Assignment: Globalization Research

History of the Country:

Introduction to Singapore

Singapore is a sunny, tropical island in South-east Asia, off the southern tip of the Malay
Peninsula. The city-state is 710 square kilometres and inhabited by five million people from four
major communities; Chinese (majority), Malay, Indian and Eurasian. Since its independence in 9
August 1965, the country has adopted a parliamentary democracy system. Currently, the
government and the cabinet are led by Prime Minister, Lee Hsien Loong while President
Halimah Yacob is the Head of State. Ideally positioned in South-east Asia, where the rest of the
region is just a hop, skip and jump away, Singapore is a thriving metropolis offering a world-
class infrastructure, a fully integrated island-wide transport network, dynamic business
environment, vibrant living spaces and a rich culture largely influenced by the four major
communities in Singapore with each offering different perspective of life in Singapore in terms
of culture, religion, food, language and history. One of the reasons that Singapore proves to be
such an attraction as a home is the ease of living, particularly in terms of residence,
transportation and governance system. Over the years, Singapore has made significant strides in
many areas and has attracted an encouraging number of international accolades which recognise
the city as vibrant and world-class. So whether it's the arts and cultural exchanges, the creation of
cutting-edge innovation to enrich the lives of the communities at home or abroad, or the coming
together of world-class minds to spark new business opportunities locally and internationally,
Singapore is simply, the place where worlds meet.

Culture Of Singapore

The culture of Singapore is a melange of Malay, South Asian, Southeast Asian and Eurasian
culture and influences. The quintessential cosmopolitan, Singaporean culture has transformed
greatly over the years. The indigenous culture of Singapore was originally influenced by
Austronesian people who arrived here from Taiwan. During the course of many years,
Singapore's culture was further influenced and inspired by multiple Chinese dynasties and other
Asian countries which have eventually given shape to the eccentric and striking Singaporean
culture that we see today.

Singapore's Customs & Traditions

Despite being small-sized, the local customs and cultures of Singapore are a blend of
multiple ethnic influences including Chinese, Malay, Indians and others, the reason being
the country's history as a trading hub. This diversity is also reflected in terms of spoken
languages which include English, Mandarin, Tamil and Malay. Some popular Singaporean
customs and traditions are:

 While meeting a Singaporean formally or informally, make sure to shake hands

firmly with all, even when departing. A slight bow while shaking hands is considered
respectful.
 Take off the shoes before entering anyone's house. Also, remember to take them off
before visiting any temple or mosque.
  Make sure never to pinpoint someone or something with a finger, just raise your
hand for indication.
 Gender discrimination is a legal offence in Singapore; thus, take care not to
disrespect anyone.
 Tipping is not customary in Singapore. Most of the restaurants add a 10% service
charge in the bill, in which case, tipping is generally discouraged. Avoid tipping at
hawker centres and food courts. Tipping is also completely prohibited at the Changi
Airport.
 Refer to the middle-aged and elderly people as 'Uncle' or 'Auntie', as it is seen as a
sign of respect in Singapore.
 While eating with chopsticks, do not stick them upright in the bowl. It is reminiscent
of funeral rites and considered bad luck.
 Do not touch anyone's head, as it is considered sacred by many. On the contrary,
the feet are regarded as dirty, so do not point them directly at someone.
 Casual clothes (shorts, t-shirts, flip-flops) are acceptable in most places in
Singapore. Pack formal outfit and dress shoes for higher-end restaurants.

Cleanliness in Singapore
Singapore is by far one of the cleanest countries, not only in Asia but the rest of the
world. Starting right from the spick and span Changi Airport right up to the spotless
streets and by-lanes, there is absolutely no littering anywhere. To maintain the
cleanliness, chewing gum is banned in Singapore. Since an open trade
agreement with the USA in 2004, only a limited amount of medical chewing gums
are allowed, but that too has to be prescribed by a dentist. The country gives away
Clean & Green Singapore awards every year to the districts which achieve the most
in terms of public hygiene and environmental cleanliness.

