Posted: Fri 13th Oct 2023
Singapore is one of the easiest places in the world to do business. While small, the wealthy city-state boasts a first-class business environment closely aligned with British laws, business practices and technical standards.
But before you consider taking advantage of this ever-burgeoning market, you must know what challenges you'll face when you start selling to customers in this new overseas environment.
To help you make this move, we've put together a detailed guide that sets out the key steps involved in preparing to do business in Singapore and outlines the necessary requirements for a successful trade.
What the guide contains
Selling to Singapore: Main benefits and challenges
Learn more about the intricate business landscape of business in Singapore, named by the World Bank as the second easiest place for international commerce.
Gain insight into building a diverse customer base and enhancing your prospects. Find out how establishing your presence in Singapore can bolster your brand's global credibility and pave the way for international opportunities.
Yet you must be mindful of the practical challenges that accompany this journey. Learn how to combat the potential pitfalls of geographical distance, complex logistics, time-zone differences and intellectual property protection.
Business culture in Singapore
A cosmopolitan melting pot of Chinese, Malay, Indian and other diverse cultures, Singapore offers a highly competitive yet pro-business environment.
Navigating its unique business culture requires careful consideration. In our comprehensive guide, you'll learn about the country's business etiquette and the importance of punctuality, respect and the proper dress code.
You'll also find guidance on how to behave in meetings and negotiations, and ways to build trust while forging strong business relationships.
Preparing to do business in Singapore
Expanding your small business into Singapore presents a fantastic opportunity to grow, diversify and increase your sales, revenue and profits. While Singapore is a vast and lucrative market, there are many challenges to overcome first.
This section of the guide highlights the importance of first being clear on your reasons for exporting to Singapore. You'll find guidance on doing market research, which is vital in understanding the demands, preferences and competitive landscape.
Find out what methods and resources you can employ when analysing consumer behaviour, identifying target demographics, and assessing market trends. The guide also explains how a well-crafted business plan serves as a roadmap for success.
Getting your goods out of the UK
Exporting goods from the UK to Singapore means planning carefully and following specific procedures.
In this section of the guide, you'll learn the various steps of the exporting process, such as getting an EORI number, securing an export licence (if necessary), determining the appropriate incoterms for your shipments and checking for trade barriers.
It also covers the crucial aspects of making a customs declaration and arranging for transportation.
Getting your goods into Singapore
Successfully navigating the Singaporean customs process is crucial in making sure your goods enter the country seamlessly.
This part of the guide provides insights into completing the relevant documentation, preparing a detailed packing list, and addressing any additional requirements for businesses in the food and drink sector.