Singapore, Singapore Hotels and City Guide

Singapore - Business Tips

Singapore is a small island nation that has managed to use its prime location to catapult it to world class status. Its advantageous location in South Eastern Asia makes Singapore ideal for trade both into and out of Asia. The city-state has a large petroleum and petrochemical industry: in addition to refineries, there are drilling rig manufacturers and ship building and repair companies. Few realize that Singapore is the third largest refiner of petroleum in the world behind Rotterdam, in the Netherlands, and Houston, Texas in the United States.

Singapore’s wealth and high quality of living isn’t dependent on location alone, however. Singaporean government is known to have low corruption rates and the Singaporean dollar is stable. Low inflation and low interest rates combine to create an attractive business atmosphere. The banking industry is particularly strong, and Global Finance magazine recently recognized three Singapore banks as among the safest 50 in Asia. This robust financial base, supported by a strong government, has made Singapore one of the most prosperous nations in Asia.

Recognizing the need to diversify, Singapore is focusing on high-tech industries, such as multimedia and biomedical engineering to ensure that their financial footing remains strong. The island is also undergoing many extensive renovations to make the city even more attractive to visitors. Tourism makes up a considerable portion of Singapore’s economy. In 2007, 9.7 million tourists came into the city-state and spent S$12.4 billion. This is up considerably from 2005 figures. Singapore’s Tourism 2015 project hopes to increase the number of visitors to 17 million by 2015, which will bring in about S$30 billion.

Etiquette & Business Tips

Dress Code in Singapore

Singaporeans are a bit less formal than many Western counterparts simply because of the heat. Men typically skip the jacket as temperatures remain hot and humid all year. They do defy the heat with long-sleeved dress shirts and commonly wear ties as well. You will not look out of place, however, if you choose to forgo the tie and open your collar button. Women wear business attire, though you may see some women wearing a kebaya, a sheer long-sleeved blouse with a sarong.

Greeting Someone in Singapore

Don’t let the unbuttoned top button fool you: Singaporeans are typically formal upon introduction. It is fitting to shake hands firmly, though some older Singaporeans do not do this. Hugs between business acquaintances are not appropriate, though Singaporeans are generally accepting of other culture’s practices.

There are some cultural differences to pay attention to, however, so you do not offend the person whom you are meeting. For instance, conservative Muslims do not touch members of the opposite sex. You may also see people touch their hands to their hearts and bow slightly. If this is the case, simply do the same.

It can be difficult to know all the intricacies of introduction in Singapore because so many cultures come together: the best approach is to wait and see what the other person will do and follow suit. Likewise with names: Chinese, Indian, and Muslims have different types of names (eg. Chinese people may have three names: the surname comes first, followed by personal names). It may be confusing as to what you call them. When in doubt, politely ask what they prefer to be called.

Business Hours and Banking

Business hours vary throughout the city. In general, you will find most shops and stores open around 10:00am. In their effort to cater to tourists, many businesses remain open until 7:00pm and even later. It is not unusual for stores to be open until midnight, especially during certain parts of the year, such as the Great Singapore Sale. Banking hours also vary: most typical banks open at 9:30am and close at 3:00pm Monday through Friday. Many banks are open from 9:30am to 11:30am on Saturday. Again in an effort to provide the utmost convenience for visitors – and residents – many banks offer extended hours and are open on weekends.

Smoking

Singapore isn’t a smoker-friendly city: tobacco products are taxed heavily, and you are only allowed to bring one pack of cigarettes into the city. You will find smoking bans in all air-conditioned places, including clubs and bars, many hawker centers, and in all public transportation. Outside, smoking can only be done in designated areas, which are usually marked with yellow outlines or signs that read “smoking zone.” And do not even think of flicking a cigarette butt onto the ground.

Business Etiquette

Singapore is a relatively laid-back city; a good rule for conduct is to behave as you would at home or with family. Simply be genuine and respectful. One difference between Singaporeans and those in countries like the United States is that they make very little small talk. Chatting with a store clerk or waiter is not generally done. This is not out of rudeness but out of respect for their own and others privacy and personal space. This cultural difference is also apparent in the inflection and tone when people speak. It may sound more brusque than many Western ears are used to, but again, no disrespect is intended, quite the opposite, in fact.

If you are invited to a business associate’s home, stop at the door and take off your shoes. If you bring a gift, make sure it is appropriate for your host. Again, this can be confusing because there are different rules for different cultures. For instance, it is not appropriate to bring a bottle of alcohol to dinner at a Malay’s home. For Chinese recipients, elaborate wrapping paper is expected but you do not wrap gifts for babies. And many people of Chinese, Malay, and Indian heritage do not open gifts in front of you.

If you make a mistake and offer a gift that would potentially offend, apologize politely. To be safe, you may always presents chocolates or candies, particularly if they were made in your home country, mugs or t-shirts with your company logo, or a souvenir from your country. Thank you gifts are generally small and inexpensive, so the thought really does count more than the gift itself. It is a good idea to have a small gift for each member of the party.

When exchanging business cards, offer yours with two hands, one on each corner at the beginning of initial meetings. Turn the text towards the recipient. He will likely do the same, and you exchange. Take a moment to look at the card, and then place it on the table in front of you. Do not put it into your pocket or attaché case, and do not write on it as this is disrespectful to the giver.

As you can see, there are a lot of rules and cultural norms that you may be unfamiliar with. Study up before your trip, and if you forget a rule or two, don’t panic. Just offer an apology or ask a question. Being open and forthright and willing to learn about their customs is the best way to be respectful of Singaporeans.

Hotels in Singapore, Singapore