Fine City: General Offences

Singapore has its own set of rules and regulations, which heavily criminalises many actions
which are considered petty crimes or no-offence acts in most other countries. The general
offences of Singapore are:

 Possession of chewing gum or trying to bring them into the country without a
doctor’s prescription.
 Jaywalking - Walking or crossing the street unlawfully, that is not using the zebra
crossing, or not following the traffic lights while crossing, or not using the pedestrian
sidewalk.
 Smoking in public places and areas where ‘No Smoking’ signs are put up for
restriction. 
 Urinating or spitting in public. 
 Littering on the roads instead of using the dustbin.
 Committing affray or a fight between two or more people in a public place, such as
bar brawls or street commotions.  
Queuing in Singapore
Singaporeans value discipline more than anything. They have no issue with standing in a
queue for something that is good. Everywhere else we tend not to queue because as
humans we have the need to get that something before someone else gets it, but
Singaporeans know that it’s a waste of time and a hassle to not be in a queue and so, in
Singapore, you get to see some of the most orderly queues you can find.

Religion in Singapore
Chinese Buddhism happens to be the major religion in Singapore, owing to the large
population of Southern Chinese immigrants and their descendants. Hinduism is also
prevalent, being the faith of those with South Indian heritage. Christianity is growing quite
exponentially as a belief system, and many young Singaporeans are leaning towards it.

Language of Singapore
Singapore has four official languages – English, Malay, Tamil and Mandarin Chinese. Being
a former colonial country, English is the most commonly spoken and written language. It is
the lingua franca in Singapore and therefore the de facto language used in public service
and administration, trade and commerce and in the judicial system. In writing, Singapore
follows British English. However, the spoken colloquial version of Singaporean English is
locally called “Singlish”. Although Malay is the national language of the country, only 15-
17% of Singaporeans speak the language. It is officially present in the Singaporean
national anthem, in military commands and in orders and citations only. Most people in the
country are bilingual - they can speak reasonably good English and one of the three other
languages as their mother tongue.

Singapore's Cuisine
Singapore is not a cheap place to live, but a very pocket-friendly place to eat. From the
street stalls to alfresco cafes to the high-end restaurants, this country lives and breathes
delicious, mouth-watering recipes. Chinese, Indonesian, Indian and Malay dishes are most
common, although being a cosmopolitan hub, Singapore serves all kinds of cuisines.
Hawker Centres are a particular speciality of Singapore, where a wide variety of flavours
are available to be enjoyed in mostly open-air communal seating. Although the idea of
hawker centres are rooted in Singapore’s unparalleled street food heritage, the largest of
the centres, which sits on the second floor of Chinatown Complex, is home to the world’s
cheapest Michelin-starred meal at only SGD 2 – a plate soy-sauce chicken rice or noodles.

Seafood, pork or lamb skewers and noodle-and—broth-based dishes are most in demand.
Laksa is the common street food, which is basically a bowl of vermicelli noodles with
prawns or fishcakes. Among drinks, Tiger beer is a popular choice for drinkers and
teetotallers love The Tarik – the traditional Singaporean black tea with milk, made by
aerating it between two cups. One thing to know about eating out in Singaporean
restaurants is that tipping is not a custom. Most places include a 10% service charge and
the country is known for paying its servers at minimum wage rate. Leaving tips is frowned
upon and might be misinterpreted.

Festivals of Singapore
The culture of Singapore is highly influenced by a large number of religious festivities
taking place all around the year. August 9 is the country’s Independence Day, which is
celebrated with the National Day Parade since 2005. Other than this, the public holiday list
of Singapore is a reflection of the country’s racial, religious and linguistic diversity. Among
the assured ones, there is Chinese New Year , Eid-ul-Fitr, Diwali and Buddhist Vesak
Day or the Death of Buddha, as well as Good Friday, Christmas and New Year’s Day.
Other celebrated festivals are Pongal, Thaipusam , Buddha Jayanti and Hari Raya Haji.

