Singapore is a regional and global business hub and hums with activity with a competitive tax system. From multinationals, entrepreneurs and start-up companies. It is well known as a global financial hub with banking and finance, international trade, real estate and telecommunications as its stronghold. Singapore currently thrives in 5 key market segments including services, manufacturing, mining and construction, shipping trade exports and technology.
It is not resting on its traditional foundations. Singapore has a highly developed start-up ecosystem with the growth of tech-based businesses establishing Singapore as its base for the region.
Its industrial parks serve different industry clusters across the small island. From Pharmaceuticals and Biotechnology, Aerospace, Chemicals and Electronics, its focus on leverage of core capability and innovation is at its core.
In 2020, the Advisory Board Centre mapped professionals currently serving on Advisory Boards. This assessment identified over 10,000 professionals on Advisory Boards in Singapore and has projected a growth of 120% for the sector in Singapore.
Research has identified that the Advisory Board sector is emerging, and Advisors exist as a profession in Singapore. As an emerging sector, advisory board professionals may have opportunities in key sectors including – banking and finance, international trade, and real estate – and are encouraged to stay open-minded to start-up and emerging industries.
There is a growing opportunity for professionals to increase participation in Singapore by formalising Advisory Board structures and collaborating on a global scale. As this sector grows, it is important to note that best practice credentials will shift the market from informal to formal Advisory Boards over time.
With targeted investment in the start-up and scale-up initiatives, capability development and industry clusters, Advisory Boards thrive in these environments. Maintaining best practice in Advisory and Advisory Board activity would be in line with this growth.