Singapore enjoys low tax rates while having one of the highest per capita GDPs in globally. It is home to the Asian-Pacific Economic Cooperation (APEC) and is regularly ranked as among the least corrupt economies in the world. The ease of doing business here is highly favourable.

Export-led industrialisation can be seen across Singapore with sectors such as wafer fabrication and oil refining standing out. Meanwhile, the Port of Singapore is the second busiest in the world by cargo tonnage and the busiest transshipment port.

While Singapore is known as one of the most business-friendly economies in Asia for inbound investment and corporate engagement, the island nation is now a major outflow FDI participant globally. Singapore also operates as a regional and continental hub for many major international corporations and enjoys ultra-modern transport and communications networks.

Singapore’s SME sector remains the backbone of the economic landscape, contributing significantly to GDP and accounting for most of the country’s workforce. Singapore is small, with limited arable land meaning it must import most of its food, while water is classified as a ‘precious resource’.

Competition here is higher than elsewhere in Asia. However, it is still possible to find success in Singapore. Asian Insiders understands the local market and can provide the foundation required to realise business goals.