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Starting a Business in Singapore

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Starting a Business in Singapore

Singapore Business Experts

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  1. starting a business

    Hi There!I was looking to bring in a skincare range from America to sell in UK, what legal procedures do I need to abide by? ie. licensinglaws, testing etc

    Total Posts: 5 Last post by carol247

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Why Start a Business in Singapore?

Doing business in Singapore guide

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.

Doing business in Singapore

Read the Doing business in Singapore guide here

What's the currency and exchange rate?

The currency in Singapore is the Singaporean dollar. This is represented by the symbol S$ or 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 is 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

The unemployment rate is distinctly low. Employment continues to grow strongly as the economy maintains its rapid expansion.

Click here to Ask an Expert about Starting a Business in Singapore

Organisations that can assist with Starting a Business

  • > GCE Global Solutions

    We are "GCE GLOBAL SOLUTIONS" the global evolution of " GRUPO CONSULTOR EMPRESARIAL " with the acronym "GCE ®", a leader in the area OUTSOURCING IN BUSINESS MANAGEMENT for business administration worldwide, we have established our own international network of partners in each country.

    More Details Visit Website
  • > The Global Trade Professionals Alliance

    The Global Trade Professionals Alliance (GTPA) is a global trade organisation dedicated to the development of international standards to harmonise and facilitate inclusive and trusted trade.

    More Details Visit Website
  • > Global Training Partners

    GTP cross cultural trainings and intercultural workshops help global companies in improving their communication, efficiency and profitability when doing business across cultures.

    More Details Visit Website
  • > Korporatio

    Korporatio Inc. offers company incorporation in offshore jurisdictions. The values of the company are to make corporate governance hassle-free and fully paperless. Every offer is designed to ensure every business owner doesn’t have to worry about hidden fees and can run everything online.

    More Details Visit Website
  • > TBA & Associates

    TBA & Associates is a UK Company, with representative offices in Cyprus, Portugal, Spain and United States, providing an array of services to international private clients, and companies undertaking major cross-border business operations. Our clients include major banking organizations, trust companies, law firms, accountants, tax advisors and other professional advisors located in Europe, USA and Asia.

    More Details Visit Website
  • > Sovereign Group

    Sovereign offers a range of advisory and support services to assist companies of all sizes to establish successful business operations in foreign markets.

    More Details Visit Website
  • > Blue Marble Global Payroll

    Simplified Global Payroll Managing payroll in multiple countries is complicated with different systems, deadlines, and languages in each country, lack of reporting, and constantly changing laws and regulations. Trying to manage global payroll via fax and email with excel spreadsheets leads to data security issues, fines, and penalties for non-compliance. Blue Marble has solved global payroll challenges with cloud-based technology, customized aggregated monthly reporting, and a hybrid service model in 145+ countries around the world.

    More Details Visit Website
  • > BSC & ASSOCIATES - CORPORATE SOLUTIONS LLP

    Welcome to BSC & Associates We are specialists in the provision of high-quality shelf company solutions, possessing a diverse portfolio of companies with a wide range of age, from 1 up to 20 years old!

    More Details Visit Website
  • > PEO Worldwide Limited

    PEO Worldwide is an international PEO offering employer of record, payroll, employee benefits management, HR and compliance services throughout the world.

    More Details Visit Website

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