Setting Up Your Business Abroad? Here are 5 Reasons Why Singapore is Ideal

As global market dynamics and startup ecosystems grow increasingly challenging, more entrepreneurs and businesses are looking to new markets to launch, relocate or expand their businesses. 

Doing business in a foreign territory can be costly and complicated. Still, when there is good economic reason for it, and market conditions favour business growth, the benefits far outweigh the risks if you have the proper guidance and support.

Singapore is one of the most developed countries in Asia, with a stable, high-income economy and one of the highest per capita incomes in the world. Ranked third on the Human Development Index and second on the Economist Intelligence Unit’s Quality of Life Index, it boasts a well-developed, “technology-ready” infrastructure. 

Accela Group has supported small businesses, family offices, and multi-national organisations with business set-up and process outsourcing in Singapore and across the Asia Pacific region. 

We tapped our in-house experts to curate a list of the top reasons why Singapore could be the best option for your business.

1. Robust Trade & Commerce Ecosystem

Organisations like Airbus, Citigroup, ExxonMobil, Cinnabon, IBM and Samsung all have headquarters in Singapore. The presence of these international power brands means a robust and technology-abled trading ecosystem. Singapore is a central global trading hub, easily accessible by air and sea. The city-state has the second-largest container-handling port in the world and one of the busiest airports for international cargo and passenger traffic. 

Singapore also boasts a growing community of startups (founded by a mix of native and expatriate residents) that has driven the expansion of new global industries. In November 2021, Sovereign Wealth Fund Temasek announced its Asia Sustainable Foods platform, committing a portion of its multi-billion dollar portfolio to support food tech businesses in Asia from product development to commercial scale-up.

As a hotbed for Fintech and Blockchain startups, Singapore has also earned its reputation as the Asian Metaverse and Crypto hub. As Cryptomeria Capital’s report on Singapore’s Web3 Ecosystem highlights, the market offers all the necessary ingredients for these startups to thrive, including a clear regulatory and legal framework, well-developed banking and financial infrastructure and a steady roster of industry-themed conferences and exhibitions. 

2. Stable Financial Systems

Singapore has long been a thriving capital markets hub with stable financial institutions, low taxes and compliance transparency. Its appetite for digitalisation has led to the rapid development of innovative products and services within the payments and banking sector.

When it comes to opening a bank account and gaining access to liquidity, there are plenty of options, including NEO banks and platforms like Wise (formerly Transferwise). Admittedly, banks have become more selective about their application criteria and approval process. They use an enhanced framework developed by Singapore under the recommendations of the Financial Action Task Force (“FATF”) - the premier international standards organisation for safeguarding against money laundering and terrorist financing. Working with a business set-up consultancy like Accela Group can ensure that your application is completed up to the required standard.

3. Access to Top Talent

One of the main concerns of any business owner getting started in a new country is whether they can easily hire talent and how cultural gaps between customers and employees may impact business. The Global Talent Competitiveness Index 2022 ranked Singapore second globally, behind Switzerland, for best talent and 11th for talent competitiveness. It was the only Asian nation that ranked in the top 20.

The working population in Singapore is cosmopolitan, educated and English is the working language, so they are well equipped for and thrive in international customer contexts.

4. Global Lifestyle 

Singapore attracts the world’s best talent primarily due to its continuous ranking as the safest country in the world and the vibrant lifestyle it offers young professionals. It’s an exciting place to live and work with no shortage of unique cultural experiences and activities. 

The active food and beverage scene is one of the biggest draws. Entertaining business travellers is a breeze with more than 50 Michelin Star restaurants, over 100 bustling Hawker Centres, many hidden culinary gems and some of the best luxury hotels in the world to choose from. 

In 2019 alone (pre-Covid), Accela Group’s Communications division managed bespoke nightlife events in celebration of new spirit brands like Louis XIII, The Drop, and one of the first Global Travel Retail activations at Changi airport with Johnny Walker Blue Label, new restaurant concepts such as Nobu Singapore and unique destinations in the region, including Desaru Coast. 

As Singapore continues to secure its spot as the best hub in Asia, living costs have risen in recent years. Still, forecasts show this will taper over time following the relaxation of COVID restrictions and re-opening of Hong Kong and China this year.

5. Minimal Time to Launch

The most attractive feature of business setup in Singapore is how quickly you can get up and running once you have the right partner to guide you. On average, Accela’s clients are registered and licensed to operate within 15 working days. Unlike other countries, the process involves minimal bureaucracy once you’re clear on critical aspects of your business plan. 

Accela Group can guide you from startup to scale-up, leaving you to focus on running your business. Accela Finance can help you select the proper structure for your business and seamlessly guide you through the setup process, including managing your company’s bookkeeping and payroll. Accela Talent can help you recruit, onboard and even manage your employees, including processing their work passes. Accela Communications can fulfil your strategic communication needs, from launch events to crisis management, and connect you to the right audiences to grow your business. 

Contact us at hello@accela.asia