In 2019, Singapore was ranked no. 2 for “Best Country in the World to do business” by the World Bank. Singapore is seen as a gateway to the Asian markets, where spending by 3.2 billion middle-class consumers could hit US$55 trillion by 2030. Attuned to the similarities and differences between Western and Asian consumers, as well as the diversity within Asia, Singapore has been the choice of many multinational corporations in the consumer sector that have set up their regional headquarters here.
There are many reasons for this, including the openness of Singapore’s economy, its general financial stability, government incentives, extensive network of double tax treaties, strong infrastructure, and reputation for fairness and impartiality in commercial law.
While Singapore is known for its pro-business stance, the country also has an advanced regulatory framework which provides a variety of protections for consumers, but is, at the same time, designed to ensure business competition is still able to thrive and innovation is encouraged.
In the Doing Business in Singapore publication, our Singapore Consumer team provides an overview of consumer protection laws, product regulation, potential litigation concerns, intellectual property challenges, changing tariffs and customs, key data privacy matters, and other issues that could impact businesses looking to enter Singapore consumer markets or conduct business in Singapore.
This publication is the third in a series of Doing Business guides that help consumer companies adapt to regional challenges, laws, and regulations when entering new markets.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.