Singapore is a relatively young nation, having celebrated its 57th birthday in August 2022. Despite its relatively young age, Singapore is ranked among the world's elite as a major business hub. It has been where it is today after decades of exponential growth coupled with other factors.
Several of the biggest companies in the world, such as Google and Facebook, have set up their Asia-Pacific headquarters in Singapore because it is such an attractive global business hub. In turn, the investments these companies make creates new jobs for the country's citizens.
Is there a reason why Singapore has been able to achieve what it has been able to achieve so far?
Its robust transportation system and outstanding telecommunications infrastructure make Singapore an exceptionally reliable place to conduct business. In the past 10 years, Changi Airport, Singapore's local airport, has been widely regarded as the best airport in the world. Today, you can reach 152 cities in 51 countries directly.
Singapore is also considered a shipping hub with thousands of ships passing through it every day. The telecommunication infrastructure in Singapore is top class, with internet speeds reaching in gigabytes.
With an open banking and financial services sector, Singapore is a financial powerhouse for local and foreign banks with full, restricted, and offshore banking licenses. As a result of the availability of other foreign merchant banks, securities firms, investment banks, fund managers, future brokers, and leasing companies, the landscape for facilitating international trade is complete.
A country with the impressive infrastructure and landscape features mentioned above is worth nothing unless it has a strong workforce to support it. In spite of its modest size, the local workforce is regarded as one of the world's most highly educated. According to several creditable reports, it has been consistently reported that the local workforce is among the best in terms of productivity and general attitude, which leads to superior business performance.
The Global Ease of Doing Business index ranks Singapore as the 2nd best country out of 189 economies in the world. The process of incorporation in Singapore is fast, transparent, and seamless. Foreign directors can also own 100% of the company, thereby ensuring great flexibility. Additionally, Singapore's business-friendly laws and frameworks help enforce global competitiveness while providing valuable support to aspiring Small & Medium Enterprises.
Singapore offers foreigners a great business environment. In terms of requirements, validity, and accessibility of work permits, Singapore has a unique labour and immigration law that differentiates between different types of employees. Hiring foreign workers is easy and straightforward. As a result, niche industries can find urgent employment easily, maintaining absolute efficiency for Singapore companies. A similar policy is commonly known as the "open door policy" for international talents at all levels of expertise.