Singapore is very appealing to exporters and investors. Prosperous and dynamic, Asia’s second financial hub is also one of the world’s largest ports, and therefore offers an unbeatable base for exportation in Asia.
The city-state represents a significant proportion of the ASEAN free-trade area, and has signed numerous bilateral agreements with other countries. The state is pursuing its strategy of opening up to imports and exports, and every effort is being made to facilitate international trade. Singapore ranks fourth in the world in terms of GDP per capita, making it a high potential internal market. Its population is also highly educated and, as a consequence, it offers a valuable reservoir of skilled workers to businesses.
Plenty of economic sectors can be explored in Singapore, but there are some flagship areas. Traditionally, finance, petrochemistry and the shipbuilding industry are of particular importance in terms of Singapore’s economic dynamism. Added to this are tourism, a growing market, and strategic sectors supported by the state, such as innovation, biotechnology and digital technology. The high standard of living of the locals is a promising market for the luxury industry, while the small size of the country forces it to mainly import agri-food for the consumption of its inhabitants.
The government has launched a continuous improvement and growth strategy which is dependent upon substantial budgets for R&D, export aid and simplified business financing rules.
This year, Singapore was ranked the second easiest place in the world to do business by the World Bank. Its ranking is based on various data such as contract execution, the granting of loans and planning permission, and even business creation. Singaporean authorities have a very good reputation when it comes to helping start-ups, with procedures accessible online and implementation being carried out swiftly. In order to promote entrepreneurship, Singapore has set up its EntrePass scheme, a visa which allows foreign entrepreneurs to start a business in Singapore under certain conditions, particularly those concerning finances. The prerequisites include having a capital of $50,000, and belonging to an innovative sector. So it's no surprise that certain sectors are therefore excluded from EntrePass as, above all, this is a tool which captures the value of start-up businesses in innovative sectors.
Find out more about EntrePass