Singapore is perceived as an extravagant city-state due to the high-tech system employed, but it is also considered an excellence business center. Many foreign investors choose to open a company in Singapore due to its favorable business climate. The geographical position has transformed Singapore into one of the most visited countries in the world which is why one should expect to encounter a large number of foreigners. The same principle applies when doing business in Singapore. But what are the most important 10 things one should know about doing business in Singapore?
Our Singapore company formation agents invite you to watch the video below which will show you the most important 10 things foreign investors should know about the Singapore business culture:
When opening a company in Singapore foreign investors should keep in mind that the city-state is comprised of a high number of Chinese, Malays and Indians, therefore the business community is quite also quite assorted.
First contact is very important when starting a business in Singapore. The best way to engage in a conversation with a business group is by being introduced by a third person.
Business etiquette in Singapore requires investors to have many business cards on them. Also these should be presented with both hands and with the name facing the interlocutor.
Business meetings are based on punctuality, but in Singapore this attribute is very important especially when coming face to face with a potential business partner for the first time. Our company formation representatives in Singapore will provide you with more information about usual business hours.
It is very important to plan ahead a visit with a potential business partner in Singapore. It is advisable to plan a meeting at least two week in advance, according to the Singapore business culture.
Even if the Singapore business community is full of foreign investors, the most employed language is English. Singaporeans also use English as a working language.
It is a common fact in the Eurasian community to give a business gift when first coming into contact with a member of a company in Singapore. The gift should not be expensive or big, as it is meant to express thanks.
Singapore businessmen are used to negotiating every aspect when concluding a contract with a foreign entrepreneur. However, Singapore enterprisers are very respectful, considering negotiations a way to get to know their partners.
The business etiquette in Singapore implies a certain protocol as Singapore managers are more formal than in other Western countries. In Singapore, the company or the division of the company one is dealing with is more important than individuals.
The Singapore business culture requires that rank is respected. The Singapore manager will be addressed first when speaking and the eldest person in the group will be shown the greatest respect.
These are just a few pointers on how to behave when doing business in Singapore for the first time. For information on how to open a company in Singapore, please contact us.
