Tammy : I’m Tammy from the Unipro Consulting Limited, sending love to all our listeners in different parts of the world. Today’s another episode of our weekly podcast together with Ray, the founder of Unipro Consulting Limited to share some insightful things about Singapore, or doing business in Singapore. Hi Ray, how are you?
Ray : Hi Tammy, I’m good and I hope everyone is doing great these days. The weather is really unpredictable. Sometimes it rains and most of the time it’s hot. So don’t forget to hydrate yourself with water!
Tammy : I know! Especially here in the Philippines, weather changes without warning, so it’s important to stay hydrated and eat healthy food.
Ray : Yes, for sure! Taking care of one’s health is very important, as saying goes “ health is wealth”
Tammy : I totally agree with you. Especially right now that there is covid, making your immune system stronger can fight the virus. Like taking vitamin C or D3
Ray : That’s right, or maybe take fruits and vegetables that give your body vitamins it needs
Tammy : Yes, that’s a must for everyone.
Ray : So anyway, we’re going to talk about Singapore’s Economy and why do business in Singapore. Why Choose Singapore? Besides doing business in Hong Kong, Singapore is a great place to do business as well.
Tammy : As for those people who don’t know, Singapore is a small country with around 5.8 Million. And it is located in Southeast Asia. There are different enthic group of people living in the country, such a Chinese, Malays and Indians, but actually there are a lot more people migrating to the country as this is one of the best country in Southeast Asia. And that is the reason doing business here is a great opportunity too.
Ray : Yes, in addition to what you say, Singapore has the largest port in Southeast Asia and one of the busiest in the world. And they experienced remarkable economic growth.
Tammy : And actually, They have the most advanced technology in Southeast Asia.
Ray : And of course, speaking of their economy, Singapore has always been different from those of the other Southeast Asian countries because it never has been primarily dependent on the production and export.
Tammy : Yes Singaporean government has been supervising the economic development closely, and it has been highly dependent on investment capital from foreign multinational corporations.
Ray : That is why doing business in Singapore is a great idea, because there is a strong infrastructure. Their government is doing their best to attract investment and boost export competitiveness.
Tammy : Yes, what’s great about Singapore is they actually have been a strong commitment to education and health.
Ray : Let’s go to their resources, agriculture and fisheries, since we all know that Singapore is not that big, they have a few natural resources Only a tiny fraction of the land area is classified as agricultural, and production.
Tammy : Yes, and to add to that cultivation is intensive, with vegetables and fruits grown and poultry raised for local consumption.
Ray : Oh, did you know that Singapore is a major exporter of both orchids and aquarium fish?
Tammy : Oh! Really?
Ray : Yes. They are.
Tammy : How cool is that!
Ray : I know right!
Tammy : So anyway, Since 1960 Singapore has pursued a general policy of export-oriented industrialization.
Ray : Yes, to attract foreign investment, their economy was liberalized, and a series of incentives were provided to multinational corporations, chief among these as the establishment of free trade zones.
Tammy : Free trade zones?
Ray : Yes, you heard it right, they are free trade zones or formerly called free ports. It means, where an area within which goods may be landed, handled, manufactured or reconfigured, and re exported without the intervention of the customs authorities.
Tammy : That’s great for business owners who would like to do business in Singapore, right?
Ray : Yes, that would probably be one of the important things you have to check when doing business in a country.
Tammy : Hearing all the good things about Singapore, is there any disadvantages when doing business there?
Ray : You know what? That’s a great question, because we know how a great country Singapore is. And all the advantages like a stable political environment they have, offering investors a strong sense of security and comfort, world-class education system, quality health care providers, and of course an ideal place to raise a family.
Tammy : You are right, the disadvantages of doing business never cross my mind, but there are challenges of course, and I know starting a business there is relatively easy, but keeping up with regulatory compliance is a common downfall for many new businesses, particularly when they are not local.
Ray : Also, every company in Singapore is required to have at least one director who resides in the country. Opening a corporate bank account for the non local has a much stricter compliance,
Tammy : What about paying taxes?
Ray : For the paying of taxes, Companies will need to register for a Corpass or singpass to pay their taxes.
Tammy : Of course for those who want to obtain work passes, non nationals who wish to reside and work there need a valid working pass to do so.
Ray : Let me also add that the cost of opening and running a business in Singapore is relatively higher than other Southeast Asian countries, because strong Singapore currency makes paying employees locally more expensive.
Tammy : Yes, and for Cross borders trading, they are the global trading centre and is one of the most competitive regions in the world for trading across borders. However it is important to note that certain good are restricted from being imported into Singapore, and require approval.
Ray : Yes, and when you weigh the pros and cons, pros are heavier than cons, so it’s actually a good choice to do business there.
Tammy : Actually, if you have any questions regarding setting up a company in Singapore, you can message us on our website or social media accounts found at the end of this clip. I would also like to add that check they handled this pandemic, and see how their economy was affected by this adversity and think whether to start your business in Singapore or not. Your business, your Choice!
Ray : Yes! And that’s it, Have a great day everyone!
Tammy : Have great day!