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Success tips when doing business in Singapore

    Singapore business
  1. The country has several distinct cultures, each with its own business etiquette. Malays are likely to frown upon handshakes between opposite sex business persons, while more traditional Chinese businessmen are likely to bow in place of a handshake;
  2. Saving face is of immense importance to Asian Chinese businessmen and employees. All negative remarks or comments should be made in private and entrepreneurs should take extra care to avoid correcting a business partner in a way that might embarrass the other.
  3. Chinese individuals are generally averse to fee negotiations and so, attention should paid to ensure that a Chinese business partner is not offended by your negotiations;
  4. Names depend on the culture of the business person as well. Chinese names usually lead with the surname and are followed by 1 or 2 given names, while Malay games are likely to forego a family name entirely;
  5. The exchange of business cards is an important aspect of working in the country. A business card should be given to everyone attending the meeting. When handing a business card to someone it should be presented with both hands with the front of the card facing the recipient. When receiving a business card, taking time to look and comment about the card shows respect. Print your business cards in English with a colour photo of you. The back of the card should be an Asian language translation;
  6. Government agencies play an important role in business in the country. So, a foreigner engaging in company registration should exercise restraint and be patient as much as possible because the authorities will always have the final say in the matter;
  7. Since, all resident companies will not be well-versed with international trade, Healy Consultants encourages our Clients to consistently use and sign contracts of service;
  8. Singaporean business communication is very polite, with questions often worded with a yes/no format, such as “would you like to or not?”. Business persons should consider this when communicating about business dealings;
  9. Make friends with your local Clients and suppliers. Singapore’s business culture is based on extra caution and so, you will need to develop trust before starting work together;
  10. To increase business certainty, we encourage our Clients to consistently use and sign legal contracts of service;
  11. To optimize the success of your new business venture in Asia, Healy Consultants will assist your firm i) complete a feasibility study ii) prepare a detailed business plan iii) communicate with each city Chamber of Commerce and foreign embassy and iv) communicate with Healy Consultants Clients who successfully launched their business in Singapore;
  12. Asian customers invariably focus on price, no matter how hard you sell the intangible benefits. Price drives most business negotiations;
  13. Each Asian city has a Chamber of Commerce. Their powerful membership embraces the local business community. Chamber functions provide useful networking opportunities for companies new to the market.

Did you know about Singapore

  1. Singapore is the best business gateway to Asia because of its strategic location. Located in the centre of Southeast Asia, a three hour flight will connect you to major markets such as Hong Kong, China, Vietnam and Taiwan, with Malaysia and Indonesia less than an hour away;
  2. Singapore is considered the premier financial hub of Asia. The country’s financial centre houses hundreds of financial companies, insurance companies, banks and asset management companies, earning low tax profits within a liberal economy free of exchange controls;
  3. Singapore offers highly luxurious residential facilities. With a strategic location for wealthy Asian entrepreneurs, the city currently caters to the world’s highest percentage of millionaires;
  4. Singapore is Asia’s most liveable city, comprising i) a cosmopolitan, multinational population ii) high quality office and residential accommodation iii) reliable power and utilities and iv) first-class hotels, hospitals and schools;
  5. The country is made up of 1 main island and 63 smaller islands, most of which are uninhabited;
  6. It is also among the 20 smallest countries in the world. However, it is the 2nd most densely populated country in the world;
  7. The country’s name comes from the term ‘Singapura’ which literally means Lion City. In 13th century, an Indonesian prince saw an animal that he thought was a lion and hence, the name;
  8. The Merlion (half fish and half lion) is the most popular symbol of the country. The fish represents Singapore’s past as a small sea town while the lion represents the creature which the Indonesian prince saw;
  9. Singaporean national anthem ‘Majulah Singapura’ is actually sung in Malay;
  10. The highest point in the country is Bukit Timah Hill which is only 164 meters high;
  11. The world’s first night zoo, Night Safari, is located in Singapore;
  12. Singapore’s Bukit Timah Nature Reserve has a greater variety of trees than in all of North America;
  13. Singapore’s Jurong Bird Park is the world’s highest man-made waterfall;
  14. Singapore’s Suntec City has the world’s largest foundation;
  15. In its 2013 World Competitiveness Yearbook, the Switzerland-based IMD positively ranks Singapore as the world’s 5th most competitive economy. The ranking takes into account factors including economic performance, government efficiency, business efficiency and infrastructure;
  16. Transparency International, a measure of corruption amongst public officials and politicians positively ranks Singapore as the world’s 5th least corrupt country in the 2012 Corruption Perceptions Index;
  17. The Forbes magazine best countries for business 2012 survey ranks Singapore as the world’s 4th best jurisdiction for business;
  18. It is ranked the world’s 2nd freest economy in the Heritage Foundation’s 2013 Index of Economic Freedom, a measure of freedom enjoyed in business, trade, monetary, financial, investment and labour markets;
  19. According to the World Bank’s Doing Business 2012 Survey, Singapore is the world’s easiest place to do business. The survey measures factors including company formation procedures, time, cost and minimum capital required to start a business;
  20. Singapore has agreed to commit to the standards set by the Organisation for Economic Cooperation and Development (OECD), which help maintain Singapore’s reputable image as a secure and long-term solution for many entrepreneurs;
  21. Singapore is one of the world’s most expensive cities, ranking 5th in Mercer Human Resources global Cost of Living Survey. As a services and export-based economy, Singapore is vulnerable to i) high global oil and food prices and ii) the health of the global economy;
  22. Singapore is made up 63 islands and has increased in size by 25% since independence;
  23. Singapore boasts the fastest walkers on the planet, just ahead of Copenhagen and Madrid;
  24. Singapore’s Bukit Timah Nature Reserve has a greater variety of trees than in all of North America.

Frequently asked questions

Contact us

For additional information on our company registration services in Singapore, you can email us at email@healyconsultants.com or phone us at +65 6735 0120. Address: #15-01 Valley Point, 491B River Valley Road, Singapore 248373. Alternatively contact our in-house country expert whose details are below: