6th Government in Singapore

6th Government in Singapore

* Singapore is a republic with a parliamentary system.

* The head of state is the president, who is elected for a fixed term of six years.

* The parliament is elected in a general compulsory election every five years.

* However, in the most recent parliamentary elections in 2011, the opposition, led by the Workers' Party, made significant gains and increased its representation in the House to 6 elected MPs.

7th politics in Singapore

political measures such as streamlining registration procedures of foreign entities and doing away with non-essential filing obligations such as updating changes in the authorised capital will mean that both the entity and the governing body can increase their productivity in strategic activities instead of focusing on time-consuming administrative duties that do not move Singapore's financial needle.

The revisions and the consultation process come on the back of this year's watershed elections. Visibly, Singapore's political and economic climate is changing. The public's concerns weigh more significantly to policy makers as they decide on what is most suitable for the changing needs of Singapore's future as a nation and an economy. Hence, this process of public consultation highlights two salient things:

Firstly, it emphasizes that members of Singapore's business community are stakeholders to the country's future and that they have the government's ear. The government wants to hear if there are further concerns that must be addressed and incorporated into the Companies Act and Foreign Entities Regulatory Framework before they are implemented. The government also wants to ensure that the final policies that are rolled out resonate with both the community's and the country's needs.

Secondly, the legislative process is a harbinger of the changing face in Singapore's business community. Should these recommendations pass, Singapore is set to see a more vibrant and prosperous business community that act as meaningful contributors to the nation's growth. The city-state's already laudable position in the region will be bolstered by a healthy inflow of entrepreneurs and foreign companies seeking to establish a Singapore subsidiary companyor a Singapore branch office.