The Republic of Singapore, or simply Singapore, is a sovereign city-state in Southeast Asia. Singapore is a global financial, trade and transportation hub with numerous reputations, such as: The country has also been recognized as a tax haven.
Singapore has the fifth highest human development index of the United Nations, the third highest GDP per capita; It is also of high priority in the areas of health, education, life expectancy, personal safety, quality of life and housing. There are four official languages: English, Malay, Mandarin and Tamil.
Business overview in Singapore
Singapore is recognized by the rest of the world as a top business destination for a number of reasons. With the help of various policies and reforms, the government has managed to turn Singapore into a perfect business environment. Because of the appropriate environment, Singapore offers ample opportunity for businesses to grow and thrive over time. This is just one of the reasons why much of the city's businesses are owned by foreign entrepreneurs. Business people from all over the world are attracted by the sophisticated infrastructure and extremely advantageous geographical location.
As the most technology-ready nation in the world, Singapore's openness to communication and information technologies has contributed to the country's economic success. In addition, an advanced seaport, along with international and domestic transportation services, enables entrepreneurs to use the land as a center of trade and commercialization. Singapore's global connectivity along with trade links has enabled investors and entrepreneurs to tap into the Asia-Pacific region as one of the fastest growing regions in the world.
Because of its business-friendly environment, there are numerous industries that have flourished over the years. Below is an overview of some industries which, among other things, offer various business opportunities for foreign and local entrepreneurs.
Oil Refining - Singapore is the third largest oil refining and trading center and the largest oil rig producer in the world. Singapore is also a major hub for ship repair services. Refined petroleum is one of the most important export products.
Banking Sector - With over 200 banks operating in Singapore and an increasing number of banking institutions establishing their operational headquarters to service the Group's regional activities, the banking sector is a particularly profitable area for the country. Not only does the banking sector provide jobs and profits for the country, its liquid capital market is also an important source of funding for Singapore's growth and development.
Information Technology - Singapore was among those countries that have managed to catch the emerging trend of IT companies and their economic success, so Singapore took the opportunity to invest in this then new sector. In addition, the highly skilled employees with impressive IT skills have helped this sector grow and prosper.
Telecommunications Industry - deals with the provision and improvement of mobile services, internet connectivity services and other technologies in Southeast Asia. Such services are in high demand due to the growing number of businesses and residents in Singapore.
Travel and Tourism - Over the years, the number of tourists visiting Singapore has increased and it is still becoming an increasingly popular travel destination. Due to its favorable geographical location, beautiful nature and culture, as well as numerous international and domestic modes of transport, Singapore attracts more tourists every year, which in turn leads to an increasing demand for tourism services and businesses.
Food and Drink - Due to the large number of overseas visitors, as well as people who have chosen to live in Singapore, the nation's culture is quite diverse and complex. The diverse preferences of these people have resulted in increased demand for a wide variety of kitchens and the business opportunities in the sector.
Hospitality Industry - The hospitality industry is supported by the government, particularly the establishment of resorts and hotels, as well as small businesses such as inns, guest houses and hostels, due to the increasing interest of tourists. While Singapore is very open to a variety of business opportunities, those that help maximize tourist numbers are particularly welcomed by the government.
Retail Fashion and Stores - Singapore residents are very interested in fashion and keeping up with the latest fashion trends is an important issue in their lives.
Beauty Salons and Spas - while Singapore is often viewed as a highly productive place to work, everyone needs to relax and rejuvenate every now and then. Despite the vibrant nature of Singapore's residents, a large proportion of them have made sure that they visit a beauty salon or spa on a weekly basis.
Education - Entrepreneurs' capital also welcomes various educational institutions. Education, which usually takes the form of private courses in certain sectors, is particularly popular with young entrepreneurs. Because of this, education has become one of the most successful companies today.
This overview of the potential business sectors in Singapore is certainly not comprehensive and there are numerous other sectors that provide business opportunities for overseas and local entrepreneurs.