GuideMeSingapore.com - a leading Singapore business incorporation portal has issued its annual list of Singapore business trends for the year 2013.
SINGAPORE, Feb. 25, 2013 /PRNewswire/ -- According to GuideMeSingapore.com( http://www.guidemesingapore.com ), despite the continuing sluggishness in the global economy, Singapore will continue to attract foreign companies and entrepreneurs due to its business friendly policies and strategic location in Asia. For 2013, GuideMeSingapore expects the following trends to shape up the business formation activity in Singapore:
More foreign companies will set up in Singapore
GuideMeSingapore.com predicts that the number of new company setups in 2013 will exceed theSingapore business registration numbers in 2012( http://www.guidemesingapore.com/wp-content/uploads/2013/01/Singapore-Business-Formation-Statistics-for-2012.pdf ). As the Asian economies continue to grow faster than developed nations and as more companies from Europe and North America look to establish operations in Asia, Singapore will see disproportionate benefits from this trend.
"We are less than two months into the year but we are already seeing a strong trend. Take the example of Goldman Sachs, which recently announced plans to hire 1,000 individuals in Singapore. Wall Street firms are recognizing that it simply makes more sense to move operations here – the taxes in Singapore are lower, and they will be more in-tune with their target markets in Asia," said Ms. Jacqueline Low, Chief Operating Officer of Janus Corporate Solutions, a leadingSingapore company registration services firm( http://www.guidemesingapore.com ) and the parent company of GuideMeSingapore.com.
"Asian companies are setting up operations in Singapore because it helps them gain marketing and investment traction. BDO Unibank, the largest bank in the Philippines, recently opened a Singapore representative office( http://www.guidemesingapore.com/incorporation/foreign-company/singapore-representative-office-registration-guide )," added Ms. Low. "From Singapore, they are able to reach out to booming regional markets such as India, Indonesia, and Malaysia, while operating within a world-class infrastructure with excellent legal and IP protection regime."
"Proximity to emerging markets will also help the travel and service sectors in 2013. These two industries will continue to grow due to Singapore's draw as a multicultural gaming, entertainment, dining, and convention hub," she said.
Local entrepreneurship will rise
GuideMeSingapore.com also forecasts an increase in local entrepreneurship in Singapore in 2013. Increasing number of venture funds, angel investors and initiatives by government agencies will foster higher entrepreneurship among the young who are increasingly willing to take risks.
"This year's Young Entrepreneur Awards competition, for example, saw a nearly 20 percent increase in submissions from the previous year. Schools such as NUS have initiatives providing mentoring and network opportunities for students. This will create a positive cycle -- more young Singaporeans will start businesses, their success in turn will inspire others in their network to strike it on their own. This trend will also help maintain the city's consistently low unemployment rate," predicted Ms. Low.
Contributing to the increase in entrepreneurship is the ease of starting a business and tax exemptions for start-ups. The minimum paid-up capital is only S$1, and it takes less than a day to register a Singapore company( http://www.guidemesingapore.com/incorporation/company/singapore-company-registration-guide ).
Immigration will continue to be a hot topic
GuideMeSingapore.com predicts that the growth of Singapore population due to foreign immigrants, a topic that has been the subject of immense debate recently will continue to be a sensitive topic in 2013. The government plans to increase the population from just more than five million to a high of nearly seven million by 2030, primarily through immigration.
Local Singaporeans have voiced their concerns over the perception that their jobs are being taken over by foreign immigrants. In response, the Singapore government has been tightening the flow of foreign workers( http://www.guidemesingapore.com/relocation ) recently through more restrictive quotas, higher qualification and salary requirements.
"The issue cuts both ways and therefore the government will try to find the right balance. On one side, a too restrictive immigration policy will stifle the country's economic growth, while on the other side, a very liberal policy will further add to the unhappiness of Singaporeans," added Ms. Low. This issue will surely play a pivotal role in the direction of the Singapore economy the coming few years.
"Singapore has free trade access to all ASEAN countries, providing an open channel to the Southeast Asian region. It's excellent geographic location, high quality workforce, low-tax regime, and superb ease of doing business will continue to be the driving factors for bringing in a high number of companies and entrepreneurs to its shores from around the world," concluded Ms. Low.
About Janus Corporate Solutions Pte Ltd
Janus Corporate Solutions Pte Ltd is a leading Singapore-based firm that provides comprehensive and cost-effective Singapore company registration, immigration visa, accounting and tax filing services to businesses and entrepreneurs worldwide. For more information, visit http://www.guidemesingapore.com
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