiu District (Suzhou High-tech zone), signed cooperation agreements with Singaporean companies. 14 industrial investment and technological innovation projects, as well as 16 professional services and cross-border investment projects, were signed for Suzhou Industrial Park (SIP). As one of the 16 professional service agencies, FOZL Group signed a memorandum of cooperation with SIP, committed to working together to advance the development and construction of FOZL’s Chinese headquarter. This […]
2023-02-22
The Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI) today launched the linkage between Singapore’s PayNow and India’s Unified Payments Interface (UPI). This will enable customers of participating financial institutions in Singapore and India to send and receive funds between bank accounts or e-wallets across the two countries in real-time. They can do this using just the mobile phone number, UPI identity, or Virtual Payment Address (VPA). The linkage provides customers with a safe, simple, and cost-effective way to make cross-border fund transfers. Cross-border retail payments and remittances between Singapore and India amount to over US$1 billion annually. […]