Singapore is urbanizing at unimaginable speed and has an impressive list of startups like 99.co, ReferralCandy, Grab and other business ventures. Known as the leader for floating production, offloading and storage, it is one of the top five world’s refining and trading hub. In order to enhance the position of Singapore as the regional center for oil and gas, the liquid natural gas terminals are being expanded. Its refining capacity is almost double the consumption of petroleum products. It is also the leading city in the construction of production platform and exploration. It also has the highest number of incubators related to technology in the entire Southeast region. Despite the size of the city, the industrial growth can give a tough fight to the biggest cities in the world. Let’s have a look at the opportunities it can provide to startups and new business ventures.
The making of a new silicon valley
Touted as the best business platform on the entire globe, you can see the growth of a strong tech ecosystem over here. The petroleum industry of Singapore dates back to the year 1891. It is the undisputed hub of oil trading in Asia and exports about 68,100,000 tonnes of oil to other countries. You can find 95 petroleum organizations over here and produces 20,170 barrels of oil each day. It is the largest physical trading hub of oil in Asia, and you can find well establish petroleum businesses over here. Apart from this major segment that contributes to the economy Singapore’s air freight and global seaports facilitate unparalleled global and regional connectivity. It sits at the center of a travel network that bustles with the frequent visit of people from all the cultures. This has transformed it as a gateway for business corporations and entrepreneurs. With its excellent geographical location and infrastructure, it has become suitable for innovative things. The years are not too far when it will emerge as the Silicon Valley of Asia.
In Singapore, the startups have huge access to capital and venture capitalists ensuring a growth driven and richer ecosystem. Many VCs have their offices over here, and according to a recent survey ninety, six percent of respondents said that they’d like to start their own hypothetical company over here. It not only has tech opportunities but Singapore takes a financial lead when it comes to funding also. Singapore received the highest start-up funding among all cities between 2013 to 2018. The network-ready environment and interactive media industry is also a major reason people thrive to start their startup over here.
It is the most touted hub for water solution and environmental companies also because of the innumerable natural resources that are found over here. It was recently ranked as the most liveable city in the entire world. Singapore is the perfect location for delegates, exhibitors, and buyers to take advantage of the business opportunities and seek out a place for themselves in this city that supports the growth of entrepreneurs and startups. Considered as the fastest growing nerve center and bio-clusters for expansion you can find many regional headquarters of leading companies of the world situated over here. The interest rates over here are the fourth lowest among all the Asia Pacific countries. This can be another important factor for the startups to shift over here as they might require a loan to grow their business which is available at lower rates over here.
With good financial support, connectivity and industrial advancement Singapore is the most preferred stepping stone for any kind of business.
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