Singapore is hi-tech capital of south East Asia. The country with its small geography, length and boundary has done remarkably well when it comes to business, trade, commerce and economic growth. The country has always maintained a strict and firm control on social parameters. The society in Singapore runs by strict rule, law and order and controls as deployed by the state administration. The country spends lot of money to ensure that the social controls persist without any deviation. Singapore is linked to southern Malaysia and other smaller islands. The key advantage of this former British colony is their pro business approach, professional governance and administration, planned city and a well equipped & advanced port.
You can see a range of skyscrapers in the city. The city dwellers live in public housing complexes. The residents of Singapore enjoys high standard of living compared to rest of the world. Citizens are encouraged to speak in English rather than Singlish, which is the local slang. Almost three forth of the population is Chinese. Rest of the population is either Malays or Indians. Many foreign work permit holders also stays in the country.
Since their independence PAP or People’s Action Party has dominated the countries politics. But Singapore has a multi-party system. The countries economics is primarily dependent on electronic manufacturing and financial services. Singapore is known as Economic Tiger in Asia. The country is also developing its tourism sector and service industry to diversify its business portfolio.
The country is very strict in malpractices & bad practices such as drug trafficking and has a rule for capital punishment if anyone found guilty. This important practices, professional governance and administration have helped the country to emerge as economic superpower in Asia and also in world arena. The kind of growth rate Singapore has shown in past decade is no doubt commendable.
Monday, April 27, 2009
Friday, April 24, 2009
World Bank rates Singapore as top business destination
As per the World Bank study, Singapore is the hottest business destination in the world. In the same study the World Bank also rated Egypt as the pro business reform leader. In World Bank’s report it has been suggested that Singapore is the place where doing business is much easier than other destinations in the world.
Even compared to some of the major European countries along with US, Canada & Australia; it was Singapore that they found is more business friendly and equipped to provide a business like infrastructure and atmosphere. New Zealand and Unites States comes just after Singapore in providing the best atmosphere for business, as the study revealed. Out of 178 countries, which was the sample size in totality, the other top 10 destinations are Hong Kong, UK, Canada, Denmark, Ireland, Australia and Iceland. In the same report they also suggested that a good amount of reform has been taken place in Russia, Eastern Europe, China and India.
These countries are emerging very fast as hottest destinations in the world, for doing business. With its newly lunched bankruptcy law and property rights, China has emerged very fast in terms of reforms and providing business friendly atmosphere. Egypt has also reformed significantly to top the ladder with its foreign policy and internal trade practices. These countries are also recorded highest equity return to strengthen their economy. As per as the investors are concern, they look for potential in a particular economy and the reform policy that makes doing business easier than before.
The other countries which have done well in terms of reforming are Croatia, Ghana, Georgia, Colombia, Macedonia, Saudi Arabia, Bulgaria and Kenya. Even as the government provides more space for business, the new breed entrepreneurs are also floating their ventures. This ranking has been done based on 10 key parameters and business indicators.
Even compared to some of the major European countries along with US, Canada & Australia; it was Singapore that they found is more business friendly and equipped to provide a business like infrastructure and atmosphere. New Zealand and Unites States comes just after Singapore in providing the best atmosphere for business, as the study revealed. Out of 178 countries, which was the sample size in totality, the other top 10 destinations are Hong Kong, UK, Canada, Denmark, Ireland, Australia and Iceland. In the same report they also suggested that a good amount of reform has been taken place in Russia, Eastern Europe, China and India.
These countries are emerging very fast as hottest destinations in the world, for doing business. With its newly lunched bankruptcy law and property rights, China has emerged very fast in terms of reforms and providing business friendly atmosphere. Egypt has also reformed significantly to top the ladder with its foreign policy and internal trade practices. These countries are also recorded highest equity return to strengthen their economy. As per as the investors are concern, they look for potential in a particular economy and the reform policy that makes doing business easier than before.
The other countries which have done well in terms of reforming are Croatia, Ghana, Georgia, Colombia, Macedonia, Saudi Arabia, Bulgaria and Kenya. Even as the government provides more space for business, the new breed entrepreneurs are also floating their ventures. This ranking has been done based on 10 key parameters and business indicators.
