Singapore has a wonderful location for business. It has outperformed most developed countries when it comes to compounded annual growth. From 2009 to 2019, it had a growth rate of 7%. It is all set to emerge as a global business hub.
Singapore is blooming
Singapore is very business-friendly as it is quite easy to start a business here. According to the World Bank, this is the best country for startups. It has topped the ‘Easy of Doing’ business list for 9 consecutive years.It stood in the second position in the World Economic Forum’s Global Competitive Index.
So, what is the main reason behind these stats? Well, the Singapore government is very supportive of budding startups. Moreover, the tax rate is relatively lower as compared to most parts of the world.
Singapore is the headquarters for global businesses. Here you can find many innovative startups that are going to shape our future. More than 30,000 international companies are located here.
There is no doubt Singapore is on the rise. This new decade is going to see many innovations in the field of technology.
Moreover, this country has been politically stable. This has helped the government to focus on development. Furthermore, governance is very transparent, as well. It welcomes lots of foreign investment to fund their startups.
Singapore has a very developed infrastructure. It stood second in the World Economic Forum’s Networked Readiness Index. In addition to all this, the country has to deal with fewer crimes.
Openness to trade
Singapore is well regarded in the business community. Many countries are keen to extend trade relationships with this small country. It has established itself as an exporter of innovative digital products.
Changi Airport in Singapore is regarded as one of the best-maintained airports in the world.
This airport ranks seventh in terms of international traffic.
Not only airports but the ports in this country are also busy as well. PSA is hailed as the world’s second business seaport.
Moreover, this country is very friendly to tourists as well. You can get a Singapore Visa within days.
All these factors combined provide a very helpful environment for trade and commerce.
As already stated, Singapore is very open to foreign investment. Foreign Direct Investment has almost doubled in the past 5 years. Investors are very optimistic about the growth of this country.
Key factors behind this high inflow can be the simple regulatory system, high-quality real estate, tax incentives, almost zero corruption, and political stability.
With the improving relations between Singapore and Europe, this investment is going to increase manifolds in the coming years. It is estimated that they are about to sign a free trade agreement as well. This initiative is going to benefit Singapore.
This small country has a very consistent growth record. If FDI inflows continue at this rate, we can find Singapore dominating the world market in the next 10 years.
There is no doubt Singapore is emerging as a global business hub.