14 July 2017
A Practical Guide to Doing Business in Singapore
Singapore is the most advanced economy in the ASEAN with a GDP per capita of more than US$52,000, higher than many OECD countries. The IMF’s World Economic Outlook, April 2017 expects the Singaporean economy to grow by around 2% over the next two years, similar to that of other advanced economies.
With an open and trade-orientated economy, Singapore can be vulnerable to changes in the global economy. Therefore, the Singaporean government has established seven economic strategies to ensure the country retains its competitive edge globally. These seven strategies are detailed in the Report of the Committee on Future Economy: Pioneers of the Next Generation (2017) and include strengthening international connections, developing the skills of Singaporeans and supporting companies to innovate and scale up.
Singapore is one of the easiest countries to do business in – it was ranked second out of 138 economies in the World Economic Forum’s Global Competitiveness Report 2016-17 and second out of 190 economies in the World Bank’s Doing Business 2017 report. Some key attractions of investing in Singapore are:
• Strong international relationships – 20 bilateral and regional free trade agreements (FTAs) with 31 countries have been established, along with the development of industrial and business parks in India, Indonesia, China and Vietnam.
• Excellent infrastructure with a commitment to further investing in external connectivity, including plans to construct a Kuala Lumpur-Singapore High Speed Rail by 2020.
• Low corruption, strong rule of law and a very strong intellectual property system.
• Highly skilled and educated local population.
Opportunities to invest in Singapore are broad and investment is encouraged in many sectors, including financial and business services, biomedical and healthcare, and education and training. This business guide provides practical information for Hong Kong companies that are looking to invest and do business in Singapore.
- Regulatory Environment
- Establishing a Presence
- Intellectual Property Protection
- Staff Recruitment
- Tax Considerations
- Import/Export Procedures
- Further information