Thursday, April 23, 2009
Singapore Airlines
SIA or Singapore Airlines Limited is Singapore’s national airline service provider. SIA has its hub at Changi Airport at Singapore. Primarily SIA has a very strong foothold in Southeast Asia, South Asia and East Asia. SIA is having one of the world’s longest commercial flights A340-500, which goes to New Jersey, Los Angeles and California.
SIA has also into other related business such as aircraft engineering and handling. SIA introduced “superjumbo” Airbus A380 as one of its flagship launch. SilkAir is one of its exclusively own subsidiary, that operates regional operations and flights to cities with lesser importance and optimized requirement. Singapore Airline Cargo is another subsidiary, which operates SIA’s cargo-hold operations. SIA is also carrying 49% stake of Virgin Atlantic & Toger Airways. It is counted in top 15 airlines in the world.
SIA is certainly a trendsetter in Aviation business and top the chart in word’s most admired companies. The company has always set an example on innovation, technology, safety and their excellence in service. SIA has always booked constant profit margin. Singapore Airlines covers 65 countries and flies to almost 65 destinations in five continents. With its tie-up with SilkAir, it has established a strong presence in South East Asia. SilkAir certainly helped SIA to reach maximum destinations and cover a wide range of geography. Beside this the airline has also established its presence in Kangaroo Route.
Due to bilateral trade agreement, more flights are coming from Thailand and United Arab Emirates, as a part of liberal aviation trade agreement. As a result the connected flights are offered from Dubai, Singapore and Bangkok. SIA also runs flights between Bangkok and Tokyo. They are also penetrating into India and China market as a part of their market expansion strategy. In nutshell, Singapore Airlines is one of the biggest profitable business houses in Singapore.
SIA has also into other related business such as aircraft engineering and handling. SIA introduced “superjumbo” Airbus A380 as one of its flagship launch. SilkAir is one of its exclusively own subsidiary, that operates regional operations and flights to cities with lesser importance and optimized requirement. Singapore Airline Cargo is another subsidiary, which operates SIA’s cargo-hold operations. SIA is also carrying 49% stake of Virgin Atlantic & Toger Airways. It is counted in top 15 airlines in the world.
SIA is certainly a trendsetter in Aviation business and top the chart in word’s most admired companies. The company has always set an example on innovation, technology, safety and their excellence in service. SIA has always booked constant profit margin. Singapore Airlines covers 65 countries and flies to almost 65 destinations in five continents. With its tie-up with SilkAir, it has established a strong presence in South East Asia. SilkAir certainly helped SIA to reach maximum destinations and cover a wide range of geography. Beside this the airline has also established its presence in Kangaroo Route.
Due to bilateral trade agreement, more flights are coming from Thailand and United Arab Emirates, as a part of liberal aviation trade agreement. As a result the connected flights are offered from Dubai, Singapore and Bangkok. SIA also runs flights between Bangkok and Tokyo. They are also penetrating into India and China market as a part of their market expansion strategy. In nutshell, Singapore Airlines is one of the biggest profitable business houses in Singapore.
Tuesday, April 21, 2009
5 C's that signifies Singapore
In Singlish dictionary, which is a Singapore special lexicon, 5C’s stands for Cash, Credit Card, Condominium, Car and Country Club membership. The person with 5C’s are noted as a complete man in Singapore, who has achieved a certain benchmark as per as materialistic achievement is concern. In a capitalistic society like Singapore, this benchmark is very popular while accessing an individual with materialistic achievement parameters.
Cash is the spending capacity and spending habit of the individual. In Singapore a cash rich individual is treated more successful than a famous individual in his or her own field but in less cash or liquidity. Financial security and solvency is the number one parameter to judge a person’s success matrix.
Every 10th resident in Singapore owns a car. You will find all the happening car models on the road from manufacturers across the globe. In Singapore all car has to be right-hand driven. Owning a car is looked as a status symbol in the society. But cars are really expensive in Singapore, as due to import tax, almost 200% tax amount is charged by the government.
In Singapore you have to have a salary of $30000 Singapore dollar to have a credit card. So the first level screening is done on eligibility. One individual can keep multiple credit cards issued from different banks or financial institutions. This suggests the person’s liquidity and solvency in cash less situation. Owning credit card is also a status symbol in the society.
