With the gradual liberalization of the Singapore government's control of the epidemic, Singapore's economic development has begun to recover...
Singapore's economic growth is strong
On October 14, the data released by the Ministry of Trade and Industry of Singapore on the 14th showed that Singapore’s economy grew by 6.5% year-on-year in the third quarter of this year, marking the third consecutive quarter of positive growth.
According to the data, after seasonal adjustment, Singapore’s economy grew by 0.8% month-on-month in the third quarter, compared with a 1.4% month-on-month decline in the previous quarter.
As early as April this year, the World Monetary Fund released a list of the per capita GDP of Asian countries and regions. Singapore topped the list with a per capita GDP of $58,902 and ranked eighth in the world. It is worthy of the title of "Asia's Four Little Dragons".
The more popular the registered company
The number of new Singapore company registrations from 2020 to 2021 has grown against the trend, showing the confidence of the global business community in Singapore.
Among them, in 2020, Singapore's newly registered commercial entity companies reached 63,480, an increase of 1,907 from 2019, setting a record high.
In the first May of 2021, the number of newly registered commercial entity companies in Singapore reached 27,764, an increase of 5,626 over the same period last year.
A large wave of companies have moved to Singapore!
In May 2020, Alibaba started the road to overseas property purchase, with Singapore's first stop.
Companies such as ByteDance, Tencent, Toutiao, and iQiyi set up regional centers or headquarters in Singapore.
The favor of major companies in Singapore is not groundless. In recent years, many multinational companies have adopted Singapore as their global/Asian headquarters.
Chinese Internet companies: YY international version Bigo Live, Mobike, OFO, e-commerce giant Lazada, travel giant Grab, game giant Sea, etc.;
Manufacturing: General Motors, Shell, AVIC;
Daily chemical industry: cleaning, L'Oreal;
Bank: Standard Chartered Bank, Barclays Bank;
Insurance industry: AIA, Taiping Insurance;
Food/catering: Danone, Starbucks;
PR/Consultation: Ogilvy;
Electrical industry: Philip, Hewlett-Packard, IBM
In addition, multinational companies such as Apple, Microsoft, Facebook, Google, Twitter, LinkedIn, Yahoo, Amazon, Vodafone, and Flextronics have also set up regional headquarters or offices in Singapore, and the scale of office lease is not small.
Why choose Singapore?
For many years, Singapore has maintained a politically stable, economically developed, and socially harmonious environment, and has strived to build an international image as a pro-business, innovation and wealth management center. It has maintained the world's first echelon in administrative, financial and business professional services. Favored by entrepreneurs in various industries around the world.
Good business environment
Singapore is known for its stable political situation, clean and efficient government, and is one of the most international countries in the world.
The strict legal system ensures that Singapore has a good business environment and creates an atmosphere for the development of enterprises. In the officially announced "2020 Global Business Environment Report", Singapore ranks second in the global business environment rankings.
Tax advantages
Singapore has signed 50 double taxation avoidance agreements and 30 investment guarantee agreements, so that headquarter companies that choose to conduct multinational business in Singapore enjoy tax advantages. The corporate income tax rate is between 0% and 17%, which is quite low.
Intellectual property protection
Singapore’s intellectual property system has been at the forefront of the world for many consecutive years. As a signatory of the Paris Convention for the Protection of Industrial Property and the Agreement on Trade-Related Intellectual Property Rights, Singapore provides companies with additional protection to realize the greatest potential for intellectual property rights.
Have a standard credit system
As one of the world's largest foreign exchange markets, Singapore has a sound financial system and is one of the few countries in the world with a Standard & Poor's AAA credit rating.
Excellent geographical advantage
Singapore is the most important market in Asia. It is quite close to China, Japan and South Korea, which saves time on business journeys and makes it easier for the company to enter the Asian market. Moreover, Singapore is located in the center of Southeast Asia, with an advantageous geographical location, and is the gateway to the ASEAN market.
Financial advantage
There are more than 500 local and foreign financial institutions in Singapore that provide a variety of financial products and services. The local securities and loan markets and the Asian dollar market can provide the funds needed by businessmen.
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