Singapore May Overtake the United Kingdom as an Offshore Financial Hub
Singapore’s business fortunes are rising and a consultancy firm in Massachusetts, USA has taken note of this city-state’s growth. According to the Boston Consultancy Group, Singapore may eclipse the United Kingdom in terms of its offshore financial business within just four years. Recent developments with Brexit may even accelerate the process, although the Boston Consultancy Group’s statistics were released before the Brexit vote was finalized.
According to this group, Singapore should accrue approximately one point seven billion dollars in offshore business in four years, while the United Kingdom is expected to accrue only one point six billion dollars in offshore investment. Offshore financial centres have taken a bit of a hit worldwide due to the release of the Panama Papers. They may slow down growth in this area. However, current decreases range around three percent, so they are measurable, but not highly-significant.
The process of putting wealth into offshore businesses is nothing new. At present, world wealth is lower than it was last year, in part due to global market downturns. This leaves the UK with a mixed bag, which features escalating real estate values that create quite a bit of wealth for property owners, which is then (sometimes) diverted into portfolios or offshore business. Those who haven’t invested in real estate may be noticing less growth in their portfolios. So, there is good news and bad news for the UK.
Singapore real estate values are good, but not climbing at the same astronomical rate. Singapore offers a lot of advantages in terms of offshore financial business, so it’s becoming more appealing to more investors from all over the world. Again, fears which are related to Brexit may encourage even more investors to choose offshore Singapore, rather than offshore business in the United Kingdom.
Don’t be surprised to see more and more people – and global businesses – take a much closer look at moving their base of operations to Singapore. The business community is booming, connectivity is already great and getting better, the infrastructure is there, and the laws are about as a economy friendly as it gets.
Those looking for a new global base of operations will be seduced by all of the benefits Singapore has to offer!
Brexit May Speed Singapore Growth
When there is unrest politically, as there is in Great Britain and the EU, people tend to look for other options. They want to protect their wealth and make ti grow. Since statistics for Singapore’s growth as an offshore business hub were released before the Brexit vote to leave the European Union, it’s safe to say that Singapore is gaining even more value in terms of what it has to offer to those who want to do business and register a company in Singapore.
Time will tell if the predictions that we’ve talked about today come to pass. The consultancy firm which created this report is very respected, so there is good chance that its projections will come to pass, and possibly even faster than anticipated.