Owing to its stable government and effective systems, Singapore has been considered as the easiest place to start and do business by the World Bank.

Due to its open trade policy, more than 99% of all imports entering Singapore are duty-free. However due to certain social and environmental regulations, high taxes are charged on beer, liquor, tobacco products and motor vehicles. Resources are scarce in Singapore that is why it follows a concept of intermediary trade and imports refined petroleum ($69 billion), integrated circuits ($54 billion), crude petroleum ($33 billion), computers ($7.5 billion) and gas turbines ($6.7 billion). These materials are obtained from China ($42 billion), Malaysia ($40 billion), and the United States ($31 billion) to name a few. Singapore imports these items to manufacture and refine them for re-exporting.

Chart Showing GDP Growth Compared to rest of world Chart

Owing to its stable government and effective systems, Singapore has been considered as the easiest place to start and do business by the World Bank.

Due to its open trade policy, more than 99% of all imports entering Singapore are duty-free. However due to certain social and environmental regulations, high taxes are charged on beer, liquor, tobacco products and motor vehicles. Resources are scarce in Singapore that is why it follows a concept of intermediary trade and imports refined petroleum ($69 billion), integrated circuits ($54 billion), crude petroleum ($33 billion), computers ($7.5 billion) and gas turbines ($6.7 billion). These materials are obtained from China ($42 billion), Malaysia ($40 billion), and the United States ($31 billion) to name a few. Singapore imports these items to manufacture and refine them for re-exporting.