Singapore is a country which is renowned all over the world for its robust economy and vibrant business scene. These factors have caused many people to become interested in starting a company there. The country’s low corporate tax rate and lack of taxation imposed on capital gains serve as further factors which have drawn many a business owner to Singapore. Thus, Singapore has become a corporate hub not only on a regional level, but on a global one as well.
Therefore, if you happen to be interested in starting a company in Singapore, contact us at Paul Hype Page & Co. Our team of incorporation experts will work with you in order to ensure that the company which we will help you establish will be one which is incorporated in a legal manner while also being financially successful. Through our assistance, you will be able to begin your ownership of your new Singapore company in an optimal manner.
Returning to the topic at hand, although Singapore is one of the world’s best countries for the conducting of business activities, the fact remains that certain industries in the company have been experiencing a protracted decline. Such declines may have taken place due to any of a number of reasons. Therefore, prospective company owners in Singapore might prefer to avoid setting up a company within one of these declining industries because doing so might jeopardize the success of their business.
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One industry in Singapore which has recently been experiencing difficult times is the country’s manufacturing industry. The Purchasing Managers’ Index serves as an indicator for the status of Singapore’s manufacturing industry at any given time. According to the most recent statistics, the level of business activity in Singapore’s manufacturing industry has been in a state of consistent decline over recent months. The rate of growth among factories in Singapore as well as other centers of the country’s manufacturing industry has also been declining. Therefore, the economic prospects connected to the manufacturing industry in Singapore are rather grim at the moment.
The electronics industry in Singapore is perhaps the most troubled in the country today. This sector has been in an even more severe state of decline than the manufacturing sector. According to statistics, economic activity in Singapore’s electronics sector has been in the midst of the steepest and most protracted decline of any of the country’s business sectors. This decline has been taking place over the course of the past two years. Such a fact is especially unfortunate when one considers that the electronics sector of Singapore was once one of the primary contributors to the economic growth and success of the country.
The decline of Singapore’s electronics sector can also be seen in the reduction of the total level of output of that sector. Total production in all areas of the sector (with the notable exception of data storage) has been in a state of freefall for an extended period.
The total amount of revenue generated by the non-digital advertising industry in Singapore is also expected to decline. This fact is especially notable when the fortunes of non-digital advertising in the country are compared to those of its digital counterpart. The profitability and level of business activity of digital advertising companies in Singapore has been increasing at a tremendous rate. This increase has been aided by the rising number of digital services which have been provided to interested customers. The proliferation of social media in Singapore as well as globally has also improved the condition of the country’s digital advertising industry, thus causing its non-digital counterpart to lag behind.
Therefore, those planning to start a business in Singapore might do well to avoid doing so within any of the industries which have been mentioned. They should instead do so in an industry which is in the midst of a period of economic growth and expansion so as to maximize profits and achieve business success.