Singapore’s focus is shifting from the industrial economy to the digital economy.
Singapore (PRWEB) June 21, 2016
Singapore's digital transformation incites many investors around the globe to start a business. The country is also focusing on becoming the gateway to Asia for the emerging economies in the world. To help foreigners understand Singapore business, Healy Consultants releases a new Singapore incorporation guide for foreigners.
In spite of Singapore’s struggle to grow its local economy, caused by global downturn and competition from other emerging markets in Asia, the nation continues to attract many investors to start their businesses. A key contributor to this is the fact that Singapore is still considered the business hub of Asia. The number of companies formed in Singapore in the first quarter of 2016, grew by 11% when compared to the same period in 2015, according to the data provided by Department of Statistics Singapore.
While the manufacturing and retail industries are slowing down despite the profits generated by pharma companies and grocery retailers in this quarter, the warehouse retailing industry and digital companies are playing a significant role in maintaining Singapore’s economic growth.
By 2025, Singapore's digital commerce market is expected to grow by 6.7 per cent, according to a report by Temasek and Google. It is important to note that Singapore’s focus is shifting from the industrial economy to the digital economy. The transformation is evident from the high number of people in Singapore who prefer to do activities like shopping, gaming, travel booking online using their mobile devices. This shift in focus is largely attributed to changes in customer behaviour.
Mobile based companies like RedMart (grocery shopping), Grab (shared vehicle riding) and Gtoken (crowd sourced mobile publishing) are dominating their relevant sectors by capitalising on the widespread and deep rooted use of internet. According to the survey conducted by CA Technologies this year to find the leading countries in digital transformation, Singapore has become the leader out of 10 countries which included Australia, Taiwan, Indonesia and Hong Kong.
"The government has done a phenomenal job, making it attractive for Singaporeans and other countries do business and technology development work here. It also has a very robust immigration policy and the ability to attract talent on a global basis which is important when organizations need people for digital transformation projects," said Mr. Mike Gregoire, Chief Executive of CA.
In April of this year, LinkedIn worked with the Singapore Economic Development Board (EDB) to setup its first data centre outside USA in Singapore. LinkedIn has spent around S$80 million to setup this new data centre. Olivier Legrand, Managing Director of LinkedIn said, “Singapore is the natural choice for us to locate this new data centre, as it is already our Asia Pacific Head Quarters, and it offers the cutting-edge infrastructure and talent we need to continue to improve the service and global connectivity we provide to our members and clients”.
Like LinkedIn, another leading data centre solutions company from the USA, Digital Realty has spent S$200 million to setup a huge data centre in the Changi area. This data centre is solely built to support the digital transformation plans of Singapore.
“Data centres are a key component of the infrastructure that supports the digital economy. They enable both local and international companies to build digital capabilities and pursue their digital transformation strategies from within Singapore”, said EDB’s assistant managing director Thien Kwee Eng.
USA, Japan, China and India are the countries from where more investments come to Singapore, but the downturn in China and a sluggish global market is forcing Singapore to bring in new markets, particularly from countries in Latin America, to keep the economy upbeat. One such move is the state visit of Singapore President Dr Tan to Mexico to witness the signing of Memorandums of Understanding between the countries. The main objective of these agreements is to capitalise on strengths of the respective countries to improve investment and trade both at a private and public level.
Dr Tan said, Mexico is open now and beginning to expand its economy and has plans to build a strong presence in Asia, and Singapore will help Mexico with its plans. Singapore has encouraged Mexican companies to use Singapore’s personality, location and facilities to connect with other Asian markets. Singapore Minister for Trade and Industry (Trade) Lim Hng Kiang, speaking at the Mexico-Singapore Business Forum in Mexico City, said, “We are well connected to China and India, and also to our immediate neighbours in Southeast Asia. From Singapore, you can reach half the world's population within a seven-hour radius”.
Understanding that more new foreign investors will come to Singapore to do business, Healy Consultants studied and understood the needs of foreign businesses and revamped the setting up companies in Singapore webpage (http://www.healyconsultants.com/singapore-company-registration/). The new webpage helps foreigners to understand Singapore’s business environment, opportunities and various options available for them to start a business.
About Healy Consultants
For over a decade, the incorporation experts at Healy Consultants Pte Ltd., have been assisting investors worldwide to set up the optimum corporate structure to expand their business to Singapore. Services offered include company registration, banking solutions, resident director services, accounting and tax and legal services and corporate support services.
Contact Healy Consultants
To inquire more about Singapore company formation options and schedule a conference call, email Healy Consultants at email(at)healyconsultants(dot)com or call on +65 6735 0120.