Singapore has been recognized as one of the best places to do business in Asia, with a highly developed ecosystem that promotes trade, commerce, and financial activities. The city-state has made it easier for the companies to carry-out business while encouraging the entrepreneurs, business owners and organisations with several supportive regulatory frameworks and liberal business policies.
As one of the Asian economic tigers, Singapore has seen impressive overall economic growth in the recent decade with effective regulations and innovative business practices. Singapore's commercial success is achieved by an economy that is adequately regulated and astoundingly managed by the government through meticulously implemented policies and rules. Correspondingly, the efficient manufacturing & production practices have bolstered the free-market with high-quality specialised products which are fabricated in state-of-the-art facilitates in the country.
Business Opportunities in Singapore
In terms of business opportunities, Singapore despite its small size and domestic market has numerous possibilities to earn profits through business. This is due to the export-driven industry which contributes to a significant portion of the economy, as the businesses are benefited from the world-class infrastructure and connectivity that Singapore enjoys due to its strategic position in South East Asia. Besides, the tiny nation-state has a strategic advantage to serve the Asia Pacific region with well-established international trade links to large economies and offers excellent connectivity through sea and air to major business centres within seven hours by air.
Moreover, it is important to realise that the Singapore government offers various assistance schemes and incentives for businesses, startups and SME's in Singapore to promote growth and expansion. Furthermore, the country is open to foreign investment and well-regarded as an AAA economy with a robust economy, stable growth and security.
Generally speaking, Singapore considered as the international businesses location where companies can expand into the Asian market through the country’s effective, transparent, and streamlined business incorporationprocesses. The companies in Singapore enjoy stable growth due to the political stability and liberal pro-business environment offered by the Singapore government, the critical business clusters that rapidly profit from the structure while proving to be an advantageous choice for entrepreneurs to start their businesses are
- Financial services industry
- General finance
- Financial Technology
- Banking& Money Transfer
- Investment Banking
- Advanced Electronics Manufacturing
- Electronics Research and Development
- Internet of Things Products
- Embedded IC’s
- Electronics product design
- Avionics sensors & products
- Precision Engineering
- Information Technology
- IT Support Services
- Digital Marketing Platform
- Financial Software Development
- Data Center Operations
- Technology-based product development
- Cyber Security
- Travel and tourism
- Fashion Retail& Lifestyle Products
- Biomedical Sciences
- Biotechnology Research
- Biotechnological product Development
- Pharmaceutical manufacturing
- Specialised chemical manufacturing and processing
- Freight and Courier Service
- Trans-shipment Services
- Freight Forwarding
- Transport Engineering
Business Environment in Singapore
Seeing about the way business is conducted in Singapore, everything is fast-paced as the ecosystem is purpose-built to handle multiple things while working in a fast and efficient way with openness, transparency and accountability. All the dealings with the government are carried out effortlessly through online with hundred per cent transparency. Businesses are attracted to the country by the world-class infrastructure, highly developed economy, liberal business laws, and highly-effective talented workforce which is multi-cultural.
Singapore’s business environment ensures openness, safety, with the government that works highly-efficient in continually developing the country while satisfying the needs of the businesses in the country. Singapore offers free-market for all companies, secure regulated financial sector, and free port facilities that lie near to the world’s busiest shipping lanes. The largest industry in Singapore is by far is the manufacturing sector which produces high-quality specialized products while contributing 20% to 25% of the annual GDP, rest of the economy is driven mainly driven by the exports in electronics manufacturing, machinery, financial services, tourism and shipping industry which comprises of port facilities, berthing, cargo services, ship repairs, overhaul, and vessel refuelling services.
The companies in Singapore quickly adapt to the changes in the global markets by rapidly transforming themselves to adapt and overcome the oncoming differences with success. The country encourages foreign businesses to set up their operations in Singapore as opportunities lie in abundance in the Asian market and Singapore is the best place to start your venture as the state offers numerous benefits for entrepreneurs, investors and companies to tap into the global economy and drive the growth in the region. If you’re interested in knowing more about expanding your business in Singapore contact us. Our Singapore team shall provide you with all the information regarding the opportunities of business that exist according to your industry in Singapore.