Singapore Parliament Passes “Rapid Transit Systems Bill”, Says Singapore Company Incorporation

Aug. 23, 2010 - PRLog -- The Singapore Parliament on Monday has passed the second reading the new Rapid Transit Systems Bill, which aimed to facilitate timely expansion of its railway network and to cater needs of the country’s growing population.

In her speech, Land Transport Authority (LTA) Minister Lim Hwee Hwa said that the Singapore government is seriously considering building new MRT lines, citing the financial viability of the entire railway network.

Under the new legislation, the LTA will be in charge for the MRT line’s operating assets like trains and signaling systems while operators will be responsible in paying license fees, which will be shortened from 30 to 40 years to just 15 years to allow a more competitive business atmosphere and better service standards among transport developers.

“In order to make this happen, the LTA will take over all operating assets and lease the license to the operators. The LTA will also provide the first set of operating assets including trains and signaling systems, and operators will be required to shoulder all the replacements,” Lim said in her speech.

According to Lim, the license charge will be collected by the LTA from the line operators, which will then be used for future replacement assets and subsidies for MRT lines that are not financial viable.

The minister explained that the license charge will have two major components – fixed and variable.

“The license charge may also include cash-bid from interested operators during the bidding process while some part of the variable component can be in the form of revenue sharing,” Lim added.

Developers should also seek the approval of the government committee to determine if the new line will be commercially viable.

Lim said that the new financial framework for the MRT system will cover projects that will be completed beyond 2020.

She also noted that project that are already under construction – like the Downtown, Eastern Regions, and Thomson lines – will not be covered by the new criteria.

“We will continuously look for new financial corridors that will allow are transport system work better as our population continues to grow. We will carefully study all the proposals as part of our integrated land use and planning process for the transport sector as stated in the Concept Plan 2011 exercise,” she added.

Rikvin, a Singapore leading company incorporators claims that with the increase of MRT route, Singapore will be moving towards sustainable transportation, which will ensure minimal traffics jams, smoother journey, which in turn have a multiplying positive impact on the productivity of Singapore economy as it will free up the use of cars on the road if consumers have a better alternative.

We have been getting positive comments from our overseas clients who claim Singapore is such an efficient state and their desire to eventually make Singapore their home.  Rikvin has been successfully helping many foreign entrepreneurs form a Singapore company and secure their work visas. Most of them apply for permanent residence after residing 6 month in Singapore. While many professionals are successful, other has to re apply as they do not qualify.

Although there is speculation that the permanent residence has a quota, which runs based on a point system, looking at age, salary, race, work experience, subject matter experts, profession, taxation and country of origin. Another important factor is the integration into the Singapore society. This is to ensure Singapore remains a racial harmony place and as so, social engineering is selection is in placed. For more information on Singapore company formation, visit:  http://www.rikvin.com/incorporation/foreigner-incorporati...

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http://www.rikvin.com/immigration-work-visas/comparison-s...

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