Starting a Business in Singapore

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Why Singapore?

Singapore is often regarded as the bridge between the East and the West. Quite the burden, you'd think, but nothing deftly exemplifies this adage more than Singapore's business culture. Eastern substance is still very much a staple of society, but business is commonly conducted with Western style.

Singapore's major exports are petroleum products, electronic and electrical components and equipment, and radio and television receivers and parts. Chief imports are crude petroleum, machinery and transport equipment, and industrial inputs such as electronic components, iron and steel. Crude rubber remains the largest re-export item. However, with the industrial development of the neighbouring countries, re-exports of capital goods, industrial products/components and consumer goods are increasing in importance.

Singapore's well-developed and efficient infrastructure is reputed to be one of the best in the region. The country's airport, seaport, road transport, industrial estates, telecommunications network, business and financial centre and convention facilities are the result of long range vision and careful planning.

Singapore has made convincing strides in her economic success. It has no natural resources but with its strategic location and versatile population, supported by political stability and sound economic policies, Singapore has been transformed into an industrial and financial centre. Like many other developing countries, the country is heavily dependent on foreign capital inflows. To encourage these inflows, Singapore provides a comprehensive programme 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.

What's the currency and exchange rate?

The currency in Singapore is the Singaporean dollar. This is represented by the symbol S$ or SGD. The exchange rate is 1 GBP = 2.69 SGD.

What's the climate and weather like?

Singapore has a tropical rainforest climate, with no distinct seasons. There are similar temperatures and pressures all year round, high levels of humidity and plenty of rainfall. Temperatures range from 22C to 34C. June and July are usually the hottest months, with November and December forming the main part of the wetter monsoon season.

What's the population?

Government statistics showed that the population as of 2007 was 4.59 million, of whom 3.58 million were Singaporean citizens and permanent residents.

Economic Overview

Singapore has no natural resources other than her harbour and her people. In order 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 government's policy is to welcome foreign investment, particularly in capital intensive manufacturing and high technology industries.

Singapore has a very robust, progressing economy. Some of the main industries are electronics manufacturing, petrochemicals, tourism, financial services and traditional entrept trade - where merchandise can be imported and exported without paying import duties. These open up great business opportunities.

Imports and exports

The main industries are electronics manufacturing, petrochemicals, tourism, financial services and entrept trade.

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 generators.

What are the essentials to know?

Labour and workforce

In September 2007, the unemployment rate was distinctly low at a mere 1.7%, its lowest in a decade. Employment continues to grow strongly as the economy maintains its rapid expansion. In the first three quarters of 2007, 171,500 new jobs were created.

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