Singapore enjoys a high ranking on the annual reports released by authoritative firms such as the World Bank and the World Economic Forum that closely track the performance of global economies.
Looking in detail at the factors and achievements that make Singapore a thriving business hub in Southeast Asia an ideal entry point for investments into this part of the world:
Secure Yet Relatively Hassle-Free Business Environment
The vibrant business environment in the country is protected by a strong intellectual property regulatory framework ranked first in Asia and within the top 10 in the world based on reports from different sources.
It is also straightforward to extend or establish a new business in the country with the government adopting a favourable stance in terms of corporate taxes for new companies. Computerized systems allow online applications for most of the regulatory approvals while transparency accountability and minimum red tape channels offer a competitive business edge over other countries in the world.
Singapore is also well known for zero tolerance against crime and corruption enabling people to pursue their lives and work in a more productive manner.
Access and Connectivity
Access and connectivity requirements both geographical and virtual are met with casual ease. The country is accessible by both air and sea with frequent flights connecting with destinations across 60 countries while over 200 shipping lines link the island to over 600 ports across the world. Duty and document-free handling of cargo at select centers are a boon given the elaborate process that normally governs the supply chain logistics.
Singapore also has extensive trade links in Asia with free trade agreements in place with the major economies of the world that includes, but certainly not limited to, China Japan S. Korea India Australia New Zealand Panama European Free Trade union members and the US.
The country was reported to be most network-ready when compared to other nations in Asia with both the government and business communities eager to adopt latest technologies to ensure seamless connectivity while 99% of its population enjoys broadband access.
Multi-Cultural Talented Workforce
Labor laws and regulations work in favor of both the employer and employee to avoid potential areas of conflict.
Open to immigration Singapore welcomes a steady influx of motivated and talented individuals who wish to live and work in the country.
The country is also focused on keeping pace with latest technological and business trends regularly training the workforce to ably compete with the rest of the world. Impetus on research and development has paved the way for several private partnerships to further innovative pursuits in manufacturing and technology sectors among others.
Singapore with its pro-business administrative regulations is a crucial economic hub and portal that links Asian countries to the rest of the world and facilitates the entry of Western nations into the equally adept and economically competitive Asian markets.