Among cultural festivals, there is Singapore Food Festival  every year from June-end to
July-end, Singapore Art Festival  every January, and Singapore Night Festival which comes
alive with different themes every year for two weekends in August, at Bras Basah Bugis art
enclave. The Buddhists celebrate the Hungry Ghost Festival  and offer eatables to the
spirits of their deceased. Between May and June, the Dragon Boat Festival or the
Zhongxao Festival in Chinese takes place at Bedok Reservoir, where dragon-shaped boats
oared by a dozen or so people aside, compete in the race.  Mid-Autumn Festival  or the
Lantern Festival is one of the largest celebrations in the country, which marks the 15th and
the last day of Chinese New Year festivities. The sky of Singapore gets covered with
flaming dots of paper lanterns set free.

politics / economics

ECONOMIC OVERVIEW

Singapore's economy is characterised by excellent finances and a high

degree of openness, with the country being highly dependent on
international trade. However, GDP only grew 1.3% in 2019, the worst the
slowdown in 10 years at the time, mainly due to the trade war between
the US and China and to a cyclical global downturn in the electronic
sector. Due to the COVID-19 pandemic, the country registered a
negative GDP growth of -5.4% in 2020 before a strong rebound at +6%
in 2021. The latest IMF forecast is expecting a 3.2% rate in 2022 and
2.7% in 2023, subject to the post-pandemic global economic recovery.
Growth factors include Singapore business-friendly regulatory system,
176.2% of GDP in exports and domestic demand.
The country's government balance was positive at 1.8% of GDP in 2019
but dived to -9.6% due to the impact of the COVID-19 pandemic on
public spending before a come back to -2.4% in 2021. It is expected to
come back to -0.3% and then -0.2% in 2022 and 2023 (IMF, October
2021). Singapore's gross debt remained high at 137.9% of GDP in 2021
and is projected to increase slightly to 139% in 2022 and 140.2% in
2023. While public debt is high, financial assets held by the country more
than compensate for it.  As for the previous year, inflation is well under
the 2% target fixed by the central bank. It even turned negative in 2020
(-0.2%) before reaching 1.6% in 2021. The IMF is forecasting inflation of
1.5% for 2022 and 2023. The Monetary Authority of Singapore is
expected to maintain its policy in 2022. Economic challenges include
slower exports due to Chinese economic slowdown, the U.S.-China
trade war, decreasing global demand for electronics (19.7% of exports),
a lagging construction sector, and a tight monetary policy, according to
Coface.
In 2022, the country’s most immediate challenge remains related to the
economic, social and public health impacts of the COVID-19 pandemic.
Although per capita wealth in Singapore is amongst the highest in the
region, unemployment has appeared due to structural economic
changes (outsourcing of low-skilled work) and the COVID-19 crisis.
Singapore’s annual average unemployment rate reached 2.7% in 2021
and is expected to slightly decrease to 2.5% in 2022 and 2.4% in 2023
despite the negative economic impact of the COVID-19 (IMF, October
2021). Singapore ranked the best country in the world in human capital
development in 2021 (World Bank, 2022). According to Labour Market
Advance, Singapore made improvements in total employment and local
employment towards the end of 2020. Singapore’s labour market will
bottom out by 2022, but according to analysts, the recovery will be
uneven and may widen the national income gap. Social challenges
include rising income inequality and social discontent caused by
overpopulation, high competition for employment and housing, lack of
skilled labour, an ageing population, and distrust towards immigration.

Main Indicators 2020 2021 2022 (e) 2023 (e) 2024 (e)

GDP (billions USD) 345.29 396.99 423.63 447.16 470.11

GDP (Constant Prices, -4.1 7.6e 3.0 2.3 2.6

Annual % Change)

GDP per 60 72 79 84 88
Capita (USD)
 Main Indicators 2020 2021 2022 (e) 2023 (e) 2024 (e)

General -7.9 -2.3 -0.5 -0.5 0.6

Government
Balance (in % of
GDP)

General 152.0 159.9 141.1 140.0 139.9

Government
Gross Debt (in %
of GDP)

Inflation -0.2 2.3 5.5 3.0 2.0

Rate (%)

