Considering the prospect of conducting business in Singapore? You're certainly not alone. This city-state boasts a reputation as a prominent regional financial hub and serves as a gateway to the vast Asian market for foreign enterprises. What's more, its enticing blend of low corporate taxes and favorable personal tax brackets makes it an even more appealing destination for foreign investors, featuring numerous exemptions and the absence of capital gains taxes.

However, like any place, there are peculiarities to be mindful of when engaging in business activities in Singapore.

Mastering the Art of Business in Singapore

Let's begin with the advantages:

Effective Communication

Singapore boasts an English-based bilingual education system and encourages the use of English as the primary language in public settings. In addition to English, students also acquire a second language, known as their "Mother Tongue," which corresponds to their cultural identity. This diversity ensures that international professionals can easily engage in conversations with Singaporean citizens in English.

Navigating the Urban Landscape

Singapore's central business district, commonly referred to as the "Central Area" or simply "The City," occupies the historical harbor of the city. As the financial epicenter of Singapore, it houses the headquarters of numerous corporations, including Singtel, the largest telecommunications company in Singapore, and OCBC Bank, the second-largest bank in Southeast Asia. It's also home to the Singapore Exchange. This district combines modern architectural marvels with historical gems like Clarke Quay, a vibrant area filled with restaurants and nightclubs.

A Fifteen-Year Reign

An impressive accolade worth noting about doing business in Singapore is that, according to the Economist Intelligence Unit (EIU), it has held the title of the world's best place to conduct business for a continuous fifteen-year period. The EIU's ranking takes into account the next five years, and Singapore's enduring supremacy is further fortified by its participation in South East Asian regional free trade agreements, which are anticipated to yield significant benefits in the forthcoming years.

Navigating Potential Pitfalls in Singapore

While Singapore undoubtedly offers a conducive environment for business, there are some unexpected stumbling blocks that prospective entrepreneurs should be aware of:

Keep Your Attire Intact

On February 27, 1996, the same day the first-ever Pokémon game was launched in Japan, Singapore implemented a law making it illegal to be unclothed within the confines of your own home (not implying any connection between the two events). Specifically, under Section 27A of the Miscellaneous Offenses (Public Order and Nuisance) Act, Chapter 184, being unclothed in a private place that is visible to the public can result in fines or even imprisonment. This isn't merely theoretical; in August 2009, a taxi driver named Chua Hock Hin was fined $2,600 for being unclothed in his apartment in view of his neighbors.

Respect Wi-Fi Boundaries

Under Section 6(1)(a) of the Computer Misuse and Cybersecurity Act, enacted in 1998, it is illegal to "hack" into someone else's wireless internet network without permission, even if the network is unsecured. Violating this law could lead to a maximum fine of $10,000 or a three-year prison sentence. To stay on the right side of the law, it's advisable to use 5G unless you are absolutely certain about the ownership of a Wi-Fi connection.

Watch Your Language

Lastly, think twice before expressing your frustrations publicly. According to Singaporean law, anyone who utters obscene language in or near a public place can face imprisonment for up to three months, a fine, or both. This prohibition extends to singing offensive lyrics, so it's wise to check the lyrics of your favorite songs before belting them out.

Visit the Singapore Business Show

With this information, you should be well-prepared to excel in the world of Singaporean business, and more. However, it would be remiss not to mention the Singapore Business Show, scheduled for August 30th and 31st, 2023.

This event, featuring 300 exhibitors, 250 speakers, and an expected 5,000 visitors, caters to entrepreneurs, business owners, and startups seeking to establish themselves in the city. We will also be present as exhibitors at booth 825, so please feel free to drop by and say hello.

Furthermore, our co-founder and Chief Product Officer, Vamsi Krishna, is among the featured speakers. Don't miss his in-depth exploration of how global talent acquisition can give businesses a competitive edge at Seminar Theatre 4 on August 31st.

While this article provides only a glimpse into doing business in Singapore, for a comprehensive overview, you can visit our free Talent Wiki Singapore page for more information.

And if you're interested in hiring talent from Singapore or any other location, Remoly is here to assist you.