Singapore is regarded as the top financial hub in Asia. So what’s attracting so many people to this leading business destination?
With a financial market regarded as the world’s third most innovative and future-ready economy, Singapore leads in many ways, from the development of its financial sector and burgeoning infrastructure, to its quality human capital (rated as one of the best labor forces in the world). Its diverse business culture also boasts significant international linkages, promoting the gateway between the ASEAN region and the rest of the world. With a low tax environment with strong IP protection, contract enforcement, and dispute resolution, promotes fast and accessible business establishment procedures – what better place could there be for you to do business?
If you’re a business owner keen to immerse yourself amongst this welcoming business landscape, here are a few tips worth considering:
- Ensure you stay abreast of trends
Entrepreneurs looking to kick start their ventures in 2016 should consider the following emerging sectors:
- Given Asia’s ageing population and rising demand for healthcare, the Asia-Pacific medtech industry is expected to grow 10% in the period between 2015-2017.
- The Singapore government has been promoting a shift to a high-tech creative economy in sectors such as lifestyle, animation, game design, creative agencies, industrial design, and sports.
- Singapore has established financial, retail, IT and education sectors, with new opportunities are opening up and each industry growing steadily.
- Minimise start-up costs
Any entrepreneur understands that it is crucial to keep costs low in order to maximise your cash flow. Serviced apartments help on cost-saving tactics, helping you save on running costs such as recruitment, payroll costs and wages, internet access fees, office fit-out, rent, and utilities. Specialised firms usually set the industry benchmark, helping businesses reduce overheads, minimize set-up costs and the ability to be instantly in business with competitors.
- Understand your business environment
According to Servcorp (http://www.servcorp.com.sg/en/), Singapore is probably the easiest place in the world to set up and manage a business. Its pro-business environment welcomes foreign investments and business entrepreneurs. It easily facilitates new ideas and start-ups, and only takes about 1-2 days to incorporate a company in Singapore. While its diverse culture acts as a global gateway attracting new businesses, the government is also keen to employ local people wherever possible. Thus far Singapore has built an attractive, world-class, and productive workforce – a key ingredient for the success of any business. Singapore’s workforce is recognized for its high level of education, high productivity, technical proficiency, work-hard and work-smart culture. As an added incentive for entrepreneurs looking to save on costs, Singapore has been ranked as the “Best Labour Force in the World”. In keeping with with this highly renowned service culture, serviced offices such as Servcorp handpick a dedicated team of local professionals to assist new businesses make their mark in business and enhance their image.
- Location, location, location
One major advantage of relocating your business to Singapore is its convenient location. Positioned in the heart of South-East Asia, the country is classified as a premier International Maritime Center with one of the busiest ports in the world. A flying visit to Singapore is enough to show you the sheer scale of industry and business that takes place here. It makes sense that any entrepreneur who wants to be at the heart of the action would take advantage of prestigious, well-positioned serviced offices located in the midst of Singapore’s CBD. You need to have the freedom to build strong ties and network with peers in the right environment.
While Singapore is renowned for its diversity, safe living environment and cutting edge business community, it also provides a stable business landscape for emerging businesses at low cost. We hope that these tips on how to take advantage of the Singaporean financial market have proven helpful for you in your business.
