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Despite global uncertainties, Singapore ranks among the topmost competitive economies in the world. GDP growth for Singapore in 2024 is projected to be in the range of 1-3 percent. In Q1 2024, Singapore’s economy grew 2.7 percent year-on-year—the fastest seen in 18 months.

As a strategic financial hub and a gateway to Asia, Singapore offers unparalleled opportunities for foreign investors. With over 80 double taxation avoidance agreements, generous tax deductions, an extensive network of free trade agreements with neighboring nations, and a reputation as a global financial center, businesses operating in Singapore can maximize their profitability and expand their reach.

Amid the risks associated with the fallout of the COVID-19 pandemic, Singapore continues to demonstrate its resilience, providing direct access to global markets. While external demand has softened, Singapore’s manufacturing and wholesale trade sectors remain robust and primed for growth. Top focus areas for the country’s policymakers in the near term include upskilling the local workforce, attracting, and retaining highly skilled talents, efficiency of the small and medium enterprises (SME) sector, artificial intelligence and emerging technologies, ESG, and innovation.

For corporate entities hoping to establish a holding company, branch office, or regional headquarters, Singapore offers a powerful advantage in terms of business opportunities, government incentives, and trade relation benefits.

This publication, designed to introduce the fundamentals of investing in Singapore, was compiled in June by Dezan Shira & Associates, a specialist foreign direct investment practice providing corporate establishment, audit, business advisory, tax advisory and compliance, accounting, payroll, due diligence, and financial review services to multinationals and SMEs investing in emerging Asia.