Until now 2017 is proving to be a good year for Singapore in terms of international rankings in some of the most reputable reports. Among these reports are the Global Startup Ecosystem Report and Ranking and the Global Talent Competitiveness Index (GTCI) in which the city-state occupies top positions. Both surveys analyze work forces all over the world and Singapore is one of the best countries in the world and in the Asia-Pacific region in terms of young talented employees in startup companies. Our Singapore company formation specialists can offer information on the employment legislation applicable here.
One of the most important sub-indexes of the Global Startup Ecosystem Report and Ranking refers to the workforce employed by startup companies in 50 countries and over 100 cities all over the world. This year, the report counted 10,000 startups with a high large number of this type of companies concentrated in Singapore.
Even if Silicon Valley tops the report in many sub-indexes, Singapore outranked it when it comes to talent. This is because Singapore companies perform much better in terms of access to a qualitative and well-trained young workforce and the low costs related to this access.
In terms of industry experience, Singapore is represented by the engineering sector, which grew by 80% on a year-to-year basis compared to the global average which was 60%. Also, the average age of young entrepreneurs opening companies in Singapore is 28. Also, 35% of those who opened startups in Singapore this year are foreign citizens.
If you are interested in company registration in Singapore, you can rely on our company formation agents.
Not only does Singapore surpass Silicon Valley, but it is also the best country in the world in terms of retaining talent and the second in the world right after Switzerland. Among the factors enumerated by the GTCI report are the education system, the flexibility and entrepreneurship which are sustained by favorable employment policies and the access to digital technology. Moreover, digital technology is at the core of small economies such as Singapore which are expected to perform well during the next couple of years.
If you need more information on the legislation on employment in the city-state, you can contact our Singapore company formation consultants. Our company formation representatives in Singapore can also help you open a company here.