Singapore’s excellent strategic location and highly open economy make it attractive for companies looking to conduct business here. Furthermore, Singapore has a stable political environment, low taxes and a highly skilled workforce making it one of the most favourable business locations in the world.
Singapore’s economy is heavily dependent on exports, with a particular focus on electronics, technology and pharmaceuticals. Although these sectors remain a cornerstone of the economy, the recent growth of the financial services sector has been more notable. Singapore has been a part of the World Trade Organisation (WTO) since its inception in 1995, and has maintained low barriers to trade as part of an outward looking open economy.
The key competitive advantages for companies offered by Singapore are:
- Low taxes and business friendly regulatory structure
- Stable and corruption free political system
- Excellent strategic location
- World class infrastructure
- Low trade barriers and welcoming attitude to foreign investment
- Economic focus on knowledge based industry
This guide to doing business in Singapore will provide the reader with an insight into the key aspects of investing and undertaking business in Singapore.