General Information

Singapore officially the Republic of Singapore, is a sovereign city-state and island country in Southeast Asia. It lies off the southern tip of the Malay Peninsula and is 137 kilometers (85 mi) north of the equator. The country’s territory consists of the lozenge-shaped main island, commonly referred to as Singapore Island in English and Pulau Ujong in Malay, and more than 60 significantly smaller islets. Singapore is separated from Peninsular Malaysia by the Straits of Johor to the north, and from Indonesia’s Riau Islands by the Singapore Strait to the south. The country is highly urbanized, and little of the original vegetation remains. The country’s territory has consistently expanded through land reclamation.

Pre-independence economy
Before independence in 1965, Singapore was the capital of the British Straits Settlements, a Crown Colony. It was also the main British naval base in East Asia. Because it was the main British naval base in the region and held the Singapore Naval Base, the largest dry dock of its time, Singapore was commonly described in the press as the ‘Gibraltar of the East’. The opening of the Suez Canal in 1869 caused a major increase in trade between Europe and Asia, helping Singapore become a major world trade center, and turning the Port of Singapore into one of the largest and busiest ports in the world. Prior to 1965, Singapore had a GDP per capita of $511, then the third-highest in East Asia. After independence, the combination of foreign direct investment and a state-led drive for industrialisation, based on plans by Goh Keng Swee and Albert Winsemius, started the expansion of the country’s economy.
Modern-day economy
Today, Singapore has a highly developed market economy, based historically on extended entrepôt trade. Along with Hong Kong, South Korea, and Taiwan, Singapore is one of the original Four Asian Tigers. The Singaporean economy is known as one of the freest, most innovative, most competitive, and most business-friendly. The 2013 Index of Economic Freedom ranks Singapore as the second freest economy in the world, behind Hong Kong. According to the Corruption Perceptions Index, Singapore is consistently ranked as one of the least corrupt countries in the world, along with New Zealand and the Scandinavian countries.

Facts and Ranking

No. 1 city with the best investment potential Singapore now outranks the world as an investment destination, after coming in second for 16 consecutive years.

Top 3 in the world for foreign trade and investment The nation’s standing in the economic world, ideal geographic location and vibrant lifestyle are among reasons for foreign interest in Singapore.

The world’s easiest place to do business The ease of setting up a company in Singapore is a clear advantage when it comes to choosing the best place to do business.

Top 2 most competitive city in the world Singapore leads the pack among the rest of the global economies when it comes to maintaining its competitive edge.

Best business environment in Asia Pacific and the world Singapore has the most conducive environment for business as compared to the rest of its neighbours – and the world.

Asia’s most network-ready country Singapore enjoys the most seamless connectivity in Asia with one of the widest telecommunications networks in the world.

Asia’s No.1 for best logistics supply chain performance Singapore is the top in Asia for logistics performance.

Asia’s best intellectual property protection Singapore recognizes intellectual property (IP) as an invaluable asset in shaping a knowledge based economy.

Asia’s least bureaucratic place to do business Businesses who plan to invest in Singapore need not worry about the hassle of red tape or the slowing down of operations.

Top 3 in the world for least corruption in the economy The Singapore government practices an open and transparent approach when it comes to all business matters.

Most transparent country in Asia Government policies in Singapore are clear and transparent when it comes to business.

Top of BERI’s Labor Force Evaluation Measure Singapore has a consistently productive and skilled labor force that makes it a conducive place for growing businesses.

Top 10 in Asia for most motivated workforce The mind-set of Singaporean talent is generally positive and makes for a productive working environment.

Top 10 in Asia for best skilled labor Singapore’s focus on a knowledge-based economy has led to an influx and growth of skilled labor from around the region and within the city itself.

Top 5 in the world for most business conducive labor regulations Singapore’s government policies make it easy and convenient for businesses that set up operations to attract and retain skilled labor.

Top 2 in the world for best labor/employer relations in Asia The relationship between employee and employer in the average Singapore workplace is the best in the region.

Asia’s best country to work in As voted by its labor force, Singapore is the best country to earn a living in Asia.

Country with best quality of life in Asia Singapore has been ranked the best place to live, work and play as compared to its neighboring countries.

Business-centric immigration laws for foreign talent Singapore’s convenient geographic location has made it an ideal hub for foreign talent.

World’s No. 1 for math and science education Singapore is leading the way with higher standards for math and science education making it an ideal location for R&D companies.

NUS emerges as world’s top 8 and Asia’s top 2 Singapore’s universities are now ranked among the world’s finest tertiary institutions.

 

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