Learn business challenges in 2021 before you decide to register company in Singapore for foreigner
“Interesting possibilities in the midst of bad news” is a practical way to think about challenges of running a business in Singapore in the Post-Covid era. Like any other country, business activities in Singapore have experienced many disruptions from the onset, aftermath and countermeasures of the global Covid pandemic such as:
Social distancing and circuit breaker measures
Vacant office/activity spaces (“white elephants”)
Bankruptcies and layoffs
Minimisation of permanent staff
Supply chain shift causing change in trade patterns
Even though the end of Covid is hardly anywhere in sight, there always exists entrepreneurial opportunity during any period of change and crisis. The Association of South East Asian Nations (ASEAN) is one of the fastest growing economies in the world, and it is projected to be the 4th largest economy in the world by the year 2050. Its immense labour force is only behind that of China and India. And Singapore is well regarded as a gateway to expand into the ASEAN market, being one of its founding members and having long been recognised for its regional economic influence and business-friendly environment. Opportunities in Singapore in the Post-Covid era include:
Medical and Pharmaceutical Industry: Many countries around the world will likely increase health spending, even after the Covid crisis subsides. Singapore already has more than 30 of the world’s top pharmaceutical and medical technology firms establishing their manufacturing and research and development (R&D) facilities here.
Biotechnology Sector: Scientists from Singapore’s Duke-NUS Medical School have begun developing a Covid vaccine, and are planning to start clinical trials in 2021. Early-stage drug discovery across government agencies, healthcare institutions and universities has also been consistently coordinated. Several Singapore companies have already developed test kits, some of which yield accurate results within 10 minutes and do not need specialised equipment or laboratory-trained personnel. These efforts and breakthroughs show promising commercial potential.
Digitalisation: One of the mega trends in the midst of the pandemic is rapid digitalisation especially with working remotely becoming the new normal. Singapore has been empowering thousands of companies and their works to adapt and transform to operate digitally.
Low-touch Manufacturing: Singapore had the highest robot-to-human density in manufacturing and automation is set to further accelerate in the Post-Covid economy, with the greater use of robots, more remote-controlled processes and 3D printing. Singapore and its business operations will tap into this trend to offset relatively high labour costs. The nation already has a National Robotics Programme since 2015, which is working on solutions to increase the competitiveness of small and medium-sized enterprises. Robotics will advance beyond product assembly and testing into healthcare, construction, logistics and other industries.