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Understanding Singapore’s business environment

Understanding Singapore’s business environment

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Published by rikvin2010
While Singapore company incorporation is an easy application process, it is essential that you study the business environment because there are several factors that will affect the outcome of your decision.
While Singapore company incorporation is an easy application process, it is essential that you study the business environment because there are several factors that will affect the outcome of your decision.

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Categories:Types, Business/Law
Published by: rikvin2010 on Aug 13, 2010
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05/12/2014

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Understanding Singapore’s business environment
By Jacqueline Chia6 August 2010Singapore Company Corporation, are you planning to be part of it? While Singapore company incorporation is an easy application process, itis essential that you study the business environment because there areseveral factors that will affect the outcome of your decision. These include the political, economic, social, technological, legal andecological environments in which business persons will probably think of Singapore Company Corporation and itsbusiness application process.Here is a business environmental analysis that will help you familiarisewith Singapore’s business environment and facilitate a smooth companyincorporation and operation.
BUSINESS ENVIRONMENTAL ANALYSISPolitical Environment
 The political structure of a country inevitably affects the way a businessoperates, as it is the political regime that will enact laws, sets regulationsand policies.Singapore’s parliamentary democracy system is well known for creating astable and orderly government. The government provides first-rateefficiency and excellence in the public service sector, ensuring that anylocal or foreign individual wishing to incorporate a company can efficientlyconduct business without red tape and bureaucratic delays.Singapore is also renowned for it’s extremely low corruption levels withinthe government and it system.Creating a pro-business environment with favorable tax laws and fundingoffers for business ventures has seen consistently ranked Singaporeranked as one of the best places to do business in the world.It is also tanked as one of the most competitive nations and has severalinitiatives supportive of business start-ups.Anyone can incorporate a company in Singapore. If you’re a foreignentrepreneur, all you need is to obtain anEmployment Pass or Entrepass to incorporate a company.
Economic Environment
 The economic trends of a country are very influential over businessoperations.Singapore’s economy has shown continued resilience against most globalcrisis, and has rebounded with a record 13 percent growth from the recentglobal economy downturn.
 
 This rebound not only showed that the Singapore’s forward-looking andalert damage-control measures are always in place and working, it alsoshows the potential of even bigger growth in Asia’s top leading financialmarket.Here are some economic indicators that will help you forecast possiblefuture movement of the economies:• Potential customer’s spending power• Potential supplier’s pricing• Interest rate• Consumer price index• Retail sales index• Wholesale and manufacturing indices• Inflation rate• Exchange rateSingapore’s economical policies on national income, labour market,productivity, investment commitment, and external trade are alsoconsistently fine-tuning their plans to adjust to a dynamic and changingAsian market in order to meet business growth.
Social Environment
Successful enterprises often leverage on developed and integrated socialcommunities. The education level of a people, work habits, culture, leisureactivities and the role of women in the workforce will affect the viability of a business entity.Singapore boasts one of the most competitive and well-educatedworkforces in the world, and it is renowned for its efficiency.Its multi-cultural and cosmopolitan society makes it extremely easy forinternational and regional investors to set up headquarters in Singaporeas a starting point to reach into the Asian market. The Singapore government’s “Live, work and play” motto ensures that avariety of businesses can successfully operate in their chosen industries,with the right human resource boosting business growth.
Technological Environment
Singapore, described as a “plug and play” nation, is ranked number threeas the most wired national in the world, and the most wired in Asia, with abroadband network that reached 99 per cent of the population.Singapore’s electronics, pharmaceutical and biomedical industries are theleading boomers of both national and regional economy.In the past few years, the country has been the leading innovator to set upseveral technological research institutes to build better and greenerbusiness infrastructure. Technological advances have led to fast turnaround times for retailers andconsumers, hassle-free financial transactions, as well as the creation of new products at competitive prices. The World Economic Forum ranked Singapore among the top 10 in theworld for network readiness in 2002.

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