CONNECT Singapore A smart guide to shipping This is your quick guide to help you connect with customers and businesses across Singapore. It’s here to help you understand the local culture, shipping requirements, regulations and key commercial opportunities to expand your business. united problem solversTM Contents CONNECT Singapore Visit UPS.com Singapore Overview 03 > Find out the most important facts about the markets to help you assess the potential for your business. Economic Potential 04 > Learn about what sells where and the most popular exports and imports that may be relevant to your sector. Business Culture 08 > Pointers on how to build successful relationships with local businesses and consumers. Tips and Advice 09 > Useful information and directory to help you ship to and from Singapore. Connecting with UPS 11 > A quick overview of UPS capabilities and experience and how we can help connect your business with customers across Singapore. 02 Contents Singapore Overview Economic Potential Business Culture Tips and Advice Connecting with UPS Singapore Overview CONNECT Singapore Visit UPS.com Open your new trade Singapore is one of the world's most prosperous countries with strong international trade links (and one of the world's busiest ports in terms of tonnage handled) and per capita GDP that is equal to that of the leading nations of Western Europe. route to Singapore. By embracing globalization, free market capitalism, education and implementation of business friendly policies, the country has become a leader in global commerce despite its small geographic footprint. National facts and figures Singapore (officially known as the Republic of Singapore) Population 5,607,000 (2016) Land Area 719.2 sq. km (2016) Urban 100% of total population population Languages Mandarin (official) 36.3%, English (official) 29.8%, Malay (official) 11.9%, Hokkien 8.1%, Cantonese 4.1%, Tamil (official) 3.2%, Teochew 3.2%, other Indian languages 1.2%, other Chinese dialects 1.1%, other languages 1.1% Singapore - one the fastest growing Highly developed pro-business Expanding economy with an appetite Ranked 2nd in ease of doing business economies infrastructure for trade Singapore is one of the easiest places in the world to Singapore has a highly developed and successful Advanced and reliable telecommunication is a key Singapore's GDP has doubled in 11 years from do business. free-market economy. It is one of the world's feature of Singapore’s economy. US$ 127.4 billion in 2005 to US$ 296.9 billion in It takes about 3 days to start a business in Singapore. leading business centers and a major destination for Broadband Internet access is readily available almost 2016. An online service called CorpPass enables foreign investment. everywhere in the country, with a connectivity rate The 15th largest import market in the world businesses to transact securely with government Singapore is recognized as one of the premier asset of over 99%. (US$ 273 billion). agencies which deal with, amongst others, customs, immigration and patent issues. management centers in the region and a gateway to Singapore is one of the best protectors of The 13th largest exporter in the world Asia with a vibrant free market economy, influenced intellectual property and aids small businesses (US$ 353 billion). by its immigrant population from Asia and Europe. through advocacy and capacity building. 03 Contents Singapore Overview Economic Potential Business Culture Tips and Advice Connecting with UPS Economic Potential CONNECT Singapore Visit UPS.com Unlocking your Singapore has a highly developed and successful free-market economy. Businesses operate in a remarkably transparent and corruption- free environment that boasts stable prices and a per capita GDP which is higher than that of most developed countries. Unemployment potential. is low. For a country that has a shortage of land and natural resources, Singapore's economic ascension is nothing short of exceptional. Its strong business and regulatory policies, sectors are also likely to provide support to the strategic geographic position, vast natural Singapore economy. seaport, highly skilled workforce and favorable According to the Doing Business Study from 2017 tax regime have created an ideal environment Singapore is ranked one of the highest in four areas: for businesses to flourish. starting a business, dealing with construction permits, Singapore's economy depends on exports in registering property and paying taxes. consumer electronics, information technology products and pharmaceuticals. Singapore is ranked Reasons to invest in Singapore 11th on Foreign Exchange and Gold Reserves with Currency Singapore Dollar • Open to foreign investment and a business friendly US$ 256.9 billion, which is a