Singapore's MICE Industry On A Healthy Growth Path: SingaporeStartup.com

Online, November 24, 2010 (Newswire.com) - Singapore offshore company formation portal SingaporeStartup.com predicts that the MICE industry in Singapore will grow further over the next one year, boosting the city's image as the MICE hub of the Asia-Pacific region.

Analysis by SingaporeStartup.com shows that factors such as Singapore's strategic location, its immense transport network, financial institutions, and a competent workforce that have helped it evolve into a business hub of the region, will also serve to complement its MICE industry. During 2008, when the entire world was reeling under the economic crisis the MICE industry in Singapore was resilient and attracted over 3 million business visitors, shooting up the tourism revenue that year to nearly S$ 6 billion. Further endorsement to Singapore as the international MICE destination came with Union of International Association's (UIA) '2009 Global Rankings' that named Singapore as the top city for international meetings amongst 1,653 cities worldwide. This distinction was a hat-trick victory for Singapore as it had won the title for the third consecutive year.

According to Mr. Darren Leow, a senior member of the SingaporeStartup.com team, "The industry is set to have a domineering growth rate in the years to come, and it heralds a host of opportunity for supporting services. Many local and foreign enterprises and entrepreneurs eying the growing opportunities in the industry, are establishing their presence in Singapore by setting up a Singapore corporation and hope to eventually venture out to the regional markets as well."

The launching of the two Integrated Resorts (IR) added more state of the art venues available for hosting international business events and has further propelled the potential of Singapore in this sector. The two resorts together, even before their official launch, had roped in several international events, a significant number of them making their debut in Singapore. From now until 2016, Singapore's MICE sector has a healthy pipeline of over 160 business association events.

The snowballing MICE sector is redefining the landscape of the industry. Earlier this year Suntec Convention Center, an established player in the industry, and the new entrant Resort World Sentosa joined hands to cross sell each other to event organizers. Such arrangements are set to magnify the scope of the industry while expanding the array of interesting options available to the organizers and participants.

The sector's outlook being remarkably healthy is set to benefit a whole gamut of industries. The hospitality industry comprising of hotels, catering & food Services; transportation; concierge services; retail and leisure services industry; communication industry; content, translation and interpretation industry; event management industry; and the logistics industry are some of the direct beneficiaries of the MICE sector growth in Singapore. Even the education and training industry is reaping the benefits of the sector's growth. Special diploma and training programs have been instituted in University of Nevada Las Vegas (UNLV) Singapore, Singapore Association of Convention and Exhibition Organizers and Suppliers (SACEOS), etc.

More information about starting a business in Singapore can be found at http://www.SingaporeStartup.com.