September 30, 2017
You’ve probably heard of Singapore before. However, most people don’t know much about it, except that it is somewhere in Asia. However, this city is a fascinating place where Western and Eastern cultures meet, meld and create a specific culture and climate favorable for businesses to flourish.
So, what’s the secret of the continual success of Singapore? And how did it become an integral part of the global economy? It may become even more important in the future according to this article https://www.silverbullion.com.sg/Articles/Detail/How-Geopolitics-Could-Make-Singapore-the-Most/2041.
Singapore Is a Country
If you’re having trouble remembering which country Singapore is, that is because it is actually a country of its own. In fact, it is the smallest country in Asia. It’s located on a small island on the southern tip of Malay Peninsula.
The concept of a city-state existed over the course of history from Ancient Greek polises to Medieval European city-states. However, in modern times this practice is fairly rare. Apart from Singapore only Monaco and Vatican are sovereign city-states.
Despite it being the smallest country around, Singapore is one of the most important centers for finance and business in Asia. There are many policies that the government has implemented to help business flourish. For a start, if you want to open a company in Singapore, it will only take you a day or two. Additionally, hiring people is easy even if they are foreigners. In fact, about a third of all people in Singapore are non-residents.
One of the most important branches of Singapore’s economy is banking and finance, but they are leaders in other fields as well, including oil refinement and electronics. Another important business incentive is tax breaks offered by the government.
Singapore is often called the ‘Garden city’ thanks to its multiple parks, forests, and greenery. In fact, since it gained independence from Britain, the country has conducted a series of land reclamation processes where it acquired additional 130 km2 which is about 20% of its total area.
Instead of using that land for housing development, the government decided to conduct a series of greening efforts where large areas of the island have been turned into lush forests and beautiful parks with tropical plants and wildlife. Currently, there are around 300 parks and 3 nature reserves managed by the National Parks Board.
The modern business world is impossible to imagine without good internet and other telecommunication technologies. Singapore was among the first countries to realize the potential of the internet in the 1990s, and it has been at the forefront of adopting new technologies ever since. In fact, they have been named the most ‘Tech-Ready Nation’ in the world by the World Economic Forum in 2015. Internet speeds go up to 2Gbit/s, which is among the highest in the world. Additionally, Singapore’s average broadband speeds are the highest in the world in 2017, according to Forbes magazine.
Despite being wealthy, there are very few cars on Singapore’s roads. This is because the government wants to promote green technologies. The cost of purchasing a car is significantly higher than anywhere else in the world, coupled with extreme costs of registration. There are, however, plenty of other transportation options. Buses, taxis, and trains are available for people who want to be driven, whereas many people choose to walk or cycle around the city.
As an important trading port, Singapore serves as a kind of hub for both passenger and cargo ships. It is always among the busiest ports in the world. Eight airports service direct flights to numerous countries around the world.
Singapore is a fascinating country both for its natural and business potentials and is a great place to visit.