subject: Singapore Business Environment for Foreign Businesses and Investors [print this page] Before setting up a company or subsidiary to a foreign country, entrepreneurs and investors consider the overall business environment that is affected by several factors including politics, economy, social issues, laws and legal system, infrastructure, and technology. For foreign entrepreneurs and investors considering to setup a Singapore company, this article will provide them with a "bird's eye view" on the business environment of this country. - Economic situation Singapore is one of the fastest growing economies in the world for several consecutive years. In fact, the city-state has posted a 17.9 percent GDP growth in the first half of 2010 when most countries' economic growth has plummeted or slowed down. With the country's double-digit economic growth, many foreign businesses have decided to relocate and register a Singapore company in 2010, according to a survey conducted by the Singapore Company Registrar office. Meanwhile, foreign investors and company owners can access the city-state's economic indicators status such as productivity, interest rate, exchange rate, and national income by visiting the Singapore Statistics website. - Political environment With the parliamentary democracy system, Singapore has been cited by the international community as one of the most politically stable and least corrupt countries in the world for the past several years. Economists believe that the country's orderly, stable, and pragmatic government has resulted to an efficient enactment and creation of policies, regulations, and laws which have a positive impact on any Singapore company. - Social structure Because businesses are directly affected with the social norms, this aspect is one of the greatest factors which can determine the success of a company. For example, Singaporean women play an important role in the social structure because they accounted for a significant percentage of the workforce. With this consideration, they have a strong purchasing power which makes them ideal to be the target-market. The social structure of the country is also one of the most stable in Asia because of its high standard of living. To access the country's social environment statistics, foreign businessmen can go to the Singapore Department of Statistics. - Infrastructure and technological environment With a world-class infrastructure, Singapore has been considered by the international business community as the most ideal place for companies operating in the industrial and manufacturing sector. The country's technological environment has also allowed businesses to maximize their productivity through industrial machines, broadband and communication networks, and other equipment which can raise the operational efficiency of a company. In terms of communication media, Singapore has one of the best in the world. In fact, almost 99 percent of the total population has an access to the Internet.
Singapore Business Environment for Foreign Businesses and Investors
By: Diane Paz
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