Singapore has emerged as the most attractive market for new business creation in Asia, according to the Asia Startup Index Study released by Intuit QuickBooks. The study assessed 24 countries across 17 indicators, highlighting Singapore’s superior digital infrastructure, talent pool, and efficient business environment as key factors in its top ranking.
The Republic secured the highest scores in both infrastructure and talent categories, boasting world-class broadband speeds and a highly educated workforce. It also placed second in business landscape strength, indicating a stable and supportive environment for both local and international entrepreneurs. The study’s top 10 rankings include China, Hong Kong, and Taiwan, with Singapore leading the pack.
Key metrics evaluated in the study included internet speed, foreign direct investment, and private credit depth, alongside labour market indicators such as unemployment and wages. Cost factors like rent, living expenses, and corporate tax rates were also considered.
Industry expert Lily Tan, Managing Director of TnB Global Outsource Pte Ltd, commented on the findings, stating, “If you don’t change now, the world will change you. As we look ahead to Singapore’s 2025 economic outlook, entrepreneurs should view this as a pivotal time to adapt, embrace technology and uncover new opportunities.”
The study underscores Singapore’s continued appeal as a startup hub, driven by its robust infrastructure and talent advantages, even as other regional markets strive to enhance their competitiveness.