key indicator of GDP (US$) 296,966 billion (2016) government economical stability. GDP Per 52,960 (2016) • Protection of invention and innovation (intellectual Capita (US$) property (IP) regime) An attractive and stable macroeconomic Manufacturing 19.6%, • Competitive tax rates and tax laws environment Business Services 15.8%, Wholesale and Retail Trade 14.2%, GDP by Industry • Diversified economy Rapid industrialization plus pro-Foreign Direct Finance and Insurance 13.1%, Transportation and Storage 7.6%, • Comprehensive approach towards key pillars of the Investment policies, have transformed the city-state Construction 5% (2016) economy, such as petrochemicals, electronics and into a highly attractive location for foreign capital. Total Imports (US$) 283 billion (2016) (up by 15.1% since 2009) clean energy Singapore’s government forecasts GDP to grow Total Export (US$) 329.9 billion (2016) (up by 22.3% since 2009) • An initiative called "Future Singapore" to design, between 1 - 3% in 2017. China 12% develop and test new ideas in the areas of urban Hong Kong 11% living, wellness, ageing, healthcare and lifestyle Per the Research, Innovation and Enterprise (RIE) Singapore’s Top Malaysia 12% products and services 2020 plan, the country plans to invest US$ 19 billion Export Partners Indonesia 10% EU 9% • Proximity to China - strong trade and business ties into science and technology, with focus on core U.S. 5.5% with Beijing technological domains: advanced manufacturing China 11% • Free trade philosophy (Singapore is one of and engineering, health and biomedical sciences, Malaysia 11% Singapore’s Top U.S. 9% the strongest advocates in the world of this sci-tech services and the digital economy and urban Import Partners South Korea 8% philosophy) solutions. Manufacturing, transportation and storage Japan 6% Indonesia 5% 04 Contents Singapore Overview Economic Potential Business Culture Tips and Advice Connecting with UPS Economic Potential CONNECT Singapore Visit UPS.com Key industries. Manufacturing and Services sectors are the twins pillars supporting Singapore's diversified economy. These sectors contribute 20% and 60% to Singapore's GDP respectively. The most prominent industries within these sectors, which aid in the sustainable economic growth of Singapore, include: electronics, chemicals, biomedical sciences, logistics and info-communications and media. Electronics Pasir Ris Wafer Fab Park Singapore's strong fundamentals in the electronics industry make it easier for multi-national electronic companies to create and manage new markets, products, processes, technologies Loyang Industrial Park and applications for the region and beyond. Advanced Display Park The electronics industry represents a third of local manufacturing, and semiconductors make Jurong Industrial Park Seletar Aerospace Park up about 70% of electronics manufacturing output. Singapore Singapore accounts for 11% of the global market’s share of semiconductor wafer foundry Biopolis output. Singapore continues to be a world-class semiconductor hub as the industry has successfully attracted substantial foreign investment, contributing over 25% of semiconductors Ang Mo Kio Industrial Park manufacturing output, through its conducive environment for manufacturing innovation and Tuas Biomedical Park international collaborations. Singapore Science Park Automotive Singapore is a preferred location for global automotive companies to carry out corporate Biopolis - the biomedical R&D facility that allows public and private sector experts to collaborate activities, spares distribution, production of high-value products and research and through intensive research and training programs. It enables researchers to access state-of-the- development (R&D). art facilities, scientific infrastructure and specialized services, allowing companies to cut R&D Almost all the major Original Equipment Manufacturers (OEMs) and Tier 1 automotive costs and accelerate development timelines. suppliers use Singapore to oversee their regional operations. They also have a regional logistics base to manage their aftermarket spares distribution to the region. Singapore’s excellent Aerospace physical and trade connectivity, strong mechanical engineering base and established financial Singapore’s aerospace industry has grown at an average rate of 10% in the last two decades. infrastructure support the growth of related automotive R&D in Singapore. The longer-term Singapore has become the leading aviation hub in Asia-Pacific, contributing over a quarter share trends include the emergence of smart cars, which will drive semiconductor demand in the of the region’s Maintenance, Repair and Overhaul (MRO) output and is the most comprehensive automotive industry. Aerospace Maintenance, Repair