With its consistent ranking by the World Bank Group as the #1 city for Ease of Doing Business (for 11 years now, since the inaugural list in 2005), Singapore remains a top global destination for major business development and large-scale investment. The nation continues to be a progressive economy with plenty of vibrant opportunities. Its efficient governance, streamlined systems, and clean modernism, coupled with a well-educated and highly skilled labor force make Singapore an excellent business destination. Here are some things to consider when deciding to set up business in Singapore.
Image source: https://en.wikipedia.org/wiki/Raffles_Place
A Microcosm of the Asian Market
Given its central location and deepwater ports bustling with activity, Singapore acts as a strategic hub and gateway to the rest of Southeast Asia. International trade and commerce are a main component of the island’s economic prosperity, with many important shipping routes passing through its waters.
Because of its relative ease in accommodation of multinational corporations, foreign expatriates, and track record for safety, Singapore has become an experimental entry point for many businesses wishing to expand in Southeast Asian regions. Similar to nearby city-state Hong Kong, it has become an epicenter of economic activity. The population’s English-speaking capabilities have made it an even more attractive option, while its stability as a nation gives Singapore an edge over neighboring countries.
Image source: http://www.singapore-visa.net/blog
Supportive Government Agencies and Institutions
The most advantageous aspect of doing business in Singapore is the presence of supportive government systems and institutions. These facilitate the smooth registration, establishment, and operation of business, including Enterprise One, the country’s business licensing organization. The Economic Development Board is one of the main agencies empowering sustainable economic growth and creating value for investors and companies in the country.
Along with the Economic Development Board are productivity-focused entities like the Workforce Development Agency and the Singapore Business Federation. Furthermore, the Association of Small and Medium Enterprises emphasizes keen support for SMEs. Thus, many market opportunities abound in various industries.
Focusing on Innovation and Technological Advancement
Due to its compact size and limited natural resources, Singapore channels majority of its resources into business innovations, infrastructural and technological development. SPRING Singapore, for instance, includes technology as a core focus in its values. They host a number of initiatives and programs that help enterprises expand their offerings to new markets. From research to product development, process improvements, and creation of new brands and marketing efforts, the agency pushes the envelope of connectivity and global strategy.
Image source: https://en.wikipedia.org/wiki/Merlion
Wealth, Growth, and Opportunity
Singapore’s rapid economic growth, besides making it a key player in the global economy, has in turn created a very high standard of living that is very appealing to international business investors and distinguished companies coming into the country. The city is considered an exemplary society in Asia, with its world-class facilities and public systems, a thriving populace and an environment that upholds progressive ideas.
Conducting business in Singapore is not only a convenient prospect, it is a wise decision in this shifting global landscape.