Unemployment 3.0 2.7 2.1 2.1 2.1

Rate (% of the Labour
Force)

Current 58.14 71.93 54.14 56.01 57.75

Account (billions
USD)

Current 16.8 18.1 12.8 12.5 12.3

Account (in % of
GDP)

Source: IMF – World Economic Outlook Database , October 2021

POLITICAL Overview

Current Political Leaders

President: Mrs. Halimah Yacob (since 14 September 2017)
Prime Minister: LEE Hsien Loong (since 12 August 2004, reelected
10 July 2020) - PAP
Next Election Dates
Presidential: 2023
Parliamentary: 2025
Current Political Context
Even though it won 83 out of 95 seats, the People's Action Party
(PAP), which has governed the country since independence in
 1965, came out relatively weakened in the July 2020 general
election, where it won 61% of the vote, down from 70% in
2015. The biggest opposition group, the Workers' Party, had its
best result to date, winning 10 seats. Although he initially promised
he would step down from power before he turned 70 in February
2022, Prime Minister Lee Hsien Loong, son of founding statesman
Lee Kwan Yew, has eventually said he will not resign until the
economic and health crisis is resolved. The impact of COVID-19
pandemic on the Singapore economy has been broad and
significant since 2020, affecting different sectors of the economy to
varying degrees. The country has injected an aggregated 73.7
billion USD stimulus into the economy, its biggest in history.
Despite social restrictions and border closures, Singapore's
economy returned to growth in 2021.
Main Political Parties
Although Singapore is a multi-party nation, the centre-
right People's Action Party (PAP) has dominated its legislature
since 1959 and continues to hold an overwhelming majority of the
single-chamber parliament.

Opposition parties are widely considered to have no real chance of

gaining power. Some opposition groups include:
- Singapore Democratic Party (SDP): a liberal democratic party
- Workers' Party of Singapore (WP): centre-left, opposition party
with the most seats
- Progress Singapore Party (centre-right)
Executive Power
The President of Singapore is the head of State. The role of the
President is largely ceremonial. Following legislative elections, the
leader of the majority party or the leader of the majority coalition is
usually appointed Prime Minister by the President as head of the
Government. The Prime Minister enjoys all of the executive
powers, which include implementation of the law and running day-
to-day affairs.
Legislative Power
The legislature is unicameral in Singapore.
The Parliament consists of up to 105 seats: Ninety-three are
elected by the people while up to 12 Non-constituency Members of
Parliament (NCMP) and up to nine Nominated Members of
 Parliament (NMP) may be appointed. After the 2020 general
election, 93 MPs were elected and two NCMPs were appointed (or,
in the terms of the Parliamentary Elections Act, declared elected)
to Parliament. Parliament controls the action of the government.
This depends on the support of parliament, often expressed by a
vote of confidence.

bribery ratings

Corruption in Singapore is generally perceived as one of the lowest in the world. Cases are mostly
handled by the Singapore Corrupt Practices Investigation Bureau (CPIB), a government agency in
Singapore that investigates and prosecutes corruption in the public and private sectors. [1] According
to a Transparency International survey, an overwhelming majority of people in Singapore do not
hear cases of corruption by public officials or institutions through media in their lifetime. In 2020,
Singapore's public sector was ranked as the fourth least corrupt in the world and the most
transparent in Asia.[2]

Transparency International's 2021 Corruption Perceptions Index ranks the country in 4th place out of
180 countries, where a low number corresponds to a perception of little corruption in the country's
public sector.[3] According to the "Government Defence Anti-Corruption Index" the highest corruption
risk area is "Operations" followed by "Finance".[4]
Business executives surveyed in the World Economic Forum's 2014–2015 Global Competitiveness
Report reported no problems doing business in Singapore. [5]
The political reasoning behind why Singaporean corruption is generally immensely low is due to the
fact that compared to neighboring nations such as Thailand and Malaysia, a theory that the powers
of the state were able to pressure private interests into funneling capital into sectors that would
ultimately benefit the public in the long term.[6]

Common measurements of corruption in Singapore

Corruption Perception
Bribes Payer Index[b] Control of Corruption[c]
Index[a]
Year

