September 18, 2015 | Sharon Cheong
Singapore offers investors and entrepreneurs numerous financial advantages and during the first half of 2015, their economy remains pro-business. The lucrative investment climate appeals to both new business start-ups and large corporations. The stable political environment has also been a positive factor in drawing businesses to the region. The low tax rate of 14.2% and beautiful climate make Singapore an attractive destination for foreign investors and entrepreneurs. Each year, companies are drawn to the area and it continues to be one of the world's most open economies.
At the beginning of the year, the Ministry of Trade and Industry (MTI) was forecasting a 2% to 4% growth rate and this has stayed on point thus far. The government works to create firm job opportunities for locals and expats. Singapore is an off-shore home to some of the world's largest companies and this helps to keep the economic growth on track. The country is home to many global biotechnology companies as well. Research and development in the biotech industry is an important factor for the nation's growing markets.
Import Export Business
The Port of Singapore sees a great deal of traffic from the thriving import export sector. This strategic seaport remains one of the most active in the world with products and goods coming in and out of the country daily. Since foreign and domestic companies are both regulated the same, the nation is continuing to see a high trade to GDP ratio. At the time, there are no tariffs on imports and this is an encouraging factor that has spurred growth.
Workers in Singapore
The workforce in Singapore provides large and small businesses with the highly skilled labor they need at affordable costs. A great percentage of the population now has received specialized training or has a secondary education due to the central government's newest education policies. The skilled workforce is seen as one of the major contributing factors to Singapore's Top-Tier AAA ratings from the credit industry.
One of the leading catalysts for Singapore's growth is oil production. Since oil prices have been down globally, this has led to some sluggish figures in this sector. As one of the top three oil refining hubs, the nation should remain relatively stable until oil prices recover somewhat. The major oil producers are actively exploring new opportunities in the areas of bio-diesel and renewable energy. Experts agree that Singapore is well positioned to lead the way for new growth and competitive technological advancements.
The manufacturing sector is continuing to show steady returns with electronics and chemicals coming in as leading products. As one of the world's freest economies, Singapore's government makes it very easy for new start-ups to set up a business. Entrepreneurs continue to flock to the region to take advantage of the lucrative manufacturing opportunities.
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