What You Need to Consider Before Expanding Your Business to Singapore
As a bridge between the East and the West, Singapore is regarded as a cultural mixing pot. Although Eastern
substance is a staple of the society, business is often conducted in the Western style. It is a well regarded business
destination and is seen as a prime location for accessing the South East Asian markets. The World Bank's report
ranks Singapore as the number one for "Ease of Doing Business." It is a well regarded business destination and is a
leading location for accessing the South East Asian markets.
Why invest in Singapore?
Singapore's emergence as an economic force on the back of FDI (foreign direct investment) has seen it become a
centre for business in Asia. The government is keen to encourage innovation and investment from foreign
countries. Overseas businesses registering a business in Singapore enjoy low taxation and favorable trading
conditions. There is also financial assistance and incentives for entrepreneurs starting up a business in Singapore
such as research and development support and help with intellectual property. Singapore has a skilled workforce,
with its workers ranked among the most productive in the world and it takes less than two weeks for a foreign
worker to get an employment card.
Understanding the Economic climate
Singapore has a very robust, progressing economy and has made convincing strides in her economic success.
Singapore has no natural resources, and to achieve the desired economic advancement, the government has put an
emphasis on the development of capital intensive, high skill and export orientated manufacturing industries. The
country is profoundly reliant on foreign capital inflows, like many other developing countries. To encourage these
inflows, Singapore provides a comprehensive program of incentives based primarily on considerations such as total
investment involved, technical input, export potential, employment opportunities and conduciveness to the
development of industrial and financial activity. The central purpose in providing the various concessions and
incentives is to broaden the industrial and financial base of Singapore.
Main Industrial Areas
The main industries are electronics manufacturing, petrochemicals, tourism, financial services, Advanced
Engineering, Biomedical Sciences, Creative Industries, Education and training, Environment and Water, Oil and
Gas. Merchandise can be imported and exported without paying import duties. These open up great business
opportunities. Singapore's exports value at $313 billion of petroleum products, food/beverages, chemicals,
pharmaceuticals, industrial machinery and equipment, electronic components, telecommunication apparatus and
transport equipment. Its imports value at $275 billion of aircraft, crude oil and petroleum products, electronic
components, radio and television receivers/parts, vehicles, chemicals, food/beverages, iron/steel and electricity
Be prepared to overcome any challenge
Planning ahead by partnering with a professional can avoid delays and penalties associated with expanding
business overseas. Hence resorting to a dependable partner that can assist in setting up a business overseas is an
enormous advantage when d
oing business overseas . Providing guidance in all areas of business be it legal, HR,
payroll, or international accounting, the right partner can make your expansion a success.
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