Rank Score Rank Score Rank Score

202 4/180 85/100[3] - - - -

 1

202
4/180 85/100 - - - -
0

201
4/180 85/100 - - - -
9

201
3/180 85/100 - - - -
8

201
6/180 84/100 - - - -
7

201
7/168 84/100 - - - -
6

201
8/168 85/100 - - - -
5

201
7/175 84/100 - - - -
4

201
5/177 86/100 - - - -
3

201
5/176 87/100 - - - -
2

201
5/183 9.2/10 8/28 8.3/10 - -
1

201
1/178 9.3/10 - - 99% 2.18370827
0
2. MARKET OF THE PRODUCT / SERVICES

introduction of your product

Mobile Phone Cases/Mobile phone protective covers

As cell phones have become more essential in our lives, the need for a phone case has also
changed. Your phone is often made from expensive and sometimes fragile materials, so the case
should offer protection without sacrificing style. Today's cases are largely made out of durable
plastic, high-quality leather, and smooth silicon. Going without a case can be a risky and
expensive business.

why chooses this product

Singaporeans spend an average of 12 hours a day(15) on digital

devices, and time spent on mobile phones ranks the highest of
those with an average of 3 hours and 12 minutes a day.

With their phones always in their hand, it's no wonder the phone
case is high on the list of trending products. In fact, they've been
growing in popularity since 2009. So, for eCommerce business
owners looking for a consistently growing trend for their online
store, the phone case is a solid choice.

On Google Trends, there's been a growth in global search volume

for keywords such as “phone case” and “silicone phone case”.
Singaporean eCommerce businesses can use these global search
results to gain insight into future Singaporean demand trends.

The best thing about phone cases is that new phones are always
being released, new trends and styles are constantly emerging, and
new materials are being innovated. For example, silicone phone
cases are particularly popular.
Xiaomi, Apple, and Samsung(16) are currently the most popular
smartphone brands in Singapore, so you can also expect demand
for compatible cases to be high. 

Rising demand from younger shoppers for mobile cases and covers
with striking or personalized designs is a key factor fuelling the
demand. Many brands are focusing on design features that also
include high protective strength, or "toughness".

current product usage habits

competitive products on the market in that country

According to the report, Apple and Samsung lead the Singapore’s mobile protective case market
as they dominate the mobile phone manufacturing industry.

3. ECONOMIC AND POLITICAL RISK

Country currency

The Singapore dollar (SGD) is the currency of the island state of Singapore. The symbol
of the currency is S$. It is divided into 100 cents. The currency is issued and monitored by the
Monetary Authority of Singapore.

Economy

 Highly urbanized Singapore ranks in the world’s top five as a financial center,
an oil refining center, a port, and for number of US Dollar at par millionaire
households per capita.
 Singapore’s free-market economy operates in an open and corruption-free
environment with stable prices and high per-capita GDP.
 Singapore’s economy depends heavily on exports, which include consumer
electronics, information technology products, pharmaceuticals, and financial
services.
  Real GDP growth is strong. It contracted slightly in 2009 because of the global
financial crisis, but has since rebounded on the strength of renewed exports.

History

 Singapore used the Straits Dollar from 1845 and 1939. It was replaced by the
Malayan dollar, which in turn was replaced by the Malaya and British Borneo
Dollar in 1953. Singapore used this common currency until the monetary union
between Malaysia, Singapore and Brunei broke down in 1965.
 Singapore became independent in 1965, and issued its first coins and notes
on April 7, 1967. The Singapore dollar remained at par with the Malaysian
Ringgit until 1973.
 Singapore pegged its dollar to British Pound Sterling  until the early 1970s,
then to the US Dollar for a short period of time. From 1973 to 1985, Singapore
pegged its currency against a fixed and undisclosed trade-weighted basket of
currencies, reflecting its diversified trade links.
 From 1985 onwards, the Singapore Dollar has floated within an undisclosed
bandwidth, closely monitored by the Monetary Authority of Singapore (MAS) to
guard against imported inflation and ensure that Singapore's exports remain
competitive.

