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Doing Business In Singapore
Singapore is a small but wealthy city-state, occupying a strategically vital location at the southernmost tip of Peninsular Malaysia, where major sea lanes between east and west converge.
Singapore’s historic role as an entrepôtand trans-shipment centre for the region has traditionally created opportunities across a broad spectrum of sectors. This globally-connected, multi-cultural and cosmopolitan city-state offers a conducive business environment, especially to creative and knowledge-driven businesses.
Singapore is a model of economic development becoming an advanced, modern economy ranking 3rd globally in terms of GDP per capita. From independence in 1965, it achieved almost uninterrupted growth averaging nearly 8% per annum for over three decades. By the 1990s, it had GDP per capita levels similar to many OECD countries and was acknowledged widely as one of Asia’s ‘tigers’. The contrast between Singapore and some of its regional neighbours is all the more striking given its size and lack of natural resources. Singapore is totally reliant on human capital and has a workforce of 3.4 million. Foreign companies and workers contribute about 50% to GDP.