The Singapore real estate sector will not be the only industry to mark an impressive growth in 2018. As more statistics appear, the more the economic sectors are predicted with good outlooks. For the moment, tourism is the second industry to grow in 2018, according to a report issued by the World Bank. Our Singapore company formation specialists can assist investors interested in setting up a business in the tourism sector.
The growth of an economic sector cannot be supported without some assistance and the Singapore central authorities have understood that well by now. This is why in order to help the tourism sector, a new airport terminal was announced. The 4th terminal of the Changi Airport could increase visitor numbers by 5%, in numbers meaning 800,000 individuals. The terminal will be operational in October next year and 9 airline operators will move there.
Apart from this, the number of events meant to attract tourists will increase. Among these, the Formula 1 event is one of the main attraction points which was extended until 2021 and which will attract great number of tourists occupying most hotel rooms in September. In case you are interested in starting a business in the tourism sector in this jurisdiction, our specialists in company formation in Singapore can assista you.
Apart from these, corporate travels to Singapore are expected to increase next year. According to the World Bank, the number of companies expanding their operations in other countries is expected to grow by 2.9% between 2018 and 2019 which will lead to more company representatives traveling to other countries for business purposes.
The same report issued by the World Bank indicates that at regional level, Singapore is the most attractive destination for companies when it comes to incentive travel. At a global level, Singapore ranked 5th in terms of corporate travel, as the number of companies establishing operations here is expected to increase considerably which will trigger a significant growth in terms of travel for business purposes throughout the year.
For more information on the most attractive economic sectors in the city-state, please contact our Singapore company formation advisors.