Singapore, an island country and sovereign city-state in Southeast Asia. Singapore maintains a free market and economic growth; it is also currently ranked as the 14th largest export economy in the world.
According to the Pan Asian E-commerce Alliance, Singapore has a highly developed trade-oriented market economy and one of the most open in the world.
Singapore is one of the centers of world trade, has the fourth largest financial center and the fifth port that moves most goods.
Why should I consider taking my products or services to Singapore?
Purchasing Power Parity
In terms of purchasing power parity, Singapore is the third country with the highest per capita income in the world, besides being among the first countries in the international lists of education, health, political transparency and economic competitiveness.
Compliance of contracts
According to Eldaa García “An effective resolution in commercial disputes has many benefits. Courts are essential for entrepreneurs because they interpret market rules and protect economic rights. Worldwide, Singapore also ranks first in ease of enforcing contracts. In this country they are aware that efficient and transparent courts encourage new commercial relationships, because companies know they can trust the courts”.
Santander Trade Portal states that “Its telecommunications, financial and transport infrastructures are excellent and its strategic location at the confluence of maritime routes and close to large markets is an advantage. The country offers tax reductions and flexible loan terms among other investment incentives”.
According to Doing Business 2019: Training for Reform, a report released by The World Bank, New Zealand has been named the easiest place in the world to do business, followed by Singapore and Denmark. “Singapore earned that laurel through “proactive economic management” such as planning ahead how to accommodate an aging population and on introducing measures to help core sectors such as asset management and finance”. (says Marie Diron from Moody’s Investors Service).
This country has taken efficient measures to reduce:
- The excessive demand for documents
- Cumbersome customs procedures
- Inefficient port operations.
Are you interested in taking your products or services to Singapore? Infinitus is here to help you! We offer you our experience to introduce your goods with a customized strategy that works for you and your business!