Why Singapore is a great place to start a business
I’m in Singapore on an ACT Government trade mission. It’s all about strengthening existing relationships and exploring the potential for business in this part of the world.
Singapore is an economic marvel.
It has a population of just over 5 million with a diversified economy and GDP of $US295 billion in 2013.
They have a unified vision for business (a global leader, a great city, and a home in Asia for business, innovation and talent) and a clear mission focused on attracting foreign investment, growing industry verticals and enhancing the business environment.
The fact that they have written it down and are acting on it says it all. These guys are serious.
The ACT Government has identified Singapore as a place ACT businesses and institutions can make their way in the Asian Century.
I agree and here’s why:
1. English is the language of Singaporean business
This is a massive plus for business. Being able to communicate with ease helps you to understand needs and wants and to communicate the value of any solution you may be offering.
2. The Singaporeans make it easy to do business
Singapore wants business and they make it easy to get started. A couple of clicks of a mouse, a few hundred bucks and away you go. It’s a vast and growing market of 7,000 multi-national corporations and 37,400 international companies including 3,200 from China, 4,400 from India and 7,900 from ASEAN (excluding Singapore).
3. It’s achievable to set up and get started
In keeping with point two, there are shared working spaces everywhere. For a few hundred dollars a month you can have access to a fully functional office. Your main expense is staff costs and living allowances if you send someone up from Canberra. Again, very manageable.
4. A familiar system of Government
Singapore operates on the Westminster model of Government and their structures and practice are familiar. Of course there are cultural differences but at least they have an understanding of the types of issues and problems that smart Canberra companies are seeking to solve.
5. Logistics and infrastructure
Changi Airport is a genuine global hub and it’s easy to get to from Australia. If the ACT Government is successful in negotiating direct flights to Canberra, look out. Our local economy will explode. The Singaporeans are industrious and wealthy and sure to be attracted by many of Canberra’s charms (the same charms the New York Times raved about recently).
Today, Asia’s biggest Communications conference begins in the world’s biggest conference centre. Everyone is here. And I mean everybody.
I’m looking forward to spending the next three days immersed in discussions that hopefully build confidence and trust that lead to opportunity and hopefully many more local jobs in Canberra.
And one final thought before I go.
contentgroup was a product of the last major round of redundancies in Canberra. In 1997, we took a voluntary redundancy package from the ABC and turned it into a business that now directly employs 13 people and many more sub-contractors.
Image: Hammad Ali
28 November, 2017