We have come to the time again for Singapore to vote for a new government. Dubbed the 'Pandemic Elections', for the first time ever, the Singapore General Elections will be held amidst a global setback as Singapore looks to a progressive government that can ride us all out of this storm, together.
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. This comes amid the flurry of uncertainties plaguing businesses and whole economies globally, due to Covid-19.
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 the pandemic.
IMD noted that the factors behind Singapore's success include its:
1) Strong economic performance (robust international trade and investment)
2) Progressive and inclusive Employment and Labour market measures
3) Relative ease of setting up business
4) Availability of skilled labour
5) Cutting-edge technological infrastructure
IMD also pointed out that it is key to note that Singapore's stable and quality education system also played key roles in the outcome of the rankings. Minister for Trade and Industry Chan Chun Sing, speaking at an Enterprise Singapore event on Tuesday, said it was good to see that Singapore has managed to maintain its top position in overall global competitiveness. He however warned that Singapore must not be complacent, considering the volatility of the situation with Covid-19.
If you are looking to incorporate or expand your business to Singapore, look no further. Regardless whether you are a seasoned business professional or a budding entrepreneur, we are in a position to dispense the best advice on the various options available.
Setting up a business, especially if you are a non-Singaporean, requires that you be familiar with the policies and systems in place. As such, it may be worthwhile to engage the services of a professional firm to register your company in Singapore. This ensures that your business complies with local immigration laws and policies.
With its pro-business environment and laws, Singapore has established itself as a hotbed for innovation and entrepreneurship, attracting corporates both small and large as the choice destination to relocate.
As one of the world’s easiest places to do business, setting up in Singapore is seamless and efficient for both corporate or individual investors.
Why is Singapore an Ideal location for Business?