Business firms which have leaders that plan to expand their companies are now choosing Singapore. In fact, the Republic has become the world’s premier destination for these types of Asian firms. Singapore’s top ranking in this regard was reported to UOB during October of 2017. Today, we’d like to share more facts about Singapore’s new, number-one status.
Singapore is a Business Hub
Thirty-two percent of Asian companies with the desire to expand chose the Republic as their preferred market option for the next 3 to 5 years. Japan was next on the list and received twenty-nine percent of votes. Vietnam was in the third position. Thailand and South Korea hold fourth and fifth place, respectively. China is in ninth position and earned twenty-two percent of the vote.
Singapore is popular due to its supportive business environment, as well as its healthy financial picture. It features the right tax rules for businesses which wish to expand, as well as regulatory environment that is favorable to an array of business enterprises in Asia.
In addition to measuring Singapore’s popularity with expansion-minded companies, the survey measures primary challenges to growth for companies with the Republic. One roadblock is operation costs which are becoming higher. This key challenge has been the same since 2014.
Singapore companies will need to take certain steps in order to boost their ability to compete. Recommended steps, based on UOB data, include spending more on IT, improving training for staff members and committing to superior product innovation and research.
Frederick Chin is the leader of UOB’s Group Wholesale Banking service and he believes that Singapore is becoming more appealing to firms from “high value” niches, including IT and telecommunications. As well, he believes that Singapore now has more appeal to companies which operate in the sector of professional services. His belief is that working with such companies is the key to creating a new economy which is driven by innovation and which is value-added.
At present, twenty-five hundred firms from a group of Asian countries are included in survey data. With any luck, Singapore will continue to dominate in the future.
Singapore is a Land of Opportunity
Singapore is a great place to do business. It’s also a great place to call home. The island city-state features a low crime rate, reasonable real estate prices and a government which supports entrepreneurs and start-ups, particularly in high-grown niches, such as fintech.
Since the Republic is now so attractive to Asian firm that want to grow, there is plenty of be excited about. Singapore has a brighter economic future due to its commitment to fostering the right environment for Asian companies. If Singapore leaders do take UOB advice, it may be possible to make the nation even more appealing to companies from other Asian countries and companies from other parts of the world.
Currently, a lot of foreign investors are planning to take their money out of the UK, due to Brexit, and this is yet another reason why Singapore is becoming more attractive to investors and company owners from other places.