Singapore dollar (SGD) profile

Symbols S$

Nicknames Sing

ISO 4217 code SGD

Central bank Monetary Authority of Singapore

Currency subunits Cent = 1/100

Denominations Bills: $2, $5, $10, $20, $25, $50, $100, $1,000, $10,000
 Coins: 1, 5, 10, 20, 50 cents. $1, $5

Singapore
Countries using this currency
Brunei

Currencies pegged to SGD Brunei dollar at par

SGD is pegged to None

Country economic conditions

Singapore’s economic freedom score is 84.4, making its economy the freest in the 2022 Index.
Singapore is ranked 1st among 39 countries in the Asia–Pacific region, and its overall score is
above the regional and world averages.

Over the past five years, Singapore’s economy has grown slowly except in 2020, when it
contracted. Economic freedom has been maintained at a very high level during that period, at or
near the top of the Index. Singapore’s highly developed free-market economy owes its success in
large measure to its remarkably open and corruption-free business environment, prudent
monetary and fiscal policies, and a transparent legal framework. Trade freedom is strong, and
well-secured property rights promote entrepreneurship and innovation effectively. The overall
rule of law is undergirded by a high degree of transparency and government accountability.

Politics / Hierarchy

4. GROWTH OPPURTUNITY

Key challenges, risks, threats of doing business in the country

Key Challenges:

Starting a business is a significant achievement for many entrepreneurs, but maintaining one is
the larger challenge. There are many common challenges every business faces, whether they are
large or small. These include hiring the right people, building a brand, developing a customer
base, and so on. However, some are strictly small business problems, ones most large companies
grew out of long ago.
. High costs
Let’s start our list by mentioning how expensive it is to operate a business in Singapore! And the
main culprit is… renting costs. In fact, business premises rent is among the highest in the world.
High costs for electricity, the Internet, and labour costs contribute to the high costs of
maintaining a business in Singapore. A person who is moving a business from another country
will quickly realise this upon arrival and will soon adopt cost-saving measures.

2. Long working weeks

While many western countries have started adopting flexible work hours and are moving to a 35-
hour week, Singapore remains stuck to the traditional 5 workdays week that runs from 9 to 5
each weekday. In fact, Singaporeans work for an average of 45 hours a week, making it the
second hardest-working city in the world preceded only by Tokyo. The work-life balance in the
city-state does not score well compared for instance to cities in Northern Europe, so if you are
used to a more laid-back lifestyle Singapore will challenge you.

3. Strict business incorporation procedure

Singapore has consistently been recognised among the world’s best places to do business and
remains among the top choices for business investors. Compared to other countries considered as
business hubs, Singapore offers one of the easiest and quickest processes of business registration,
which attracts investors to start a business in Singapore.
However, all Singaporean businesses are registered only if they meet strict eligibility criteria,
follow the established registration procedure, and are issued with a certificate of incorporation by
the registrar of business. Deviating from these rules is not acceptable and authorities follow them
strictly.

Risk

Political Overview
Singapore is a highly prosperous island state that serves as a business
hub for South East Asia and as one of the world’s most important ports.

It has an ethnically mixed population (citizens and permanent residents

are around 74% Chinese, 13% Malay, 9% Indian). The total population is
5.69 million, of which 3.52 million (61%) are citizens with the rest foreign
workers and residents.

Singapore is a Republic within the Commonwealth, gaining

independence from the UK as part of Malaysia in 1963, before
separating from Malaysia in 1965. English, Mandarin Chinese, Malay
and Tamil are Singapore’s official languages, although English is the
language of both government and business.

Singapore has been one of the region’s most politically stable countries.
Singapore practices a modified version of the Westminster
Parliamentary system. Each parliament sits for a maximum of five years.
The last General Election was held on 10 July 2020. The ruling People’s
Action Party (PAP) has been dominant since 1959, before Singapore
became independent and the PAP currently holds 83 of the 93 elected
seats in Singapore’s single chamber Parliament. The Workers’ Party is
the largest opposition party in parliament. View the Parliament of
Singapore website.

