Singapore is the smallest state in South-east Asia but also its wealthiest, with an annual GDP per capita of more than US$90,000 according to the International Monetary Fund. A former British trading post, the city-state remains heavily dependent on trade and is highly sensitive to global headwinds. Singapore's economy has been ranked as the most open in the world and is known for being a financial hub and shopping paradise. The government has been working to promote higher value activities in various sectors, in a bid to maintain the country’s competitive position amid rising costs.
English ( official )
Malay ( national )
5.6 million ( 2016 )
Singapore dollar ( SGD )
EASE OF DOING BUSINESS
Ranked 2 out of 190 economies (World Bank Doing Business 2018)
Singapore Economic Development Board (EDB) is the government agency under Singapore's Ministry of Trade and Industry that develops "strategies to enhance Singapore’s position as a global centre for business, innovation, and talent". It is responsible for investment promotion and industry development in the manufacturing and internationally tradeable services sectors, and works with companies by providing information, connection to partners and access to government incentives for their investments, as well as their transformation and growth initiatives.
Enterprise Singapore (ESG) is the government agency under Singapore's Ministry of Trade and Industry that champions enterprise development. It adopts a company-centric approach to growing Singapore's enterprises, and is also responsible for building trust in products and services through quality and standards, and establishing Singapore as a startup and trading hub.
Accounting and Corporate Regulatory Authority (ACRA) is the government agency that oversees the registration and regulation of business entities and public accountants. It also provides information on new business structures, compliance requirements and corporate governance practices in Singapore.
www.acra.gov.sg | (65) 6248 6028
That Singapore's economic future lies with South-east Asia, is not in doubt, says Dr Linda Lim. How then, might Singapore prepare itself for such...
Asia Pacific ranked second worldwide in terms of international tourism growth, reporting an increase of 6.0 per cent year-on-year. Growth was...
With Asia continuing to be the fastest growing component of UL's business, putting it on the path to constituting the majority of both the group's...
BUSINESS shifts out of mainland China could support office leasing markets in the South-east Asian region, real estate consultancy Colliers has...
Businesses need to adapt to this new era of the fourth industrial revolution – Industry 4.0 for short – or risk being left behind, said industry...
Michael Correa sheds light on the key opportunities in the Singapore market for aspiring fintechs,...