The islands were settled from the second century AD by a series of local empires. In 1819, Sir Stamford Raffles founded modern Singapore as a trading post of the East India Company; after the company collapsed, the islands were ceded to Britain and became part of its Straits Settlements in 1826. During World War II, Singapore was occupied by Japan. It gained independence from Britain in 1963, by uniting with other former British territories to form Malaysia, but was expelled two years later over ideological differences. After early years of turbulence, and despite lacking natural resources and a hinterland, the nation developed rapidly as an Asian Tiger economy, based on external trade and its human capital.
Singapore is a global commerce, finance and transport hub. Its standings include: "easiest place to do business" (World Bank) for ten consecutive years, most "technology-ready" nation (WEF), top "International meetings city" (UIA), city with "best investment potential" (BERI), 2nd-most competitive country (WEF), 3rd-largest foreign exchange centre, 4th-largest financial centre, 3rd-largest oil refining and trading centre and one of the top two busiest container ports since the 1990s.
