Singapore is an economic miracle, setting high business standards and demonstrating success not just within ASEAN but globally. Global companies find it easier to set up and run a business in Singapore than back home. A Singapore corporate base often serves as a gateway to Southeast Asia and the wider region. In 2019, the World Economic Forum ranked it as the world’s most competitive economy. This was driven by high scores in citizens’ life expectancy, infrastructure, financial system, market efficiency and macroeconomic stability. It is widely regarded as one of the safest countries in the world, with low crime rates, a transparent legal system, and a reliable police force.

Hailed as the Silicon Valley of Asia, the government puts a priority in being a “choice hub” for business, finance, trade and data flows. The Economist Intelligence Unit ranked the country first in Asia on digital infrastructure, ahead of Japan, Hong Kong, and South Korea. It is in the top 10 of the World Economic Forum’s 2020 global ranking on digital skills and digital legal framework, reflecting the country’s sustained investment in communications technologies and connectivity, and the digital upskilling of its citizens. In 2020, Singapore’s Intellectual Property Office has also launched the SG Patent Fast Track, the world’s fastest patent application-to-grant process; the pilot programme shortens granting of patent applications to just six months. This complements its other acceleration programs that help enterprises speed up their patent grant process, a welcome news to tech companies looking to expand into the region.