Singapore

Singapore was a British colony for 150 years and became a British trading port in 1819. Nearby immigrants  Malays, Chinese and Indian moved to Singapore. Singapore survived adversities survived through the “policy of survival” which was based on attracting foreign investors through low taxes, development of efficient infrastructure, disciplined workforce and strict political control. In 30 years, Singapore became a rich, orderly and industrialized society,

It is these historical events in Singapore’s past that influenced  the development of a national culture focusing on wealth, stability and multiculturalism. Economic stability are associated with the Singaporean’s concept of kiasu, meaning “afraid to lose” which refers to the wish to come first in competitions and negotiations and to keep standards high.

Factors that have contributed in the maintenance of growth and development of the business sector:

• Pro-business environment. Singapore is host to MNCs from wide-ranging industries and geographies. According to the World Bank, Singapore was ranked as the easiest place in the world to do business for 6 consecutive year and is attested by the wide-ranging industries based here.  Singapore’s strategic location offers companies enhanced market access in terms of physical connectivity and also through an extensive network of International Agreements. Singapore’s pro-business environment is further bolstered by a robust financial sector.  44% of companies have substantial APAC headquarters located in Singapore and emerging Asian MNCs that are starting to make their mark globally are also using Singapore as a springboard for growth.
• Efficient infrastructure and new industrial parks that provide more future opportunities
• transparent administration
• An increasing reputation as a hub for research and development in various high tech and biotech industries. With its multicultural society and diversity of industries, it is a good test-bed for innovative business solutions tailored to Asian needs. The large presence of MNC headquarters enables Singapore to be a launch pad for these innovations to reach all parts of the globe.

Consistently ranked as having the most protective IP regime in Asia since 1997 by the Political and Economic Risk Consultancy. Singapore is a credible repository of knowledge and an is an ideal place for professional services firms to collaborate with prestigious universities to conduct pioneering R&D and translate insights gained into practical and relevant solutions.

• Committed to free market development and free trade
• Considered as the world’s most efficient regulatory environment. There is no minimum capital required to launch a business and the process takes only three days.
• There is no statutory minimum wage, but wage adjustments are guided by the National Wage Council.
• Inflation is under control despite the challenging external environment. The government influences prices through state-linked enterprises and can impose price controls as it deems necessary
• The government has steadily opened the domestic market to foreign banks; now over 95% of banks operating in Singapore are foreign-owned
• Singapore’s average tariff rate is 0 %. Imports of chewing gum and “objectionable” publications are restricted including some service industries .
• Its open policies to high-end professionals entails that businesses can easily and effectively tap on the global talent pool.

Singapore’s premiere infocomm industry, Infocomm Technology Federation (SiTF) is an industry association consisting of corporate members ranging from local startups to established MNCs. The support of SiTF for the ICM (Information, Communications and Media) industry helps to accelerate the adoption of ICM technology and increases the promotion of innovation. SiTF works closely with various stakeholders to promote emerging technologies in areas such as Digital Media, Cloud Computing, Wireless, Security and Governance. SiTF also provide platforms to help members with opportunities to increase their market presence and business outreach

SiTF is also works closely with its members, IDA and Smart Nation Programme Office (SNPO) to explore opportunities made possible by Smart Nation. Among its activities to foster trade relations and business growth:

• Provides financial assistance for trade missions overseas
• Continuous networking to generate new business opportunities and alliances
• Direct channels to key decision makers
• Holding, sponsoring and attending conferences, seminars and rountable on topics of leadership and beyond infocomm to address fundamental business concerns
• International representation and alliances with international organizations

Unemployment has remained very low, at only around 2% in Singapore. While raising productivity through innovation and technology, Singapore’s key long-term economic challenges are to reduce its heavy reliance on foreign labour and its demographic problems of an aging society.

If weather is to be the basis to travel to Singapore, then travelers may visit Singapore anytime of the year since the country’s weather is consistent and predictable. All throughout the year, Singapore experiences a very humid and warm temperature, with frequent but brief rainshowers and thunderstorms. There is not much difference in the climate in between seasons, but April and May are usually hotter, while November to January experience more rainfall with the onset of the wet monsoon season.

Travelers are well advised to be familiar with Singapore’s draconian local laws. Punishable offences include smoking inside business establishments including public places like overhead bridges and the outdoor compound of hospitals; vandalism, littering, spitting, jaywalking and failure to flush the lavatory.

All year round, Singapore celebrates festivals which include religious celebrations, socio-cultural festivals and sports events. The festivals are specific to each ethnic group and its religion. Significant festivals that are celebrated by the entire nation are declared as public holidays in Singapore.

