Singapore has a unique position in the global economy and a pivotal role as a business epicenter in the heart of Asia. The city-state has been consistently acknowledged as a global business hub – one that features developed infrastructure, political stability, open business policies, a skilled workforce, the use of English as the main working language and respect for intellectual property rights.
Direct Access to 3 Billion People
Despite its small size Singapore sits astride one of the most important geostrategically important locations in the world, making it possible for businesses to access a market of 3 billion people within a few hours flight. It is the economic gateway between East and West as one of the world’s most important trade routes – on the Malacca straits. It is also home to the world’s largest transshipment and logistics port.
Strong trade and investment makes Singapore the most competitive Asian country and the world’s easiest place to do business. 26,000 international companies and 154,000 small and medium local enterprises call Singapore home.Business owners all over the world regard Singapore as an ideal location to grow their businesses, with many of them using the country as a springboard to tap into other emerging markets in Asia.
Your Ideal Business Partner
Due to a limited domestic market, Singapore companies set their sights beyond the city’s shores. Their extensive experience of doing business in the region and the world has enabled them to evolve into excellent business partners with a strong track record of delivering integrated solutions and high quality products. English is the official language of administration and commerce, making Singapore conducive for business. The city-state’s reputation for transparency, pro-business policies, trusted legal and corporate governance systems means you can be assured when you partner a Singapore company.
Technologically Sophisticated Infrastructure
Singapore’s desire to create the world’s first ‘Smart Nation’ highlights the emphasis placed on infrastructure by the governing authority. The ‘Smart Nation’ program is envisaged, created and delivered by the Government with the aim of harnessing technology to the fullest to “improve the lives of citizens, create more opportunities, and build stronger communities”. Utilising technology to better serve citizens’ and expatriate workers’ needs manifests itself in many innovative creations such as the Beeline App, which creates new transport routes based on commuter’s demands, or organised hackathons designed to offer young technologists the challenge of solving technologically advanced problems. On a purely pragmatic level, the city’s physical infrastructure is also exceptional with a highly-developed integrated transport system consisting of Mass Rapid Transit (MRT) trains, buses and taxis. Singapore was voted as having the world’s best infrastructure in a 2013 survey undertaken by consulting firm Mercer for the Wall Street Journal, surveying 221 cities and using factors such as: traffic congestion, availability of flights from local airports, quality of public transportation and availability of water.
Pro Business Environment
Singapore has a unique position in the global economy and a pivotal role as a business epicenter in the heart of Asia. The city-state has been consistently acknowledged as a global business hub – one that features a responsive and business-savvy government, developed infrastructure, political stability, open business policies, a skilled workforce, the use of English as the main working language, world class services from a leading financial center and respect for intellectual property rights.
Free Trade Agreements
Singapore is Enterprise Greenhouse. Singapore has signed numerous free trade agreements (FTAs) in the past years and currently has the most extensive FTA network in Asia. FTAs remove the barriers to trade and investment, thus creating a freer flow of goods, services and people. Singapore’s network of FTAs now includes 21 bilateral and regional FTAs in force and 41 Investment Guarantee Agreements. These agreements facilitate business and trading across borders and make it less costly for Singapore firms to expand their operations internationally.
Singapore Global Rankings
Singapore is consistently ranked highly in international surveys. Some of its most recent accolades include:
#1 city with the best investment potential: BERI Report 2015-I
#2 in the world for the Easiest Place to Do Business: Doing Business 2018 Report, World Bank
#2 most competitive economy in the world: Global Competitiveness Report 2015–2016, World Economic Forum(GCR 2015-2016, WEF)
#1 Best business environment in Asia Pacific and the world: Business Environment Rankings (BER), The Economist Intelligence Unit
#1 in Asia and 5th worldwide for Best logistics supply chain performance: Logistics Performance Index (LPI), World Bank
#1 in Asia Pacific and the world for Best global innovation: Global Innovation Index 2015, Innovation Input Sub-Index
#1 in Asia and 2nd in the world for Best intellectual property protection: GCR 2015-2016, WEF
#1 in Asia and 8th in the world for Least Corrupt Economy: Corruption Perceptions Index 2015, Transparency International
#1 Most transparent country in Asia and in the world: GCR 2015-2016, WEF
#1 Top of BERI’s Labour Force Evaluation Measure: Labour Force Evaluation Measure (LFEM) report, BERI 2015-II
#7 in Asia for most motivated workforce: IMD World Competitiveness Yearbook 2015
#10 in Asia for best skilled labour: IMD World Competitiveness Yearbook 2015
#1 in the world for best labour/employer relations in Asia: GCR 2015-2016, WEF
#2 in Asia for best quality of life: IMD World Competitiveness Yearbook 2015