Singapore’s President serves in office for terms of six years, with the
current President, Halimah Yacob, beginning her term in September
2017. The President has a small and limited number of powers. Find
out more details on the Singapore President.

There are no direct elections for local government. A system of regional

Mayors and town councils exists.

1.2 Economic and Trade Overview

Singapore is a small, but wealthy city-state with an open and trade-
driven economy. It is a leading financial, aviation, shipping and trade hub
for the Asia Pacific region, and the government has a pro-business
economic and trade policy. It is one of the world’s wealthiest economies
with GDP per capita over US$65,000 (2019).

Economic activity is spread across diverse sectors. Manufacturing

maintains a significant one-fifth share of the economy, dominated by
electronics, biomedical manufacturing, engineering and chemicals. It is
Asia’s fifth largest oil refining centre. The services sector contributes
over two-thirds of GDP, with strong growth in financial and business
services. It is ranked as the 4th global financial centre after London, New
York and Hong Kong, and is a fast-growing insurance and wealth
management hub.

Going forward, Singapore is delivering its ‘Future Economy’ strategy. Its

COVID-19 response has put planning front and centre as it increases
efforts to become a “global-Asia node of technology, innovation, and
enterprise”. Key priorities include: accelerating digitalisation and
internationalisation, promoting upskilling and reskilling; catalysing growth
in new sectors (e.g. advanced manufacturing, FinTech and cyber) and
benefiting from continued ASEAN economic integration.

Like the UK, Singapore is a strong supporter of the WTO. The city state
has over 25 FTAs in place including the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership (CPTPP) and is a
member of the Regional Comprehensive Economic Partnership (RCEP).
The UK and Singapore signed a bilateral Free Trade Agreement in
December 2020. The UK-Singapore Bilateral Investment Treaty (BIT)
has been in force since 1978.

The UK and Singapore share a common language and have strong

historical ties. Both economies have similar business and legal practices
and share similar technical standards. Singapore is ranked by the World
Bank as the second easiest place in the world to start, run and do
business and its location makes it a prime gateway to South East Asia
and Asia Pacific; with over 5,000 UK companies based in Singapore.
Singapore is the UK’s largest trading partner in South East Asia, with
total trade amounting to £15.5 billion in the year to the end of Q3 2020.

In order to contain the spread of the pandemic, Singapore has put in

place travel restrictions which can act as a significant limiter to business
continuity and engagement. For further details, see Singapore Travel
Advice on GOV.UK. We are also aware of cases where it has become
relatively more difficult for companies to hire new foreign employees
from abroad, as well as for existing foreign employees who have
travelled overseas to return to Singapore.
Singapore’s Ministry of Manpower has developed a Fair Consideration
Framework that sets out the requirements for all employers in Singapore
to consider the workforce in Singapore fairly for job opportunities.
Companies with workforces that are seen to be “overly concentrated”
from a single foreign nationality may be subject to a review of their hiring
practices.

2. Human Rights
A police permit is required for any outdoor public assembly or procession
and permission is needed for the wearing or displaying of any ‘cause
related’ material or the public display of the flags of foreign nations.
Approval from the Ministry of Manpower is required for a foreign national
to give a talk on ‘racial, communal, religious, caused-related or political
topics’. Foreign nationals who are not Permanent Residents may not join
protests at Singapore’s Speaker’s Corner.

Some crimes in Singapore, including some non-violent crimes such as

graffiti and immigration offences, carry, for men, punishments that may
include canning (being beaten with a large stick). The death penalty
exists for murder, drug trafficking, kidnapping and firearms offences.

Male homosexual acts are illegal in Singapore, but in a statement to

Parliament in 2007 Singapore’s Prime Minister stated that ‘The
Government does not act as moral policemen’ and that ‘we do not
proactively enforce’ the law on this issue. Openly gay and lesbian
support groups and social venues exist. Obtaining visas for dependents
for same-sex couples may be very difficult.

