Country Profile

Singapore, smallest country in the southeast asia, is situated at the southernmost tip of the malay peninsula. Singapore constitution has established the political framework of nation as parliamentary republic. Ranked as the 17th wealthiest country in the world, singapore has a foreign reserve of $158.99250 billion. Singapore has shown a tremendous boom in its economy, with a GDP more than that of the leading western nations. Singapore has a GDP of $222.7 billion and export of $450.6 billion. The country is recognized as a hi tech hub in the asian continent. Malaysia, usa, hong kong, china, indonesia, japan and thailand are the major export partners.

Snapshot

Economic Overview

• Free market.
• One of the highest per capita gross domestic products.
• The economy relies on the exports, especially electronics and manufacturing.
• Noted for its role as a regional centre of banking and finance.
• Key areas for long-term growth are banking, hi-tech manufacturing and tourism.
• 40% of exports are for re-exports.
• Tenth largest trading partner of the US.

International Trade
Major Export Items
Machinery and Equipment (including Electronics), Consumer Goods, Chemicals, Mineral Fuels, Crude Materials, Food, Beverages and Tobacco, Animals and Vegetable Oils.

Main Destinations of Exports
Malaysia, US, Hong Kong, China, Japan, Taiwan, Thailand, South Korea

Major Import Items
Machinery and Equipment, Mineral Fuels, Chemicals, Foodstuffs, Beverages and Tobacco, Crude Materials, Animal and Vegetable Oils.

Main Origins of Imports
Malaysia, US, Japan, China, Taiwan, South Korea, Thailand

Contacts of Trade Ministries/ Associations

Business Visa Rules
Business visas are limited to the following:

• To attend any business meetings or discussions
• To attend any seminars or "fact-finding" meetings.

The following are the basic requirements for business visitors:

• The applicant must have a residence and an employer outside Singapore.
• The applicant must be traveling to Singapore for a defined, limited pre-set period and have pre-determined plans.
• The applicant must not receive compensation from sources within Singapore.
• The applicants period of intended stay must be consistent with his/her intended purpose of the trip.
• Individuals who are traveling to Singapore to receive training should apply specifically for a training pass.
• Technically, individuals providing training to employees of the local entity or third parties, even for a single day, must obtain an Employment Pass.

Note :-

• For any services provided in Singapore, employment pass is required. For short-term assignments of less than a month, a short-term employment pass is applied for. It usually takes 3 working days to process and it is not extendable.
• Visit pass is issued for an initial period of 14 to 30 days on arrival and can be granted up to 90 days.

Business Hours
8.00/9.00 am to 5.00/6.00 pm - Offices (Saturdays 11.30 am to 1.00 pm)
Note :- Government offices are usually open from Monday to Friday and on Saturday mornings.

Public Holidays