Many foreigners have come to Singapore to start a business venture of their own. This fact is not surprising because Singapore is one of the world’s most conducive companies for the conducting of business activities. In fact, according to official rankings released by the World Bank, Singapore ranks second in the world with regard to ease of doing business; it is only behind New Zealand in this statistic. The country’s business-friendly tax policies, robust economy, and high level of government support for business activities are among the many reasons why many foreigners choose to start and own a company in Singapore.
Of course, there are certain industries in Singapore in which foreigners have typically taken a particular interest. These industries have led the way in providing foreign business owners with opportunities for business success in Singapore. As a result, these industries are today home to many thriving foreign-owned companies all over Singapore.
Garments and Clothing Industry
One of Singapore’s industries with a significant foreign presence is its garments and clothing industry. Singapore is today one of the Asia-Pacific region’s leading fashion hubs. In 2018, this industry generated over S$915 million worth of revenue for the country’s economy. The majority of clothing companies in Singapore are wholesalers, while approximately 13% are manufacturers. The industry’s revenue has been growing at an impressive rate over recent years and continues to do so. Some of the methods by which this industry has been able to grow are through increasing its businesses’ online presence as well as catering to customers who either desire or require plus-size clothing. Many foreigners have also taken advantage of this growth in the industry by joining it with a business of their own. In this way, these foreigners have been able to contribute to the growth of Singapore’s clothing industry as well as its economy as a whole.
Many companies in the electronics industry of Singapore are also owned by foreigners. Facilities involved in the manufacture of electronic equipment are common all over Singapore. The country also serves as an important location within regional and global supply chains for all manner of electronic products including memory products, storage products, semiconductors, and microelectromechanical systems. Singapore’s engineers and technicians in its electronics industry are some of the most respected and well-regarded in the world; thus, anyone who chooses to start an electronics company in Singapore can have assurance about the quality of the personnel who are to be employed by the company. The government of Singapore has also created the Industry Transformation Map in order to enhance the quality of the products of the industry. Therefore, with all of these factors in mind, it is only to be expected that many foreigners have chosen to conduct business activities within Singapore’s electronics industry.