Interdean react to the news that co-founder of Facebook Eduardo Saverin has renounced his US citizenship and relocated to Singapore sparking a mass financial exodus to the Far Eastern province.
Leading finance publication Business Insider state that 27% of bankers have said that Singapore is the most desirable city to work in, even beating New York City – the home of Wall Street – to the top spot.
The report also stated that that Singapore has the largest quantity of millionaires in the world. The figure is believed to be 17 per cent of all households. This has caused the world’s richest to head there in droves. It is very much a playground for the world’s wealthiest people.
Business Insider outline why many are following Saverin’s footsteps. Trade is free of tariffs on imports, and all business – domestic or foreign – is regulated equally. They also claim that the average time to open a business is only three days. This combines with unemployment figures of only 2.1 per cent of the entire population.
Singapore’s location is also primed for business success. Being in the middle of Southern Asia means is has great access to some of the world’s most booming markets. With Indonesia, India and China being a short distance away, many businesses are reaping the rewards of improved communication across the continent.
Many of the banking sectors leading companies have also already made the move. Goldman Sachs, Morgan Stanley, Citigroup, Deutsche and JP Morgan are among the host of big names that now list Singapore as one of their main office locations.
As leaders in international relocation and shipping, an Interdean spokesperson has commented on the new developments. ‘With so many high profile business leaders having already relocated to Singapore, the time is perfect for many small businesses to follow suit. With more lenient trade tariffs and an economy thriving in Asia’s booming markets the decision to do so is becoming a more and more obvious one.
Singapore has always been thought of as one of the great financial powers but, following the economic downturn in 2008, many have been reluctant to champion its growth. Now it seems that businesses from all over the world have gained new life following their relocation to Singapore.’
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Interdean helps families, expats, backpackers, travellers and students moving overseas. Established in 1958, Interdean provides moving, storage, shipping air freight, excess baggage, visa and immigration, and full relocation services to worldwide destinations. Interdean is FIDI FAIM PLUS accredited and has over 123 offices worldwide.
Interdean comments on Singapore"s financial growth