The World Bank confirms it: Singapore is the world’s top country when it comes to ease of doing business.
This highly-diverse city-state is traditionally famous for its delicious chilli crab – however is fast building a reputation as an emerging start-up and tech centre. It is also a hub for doing business worldwide, and a privileged gateway into ASEAN economies.
With a highly-educated workforce and low taxation rates, Singapore also boasts approximately half a million expats with diverse skills and backgrounds. A demanding, high-income audience makes it fit for premium brands and digitally-savvy businesses; financial and professional services companies will also find opportunities for growth here.
With Singapore a popular destination for businesses worldwide, an added advantage is the existing network of Australian companies already onsite, which businesses can leverage when entering the market. One particular industry that continues to hold high potential for new market entrants is technology.
A highly digitised market, Singapore is the first country in Asia to test automated tax filings for its residents. The local authorities have also opted for Whatsapp as their official channel to register complaints related to public transportation in the city.
This innovative and digitally-driven culture breeds opportunity for developers and mid-size technology companies in Australia. Innovators are not only welcome in Singapore; they are offered the opportunity for sustainable growth on the local market, and to expand into neighbouring ASEAN economies.
With hefty investments planned for a speed rail network connecting it to Malaysia’s mainland, Singapore’s infrastructure sector is also an attractive target for Australian companies in the industry, as well as for a wide range of manufacturers.
Grant Thornton advises mid-size businesses in a variety of industries regarding their expansion to Asia. If you’d like to discover what opportunities Singapore can bring to your growing business, contact us for a free Asia Fit workshop today.