Although geographically very small, Singapore is well known for having one of the highest standards of living in the world and being a top destination for doing business.
A relatively young state having gained independence in 1965, Singapore has quickly become famously safe, orderly, green and clean, whilst boasting an enviable public transport system and an exemplary educational system. Prudent economic management, low taxes and first-class infrastructure all make it attractive for investment. As Felix Zulauf of Sulauf Asset Management has said it is probably the best-run country in the world.
Nevertheless, an understanding of the population’s different cultural traditions and background is required to truly maximise your success doing business in Singapore. Communicaid’s cross cultural training programme Doing business in Singapore will help you harness the following benefits of doing business in Singapore.
A Thriving Economy
According to the Singapore Economic Development Board Singapore is ranked as the world’s easiest place to do business, the most open economy for international trade and investment, the best business environment in Asia Pacific and third best worldwide. These conditions combine to make Singapore the most competitive Asian country and an ideal place to do business.
Known for integrity, quality, productivity and enforcement of the rule of law, Singapore is well trusted internationally. According to the IMD World Competitiveness Report 2008, Singapore is one of the top three least corrupt countries in the world. To back this up is the added bonus of infrastructure that seems to work flawlessly. The trains run on time, the roads are spotless and healthcare services are world class.
In today’s fast globalising world, we are increasingly coming to capitalise on the strength in diversity. Globally connected, Singapore is a country with a unique blend of cultures, lifestyles and religions. When doing business in Singapore, it is important to remember that its open immigration policy has created a cosmopolitan environment in which one in three people have come from abroad. Hence, the diverse population that consists predominantly of Chinese, Malay and Indian does not assume any single identity yet the different ethnic groups unite comfortably as Singaporeans.
Singapore has fully profited from its strategically advantageous geographical position to become one of the world’s top transportation hubs with the busiest port in the world. Often referred to as one of Asia’s economic ‘tigers’, Singapore has its roots as a natural trading port linking East and West. A financial and commercial centre, Singapore is often viewed as accessible by Chinese and Indian businesses and as an English speaking gateway to the Asian market for Europeans and Americans.
With a thriving multicultural free-market economy, it is clear that international organisations can greatly profit from the above benefits of doing business in Singapore. Considering that English is the main business language and Singapore is considered the easiest place in Asia to do business, it is understandable that some fall into the trap of believing that doing business in Singapore should be plain sailing.
However, international organisations regularly doing business in Singapore or employing Singaporean counterparts should have a series of cross cultural training programmes on Doing Business in Singapore to ensure they understand the subtleties of Singapore’s business and social culture on all levels.
© Communicaid Group Ltd. 2010