How Singapore has Become the Best Place for Software Development – 2024 Review

Nowadays, with constant technology advancements, software developments are in high demand everywhere in the world. Numerous Silicon Valley giants, such as Dell, Visa, Apple, and Amazon have opened tech-related positions in Singapore. Yes – it may sound weird at first and you may wonder why anybody would choose this part of the world to make their business flourish besides so many seemingly more prospective places. Yet, the answer can’t be more simple – this city-state is simply full of talented individuals.

This was exactly what has attracted world’s most renowned tech companies to operate there. Many skilled engineers are moving to the heart of Asia due to splendid new job opportunities, not planning to go back ever again. In the meantime, new candidates have also been coming from abroad and locally.

Let’s take a look at some reasons why Singapore has become a hot spot for software development and why it represents the bright future of the business world.

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Inexpensive and talented workforce

As it was already mentioned, Singapore has become one of the epicenters of the first-rate IT industry in Southeast Asia. This area is well-known for gifted individuals and represents a place where labor is cheaper than in the US or Europe. As a result of this, many young people come from other parts of the world to pursue a career in this field and explore other IT possibilities that may affect positively the growth of the industry.

The simple process of starting a software development business

Starting this business isn’t complicated at all – as a matter of fact, it’s quite simple. The market is huge and it keeps growing –  you can earn immense amounts by working from home or in a start-up.

A significant fact that makes Singapore a very attractive location for this type of business is that the government allows entrepreneurs to complete the registration process via the BizFile portal in just a few clicks. They can basically say goodbye to going through any paperwork or dealing with bureaucracy.

Another attractive option to solve this is hiring a professional company to fill out all the forms for you and submit them. For example, Software companies in Singapore, such as boast groups of experts who work according to the special needs of their clients.

To start up the business, regardless of its type and scale, registration with ACRA (Accounting and Corporate Regulatory Authority of Singapore) is a mandatory step. The ACRA usually gets back with a response to the applicants within three days, but if the procedure requires some additional information or verification, it may take a bit longer.

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Numerous vacancies

According to software experts, the next few years will bring around 50,000 new ICT postings. That may be the result of countless IT giants who will come to this place to open their business and stay there. The biggest ones are already there, in the middle of hiring procedures, trying to make their existing businesses blossom. Reportedly, in November 2018 there were 5806 tech-related vacancies available. Government agencies and universities have joined together in the latest IT developments and research, launching numerous talent programs to support them.

Singapore has become a potent place for startups – there are more than 150 global venture capital funds that support these companies here and in the region. As more companies establish their businesses, the higher is the demand for vacancies for skilled software developers. This results in mutual gain – the more companies that come, the more job positions will be created to attract new engineers.

Job mobility

Living in this city-state will certainly give you the best opportunities to work on the latest technology advancements. The best and brightest software developers will get an opportunity to move wherever they wish and get the top job satisfaction.

Even though it’s a little bit costlier to live in Singapore, this job is mobile and fluid. You can get a chance to move to the place where you may get better access to working on the latest tech researches – and all that while living in a country that takes digital and IT life quite seriously.

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The political stability of city-state

Singapore has always been known for its political stability and peaceful environment. That’s one of the major reasons why numerous famous software development companies are moving their operations here.

This place has a stable and clean environment, without any shake-ups, which is a highly commendable work surrounding and should be an example for other countries to follow. It’s quite easy to live and start a business here – the only hassle would be the process of moving to the new country.

Technological innovations within the banking

The Singapore Government has promised to invest cumulative funding of S$19.billion over the next 5 years in this sphere improvement. The government’s boost in innovation, research, and enterprise encourages development for technological firms and banks with digital disruption. As the banking sector continues to develop, software specialists are the ones who reap from the investments and opportunities of this amazing city-state. Experts are necessary since they help the new staff to upskill, expand their capabilities and thus stay relevant in their field.

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Gig economy within digital banking

Countless studies have shown that temporary contractors have been on the rise here. Once labeled as a stressful workplace, the country has made some efforts to change this perception. More than half of the banking and financial staff have gained flexible work schedules and competitive salaries, turning a negative situation into a positive one.

Employers are expected to increase or maintain the number of contractors hired in 2018. Some of the banks here, such as DBS and UOB tend to increase the number of software experts, since DBS plans to recruit around 100 contractors and full-time employees. The main goal is to increase the numbers of data analysts, digital designers, and engineers within their technology.

The magnificent Singapore ranks high in attracting talents globally, without any doubt. As it’s a regional hub for international organizations, it became the top-ranked country in attracting skilled software developers in the Asia-Pacific region and kept this title for five years, while globally it was ranked 2nd in the terms of talent competitiveness. Government supports and encourages professionals and software businesses from all over the world to find their technology hub here. As a peaceful and stable location with plenty of skilled resources from all over the world, this place remains the perfect choice for your business or employment in this field.