Singapore Offshore and Business in 2021
Before we dive into the topic of Singapore business and offshore. It is also important to learn more about the country itself, here are some basics facts and more.
Business in Singapore
Singapore is an island country located in Asia. It is one of the world’s smallest countries, covering a geographical area of 719 square km. The country borders Malaysia in the north and Indonesia to the south. Singapore’s capital city is known as the Capital of the Republic of Singapore, located strategically between the Indian Ocean and South China on the southern island.
The country takes pride in its thriving economy, exemplary conservation, and have strict local rules. Singapore consists of more than 64 islands, beautiful beaches, and rich wildlife, making it one of the best tourist destinations.
Singapore’s official currency is known as the Singapore dollar, which is in the denomination of 1, 5, 10, 20, and 50 cents. Singapore is one of the cleanest countries in Asia, and no wonder you will never find anyone chewing gums. You have to get a recommendation from a doctor to chew a piece of gum. This has played a crucial role in maintaining cleanliness in the country.
Singapore is a small country with a military base located in the downtown business area. For this reason, all the buildings in Singapore must not be taller than 280 meters to ensure the safe landing of the military planes.
The culture of Singapore
Singapore comprises people from different nationalities; hence, there are many languages spoken; however, they have four official languages: Malay, English, Tamil, and Chinese. 75% of the Singapore population comprises of Chinese people who mostly come from the Hokkien community. 6% of the population is composed of Tamil, whose origin is from India. 15% comprises the Malay Muslims, and 4% consists of people from other heritage.
If you happen to visit Singapore, you will notice that most people are very polite. In the 1970s, the government launched a National Courtesy Campaign, currently known as the Singapore Kindness Movement, to teach people good manners. Every male in Singapore must serve at least one or two years in the military.
There are several religions in Singapore, and the largest percentage of people are Buddhist. The other religions include Christianity, Islamic, Taoism, and Hinduism, among others. Recent research in 2017 showered a decrease in birth rates and an increase in Singapore’s death rates.
Infrastructure in Singapore
2012 Singapore emerged as one of the top countries that have the best infrastructure. This included the availability of electricity, water, communication network, and the transport system. The primary form of transport in Singapore is a bus that connects people from one place to another. Other commonly used forms of transport include rail, water, using water taxis for transportation, and air.
The government has invested more than $ 95. 2 billion to improve the infrastructure in the country. For instance, to grow the country’s economy, the government has increased the rail network to 360 km in 2018. It aims to add more kilometers by 2030. It has also launched a $10 billion project to add one more terminal at Changi Airport to increase the number of people coming in and out of the country.
The Singapore government
The government is headed by a president who is elected by all citizens of Singapore. The person voted in as the president serves for one term, which has six years. Singapore has more than five communities. Based on this fact, they make sure that the president doesn’t come from a community that has held the president’s office for the past five terms. Singapore has a constitution that governs and protects all its citizens.
The presidential elections are done after every six years. However, the parliamentary elections must be held on the third month after the five years of service once the parliament is dissolved. Both males and females can vie for any seat in Singapore.
To be elected as the president, one must be at least 45years and above. Everyone can vote provided you are a Singapore citizen and you are more than twenty-one years. The president can appoint ministers from the parliament and the prime minister, the executive’s head and chairs.
Facts about the Singapore government
- President is the head of the state who can either be a male or a female above 45 years old.
- The Cabinet gives direction to the government and the parliament.
- The parliament is responsible for making and enforcing laws in the country.
- Judiciary ensures there is justice to all citizens as well as protecting the constitution.
Safety in Singapore
The Singapore government has put the measure to ensure the locals or the tourists feel safe. The fact is that Singapore happens to be one of the safest countries in Asia to visit. However, it would be best if you took care of your personal belongings. There are few theft cases reported in Singapore, and it’s advisable not to bring your essential items if you are going out at night.
If you stay in a hotel, it is better to store your valuables in a safe to avoid frustrations. Women shouldn’t walk in some areas alone, especially in the ‘lorongs.’ The bottom line is, no place is perfectly safe. Therefore, regardless of whether you are a local or a tourist, always stay vigilant wherever you go.
The education system in Singapore
Every child must attend school in Singapore. Any parent who fails to take their children to school is punishable by law. The good thing is that all schools in Singapore are free apart from private ones. Every year, the government set aside 20% of the budget money to ensure all children get basic education, which is gradually improving the country’s literacy level. All schools use English as the language of teaching and communicating. Even though their several Universities in the country, few people opt to further their education in other countries.
The economy of Singapore
Singapore has one of the most advanced economies in the world with no foreign debts. The country has no natural resources, which means that the economy is sustained by exports of electronics, tourism, financial services, agriculture, and machinery production.
The GDP of Singapore stands at $107 billion, according to a Bloomberg report done in 2017. The government continues to improve the labor market, which plays a crucial role in ensuring its sustainability and expanding the service and retail sectors.
The main economic activities in Singapore include:
Manufacturing plays a vital role in Singapore’s economy, and it contributes more than 20% of Singapore’s GDP. It is also the largest sector that offers more than 15 % of employment to residents. Some of the significant items manufactured in Singapore include electronics, machinery, ships, and transportation items. The government is looking forward to manufacturing aerospace, medical equipment, and pharmaceutics in the future, increasing the country’s economic growth.
The service sector
The service sector largely contributed to the Singapore economy’s growth, with more than 75% of the country’s GDP, and provides jobs for not less than 70% of Singapore’s people. Every year over one million tourists visit Singapore. Research done by the World Travel Tourism council shows that tourism contributes 4% of GDP. Due to the increase of tourists coming in every year, the government is improving infrastructure, increasing the country’s number of visitors. Currently, the tourism sector creates more than one million job opportunities for people in Singapore.
Singapore’s cargo port
Singapore has the most extensive and busiest cargo port in Asia. The port has opened up business and job opportunities to other countries such as China, Japan, South Korea, Malaysia, and the United States. It makes it easy to export and import goods. It is also a great contributor to the growth and sustainance of the economy.
Other activities that continue to contribute to the Singapore economy include banking and insurance. The Singapore government has made trading easy such that they have low import fees. Singapore is actively involved in the NATO and ASEAN trade union, ensuring its economy to other countries and continents.
Business in Singapore
Singapore is an excellent place to start a business because the economy is gradually and consistently growing. Even though Singapore is a small country with no natural resources, businesses can still flourish for those willing to take the risk. It is easy for foreigners and locals to open a business in Singapore since few bureaucracies are involved.
Some of the business activities that you might consider venturing into include:
- Fitness trainers
- Courier services
- Child care services
- Beauty services
Are you a foreigner and planning to start a business in Singapore? It would be a brilliant idea as the government has set up simple rules that favour an investor who wishes to venture into Singapore’s business world. Furthermore, the excellent infrastructure, low taxation, and a safe environment qualify it as a perfect offshore destination in Asia. Any investor interested in setting up a business in Singapore can do so without any problems. The good thing is that as long as you choose a reputable agent for your business registration and formation, it will only take a few days.
In conclusion, Singapore is a beautiful country to visit, thanks to its numerous and natural tourist attractions. Also, the country has good infrastructure, adequate security, and low taxation, making it one of the best countries in Asia to start and run a business, especially for the foreigners who love expanding their investments abroad. This information about Singapore will help you know where, how, when, and why you should consider the country for a visit, a business, or even a retirement plan.