Why Starting business in Singapore?

start a business from a beginning, it takes something different. To start a busines, Initial concept begins with a place. Singapore is a great place to start a business. Singapore is well known around the world as a multicultural, multi religious and multi racial harmonious island food paradise. Starting as a quiet, laid back fishing village, Singapore has grown exponentially to become of the most densely populated country in the world with a population of 4.8million living closely together in a land area of 224.5 square miles. Singapore has also become the richest country in South East Asia and one of the most developed countries in the world. It is no surprise then that Singapore has attracted various organisations ranging from the Fortune 500 companies, small and medium enterprises, educational institutions to news bureaus to form their place in Singapore's business landscape. So why follow the footsteps of those who have established successful businesses? Why set up your business in Singapore? Why Singapore?

Here is Top 3 reason why Singapore is a great place to set up your business.

1. A Favourable Business Climate

According to the Ministry of Trade & Industry (MTI), there is an estimated 6,000 Multi National Corporations (MNCs) in Singapore. Many of these MNCs have chosen Singapore as the prime location of their Asia Pacific headquarters due to its positive business climate. For example, the World Bank's Doing Business 2009 Report ranked Singapore as the world's easiest place to do business, ahead of New Zealand, United States and Singapore's closest competitor, Hong Kong. The EIU Country Forecast published in February 2008 also rated Singapore as having the best business environment in Asia Pacific and third in the world. These rankings by independent bodies are reflective of the Singapore Government's efforts in providing efficient public sector services that support the private sector growth.

2. Highly Educated Workforce

Singapore boasts one of the most educated workforces in the world. Literacy rate stands at a formidable 96%. 89.6% of resident non students aged 25-39 have secondary or higher qualifications. A further significant testament to the huge importance placed on education, the Singapore Government invested S$7,298.1 million in education in 2008. This comes up to 25.5% of total government operating expenditure, making education the second highest expenditure after security and defence. In addition, Singapore's two long established universities, the National University of Singapore (NUS) and Nanyang Technological University (NTU) also rank favourably on various university ranking surveys.

3. World Class Transportation System

Singapore's Changi International Airport has three heavily used terminals serving over 80 international airlines flying to more than 190 cities in 160 countries. Changi International Airport also handles more than 4,500 arrivals and departures weekly, 37.7 million passengers and 1.85million tonnes of air freight in 2008.

With the high cost of owning private transportation, public transportation is efficient, frequent and spans every far reaching corner of the island. Singaporeans flock to the 70 railway stations of the Singapore's Mass Rapid Transit (MRT) system which has a daily ridership of 1.564 million. The two public bus companies with a fleet of 3,600 single and double decker air-conditioned buses transport nearly 3.12 million daily passenger trips safely to 295 routes islandwide.

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