Singapore has been ranked by the World Bank as the 3rd best country for doing business and trade. It has also come first in being the least bureaucratic and corruption-free place for all business matters in Asia (Source: Singapore - Number One Choice for Foreign Investors).
Despite not having many natural resources to call its own, this tiny island nation has defied the snide comments of others and beat all odds to become one of the “Four Asian Tigers”, holding one of the most rapid growing economies in the South East Asian region.This success can be attributed to its industrious population and its strategic location on major sea routes. It is no wonder that international trade associations are now on the rise in Singapore.
After separating from its now neighboring country, Malaysia, way back in 1965, the country faced numerous challenges that were brought on by the limitations on resources and lack of an international market. The Singaporean government then adopted the strategy of enforcing export-oriented policies and encouraging foreign investments by combining it with state-directed investments in government corporations. This move proved to be a huge success as the economy grew at an average of 8% from 1960 to 1999.
It is always said that the one resource Singapore always has is their human resources. True enough, their highly skilled workforce proves to be one of the factors responsible for putting Singapore on the business map. Together with its favorable tax regime, fair laws and regulations, Singapore has managed to attract businesses from some 3000 multinational companies from US, Europe and Japan.
New and exciting employment opportunities are constantly being created in an effort to turn Singapore into a knowledge-based economy. At present, Singapore’s business sector is a thriving industry that attracts people from all around the globe. The growing economies of fellow Asian countries India and China, has also seen many foreign investments coming the Singaporean way, most notably in the IT sector.
Interested in setting up your business in Singapore? Refer to Company Registration Singapore for comprehensive guides on the requirements and step-by-step procedure for incorporation.
