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Things You Should Know Before Starting Business in Singapore

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Singapore Times~

With the benefits of globalisation, it’s not difficult for people to start a business anywhere in the world. Singapore as a city has been emerging as a top contender for new business these days. Some of the reasons for Singapore being the hot favourite among the businesses are as follows:

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1. Social Climate:

As a city, Singapore has lot of diversity to offer for businesses. The city is often referred to as the melting pot of several cultures like Chinese, Malay, European and Indian while at the same time holding onto their one’s own culture and tradition. The aforementioned diversity provides a base for the growth and innovation of businesses. English is widely spoken in the city but the locally accepted language is ‘Singlish’ which is a combination of English and the native languages. The widely understood and spoken English is among the vital reason why Singapore is a chosen business destination. There are four main religious groups in Singapore and these include Taoism, Buddhism, Islam and Chinese apart from other lesser known faiths. These groups have their interactions in an interconnected and positive way. In short, Singapore offers more than just cultural diversity because of the well blended workforce that it boats of.

2. Technical Horizons:

Singapore is often referred as the technological Mecca as it has well developed electronics, telecommunications and aerospace concerns. The city is connected to a reliable internet hub which is able to supply unrestricted access to high speed internet. The trans-Pacific cables proposed by Google promises to lower the prices further while expanding the bandwidth. Huge benefits can be reaped by combining the limitless supply of technological resources of the city with that of entrepreneurial spirit. The workforce of the city is well educated and just needs the right opportunity to prove it. Every highly sophisticated economy banks on its technological prowess and Singapore is among them. The city has a complex stock market and banking system which can compete with the biggest economies of the world. The city has 92.8% literacy rate which makes the availability of educated labour force for high-tech jobs an easy task.

3. Environment:

It’s not a hidden fact that Singapore has scarcity of natural resources and with its airports and ports which are among the busiest in the world; the city does a great job in managing to protect its natural resources. The small area creates challenges regarding housing, farming as well as manufacturing. The leaders are posed with challenges for making changes in the present that would take care of the demands of the generations to come. More than 80% of the population lives in public housing that is often smaller in space. But the thorough and extensive public transportation system is reliable. The Changi airport is among the best connected and cleanest airports in the region and has got some awards too.

4. Economic Opportunities:

Singapore is among the most fertile of economic environments in the Pacific region. Singapore thrives on an independent stock market which deals with investments from all around the world.
Thus, the aforementioned reasons prove why Singapore attracts businesses from all over the world.