Singapore is a relatively young nation, having had its 53rd birthday in August 2018. Nevertheless, Singapore is ranked among the global elites as one of the key business hubs in the world. Couple of decades of exponential growth along with other aspect have contributed to it being where is stands today.
In fact, Singapore is so attractive as a global business hub that we have the biggest companies in the world, such as tech giants Google and Facebook, setting their Asia-Pacific headquarters here. These investment in to the country, in turn, creates new employment opportunities for everyone.
So, what are the factors that propels Singapore to where it stands today?
Perfect Infrastructure for Businesses to Thrive
Singapore’ robust transportation system coupled with outstanding telecommunications infrastructure makes it extremely reliable for businesses to operate in. Changi Airport, Singapore’s local airport, is widely considered the best airport in the world for the past 10 years. Today, you can get direct access to over 152 cities in 51 countries, making it extremely convenient.
Banking and Financial Services
Financial powerhouse, with an open banking and financial services sector, Singapore is home to numerous local and foreign banks with full licenses, restricted licenses and offshore banking licenses. Availability of other foreign merchant banks, securities firms, investment banks, fund managers, future brokers and leasing companies makes the landscape very complete for facilitating international trade.
With the impressive infrastructure and landscape features mentioned above, it is only worthwhile if there is a strong workforce supporting it. Despite the country’s modest size, the local workforce is regarded as one of the most extremely educated in the world. According to various creditable reports, the local workforce is consistently ranked among the highest for workers’ productivity and general overall attitude which allow for superior business performances.
Ease of Starting Business
The Global Ease of Doing Business index ranks Singapore as the 2nd best country out of 189 economies in the world. The process is quick, transparent and seamless for incorporating business in the country. Companies can also be owned by 100% foreign directors, allowing great control and versatility for all. On top of that, business-friendly framework and laws laid out by the Singapore government helps enforce global competitiveness while providing valuable support to budding Small & Medium Enterprises (SME).
Immigration & Labour Laws
Singapore offer foreigners an excellent environment for business. Singapore is unique in that its labour and immigration law differentiates among different categories of employees in terms of requirements, validity and accessibility of obtaining work permits. Hiring foreign workers is simple and easy to facilitate. This allows niche industry to find urgent employment easily, maintaining absolute efficiency for companies operating in Singapore. This is also widely known as the “open-door policy” for international talents of all levels of expertise and experience.