No.1 Economy in South East Asia
Within Singapore, there are over 7,000 or so multinational companies – at a global level, the location offers the most versatile and abundant workspaces available in South East Asia. As the most economically competitive country in the Global Competitiveness Index 2017 – 2018, Singapore stands out as an ideal city for companies to set up their regional headquarters. Many factors have supported Singapore’s thriving economy. For example, the strong work ethic of the people of Singapore alone is enough to convince many that business will naturally flourish. Also, within the workplace group mentality is valued more in comparison to personal goals. To help accommodate this, the demand for workspaces that support teamwork is multiplying in Singapore. This opens up new opportunities for cleverly engineered building access and innovations in workspace development.
Regional Startup Hub
One subset of Singapore’s industry is its start-up culture. Singapore has now overtaken Silicon Valley as the number one place for start-up talent. Entrepreneurial growth within start-up companies is supported by multinational collaborations pursued by the Singaporean government. Jonathan Lim, director of Enterprise Singapore’s Start-up and Global Innovation Alliance (GIA) points out that start-ups need supportive growth environments. The GIA supports information exchange and innovative collaboration between countries. Mr Lim cites eight global cities where Singapore is one of them, where government technology exchange programmes have set up. Shared resources and cooperation have been essential to Singapore’s economic growth. Two work better than one, and this applies to collaborative work scenes as well, which flourish in flexible working spaces.
An example of “flexible” workspaces would be coworking centres and serviced offices that accommodate variable working contracts. Also, spaces that offer ideal set-ups for several people working individually on separate projects, often from different companies, allows tenants to expand and contract where required. They are suitable for short term work and for encouraging networking. In Singapore, such arrangements are among the least expensive in terms of start-up costs. The prominence of coworking spaces is a perfect example of how Singapore actively invites entrepreneurship. Provisions that encourage business owners to work side by side other staff from other companies open up collaboration and cross-pollination of company cultures. Enabling this requires less HR commitment, rigid organisation structures and lower financial risks. Expanding through collaboration becomes so much easier and more accessible across teams within the start-up.
Where to start – Work Permit in Singapore.
Gaining the rights to live and work in Singapore is unbelievably easy. Work Permits are processed through online forms, and they get back to you in a hurry- one day. Residence permits usually come with it, and the two are easy to receive renewals. Permanent residence in Singapore is also straight forward to obtain in comparison to many other countries. To show how encouraging the Singaporean government is of global business initiatives, the Ministry of Manpower provides extensive factsheets and information to new arrivals. There is an index of useful links for workers new to living in Singapore and starting a business. As a whole, Singapore is a country with high liveability, thanks to low crime rates and excellent transportation systems. Recently Singapore’s federal police reported 135 days crime-free. If there’s any place to feel secure while making money, it’s a country where shop owners hardly feel the need to lock up. On top of this, Changi Airport has flights to all the major global cities.