Exporting to Singapore
Ease of doing business
It is ranked by the World Bank as the second easiest place in the world to start, run and do business (World Bank, 2019). You can set up a new business in a matter of hours. Singapore has a stable government, strong rule of law and effective regulatory system.
Common business environment with the UK
The UK and Singapore share a common language and have strong historical ties. Both economies have similar business and legal practices and share similar technical standards.
Gateway to Asia Pacific
Singapore’s location makes it a gateway to South East Asia and Asia Pacific. It is the UK’s largest trading partner in South East Asia (ONS, 2019), making it a good place from which to seek business opportunities in the wider region.
Opportunities for exporters
There are opportunities for UK companies across a broad range of industries. Our trade advisers in Singapore have identified particular opportunities for UK businesses in the following sectors.
British Chamber of Commerce support
The British Chamber of Commerce in Singapore is available to help as a point of resource, introductions, networking and profile raising (British Chamber of Commerce Singapore, 2019). Importantly the Chamber has an active Financial and Fintech Committee, drawing its membership from influential institutions based in Singapore.
Singapore’s government is building Singapore into a Smart Financial Centre. The Monetary Authority of Singapore has signed fintech cooperation agreements with many global regulators and is a member of the Global Financial Innovation Network. They also provide incentives for investing in fintech and financial innovation.
Strong government support
The Singapore government encourages the country’s digitalisation and adoption of new technologies. The government has rolled out major programmes like Smart Nation Singapore that encourages digitalisation of government processes and services. Singapore has also established organisations, like AI Singapore and SG Innovate, to support continued sector growth and development.
Ideal base for regional operations
Singapore is considered to be a world-class technology hub in Asia, making it a good base for companies as a springboard into the region. The country continues to attract established international technology companies, creating a rich environment for opportunities and collaboration.
Singapore is an early adopter consumer market
Singapore is adopting next-generation technologies like AI, machine learning, IoT, Smart Cities, and 5G. This is creating opportunities for UK companies looking for a market for high tech products.