The city-state of Singapore has established itself as the gateway to Association of South East Asian Nations (ASEAN). Offering foreign companies access to an English-speaking business environment, highly skilled workforce, and the single most business friendly legal and tax system in the World, Singapore is the ideal starting point for companies seeking to expand into the Asia-Pacific region.
The World Bank ranked Singapore the easiest place to do business in the world. Five reasons companies should consider exporting to Singapore are:
- Major distribution and logistics hub and gateway to the ASEAN region
- Lack of corruption
- Favorable tax codes
- Strong intellectual property protection
- English-speaking population
Singapore’s distribution and sales channels are simple, direct and open to the participation of foreign firms. Because of Singapore’s role as a regional hub, most local distributors will also have knowledge of regional distribution rules and regulations. Exporters will find a promising market for the following industry sectors in Singapore: semiconductors, oil and gas, aircraft and parts, medical devices, telecommunication equipment, computer hardware, software and peripherals, environmental control equipment, industrial automation, laboratory and scientific equipment, and education.
The following are major infrastructure projects, significant government procurements and business opportunities in Singapore:
- US$500 million second Liquid National Gas (LNG) terminal is being finalized;
- US$150 million Very Large Floating Structure (VLFS) tender for petrochemical storage is postponed to 2018 due to the downturn in the oil and gas sector;
- US$580 million blueprint to grow the clean energy industry in Singapore;
- By 2030, five new public hospitals and up to twelve more polyclinics will be built;
- A new 300-bed hospital for infectious disease will be built and is expected to be ready by 2018;
- A new US$135 million National Heart Center building is currently being built at the Singapore General Hospital and scheduled for completion in 2020;
- Construction of Singapore Changi Airport Terminal 4 and Terminal 5 and a third runway;
- US$2.6 billion Phase 3 and 4 port expansion at Pasir Panjang Terminal;
- Advanced water technology and infrastructure in areas such as filtering and purifying machinery and apparatus, technologies involving wastewater recycling and treatment, and desalination technologies;
- Singapore Government ICT tenders of more than US$1.9 billion;
- And the Smart Nation Initiatives.
These are the largest business opportunities in Singapore, much more are available. If you want to know more about how to enter this exciting market, please contact us for a 1-hour free consulting meeting to hear your objective.