As one of the least virus-hit countries in the world, Singapore has been re-exporting around half of its imports to other countries. Thanks to this feature, the country is used as a steppingstone to get into the surrounding countries by many countries in addition to its fairly dynamic domestic market which is composed of consumers having very high-level incomes.
Singapore represents a promising investment opportunity for individuals who want to gain exposure to a unique emerging market in Southeast Asia. In fact, it is one of the premiere countries in the world for investment opportunities.
Singapore is known as a small island country when its land and population of 5.6 million is considered. But it is a fact that the country had USD 361 billion GNP and USD 59 thousand per capita income as of the 2018 year-end figures. Singapore has one of the world’s richest populations, favorable demographics, and a growing economy,
With its foreign trade volume of USD 783 billion, over two folds of its national income, it has a considerable economic and trade potential. In 2018 the country realized USD 412 billion exports and 371 billion import according to Singstat figures.
Posing as one of the most important trade and finance centers thanks to its location and as a market passing to other markets, Singapore is at Asian Economic Zone and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Its efficient economic and commercial ties with nearby countries such as Malaysia, Indonesia, Vietnam, Taiwan, Thailand and Australia in addition to China and India are reinforced its position.
An ideal destination for exporters
Singapore is a city-nation with an ultra-modern infrastructure of roads, railways, and international sea and air connectivity. The government system operates at benchmark efficiency to support international trade. Most major international brands operate in Singapore, which is a business hub of Asia and in many ways a major international trading hub. The average Singaporean however is known for high purchase power and demand for quality products and services.
There are many types of goods exported to Singapore. The export formalities and procedures are usually common in almost all countries.
The technical terms used for import and export process could be changed from nation to nation. However, most of the process to export and import are same. Like overseas business to any countries, export of goods to Singapore is also simple it is easy to get informed by the governmental and non-governmental economic organizations such as governmental organization the Singapore Economic Development Board (EDB). Options which may work well for you to export your products to Singapore are:
* Using direct sales – as English is widely spoken it’s easy to do business via direct sales in Singapore.
* Using agents and distributors – factors such as distance from your country and lack of experience in the market means many exporters appoint an agent or distributor.
* Setting up a regional office.
Communications across South East Asia are fast and easy, and incorporating a company can be done in a very short time.
Singapore’s Ministry of Manpower also provides information on starting a business in the country, including a list of Singapore government agencies who can help.
When we look at the outlook of the market, we can see two main concerns; domestic market’s demands and tourists in the country and products addressing to Asia Pacific Region countries.
Invest in Singapore
Singapore is a rich and thriving nation that provides so many opportunities for people looking to invest. When you choose to invest in a country, you always need to think about the economy you’re investing in. You have to look at the range of economic opportunities on offer, and how healthy the economic situation is. It’s important to take all these into consideration before you make any kind of decision about the sort of investing, you’ll be doing. It’s also important to consider any factors that will impact on the economy. So, when it comes to Singapore you need to think about how diverse the economy is. For one thing, it has a massive tourism industry that helps it to boom and evolve. There are also strong economic ties to shipping, real estate and financial services as well. So, the nature of the economy, and how strong it is, is one of the best reasons to try to invest some of your money in Singapore. There are so many things you need to take a look at that can provide great opportunities for you. It’s important to understand what it is that makes Singapore such a great hub for investment.
Singapore is considered to be one of the freest global economies and one of the easiest countries in the world in which to conduct business as a result of its business-friendly regulations. It is among the easiest countries in regulations such as to start a business, to get permissions, access to credits, speed of solving trade conflicts, tax systems, protecting stake rights of minorities, etc. It is on top of the list among 190 countries for ten years in “Doing Business” which covers applications in business life. In 2017 it ranked second to New Zealand and followed by Denmark, South Korea and Hong Kong.
The average period of setting up a business and starting operations is 21 days but it is 2 and a half days in Singapore.
Singapore has one of the world’s richest populations, favorable demographics, and a growing economy. The taxation system, government support and industrial incentives of Singapore attract many companies to invest in the country. Having one of the most productive and busiest ports of the world and opportunities offered by regulatory conditions have played an important role in making Singapore one of the most attractive investment centers in the region. In this framework, its import potential and re-export capability, liberal trade policies and logistically ideal location to be used as a steppingstone to other parts of the region make Singapore an important focus of attention for exporters.