Business in Singapore - 30736 Words

Doing Business in Singapore DOING BUSINESS IN SINGAPORE 1 CONTENTS 3 4 11 FOREWORD INTRODUCTION - Getting to know Singapore OVERVIEW OF LEGAL ENVIRONMENT - Legal Framework - Handling Civil Disputes - Employment - Immigration - Competition Act - Singapores Free Trade Agreement (FTAs) STARTING A BUSINESS BANKING RELATIONSHIP IN SINGAPORE - Introduction to the Financial Landscape in Singapore - Banking in Singapore - Business Credit Facilities - Business Protection TYPES OF BUSINESS ORGANISATIONS - Sole Proprietorships and General Partnerships - Limited Liability Partnerships - Limited Partnerships - Companies - Joint Ventures - Foreign Companies - Representative Offices - Incorporating a Company - Annual Requirements for†¦show more content†¦Geography Singapore is an island that lies just off the southern tip of the Malay Peninsula between the South China Sea and the Indian Ocean. Its strategic location on major sea lanes has provided the country with an economic importance in Southeast Asia. Singapore is often considered as a base for global enterprises looking to expand into Asia and Asian enterprises looking for global connectivity. Located at the heart of Asia, Singapore is sitting at the centre of business opportunities. Having the four key attributes - Trust, Knowledge, Connected and Life, Singapore is being positioned as an ideal city to Work, Live and Play. Singapore was ranked first in Mercer’s Quality of Living Survey 2009. ii. Working in Singapore Singapore has a capitalised mixed economy. Having strong international trade links, Singapore possesses one of the most open economies for international trade and investment. Singapore offers foreign investors a pro-business environment, excellent infrastructure, highly-skilled and cosmopolitan labour force, and a robust legal/judicial system. These competitive factors have set Singapore apart from other locations, winning several accolades including:  § The world’s easiest place to do business (Doing Business 2011 Report, World Bank);  § Best Business Environment in Asia Pacific and world-wide (Country Forecasts, December 2009, Economist Intelligence Unit);  § World leader in foreign trade and investment (TheShow MoreRelatedStarting a Spa Business in Singapore813 Words   |  3 PagesStarting a Spa Business in Singapore Despite the economic crisis, health and wellness sector in Singapore has always recorded a steady growth starting from S$140 million a year. The factor causing the high amount of revenue is due to high tourist arrivals and the increase in wealth of individuals. People are more willing to part with their money in return for exotic treatments and multiple-treatment packages. There has also been a 63% increase in the number of spas since 2003. Due to the potentialRead MoreOpening a Business in Singapore462 Words   |  2 PagesThe law allows any person above the age of 18 to register a company in Singapore. Types of company formations Before you can dream of registering your company you must know the different types of Singapore company formations and know the requirements needed for each and every type of formation. There are several types of company formations including sole proprietorships, partnerships, public companies and limited companies. Different types of companies have different sets of laws governing theirRead MoreA Brief Note On Singapore And Conduct Business1310 Words   |  6 PagesDOING BUISESS IN SINGAPORE The reason we are going to Singapore is to conduct business. With that being said, it is important to learn the way business is conducted in the nation of Singapore. Subtle differences in the approach can potentially make or break a deal. We have to be knowledgeable about their customs in order to avoid offense. Greetings Greetings follow a strict protocol based off of ethnic origin and race. The elders are always introduced first. Elders may or may not be accustom toRead MoreSingapore Airlines And The Business Industry1625 Words   |  7 PagesSingapore Airlines (SIA) is one of the leading companies in the airline industry. They are well-known for their customer service. The basis of the philosophy of SIA is the fact that the quality of service will decide the success or failure of an organization. The management believes in providing value for the money the passengers pay. They recognize the vital role of the employees in this endeavor (Wyckoff, 1989). A well-managed organization considers satisfied and motivated employees as the basicRead MoreStarting a Food-and-Beverage Business in Singapore597 Words   |  2 Pagesbusinesses in Singapore, after recoding a massive growth in the last 5 years. The statistics shows that right from the 4,489 established in the 2005, this number has significantly inc reased to over 6,197 in the year 2010. If you want to enjoy the high returns in this industry, you need to make sure that you have the necessary tools that will make you enter the market and gain profits. The following are some of the tips that you need to know on how to how to start an FB outlet in Singapore: 1. You needRead MoreEssay on Global Business Cultural Analysis: Singapore5463 Words   |  22 Pages Global Business Cultural Analysis: Singapore Business 604 B22-International Business Abstract This research paper will conduct a comprehensive Global Business Cultural Analysis of the nation of Singapore. The paper will point out the complexities of the relationship the US should consider before deciding to conduct business in Singapore. The analysis will explore the major elements and dimensions of Singapore’s culture, how these elements andRead MoreGeneral Culture And Business Etiquette. The Culture In1517 Words   |  7 PagesGeneral Culture and Business Etiquette The culture in Singapore could be described as authoritarian, pragmatic and rational due to the types of cultures that reside there. Although the main business language is English, there are some important customs to take note of before traveling to, or doing business with, Singapore. The main cultural traditions in Singapore are linked to India, China, and Malaysia, and Singaporeans are known to be loyal business partners with a strong trade foundation inRead MoreWhy Singapore Attracts Foreign Entrepreneurs and Firms720 Words   |  3 PagesWhy Singapore Attracts Foreign Entrepreneurs and Firms? Singapore’s quality lifestyle fascinates the world. Its unbelievable evolution as world’s leading business and finance hub persuaded Jim Rogers, an American-born businessman and Wall Street giant, to move to Singapore in 2007. This country is now best known for living peacefully with cultural diversity, offering a safe living environment to its residents, tax facilities, a world class business community and a very stable lifestyle. Read MoreShangri-La Pest Analysis1262 Words   |  6 PagesPolitical Singapore government has always been in favour of the tourism sector. In fact, Singapore Tourism Board (STB) launched a $90million BOOST (building on opportunities to strengthen tourism) for the tourism sector). The initiative help pushed the industry through tough times by assisting MICE (Meetings, Incentives, Conventions, Exhibition) companies to alleviate their business costs (Singapore Tourism Board, 2009). Not too long ago, the Singapore government cooperated with Indonesia to developRead MoreSingapore And The New Xyz Co. Singapore1259 Words   |  6 Pagesourselves by working abroad at the new XYZ Co. Singapore branch. We understand this is an important endeavor for the company and we aim to surpass our target goals reached in St. Louis. Because we are entering unfamiliar territory, I have researched three key topics that are pinpointed in this document: Hofstede’s Value Dimensions, doing business in Singapore and everyday living. Adjusting our current procedures to the standards and norms of Singapore will be essential to our success in this foreign