Singapore has developed into an Asian technology center and a favorite destination for companies to expand their business territory in emerging markets. Licensing to create a company is also not complicated because large companies from various parts of the world simply use the services of a company incorporation singapore such as the WLP Group.
A study by a consulting firm, Singapore is a major foreign investment destination for Chinese tech giants Alibaba, Baidu and Tencent. Likewise, Google, Amazon, and Facebook have established regional operations in Singapore. On the other hand, the trade war between the United States (US) and China further enhances Singapore’s attractiveness. Companies that have trade flows with the two countries are looking for ways to avoid the tariff wars of the two countries. Here are 5 factors that make Singapore an attractive country for investors:
1. Open and connected
Geographically, Singapore is located in the center of Asia, with infrastructure connected to every corner of the world from the East to the West. The JLL study shows cities in China are mostly connected to Singapore, then followed by New York and Sydney. The country has been entangled in the most complex value chains in the world because its governing institutions promote the transparent and consistent rule of law.
In addition, the stakeholders have succeeded in gaining the trust of multinational business owners, NGOs, and the government. This creates a good business cycle. Especially because the Singapore government continues to be involved in every partnership between public and private that is open and mutually beneficial. Singapore policymakers routinely invite foreign companies to participate in training to solve problems while increasing capacity.
2. Free Trade Agreement (FTA)
Although size is a small country with a population of more than 5 million, Singapore has established 22 bilateral and regional FTAs. Singapore recently signed two giant FTA agreements including the EU-Singapore Free Trade Agreement (EUSFTA) and the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). The multilateral transactions EUSFTA and CPTPP have high standards to promote the digital economy and trade platforms.
3. Talented human resources
Policymakers have made Singapore one of the smartest labor centers in the world. Singapore has allocated 19 billion US dollars for Research, Innovation, and Enterprise 2020 Plan (RIE), which focuses on technology and sophisticated manufacturing industries, health and biomedical digital science services and economics and urban sustainable solutions.