Singapore-Open for business

One could choose any number of places to build a business these days. After all, Thomas Friedman has explained the new “flatter world” in great detail. The barriers provided by ancient enemies of distance and time have been all but erased by technology and vision. So the fact is that business can be conducted effectively, for many industries, almost anywhere in the world. Before choosing a business location, one should take a moment to research the driving forces at STEEP that can make or break the best plans of the most resourceful business leaders. Presenting itself as the tiger of the East, Singapore is building an economic powerhouse capable of providing the most fertile environment for business. It is by looking at the driving forces behind STEEP that one will easily recognize the advantages of doing business in Singapore.

social climate

Singapore offers great diversity for business. In Singapore one may be surprised by the mix of immigrants; The Chinese, Malays, Indians and Europeans merge into a homogeneous group while maintaining some unique ties to their original culture. Identities “still remain, although most Singaporeans consider themselves Singaporeans, regardless of race or culture. Each still has their own unique character” (Singapore Expats, 2007). This diversity provides companies with a valuable resource for innovation and growth. English is widely spoken in Singapore, however a more common language is “Singlish”, which combines native languages ​​with English.

Widely spoken and understood English is the primary language of business. Mandarin and Cantonese are also widely spoken. There are four main religious groups in Singapore. The most widely observed are Buddhism, Taoism, Christianity, and Islam, as well as a variety of lesser-known religions. Interestingly, these groups interact in a positive and interconnected way. While the groups observe their different festivals and religious holidays, the community frequently participates in the celebrations. Singapore offers much more than a diverse but well-blended workforce.

technical horizons

Recognized as a regional and global technology mecca, Singapore has well-established aerospace, electronics, and telecommunications concerns. Fully connected to a reliable Internet hub, Singapore can provide unrestricted high-speed Internet access. Google’s proposed trans-Pacific cable promises to further expand bandwidth and lower prices. Huge gains can be made by marrying entrepreneurship with Singapore’s abundant supply of technological resources. The workforce is well educated and ready for the right opportunity. With any highly sophisticated economy, technology is the nerve center and Singapore is not short of nerves. With a complex banking and stock market system, Singapore rivals anywhere in the world. With a literacy rate of 92.8%, there is a sizable and increasingly educated labor pool available for high-tech jobs. While maintaining a technical approach, the people of Singapore are not ignorant of environmental concerns.

Environmental

With the scarcity of natural resources, Singapore manages its natural resources with the wisdom of Solomon. With ports and airports that are among the busiest in the world, Singapore manages to protect natural resources. According to the “Green Plan”, 5% of the land is reserved for conservation. According to Alan Tan of the University of Singapore, Singapore is one of the greenest cities in the world (Tan, 1998).

Perhaps the most difficult challenge for the people of Singapore and their leadership is managing the relatively small land area. This creates challenges for housing, agriculture, and manufacturing. Singapore’s leaders are challenged to make changes today that will handle the demands of the future.

Approximately 80% of the population lives in public housing. These apartments and condos are typically less than 1,000 square feet and offer the comforts of a small home. Others may opt for a private home or condominium that generally offers more spacious accommodations.

Singapore has an extensive and comprehensive public transportation system. In fact, for most, a car is unnecessary. Changi Airport has been awarded and is among the cleanest and best connected in the region. Due to the strict enforcement of laws in Singapore, the country is well positioned to be spared from major environmental concerns. This higher environmental thinking helps not only Singaporeans but the region as a whole.

economic opportunities

Singapore offers what is perhaps the most fertile economic environment in the Pacific. Backed by large investments from internal and external sources, Singapore operates an independent stock market that brings in investment currencies from around the world. In the most recent rankings prepared by the World Bank (Economy Rankings, 2007), Singapore moved up one place from number 2 to number 1 in places of trade with New Zealand. Ranked #1 for ease of doing business, employing workers and starting a business, Singapore is clearly a special place for business. Ranking 2nd in; By paying taxes, protecting investors and closing a business, Singapore is working not only to create a special environment for business, but also to make it easier to start a business. Unlike other lesser known business havens, Singapore also supports the interests of those who choose to do business with Singaporean companies.

Ranked #4 in investor protection rankings and #7 in getting credit, Singapore protects investors while freeing up the availability of credit needed for business growth. This is a forward-thinking practice for a growing economy. While some countries make licensing a more challenging business than opening one, Singapore ranks #5 for the ease with which licensing can be handled. With GDP growth rates above 7%, entrepreneurs can open their business and license it much more easily than in many other places. Extensive trade with; China, the United States, Australia, India and Europe, the opportunities are vast for those who call Singapore home. Companies like; Keppel, SembCorp Industries and United Overseas Bank have all found fertile ground in Singapore for admission to the coveted Forbe’s 2000. One may wonder how the Singapore government has been able to turn a relatively small island with minimal natural resources into an economic powerhouse. . The answer, at least in part, has been the superior management and dedication to honesty displayed by Singapore’s leaders.

political forces

In an area where political corruption is as common as rice for dinner, Singapore stands out as a bastion of honesty and integrity. Like the Vatican, Singapore is a city-state where corruption would spread like wildfire but is kept at bay by honest leadership. A key to the government’s success has been the establishment of laws to prevent things like pornography, corruption, and social decay. Long recognized as a clean city, the city’s leadership intends to keep it that way. Laws and penalties are posted to remind citizens and visitors of their importance. Particularly strong penalties are imposed for violations such as jaywalking and littering. Bring drugs or weapons into the region and one is likely to pay the maximum death penalty.

Perhaps the seriousness that Singaporeans apply to the legal system is what has kept the crime rate lower than in other industrialized countries according to the World Fact book of the Central Intelligence Agency (Singapore, 2007). Originally a British port of call, modern Singapore is an independent and dynamic republic. On December 22, 1965, Singapore became an independent state recognized by the League of Nations. The government established a parliamentary democracy led by a Prime Minister and a President. Singapore has outgrown the vision of its colonial roots. Calling on itself to become Asia’s leader in financial operations and an example of good governance, Singapore offers pride to the older generation who helped build the country and hope for future generations.

final thoughts

As mentioned above, the world is becoming closer and more interconnected. Singapore offers a rich and fertile environment in which to plant and grow a business. With a free market economy that is growing faster than many in the region, Singapore is open for business. The high scores in all categories measured by the World Bank should give skeptics the confidence to consider Singapore strongly when planning a relocation or start-up. Safe, secure and educated, Singapore provides the opportunities for the brilliant entrepreneur to succeed.

The forces driving the economies are working favorably in Singapore. STEEP’s driving forces offer nothing but positive signs and encouragement for those looking for a business location. However, as always, one should visit the site and check with local authorities before diving. Singapore also facilitates this process by visiting http://www.contactsingapore.org.

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