Considered one of the top most destinations for doing business, Singapore stands proud of its thriving economy, ease of starting and conducting a business and high standards of management. Starting a business in Singapore is a worthy investment and many international organizations explore their chances in the country every year. While the business environment in Singapore is transparent, free of red tape and bound by solid rules, Singapore company formation involves certain challenges too.
Read on to find out the top factors that new companies in Singapore succumb to.
1) Attitude towards the locals
For some reason, the myth about the lack of problem solving and language skills among Singaporeans has existed since long. This however is not true. When foreigners enter the business world with this notion, they fail to tap into the talents and skills of the locals. As a result there is more resistance to the new business and strong barriers for support and cooperation are developed. An open mind with no preconceived notions about the people and their working styles can help up with the business effectively.
2) The classic “them versus us” argument
Stressing too much upon the difference between local workers and peers from the country of origin (of the start-up organization) can flare up the issues. The level of tolerance between different ethnic groups must be maintained high in a work place. This helps to enhance the productivity of the organization and avoid cultural clashes between workers.
3) Understanding the cultural differences
A Singaporean has different views and ideas personally as well as in business. Everything starting from Registration of the Company to the way of conducting a business is different in Singapore than the rest of the world. To blend well into the business environment and to build a solid business network one needs to understand and address the cultural and traditional values of the Singaporeans.
4) Embracing the cosmopolitan nature of the country
Singaporeans are predominantly Chinese, Malay or South Indians. While they are roots come from different parts of Asia, Singaporeans with different geographical backgrounds may have settled in the country for many generations and prefer being called Singaporeans only. An experienced business consultant would recommend the business organization to develop an intercultural team with multiple competencies. Drawing lines of demarcation between these groups would result in the loss of right skills for an organization.
5) Honesty is the best policy
Singapore is well-known for its transparency and honesty in conducting a business. Foreigners who wish to tap into the thriving economy through Singapore company incorporation must ensure that all their business processes and functions are in alignment with the rules and regulations of the specific industry sector.
The author is a trusted advisor, who has assisted several clients in forming business in Singapore. He is also an executive partner to several firms. In this article, he reveals about the 5 factors that has to be considered before stepping into a venture in Singapore. Read https://www.e-sandhurst.com to know more.