The Republic of Singapore is a small island city-state that sits southeast of Asia’s mainland between Malaysia and Indonesia and is home to a diverse, multicultural population of 5.69 million people, 74% of whom are immigrant Chinese, 13% indigenous Malay and 9% Indian minorities. Singapore’s economy is built primarily on exports, with oil/petroleum, technology, and automotive making up the majority.
Singapore was colonized by the British in the early 19th century and became an independent state in 1959, which it remains today. They use a parliamentary, Westminster style of government and is currently led by Prime Minister Lee Hsien Loong, leader of the People’s Action Party (whom have consecutively won leadership since independence in 1959) and President Tony Tan Keng Yam.
Singapore has been a major trade point since the 14th century, primarily due to its proximity to the entrance of the Strait of Malacca, a major shipping lane between the Indian and Pacific oceans. In fact, Singapore’s main marine port is known as the second busiest in the world (after Shanghai, China), and supported an annual GDP of $300 billion USD in 2014.
Given Singapore’s status as a significant trade port and substantial and growing number of free trade agreements (20 currently, with another 10 in negotiation and implementation), knowing how to properly accommodate business relations with Singapore can be very beneficial. Here are some tips:
- Meritocracy is a major pillar of Singaporean principles. It means that the people who are most able and skilled should lead. As a result, many employees work more hours in a week than their western counterparts and managers and supervisors are expected to work the most.
- Although many Singaporean people don’t consider English to be their first language, English is still widely spoken by residents and is used as a common language to bridge everyday socialization with other nationals and foreigners that have a different mother tongue. However, be aware that dialect and intonation usage may change the meanings of some words.
- Following an introduction, an exchange of business cards is seen as a formally important part of a first meeting. The visiting party is expected to present theirs first, held in both hands with print facing the receiver. It is recommended that you have your information reprinted on the other side in the native language of the other party, likely Chinese. Writing on the card or putting it in your back pocket is not recommended.
- When possible, schedule meetings at least two weeks in advance out of courtesy and do not try to schedule meetings during Chinese New Year which is late January or early February, as many businesses in Singapore close for the entire week. When a meeting is set, always be punctual as punctuality is seen as a virtue in Singaporean culture.