Why Singapore is the ultimate dream location for setting up a business

Singapore has what it takes for your business to thrive. In June 2020, Singapore has retained the top spot as the World’s most competitive economy in the latest edition of the Institute for Management Development’s (IMD) World Competitiveness Ranking. The Global Competitiveness Report evaluates an annual list of 63 economies, which analyses their ability to generate prosperity. Making up the top five after Singapore were Denmark, Switzerland, the Netherlands, and Hong Kong – which economists duly noted as illustrating the ‘strength and resilience of many small economies’, rather than a single major player in dealing with Covid-19.

Being an active promoter of the economy and claiming the first position in the World Competitiveness Ranking prepared by the Institute for Management Development (IMD) in June 2020, Singapore has managed to retain a top-notch position in the world. Followed by Singapore, only Denmark, Switzerland, the Netherlands, and Hong Kong managed to qualify for the economically potential countries that could bring prosperity and strength to the country’s economy and security. Having said that, Singapore remains the only entrepreneurial country to survive the pandemic by reporting the least economic downfall throughout the year. The major reason why ASEAN and Asia choose to reside in Singapore for a long term with the intent to build their headquarters and operate it is because of the following entrepreneurial attributes offered by the country to its citizens.

• Stabilized Government affairs and politics
• Added Government advantage to the citizens in terms of Taxation, Laws, and Intellectual Property policies.
• The quality standard of life
• Extensive Entrepreneurial Services
• Diverse Infrastructure supporting Art and Connectivity
• Rich in talent and professional expertise
• Easy Access to progressive markets and industries

In recent statements made by the Prime Minister of Singapore, Lee Hsien Loong, the possibility of a better future where “Singapore is well placed to connect to the new channels and flows” seems to be highly guaranteed. Optimal results are expected to unveil after “Digitising both private and public sectors, building R&D and innovation capabilities”. The Prime Minister also added that this approach is expected to “Retain and Attract talent, and making investments to contribute to the economy”.

On May 30, 2020, a big step for the future stabilization of Singapore came to light when Channel News Asia reported a whopping investment of S$13 billion procured by the Economic Development Board of Singapore (EDB) to secure the commitments of the impending years. Likewise, the numbers increased from S$8 to S$10 billion to ensure that the country is in safe hands and undisrupted during the COVID-19 pandemic. As assured by the Prime Minister while standing amidst closed doors, “When other countries are closing their doors, we are keeping ours open*”.