Pro-business environment
The building blocks of a business-friendly atmosphere.
Singapore’s conducive business environment, efficient legal system, highly skilled workforce, developed shipping and logistics industries, political and economic stability, and pleasant living environment are pull factors for companies who choose Singapore as the nerve centre for their operations.
International institutions have consistently ranked Singapore as a first-class business environment, bolstering Singapore’s reputation as a key regional and global hub for companies to do business.
Singapore was ranked 1st in Asia in Mercer’s Quality of Living Survey in 2015. Singapore’s first place ranking amongst Asian countries in the Mercer survey is an accolade which it has been holding on to for several years.
The World Bank named Singapore the world’s easiest place to do business for eight consecutive years. Singapore once again topped the ranking as the world’s premier location for ease of doing business once again in 2015.
Singapore was ranked 3rd in the world in the 2015 IMD World Competitiveness Scoreboard.
Singapore was ranked 1st in Asia and 5th globally in the World Bank’s Logistics Performance Index in 2014, with the best seaport in Asia. This is complemented by Singapore’s excellent processing and storage facilities.
Singapore was ranked 1st on World Economic Forum’s Enabling Trade Index 2014, where it leads in the pillars of border administration and transport services. It is the 4th consecutive year where Singapore had been placed 1st.
Singapore was ranked 2nd in the Global Talent Competitiveness Index by INSEAD in 2014.
Singapore was ranked first in Asia and 7th globally in Transparency International’s anti-corruption index in 2014.
Singapore is the 4th largest financial services centre and third largest foreign exchange market in the world.
Conducive Business Environment
The ease and advantages of doing business in Singapore.
A conducive business environment is seen to be vital in Singapore’s open-economy model. The ease of either starting up or running a business, taxation, an independent legal system, access to local finance, capital importation and the repatriation of profits are all areas where Singapore enjoys a competitive advantage over other locations.
In addition to Singapore’s strong infrastructure and pro-business policies, Singapore has 18 free trade agreements and 10 bilateral shipping agreements as well as an extensive network of more than 70 tax treaties to further enhance her attractiveness as a conducive business location
Singapore hosts more than 5,000 maritime establishments and businesses and they contribute some 7% to the gross domestic product. The government is keenly aware of the importance of the maritime sector and endeavours to establish a pro-enterprise and conducive business atmosphere.
At Maritime and Port Authority of Singapore (MPA), we recognise that shipping is a capital-intensive international business and that a conducive business environment is vital to the operation of shipping companies. We have in place a suite of programmes that facilitate the growth of maritime businesses operating from Singapore.
Access to Global Maritime Services
Singapore is home to a pool of professional and global maritime services that specialise in the maritime sector.
Singapore offers a deep and wide pool of maritime professional services, able to provide specialised support, expertise and advice on areas of businesses, such as:
- Bunkering services
- Marine insurance services
- Maritime legal & arbitration services
- Shipbroking
- Shipping finance
- The Singapore Registry of Ships
Access to Key Markets
Market access is the key to global trade.
Trade is the lifeblood of the world’s busiest container port. In addition to Singapore’s strong infrastructure and pro-business policies, Singapore has 18 free trade agreements and 10 bilateral shipping agreements as well as an extensive network of more than 70 tax treaties to further enhance her attractiveness as a conducive business location.