New Years Day – 01 January

Chinese New Year – last week of January to first week of February; it is the most anticipated celebration in Singapore; the famous lion and dragon dance occur during this  celebration

Spring Lantern festival – celebrated after the 15^th day of the New Year

Chingay Festival – biggest parade in Singapore, held 10 days after the Lantern Festival

Good Friday –

Labour Day

Vesak day – occurs in May, the most important annual event for the Buddhist community

National Day

Hari Raya Puasa – considered  an important religious celebration; also known as the Day of Celebration; marks the end of Ramadan

Deepayali –occurs in October or November known as the Festival of Lights; the most significant festival for the            Indian community in Singapore

Hari Raya Haji – celebrated for four days in September, known as the Festival of Sacrifice; celebrated by Muslims wordwide

Christmas Day

Singapore is said to have a work centric culture, having the longest working hours

Survey conducted showed the following resulting statistics in the work culture of the country:

• 31% of Singapore workers usually work between 9-11 hours every day compared
• In Singapore, 50% of workers take tasks home to finish at the end of the day, more than three times a week, compared to 43% globally;

The normal office hours in Singapore are Mondays to Fridays 9:00am – 1:00pm and from 2:00pm – 5:00pm. There is a half day on Saturday from 9:00am to 1:00pm

Singapore uses the Standard Time (SST) or Waktu Piawai Singapura (WPS) and is 8 hours ahead of GMT (UTC+08:00).

The country has only one commercial airport, the Changi International Airport which is 12 miles or 30 minutes away from the city center. To get to the city, there are metered taxis that charge from S$20-S$40 including surcharges, and additional charges during the peak hours, advance booking by phone, payment by credit card and entering its Central Business District during restricted hours. It has also an extensive public transport serviced by buses and a network of trains (MRT) which are.all airconditioned.

Entrepreneur Pass (EntrePass)

The EntrePass is designed to facilitate the entry and stay of entrepreneurs who are ready to start and operate a new business in Singapore. All applicants must fulfill these requirements:

• Must be a Private Limited Company registered with Accounting and Corporate Regulatory Authority. Applicant need not register the company first. If registered, it must not be more than six months from date of application.
• Company must have at least S$50,000 paid-up-capital. A bank statement, from the Singapore-based company bank account, of at least S$50,000 is required for verification.
• The business must not be illegal.
• Applicant must hold at least 30% of shares in the company.

NOTE:

• Successful applicants will be awarded a one-year pass.
• There will be mid-year audit to check on progress and applicants need to demonstrate efforts on scaling up their business.
• The EntrePass may be renewed if the applicants meet the renewal criteria.
• The EntrePass allows you to leave and re-enter Singapore frequently with ease.
• You may apply for the Dependant’s Pass or the Long Term Visit Pass for your family members after you have renewed your EntrePass. This will allow your immediate family to live in Singapore while you start and grow your business

Visa for Entry into Singapore

The visa is to facilitates the entry of business executives from countries that require a visa for Singapore. This is ideal if you are:

• attending to businesses or investments in Singapore and travel to Singapore frequently
• looking for or exploring business opportunities in Singapore

Things to note when applying:

• Check with the Singapore overseas mission in your country on visa requirements for entry into Singapore.

• For nationals of other visa-requiring countries and further details on the visa, please refer to theICA website.
• You may also submit your visa application online viaSubmission of Application for Visa Electronically (SAVE).

DOCUMENTS REQUIRED FOR LEVEL I COUNTRIES

Form 14A to be completed and signed by the applicant, and submitted together with the following documents:

1. One recent passport-sized colour photograph taken within the last 3 months. Photograph should be in colour, must be taken against a white background with a matt or semi-matt finish. Image must show the full face and without headgear (headgear worn in accordance with religious or racial customs is acceptable but must not hide facial features)
2. Original passport together with photocopies of the relevant pages (bio-data page, valid UK visa/residence permit in the UK, visa endorsement to your next destination after Singapore)
   Please ensure that, at the time of submission, the passport is valid for at least 6 months upon your arrival date in Singapore
3. A photocopy of your return/onward ticket/flight*/cruise itinerary (*showing the flight numbers, dates of entry into & out of Singapore)
4. Fee of £15.00 (exact amount) in cash or British Postal Order made payable to “SINGAPORE HIGH COMMISSION”
   [The High Commission does not accept payment by personal cheque, debit or credit card. The visa processing fee is non-refundable regardless of the outcome of your application]

Official translations of the documents are required if they are not in the English language.

Currency: Singapore Dollar

Currency code: SGD

Currency symbol: S$

Current exchange rate against the USD: 1S$ = US$ 0.74479 (US$1 = S$1.36)

British English is the official language and is the dominant language of business, as well as the means of communication in all other industries. Chinese dialect is also widely used. The Chinese compose the greatest part of the population and have the biggest influence in the cultural aspects in business. Most Singaporeans are bi-lingual.