Singapore economy in overdrive
Singapore is the size of The Isle of Man, except that is has 4.8m people living there as opposed to 80,000. A beautiful, virtually crime free, clean country, that has just celebrated 45 years of independence four days ago. Draconian laws make chewing gum illegal and the punishment for graffiti is four months in jail and three lashes with the rattan cane. I just wish the UK could follow their lead here.
When the recession hit in 2008, the Singapore economy went into a nosedive. Shipping, banking and tourism were some of the first sectors hit.
Singapore is now flourishing; the economy grew by 24% in Q1 this year. Re-construction (the re-building of old buildings sometimes only ten years old) is everywhere and the wealth is starting to come back to this country.
I enquire about rates of tax. Like Hong Kong, Monte Carlo and Switzerland, tax rates are very low. There is definitely a correlation between low tax rates and wealth generation. However, like these countries, it is an expensive place to live.
So, if you can do business in Singapore, do so. The economy will continue to expand over the coming years.
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