Starting an Oil and Gas Consultancy Business in Singapore

Basic Overview of Starting an Oil & Gas Consultancy Business in Singapore

Singapore has a vibrant and thriving economy and there is a reason for that – because of its strategic location along the shipping routes and because it is the largest oil trading hub in Asia. The largest in Asia, and the third-largest in the world to be exact. At the moment, Singapore is leading the way in Asia as a major oil and gas equipment and services hub.

This is where the country’s strategic location also comes into play. Being located among the major shipping routes has cemented its position as a major oil and gas hub, giving it a major advantage over other countries. Being located among the major shipping routes means that over half of the oil that is moved around the world every single day will be passing by Singapore.

Why Start an Oil and Gas Consultancy Business in Singapore?

Because Singapore has more than 95 leading oil and gas companies that are currently calling Singapore home. And it’s not just oil and gas companies, but also petrochemicals and special chemicals companies from around the world too.

Singapore’s greatest strength is its stable and conducive business environment, excellent connectivity, and of course the location of the country. These have played a major role in sustaining the economy and the industry, and one of the main reasons why setting up an oil and gas consultancy business here is a great idea.

Starting an Oil and Gas Consultancy Services in Singapore

Because of its reputation as a major oil hub, there has been an increase in the number of consultancy services in the market which are serving the oil and gas sector.

The reasons why it is highly beneficial to set up an oil and gas consultancy service in Singapore are:

1. The country has a transparent pricing system and minimal interference from the government.
2. The stable business environment.
3. It is a regional financial centre, with many international banks present.
4. The availability of a very qualified workforce and favorable immigration policy.
5. Its World Bank Ranking. Singapore was rated number one in the world for the ease of doing business.
6. Companies and businesses have easy access to other international markets within the Asian region. Due to Singapore’s very strategic location.
7. The attractive tax regime.

To set up an oil and gas consultancy service in Singapore, you will need to have the business incorporated and get the applicable licenses and requirements which are needed to legally operate a business in Singapore. You would also need to prepare your company name, have a board of directors and shareholders, a registered address and have met all the requirements needed for taxation according to the Singapore corporation tax guide.

3E Accounting’s panel of experts is here to assist with the process of setting up your consultancy services in Singapore. Thus, they ensure a smooth transaction for your business. To find out more about how we can help you, get in touch with us today or visit our website. Your ideal corporate service provider in Singapore.