Set up business in Singapore - Nation of Commerce and Finance

Business establishment in Singapore will bring about benefits from world class banks and financial services. As one of the biggest trading centers with strategic commerce policies, an international trading company in Singapore is also a long term investment.

Set up a financial business in Singapore

In 2020, Singapore ranked 6th worldwide and 3rd Asiawide in Global Financial Centres Index (GFCI). To reached this position, Singapore has had several strategic moves namely:

• Attract international banks as well as strengthen national banks through M&A, creating a Singapore financial center with quality global services
• Improve quality, provide innovative products and competitive prices
• Establish laws protecting financial information yet still guarantee speedy transactions
• Shift focus of services toward newly established SMEs

Singapore financial center

To meet the customers’ need, One IBC, as a company specialized in International Corporate Services, has been working hard to provide customers with the best solution to set up a financial company in Singapore. Access this previous post to know more about the incorporation process. Even if the company is not operating within the financial sector, Singapore can still benefit businesses with high quality services tailored to new SMEs.

In addition, there are Service Office, license service or trademark and IP service. Any legal procedure and document will be handled quickly and directly with the government thanks to the advantage of having a local office and professional partners of One IBC Singapore.

One IBC Singapore office is always happy to help the customers

Singapore commerce - From tradition to the future

Import and export of Singapore is among the top of the world, ranked 18th in export ($730 billions) and 16th in import ($374 billions) in 2020. Singapore benefits greatly from the FTAs signed with ASEAN, China, EU, Uk, Australia and New Zealand, US and many other countries. Singapore also initiated the Digital Economy Agreement (DEA) to catch up to the exponential growth of IT in business with Chile, New Zealand and Australia as the first 3 participants. This is a strategic move to ensure Singapore’s position as the top of the world in international commerce.

A busy container port of Singapore

Singapore’s biggest trade partners are China, Malaysia, US, Japan and EU. Viet Nam is among the top 10 destinations for exporters with 3.32% in 2019. The main products traded are electronics, hightech components, fuels, chemicals and cosmetics. Along with those are services such as transport, finance, telecommunication, business and IP. These categories have very strong demand in Viet Nam. Using this country as a transport hub to re-export is also another solution to bring Vietnamese products to the international market. In addition, there are only 3 countries signing the DEA with Singapore so far, this is a big chance for any business to grasp.

Like a previous post has mentioned, Vietnamese brands need to prove themselves in the global market. One IBC’s customers can utilize the trade path that Singapore has opened to access many international markets. Vietnamese young entrepreneurs, who are active and knowledgeable in IT also have many opportunities to develop by establishing an ecommerce company in Singapore. This is also the first step of a DEA signing between Viet Nam and Singapore in the near future.

Realizing this potential, One IBC has been working hard to support Vietnamese businesses in IT and ecommerce fields. One IBC also provides Service Offices, utilizing IT to solve the real estate cost problem and creating a digitalized working environment. Along with this is the Merchant Account opening service, helping ecommerce companies in Singapore start operating quicker