Singapore:Singapore has become the poster child for a well-managed country that has elevated itself from the ranks of the underdeveloped world to the upper crust of developed economies in merely one generation. The country is now consolidating its leadership status in the economic growth playoffs by focusing on three key areas: health, wealth, and education. Its stellar performance on these metrics is one of the reasons that businesses and entrepreneurs from around the world are looking to incorporate in Singapore and participate in the country’s growth.
At a time when financial turmoil and recessions have engulfed nearly all of the world’s major economies, the Singapore economy continues to grow while keeping its unemployment and inflation rates at very low levels. As a result of this growth, the wealth of the country and its citizens continues to rise dramatically.
Singapore leads all nations in terms of its per capita reserves. According to 2011 data, it holds around US$39,994 in reserves per capita, a figure higher than that for every other country. The 2012 ‘Wealth Report’ compiled by Citibank and Knight Frank ranks Singapore as the world’s wealthiest country in terms of GDP spending per capita, and it is on track to keep that status all the way to 2050. A June 2012 report from the Boston Consulting Group showed that Singapore had 188,000 millionaire households in 2011, making it the country with the highest per capita ratio of millionaires in the world.
The increased wealth of the country has led to dramatic improvements in the health of its residents. Singapore was recently named by a Bloomberg report as the “world’s healthiest country”. Citing factors such as average life expectancy, mortality rates, cigarette smoking rates, etc. the survey ranked all countries with populations of at least one million. Singapore received the top rank out of a total of 145 countries with a ‘health grade’ of 89.45 percent. The good health of Singapore residents can be attributed to factors such as a great quality of life and a world-class health care system. The country has clean air and water, and consistently places emphasis on key environmental concerns such as recycling and waste management.
Singapore’s retirement system is also a model for the rest of the world; recently there have been several suggestions that the US should look to Singapore as it tries to fix its own social security and health care problems. In retirement, Singaporeans can enjoy a wide range of public and private healthcare options, and have financial security due to government initiatives such as the Central Provident Fund (CPF). This retirement system automatically sets aside a percentage of an individual’s earnings, which the government invests prudently.
Singapore excels in education, as evidenced by the high ranking of its students on various international assessments such as the PISA. There is growing demand worldwide from individuals wanting to study in its various universities, colleges, and other institutions. There are currently more than 80,000 foreign students in Singapore. Global firm Quacquarelli Symonds ranks Singapore as the top Asian city for education, and National University of Singapore (NUS) as the second best university in Asia.
Many are also attracted to Singapore by its business-friendly environment. The country, which is a global financial hub, is constantly ranked as one of the easiest places to do business in the world. It has a strategic location, making it easy to connect with the rest of Asia's rising economies. Singapore also features attractive tax rates for both companies and individuals.
“Singapore has created a milieu that is perfect for enterprising individuals who want to work hard, be rewarded and raise families in a place with good overall quality of life” said Ms. Jacqueline Low, Chief Operating Officer of Janus Corporate Solutions, a Singapore corporate services firm and the parent of GuideMeSingapore.com. “That is why professionals worldwide are actively looking to expatriate here to work or set up their own business.”
“In Singapore, you can enjoy good health and good economic opportunities that enable you to provide a good future for your children. The world-class education system ensures that your children receive the wisdom and know-how that will prepare them to compete in the knowledge driven global economy of the future. In short, Singapore is a great place for entrepreneurs and their families because it excels in all the essentials of life,” she concluded.
About Janus Corporate Solutions Pte Ltd
Janus Corporate Solutions Pte Ltd is a leading Singapore-based firm that provides comprehensive and cost-effective Singapore company formation, employment visa, accounting and tax filing services to businesses and entrepreneurs worldwide. For more information, visit www.guidemesingapore.com
Jacqueline Low, Janus Corporate Solutions, +65-6222-7445