Business & Industry
Jun 1, 2015
Investing in Singapore
New businesses looking for opportunities should know that Singapore stands firmly on a solid foundation built out of trust, knowledge, being connected and life; compelling attributes that come together to form a conducive environment for companies eyeing a move to expand into the region with Singapore as its base.
Singapore is attuned to the needs of businesses and the need to protect invention and innovation in order to expand business opportunities in Singapore
Singapore is known for integrity, quality, reliability, productivity, rule of law, and enforcement of intellectual property rights. These assets are essential in the knowledge economy.
To attract businesses ready to invest in Singapore, the government keeps its tax rates and tax laws competitive and takes a strategic, holistic approach towards stewardship of key pillars of the economy, such as petrochemicals, electronics, and clean energy. Most recently, it has mounted an initiative called Future•Singapore. This is designed to develop and test bed new ideas and solutions in the areas of urban living, wellness, ageing and healthcare, and lifestyle products and services.
As a preferred location for innovation, Singapore has nurtured a robust intellectual property (IP) regime.
The country has placed a great deal of commitment into developing a strong domestic regulatory framework to protect IP rights. It is currently rated the best place in Asia and 7th in the world for IP rights protection in the IMD World Competitiveness Report 2011. Similarly, the World Economic Forum's Global Competitiveness Report 2011-2012 ranks the island as having the best IP protection in Asia, and the second best in the world.
Indeed, a consistently reliable IP environment was what spurred the World Intellectual Property Office (WIPO) in 2009 to set up its first Asian regional office here.
And because of its pro-IP stance, more than 30 leading biomedical sciences companies have established regional headquarters here as well.
The government has always adopted a pro-business policy, regardless of world economic situations or crisis. It has taken tough measures including reducing corporate tax rates, lowering employers' Central Provident Fund (CPF) contribution rates and capping office rental rates. For the quality of its government policies, Singapore has been rated The world's easiest place to do business (Doing Business 2012 Report, World Bank)
The world's top labour force sustains Singapore's leadership position in key knowledge-intensive industries
The multi-cultural Singaporean workforce is highly educated, highly motivated and highly productive. Singapore has a large base of engineering talent, with the number of engineers in universities and polytechnics expanding steadily each year, in addition to the sizeable pool of skilled technicians.
An open immigration policy has served to enhance Singapore's talent pool. This gives companies the opportunity to source for the best personnel from anywhere in the world.
Singapore has built on its advantageous geographical location to become one of the world's top transportation hubs for sea and air cargo. Singapore's container ports are the busiest in the world. They offer a choice of 200 shipping lines with links to some 600 ports in 123 countries.
Changi International Airport is linked to some 280 cities in 60 countries, with about 6,900 weekly flights, providing convenience and effective connectivity for passengers and cargo. The Changi Airfreight Centre is a 24-hour, one-stop hub for the storing, moving and repackaging of goods without the need for documentation and custom duties. This has drawn some 6,000 logistics providers to Singapore, including 20 of the world's top 25 third-party logistics providers.
Singapore is a cosmopolitan country at the crossroads of Asia where people from the region feel right at home and those from beyond feel welcome. In fact, one in three persons here comes from abroad, constantly adding to the nation's unique heritage blend. Today, the population is a rich mix of different cultures, lifestyles and religions – co-existing harmoniously.
The city-state is safe and orderly. Recognised as one of the cleanest and greenest cities in the world, its public transport system and healthcare services are world-class. This provides a dynamic business environment, providing plenty of work opportunities locally and overseas.
In fact, there are numerous schools catering to the education needs of expatriate children while its local schooling system has achieved academic distinction. It's one of the push factors that make Singapore a great place to raise a family.