Country: Singapore
Overview
Singapore is a small, but wealthy city-state with an open and trade-driven economy. It is a leading financial, shipping, and trade hub for the Asia Pacific region, and the government has a pro-business economic and trade policy.
The UK and Singapore share a common language and have strong historical ties. Both economies have similar business and legal practices and share similar technical standards.
Singapore’s location makes it a gateway to Southeast Asia and Asia Pacific. It is one of the UK’s largest trading partners in Southeast Asia, making it a good place from which to seek business opportunities in the wider region.
The UK has a free trade agreement (FTA) and a Digital Economy Agreement (DEA) with Singapore.
The DEA puts an end to outdated rules, making it easier for UK goods and service exporters to target new opportunities in Singapore.
New businesses can be set up in a matter of hours as Singapore has a stable government, strong rule of law and effective regulatory system.
Singapore is a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which the UK concluded negotiations to join and accede to in 2023.
Further reading from the Department for Business and Trade:
Singapore unequivocally stands out as an extraordinary gateway for British companies seeking to broaden their operations within the dynamic ASEAN region. Boasting a robust economy, innovation-centric atmosphere, strategically advantageous location, and policies conducive to business, Singapore presents incomparable opportunities for substantial growth and resounding success.