Condominium stands for deplex housing or luxury apartments in the country. Due to land limitation, the real estate is a social status parameter in Singapore. The apartments subsidized by local government are only available to permanent citizens.
Country Club memberships are also a status symbol in the country as there are very few clubs with golf courses and tennis courts.
Cash is the spending capacity and spending habit of the individual. In Singapore a cash rich individual is treated more successful than a famous individual in his or her own field but in less cash or liquidity. Financial security and solvency is the number one parameter to judge a person’s success matrix.
Every 10th resident in Singapore owns a car. You will find all the happening car models on the road from manufacturers across the globe. In Singapore all car has to be right-hand driven. Owning a car is looked as a status symbol in the society. But cars are really expensive in Singapore, as due to import tax, almost 200% tax amount is charged by the government.
In Singapore you have to have a salary of $30000 Singapore dollar to have a credit card. So the first level screening is done on eligibility. One individual can keep multiple credit cards issued from different banks or financial institutions. This suggests the person’s liquidity and solvency in cash less situation. Owning credit card is also a status symbol in the society.
Condominium stands for deplex housing or luxury apartments in the country. Due to land limitation, the real estate is a social status parameter in Singapore. The apartments subsidized by local government are only available to permanent citizens.
Country Club memberships are also a status symbol in the country as there are very few clubs with golf courses and tennis courts.
How to make the best out of your Business Trip in Singapore
Singapore is one of the hottest business destinations. If you are going for a business trip to Singapore, here are some cool tips for you that will help you to make most out of your trip.
If you are an entrepreneur, you know the value for money, because it’s your hard earned money. And if you are traveling on your company’s head, then you should try to optimize the trip by spending less money and gaining maximum result.
In a business trip, the purpose is doing business and not enjoying the tour as a traveler. You should know the travel policy of your company and have all the important pointers in your fingertips such as what expenses are covered and what are not. You have to know the restrictions in taking a hotel room, car hire, phone calls etc. These are very important parameter for a business trip and the parameters are set as per your grade in the company.
You have to be thoroughly professional in terms of getting your ticket done, your business Visa to Singapore, and also to carry an international credit card that can be used in any outlet. You also have to understand what are the cash advance you can get from your office and how can you get the reimbursement for your trip.
You have to have a list of what all documents your office will require when you come back to them for your travel settlement. You also need to carry a proper business luggage, your file or organizer, laptop or palmtop and the documents you require during your business meeting. Even the free time you will get at airport lounge or in flight can be used to prepare or fine tune your documents, presentations etc. Or even you can spend the time to rehearsing your presentation.
If you are an entrepreneur, you know the value for money, because it’s your hard earned money. And if you are traveling on your company’s head, then you should try to optimize the trip by spending less money and gaining maximum result.
In a business trip, the purpose is doing business and not enjoying the tour as a traveler. You should know the travel policy of your company and have all the important pointers in your fingertips such as what expenses are covered and what are not. You have to know the restrictions in taking a hotel room, car hire, phone calls etc. These are very important parameter for a business trip and the parameters are set as per your grade in the company.
You have to be thoroughly professional in terms of getting your ticket done, your business Visa to Singapore, and also to carry an international credit card that can be used in any outlet. You also have to understand what are the cash advance you can get from your office and how can you get the reimbursement for your trip.
You have to have a list of what all documents your office will require when you come back to them for your travel settlement. You also need to carry a proper business luggage, your file or organizer, laptop or palmtop and the documents you require during your business meeting. Even the free time you will get at airport lounge or in flight can be used to prepare or fine tune your documents, presentations etc. Or even you can spend the time to rehearsing your presentation.
Friday, April 17, 2009
Business Culture in Singapore
Singapore government has developed an atmosphere for modern & vibrant business culture and a successful economy. The island nourishes multicultural and cross cultural values even when it comes to business. The culture involves 3rd generation Chinese, Malay in large number, Indian mostly south Indians and Arabs. So someone going to do business in Singapore should always keep these cultural influences in mind to get the best out of country.
