Singapore is one of the world’s top financial hubs, nicknamed Switzerland of the East. With world-class infrastructure, stable political environment, international talent pool, attractive tax rebates, and comprehensive business support, Singapore is a clear choice for entrepreneurs and business owners.
Despite global crises of the Covid-19 pandemic and the Russian-Ukraine war, Singapore continues to soar in a number of rankings in 2022:
- Singapore overtakes Hong Kong to become Asia’s top financial centre, and the third in the world after New York and London.
- Singapore remains the best place in the world to do business in the next five years, according to EIU’s business environment rankings (BERs).
- Singapore also ranked second globally for best talent, the only Asian nation in the top 20.
- Singapore ranks 5th in new index tracking sustainable global trade practices.
- Singapore climbs back to 3rd place from 5th in global competitiveness ranking
- SINGAPORE has moved up one spot to place 4th in the latest edition of the IMD World Digital Competitiveness Ranking, after Denmark, the United States, and Sweden.
While Singapore is capable of attracting Multinational Corporations (MNCs) worldwide, Small Medium Enterprises (SMEs) are the backbone of the Singapore economy. It contributes to almost half of Singapore Gross Domestic Product (GDP). SMEs in Singapore are defined as companies with an annual turnover of less than $100 million and employ less than 200 workers.
Foreign business owners can take advantage of Singapore’s growing economy and incredible financial landscape to expand their businesses. Since the year 2000, more than 8000 Indian startups have set up their businesses in Singapore.
Top 3 business verticals that are growing in Singapore:
Any business can be set up in Singapore, there are no restrictions. However, below are top 3 business verticals that are growing.
Green Energy: More and more companies that are selling solar powered products, water-efficient technology, and sustainable indoor gardens have set up their bases in Singapore. Because of Singapore’s lack of natural resources and small size, sustainable energy is expected to be mainstream in the future.
Fintech: Crypto-related companies and financial platforms such as micro investment apps have been sprouting in Singapore as the country aims to move towards a digital, cashless society. This will help propel Singapore’s position as a financial hub in the near future as the global economy turns to digital payment methods.
Digital Marketing: Adtech companies such as affiliate networks and digital marketing agencies have been in existence for at least the past 10 years, however, it has been a slow burn. With the government’s plan to transform the nation into a technology-driven country, digital marketing has seen steady growth in recent years.
How Immigration@SG helps foreigners set up companies in Singapore?
Immigration@SG (IASG) is a leading, Singapore-based immigration consultancy firm that has won numerous business awards. With more than 50 years of combined experience, a dedicated team of immigration experts who are specifically trained in the immigration landscape, and work processes that allow efficiency and ease, IASG aims to be a trusted partner in immigration for their clients. IASG serves both individuals and businesses in their immigration needs.
They offer end-to-end service for foreigners who want to set up companies in Singapore. This include company set up to ACRA, bank account registration, appointment of local nominee director, Employment Pass (EP) application for business owner and Dependent Pass and/or Long Term Visit Pass for their immediate family member such as spouse, children, and parents so that the whole family can live together in Singapore.
IASG also helps with relocation of individuals and families such as property rental and/or purchase in Singapore, school registration, and moving their belongings to Singapore.