Singapore is one of the rare countries which has shown tremendous growth even when many countries around the world are still feeling the effects of the global economic downturn which began in late 2007. Singapore’s growth is actually thanks to some of the best business laws you can find anywhere in the world. Singapore is known to have the best business environment and is ranked as the easiest country to do business. Singapore laws directly help companies grow and thrive in the country. It is so easy to start a business in the country that you can complete registration of a Singapore LLC within one or at the most two working days. The timeline is same even if you are a foreign entrepreneur and currently reside outside of Singapore.
However, apart from prudent business laws, there is much more to Singapore and why the country has grown so fast over the past couple of decades. One of the important reasons to Singapore’s economic growth has been the growing multicultural society in the country. As a matter of fact, many analysts believe that the unique society in Singapore is actually one of the major factors which will boost its economy in the present as well as in the future. Singapore today is a mix of various cultures although the three main cultures are Chinese, Malay and Indian. But with the number of number of foreign companies, entrepreneurs, investors and professionals entering Singapore each year, the country has transformed into a global city with people from all nationalities. In fact today foreign professionals make up for more than one third of the total working population in Singapore and bring in expertise from all over the world.
This has directly benefitted Singapore’s economy as many well qualified overseas entrepreneurs and investors are more comfortable investing in Singapore than in most other nations. The influx of foreign entrepreneurs and companies has brought in innovation, technology and more importantly more jobs for Singapore. Most of these foreign entrepreneurs or professionals would not have been so comfortable entering Singapore and investing heavily in the market if not for the multicultural society in the country which has been able to live in perfect peace and harmony. People of Singapore are also much more tolerant of each others cultures and respect one another. With the growth of people from various cultures in Singapore, it has brought in those foreign companies as well who want to target multi ethnic groups and people from various backgrounds. All this is immensely helped Singapore in its economic growth and the country continues to attract foreign investments every year.
However, apart from prudent business laws, there is much more to Singapore and why the country has grown so fast over the past couple of decades. One of the important reasons to Singapore’s economic growth has been the growing multicultural society in the country. As a matter of fact, many analysts believe that the unique society in Singapore is actually one of the major factors which will boost its economy in the present as well as in the future. Singapore today is a mix of various cultures although the three main cultures are Chinese, Malay and Indian. But with the number of number of foreign companies, entrepreneurs, investors and professionals entering Singapore each year, the country has transformed into a global city with people from all nationalities. In fact today foreign professionals make up for more than one third of the total working population in Singapore and bring in expertise from all over the world.
This has directly benefitted Singapore’s economy as many well qualified overseas entrepreneurs and investors are more comfortable investing in Singapore than in most other nations. The influx of foreign entrepreneurs and companies has brought in innovation, technology and more importantly more jobs for Singapore. Most of these foreign entrepreneurs or professionals would not have been so comfortable entering Singapore and investing heavily in the market if not for the multicultural society in the country which has been able to live in perfect peace and harmony. People of Singapore are also much more tolerant of each others cultures and respect one another. With the growth of people from various cultures in Singapore, it has brought in those foreign companies as well who want to target multi ethnic groups and people from various backgrounds. All this is immensely helped Singapore in its economic growth and the country continues to attract foreign investments every year.
RSS Feed