Business in Singapore
Finding the right hub for business in Asia has never been easy. But Singapore has made it easy for you. With is excellent business platforms, Singapore has established itself as a business center in the Asia Pacific region. You should consider doing business in Singapore.
The island republic of Singapore, although small, is home to one of the most rigorous and highly developed economies in the world. The trade-oriented market economy has been ranked as the most open in the world, most pro-business and 5th least corrupt as well as having low tax rates and having the third highest per-capita GDP in the world in terms of Purchasing Power Parity (PPP).
ACE is the reason why you should do business in Singapore.
Until today, Singapore retains its top spot in the Economist Intelligence Unit (EIU) latest ranking of the world’s most investor-friendly locations, beating both Switzerland and Hong Kong. Singapore’s highpopulation density and small land area create a high quality business environment that constantly attracts international as well as regional companies. As part of its effort towards creating an investorfriendly environment, the government created a policy of welcoming qualified and skilled foreign workers to take part in Singapore’s growing economy. Similarly, foreign investors are allowed to enjoy 100% ownership of the businesses they set up. These actions not only benefit investors but also contribute to the ever growing multilateral business relationships that are of high importance for Singapore. Because of this, Singapore continues to be a central business hub that remains unmatched.
Located in the heart of South East Asia and driven by international trade, Singapore and its world class infrastructure serve as the region’s economic and logistics centre. These world class infrastructures highlight Singapore’s characteristics as progressive and innovative.
Another supportive point is the secure and transparent environment within the public and private sectors. This is highlighted by Singapore’s outstanding performance in the Corruption Perception Index (5th place in 2013) which honours countries with very low levels of corruption in business. Coupled with the city-state’s strict enforcement of Intellectual Property Rights (IPR), this is a critical factor that makes Singapore an ideal business location.
Highly Skilled Labor Force
The government’s continuous emphasis on education allows companies to easily set up shop in Singapore making it unlikely to face any difficulties in hiring skilled and qualified employees. With one of the most competitive educational systems in the world, Singapore is home to many prosperous local and international schools as well as universities. In addition, due to the city-state’s British legacy, English is spoken island wide making it the main language of business.
Strong International Relations
Singapore is a member of the ASEAN (Association of South East Asian Nations) and enjoys bilateral Free Trade Agreements with New Zealand, Japan, Australia, South Korea, China, India, Jordan, Chile, Peru, Panama, the USA, EFTA (European Free Trade Area), and others (some of which are not signed yet, e.g. Costa Rica. Furthermore, Singapore is a member of the World Trade Organisation (WTO).
Singapore embarked on an impressive, strategically planned economic development programme immediately after it gained independence from Malaysia in 1965. As a result, the city has transformed into one of the world’s most prosperous countries to date. Today the city-state enjoys a stable currency, transparent investment rules, and a flourishing and mature banking sector. Moreover, it is a leading provider of services such as international banking, trade finance, maritime finance, insurance, treasury operations, and asset and wealth management. Singapore has continuously been ranked as the easiest place to do business in the world by the World Bank’s ‘Ease of Doing Business Report’. It has the best IP protection in Asia and one of the best in the world. In addition, the city-state is a preferred location for innovation activities and R&D. With a competitive environment like Singapore’s, there is always a constant need to strive for better and achieve higher levels of success making business more profitable and riveting.