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Singapore Companies See Fast Growth Despite Global Recession
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According to Singaporean news portal AsiaOne, credit and business-information bureau DP Information Group found that 217 companies here managed to both turn in net profit and achieve at least 10 per cent turnover growth each year over the last three years. This is testament of a stable, dynamic Singaporean economy, says leading local company registration specialist Rikvin Singapore.
Johan Stael von Holstein, co-founder and non-executive director of MyCube, a Singapore-based digital life management start-up, said he decided to set up his business here because of the combination of "a high standard of living, strong business environment, ability to recruit top talent and an emerging technology start-up environment".
Elaborating, the entrepreneur said that Singapore is a good place for start-ups to be based. The access to investors, for instance, has helped as a good amount of MyCube's funding originates from local sources. Availability of talent willing to work for start-ups is another strong factor, he noted.
Mr Willie Tham, the managing director and head of commercial banking at HSBC, urged Singapore companies to take advantage of the shift of the economic focus from developed to emerging markets. He also said that the Asia-Pacific, Middle Eastern, African and Latin American markets have the potential to generate a tenfold increase in trade and capital flows in emerging markets over the next forty years.
A Rikvin representative agrees that this interest in Singapore has indeed ballooned, with a sharp rise in foreign companies and individuals registering their businesses locally, as well as applying for local employment passes for their local subsidiaries.
To fill this need, company registration services such as Rikvin Singapore exist in order to expedite such requests, particularly individual entrepreneurs without the resources afforded by large Multi-National Co-operations. Rikvin points to the comprehensive Singapore Entrepreneur Pass Guide on its website, free for potential business entities to download to get a brief overview of the local labour market.
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