Singapore is the dream destination for investors, entrepreneurs, and expatriates alike including all businesses looking for Singapore company incorporation to expand into Asia. Companies prefer Singapore for their businesses as it has grown and developed into a financial hub, conducive for trade having world-class infrastructure, and a stable, transparent, and progressive legal and regulatory framework.
The government’s policies, for long, have positioned this city-state as a business-friendly and open-to-trade nation, attracting foreign direct investment inflows and welcoming overseas businesses to set up shop on its shores following a simple and transparent Singapore company registration process.
Many multinational corporations are already establishing their presence in Singapore, which is the fourth largest financial center globally, home to the biggest foreign exchange in Asia-Pacific, and often known as the financial capital of the South Asian region.
There has been a continuous and consistent inflow of foreign investments in Singapore from different parts of the world and especially from China. The country has a geostrategic location as the heart of the ASEAN free trade bloc enjoying free trade agreements with both China and India.
Many Chinese investors in Singapore are aggressively pursuing businesses in digital economies and are poised to build Singapore up as an Asian nodal point in new technology. Huge Chinese investments are flowing into Singapore and in tech-based ventures including AI, Crypto & Blockchain, Fintech, etc. These Chinese-backed tech ventures are also bringing in huge monetary rewards to Chinese investors at the time of IPOs.
Chinese belt and road initiatives are playing an important role in attracting FDI inflow into Singapore as they include plans to connect Singapore to many ASEAN nations and develop several free trade zones on outlying islands. Singapore is thus all set to play a leading and competitive role in FDI inflow into the South Asian region.
Singapore is a member of both ASEAN and Regional Comprehensive Economic Partnership (RCEP) agreements and witnessing significant investments in manufacturing and digitization, infrastructure, and technology including digital financial services, digital payment token services for crypto exchange, developing autonomous driving platforms, and technology with connected smart transportation services.
Cybersecurity, robotics, cloud technology, digital industrial platform development, industrial metaverse, data center development as digital infrastructure, and cross-border connectivity are also areas attracting huge foreign investments in Singapore.
Singapore’s GDP forecast for the H2 of 2022 is up 4.8% year-on-year, after growth of four percent in H1 of 2022. The nation registered a GDP growth of 7.6 percent in 2021 when the economy bounced from the impact of the COVID-19 pandemic. Singapore witnessed growth in manufacturing output by 13.8% year on year in May 2022. The World Bank ranks Singapore as a high-income economy with a gross national income of USD 72,794 per capita in 2021.
There is no surprise that Singapore’s political stability, openness to global investment, and economic strength make it an ideal destination for investors including foreign business owners seeking to invest in Singapore. It is evident from the fact that the majority of the assets under management (AUM) in Singapore originate overseas.
The most alluring for foreign investors is the quality of life the city-state offers and the most relieving is the presence of professional Business Consulting firms who can guide how to setup a local company in Singapore in the quickest possible time.