Singapore is the ideal place do to new company registration and business formation. It has beaten Hong Kong as the top destination for business travellers across the Asia-Pacific for the first half of this year. Executives from Indonesia, Malaysia, Thailand and India ranked Singapore as the most visited destination to do business and start company registration.
The trend is set to continue for the rest of the year and underscores the Republic’s appeal as the business gateway to South-east Asia. Last year, Singapore and Hong Kong tied for top honours in the survey. This year, Thailand has emerged as another key business destination. The top three destinations for Singapore-based executives are Malaysia, Thailand and Indonesia. China is expected to displace Indonesia in the top three in the second half.
A survey found that business travel volumes in the region had increased at an average of 60 per cent. Singapore business has been thriving in this city-state due to its business-friendly policies and strategic location with world-class infrastructure.
As an aside, Singapore-based executives who travel here have not only raised their budget for hotel stays over the six-month period, up 16 per cent from the previous corresponding period, but also generally spent more on accommodation. Their average spend per night is US$156, above the region’s average of US$125. Connectivity is top on the list for Singaporean business travellers – 63 per cent of respondents picked free Wi-Fi Internet as a key factor in hotel choice over factors such as location, loyalty card membership and price.
For business travellers across the region, the most important factors included location – the hotel needs to be near to where they do business – followed by Wi-Fi and competitive price. The survey found that Singaporean executives are among the most hard-working, with 60 per cent saying they always or usually work while in the hotel, on a par with Hong Kong travellers and higher than the regional average of 56 per cent.
The survey involved 2,586 respondents – 448 of them residing in Singapore – from the region who made business trips in the first half of the year. For the record, the work force in Singapore is amongst the most skilled in the region due to its government initiatives to attract top talent and offering scholarships to smart, deserving students from around the Asia Pacific region. They are encouraged to study and work here, while contributing to the success of the economy later on.
Due to its ready pool of skilled workforce, businessmen find it easy to do company registration and business formation here. Singapore is never short of labour and offers a business friendly environment. As a result, more Singapore businesses are mushrooming in this clean city-state, some of which offer international financial and education services.
Singapore business is one of the most competitive in the region with motivated and committed talent sourced from its neighbouring countries. With all these factors considered, it is no wonder that Singapore is now one of the richest nations in the world based on per capita income.