It remains optional for employers to grant foreign domestic workers a

day off and foreign domestic workers may agree to forgo days off and
endure poor working conditions in order to pay off debts to placement
agencies. UK companies and employers should follow local laws when
employing migrant workers and also consider their own ethical or
internal company obligations in maintaining good employment practices.
The British Chamber of Commerce Singapore hosts a guide for expats
on employing foreign domestic workers.
3. International Relations
Singapore is an active player on the international stage. Singapore is a
founder member of the Association of South East Asian Nations
(ASEAN), the regional grouping comprising Singapore and nine of its
immediate neighbours, including Indonesia, Malaysia, Thailand and
Vietnam.

Singapore participates in the Asia Pacific Economic Cooperation (APEC)

forum, Asia-Europe Meeting (ASEM), and is a member of the
Commonwealth of Nations and the United Nations. Singapore is a
leading member of the Global Governance Group, which is made up of
nations outside of the G20, and has attended the G20 as a
representative of this group as well as an invited observer. It is also a
leading member of the Forum of Small States (FOSS).

Singapore enjoys good relations with its neighbours and is an advocate

for ASEAN unity and greater ASEAN economic integration, particularly
through the ASEAN Economic Community, which was launched at the
end of 2015 to enhance economic and trade integration across SE Asia.

4. Bribery and Corruption

Bribery is illegal. Under the UK Bribery Act 2010 it is an offence for UK
nationals and bodies incorporated under UK law, to offer or receive a
bribe anywhere in the world. It is also a requirement for a company or
institution to take reasonable steps to prevent bribery within its
organisation.

In Singapore there is zero tolerance for bribery. Any attempt to bribe or

otherwise prevent an official from carrying out their duties can result in
arrest.

In Singapore the Corrupt Practices Investigation Bureau (CPIB) is the

government agency which investigates and prosecutes corruption in the
public and private sectors. The CPIB’s primary function is to investigate
corruption. It is also empowered to investigate other criminal cases in
which corruption may be involved.

Incorporated within the Prime Minister’s Office, the Bureau is headed by

a director who reports directly to the Prime Minister. The CPIB is
independent of the Singapore Police Force and other government
agencies so as to prevent any undue interference in its investigations.
The CPIB is empowered to detain suspects of corrupt practices without
trial.

Singapore was ranked 3rd (of 179) in Transparency International’s

Corruption Perceptions Index (CPI) in 2020.

Country Risk - Low

 The government plans to implement fiscal stimulus to spur growth and is able to
finance the move due to its fiscal reserves.

 The People's Action Party, which has dominated since statehood was granted,
won another parliamentary majority in May 2011 during the general election. The
party enforces strict censorship and libel laws against any dissidents. 

Commercial Risk - Moderate

 Singapore relies on exports to drive its economy. This makes it vulnerable to any
fluctuations in global demand, especially during the current downturn.

 The economy is highly competitive due to its global nature. This can make it
difficult for startups with poor connections.

Currency Risk - Low

 Stable: the Singapore dollar will continue to to be supported by large reserve

surplus and strong the economy

Culture Risk - Moderate

  The culture, though open and diverse due to influences by international business,
has its own unique characteristics that international investors must be aware of in
order to maintain relationships by managing the important concept of face.

For introduction part, the country I choose is Singapore. Singapore is a sunny, tropical island in
South-east Asia, off the southern tip of the Malay Peninsula and inhabited by five million people
from four major communities; Chinese, Malay, Indian and Eurasian. Singapore is a thriving
metropolis offering a world-class infrastructure, a fully integrated island-wide transport network,
dynamic business environment, vibrant living spaces and a rich culture largely influenced by the
four major communities in Singapore with each offering different perspective of life in
Singapore in terms of culture, religion, food, language and history. One of the reasons that
Singapore proves to be such an attraction as a home is the ease of living, particularly in terms of
residence, transportation and governance system. Over the years, Singapore has made significant
strides in many areas and has attracted an encouraging number of international accolades which
recognise the city as vibrant and world-class.

shake hands firmly, • Take off the shoes before entering anyone's house. Also, to take them off
before visiting any temple or mosque.