When shaking hands you should know the cultural background of the person. Most of the Malays are Muslim in religion. So if you are seeing a Malay woman, then wait for her to approach for a handshake first. If she’s not doing then you may bow and keep your hand on your heart to show respect to the lady. If you are meeting a Malay man then go for a handshake. If you are meeting a Chinese then again bow is the way to greet him or her. Even if you are extending you hand for a handshake, keep it gentle. Indians specially the modern Indians shake hands as the greeting. The traditional style of greeting is saying Namaste with joining the palms and bows a bit, when you meet them. It will work very well for traditional Hindu’s.
Chinese names are derived by surname followed by first name. You can always call a Chinese by Mr. First name. Even you will get western names in Chinese as a name alias. Chinese woman either keep their maiden name or use their husbands name as identity. Malay use their first name, then ‘bin’ if man and ‘bint’ if woman, and then their father’s name although they have a custom to be called by their first name. On the other hand Indians do not have anything special when it comes to naming or addressing them.
When shaking hands you should know the cultural background of the person. Most of the Malays are Muslim in religion. So if you are seeing a Malay woman, then wait for her to approach for a handshake first. If she’s not doing then you may bow and keep your hand on your heart to show respect to the lady. If you are meeting a Malay man then go for a handshake. If you are meeting a Chinese then again bow is the way to greet him or her. Even if you are extending you hand for a handshake, keep it gentle. Indians specially the modern Indians shake hands as the greeting. The traditional style of greeting is saying Namaste with joining the palms and bows a bit, when you meet them. It will work very well for traditional Hindu’s.
Chinese names are derived by surname followed by first name. You can always call a Chinese by Mr. First name. Even you will get western names in Chinese as a name alias. Chinese woman either keep their maiden name or use their husbands name as identity. Malay use their first name, then ‘bin’ if man and ‘bint’ if woman, and then their father’s name although they have a custom to be called by their first name. On the other hand Indians do not have anything special when it comes to naming or addressing them.
Wednesday, April 15, 2009
Macro-economic trend in Singapore
Singapore Government introduced an investment plus savings scheme as CPF or Central Provident Fund, which is a retirement plan and mandatory to have. The country spends a greater share of its budget in technological development and educational upliftment. The government own TLCs or Temasek Linked Companies, which are part of government investment wing. The TLCs are especially from manufacturing vertical and responsible for 60% of countries GDP. Singapore as a country positioning itself as high tech hub of East Asia and also as a financial centre.
Despite its small area size, the sea positioning and developed industry has helped the country to emerge as an economic superpower. In the year 1965, Singapore got separated from Malaysia and gone through a struggling period to achieve what it is today. The Government nurtured a business friendly environment and adopted an economic policy that is export-oriented and encourages foreign investment. Medicine is another sector where the government has introduced its regulation and modernized the sector.
Singapore offers a non-corrupt government, highly skilled workforce, modern infrastructure, which encouraged around 3000 Multinational companies to invest in the country and projects. These companies are responsible for more than two third of manufacturing result. Electronics is the major industry in manufacturing segment and record 48% or industrial output. Government is also giving priority to biotechnology and chemical industries. Other sectors which are upcoming now are financial services, power generation, retail and telecommunications. The government encourages manufacturing companies to offer value added product to maintain and gain competitive advantage in international market. Singapore as a nation has offered a sustainable economic model to the world which is highly successful in practice. Many nations are trying to follow Singapore model, especially those which does not have much production capacity and depend on other nations for the raw material supply.
Despite its small area size, the sea positioning and developed industry has helped the country to emerge as an economic superpower. In the year 1965, Singapore got separated from Malaysia and gone through a struggling period to achieve what it is today. The Government nurtured a business friendly environment and adopted an economic policy that is export-oriented and encourages foreign investment. Medicine is another sector where the government has introduced its regulation and modernized the sector.
Singapore offers a non-corrupt government, highly skilled workforce, modern infrastructure, which encouraged around 3000 Multinational companies to invest in the country and projects. These companies are responsible for more than two third of manufacturing result. Electronics is the major industry in manufacturing segment and record 48% or industrial output. Government is also giving priority to biotechnology and chemical industries. Other sectors which are upcoming now are financial services, power generation, retail and telecommunications. The government encourages manufacturing companies to offer value added product to maintain and gain competitive advantage in international market. Singapore as a nation has offered a sustainable economic model to the world which is highly successful in practice. Many nations are trying to follow Singapore model, especially those which does not have much production capacity and depend on other nations for the raw material supply.
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