Business

Insights on doing business in Singapore

If Singapore has drawn your interest as an entrepreneur, you might be currently looking into the possibility of pursuing professional affairs in that location. Because moving your business activities to another country demands research form your part, before taking any further steps, you should research the subject more in-depth.

What are the most important things you should know on the topic? What insights will allow you to successfully carry out business-related operations in Singapore? Here are a few useful pointers for you:

Look into Visa requirements

Because your departure to Singapore would involve business affairs, the Visa you will need hold isn’t the usual travel one tourists apply for. Nowadays, getting travel documentation isn’t as complicated as it used to be back in the day. The majority of travelers choose to handle this task online, and opt for an e-visa. There are a few documents you will need to send in, but as long as you choose the right offline processing option, and get the assistance of an agent, procuring your Singapore Business Visa won’t require much effort from your part, nor will you have to pay expensive fees. Usually, the maximum amount of time you’d have to wait for your Visa would be somewhere around 15 days.

Avoid cultural mistakes – learning the local etiquette

Regardless of how you’ve been used to do business until now, things will probably change a bit once you start carrying out professional activities in Singapore. A few cultural mistakes could cost you important partnerships, that’s why you should be prepared, and look into some cultural tips as well.

  • While punctuality matters all over the globe, in Singapore, business executives will take it as an insult if you arrive at a meeting late. Try your best to always be on time when you have a business appointment.
  • Avoid debating or disagreeing with a superior in public.
  • In Singapore, you can easily start a conversation with someone in regards to their income, so if you have any questions in this department, you can safely ask them during meetings or professional encounters.
  • Business cards are expected to be exchanged with every associate or potential business partner you meet for the first time.

Decision-making and negotiations

When you’re doing business, a lot of decision-making and negotiations will be demanded. Because you might be used to a certain approach here, you should learn if things stand differently in Singapore. Usually, in Singapore, negotiations are conducted at a slower pace than they are in Europe or the US. The relationship you form with different group members will help you in your business affairs, and to actually reach an agreement, regardless of specifics, a single trip to Singapore won’t be sufficient, several being expected here.

If you’re planning on doing business in Singapore, being informed properly on the topic is recommended. There are a few important things you need to be aware of from the start, which will help you access the opportunities present in Singapore’s business scene. Look over the details explained above and keep them in mind when you are working on the specifics of your future professional activities. From obtaining your business visa to learning about the local etiquette, you should remember these suggestions and use them to your advantage.