Driven by steady modernization and well-known for its integrity and productivity, Singapore is a globally preferred location for innovation, reflecting the ambition and commitment of its inhabitants. It is truly one of those countries that possess an ideal status and reliable assets, which help the economy thrive continuously. From a low rate of corruption, to economic progress, enhanced tourism, and enforcement of intellectual property rights, Singapore has proven to be an outstanding environment for business opportunists and a place of constant originality.
For many years, the country has engaged in an arduous strive to protect the intellectual property rights of its citizens, supporting creativity and novelty. For this reason, the economy has flourished, producing a population of extremely wealthy people.
Of course, its location is considerably helpful: Singapore is situated right in the center of the world’s busiest shipping lanes and immediately next to the Strait of Malacca, a large trading channel. The cultural and geographical proximity to China is also large benefit, as trades and business ties with Beijing help increase the efficiency of the economy.
Another trait of Singapore is its free trade philosophy. This country boasts strong property rights, low government spending and low levels of corruption. In fact, it is currently ranked the second-freest economy in the world. It also has a very strong, diverse economy. More than many other Asian well-developed countries, Singapore maintains tax rates and laws competitive and perpetually endeavors to develop its many sectors, such as pharmaceuticals, petrochemicals, electronics, financial services, tourism, and, of course, shipping and trade. Green energy is also being implemented ever more successfully, which has a great influence on areas like urban living, healthcare and wellness.
Whether you are an individual or a corporation, starting a business in Singapore is fairly straightforward. With established industries like Aerospace Engineering, Alternative Energy, Electronics, Consumer Services, Medical Technology and Biotechnology, Pharmaceuticals, Logistics Management, and many more, Singapore gradually makes place for emerging businesses as well, such as Nanotechnology or Natural Resources. With an economy is definitely dominated by services, the government consults the people on policy making on a regular basis.
Exercising good judgment and common sense in macroeconomic policies within a stable legal and political environment has laid the path to the country’s financial success and its ability to maintain its place as the world’s second highest levels of economic freedom. Entrepreneurship is promoted and endorsed heavily, business opportunity growing exponentially, and the low tolerance for corruption has helped the country prosper significantly.
By situating their international headquarters in Singapore, over 6,000 multinational companies have taken advantage of the country’s numerous free trade agreements, contributing handsomely to its GDP. Both foreign and national companies can rely on thorough protection of their ideas and inventions through Singapore’s strictly applied intellectual property laws.
Along with Hong Kong, South Korea and Taiwan, Singapore is known as one of the original Four Asian Tigers, with an innovative, open, and business-friendly economy, boasting one of the world’s highest percentage of millionaires. From a business perspective, it is definitely a financial heaven waiting to be discovered.