What are the things to watch out for when running a Singapore business

What are the things to watch out for when running a Singapore business

Singapore is top ranked for ease of doing business and also the best place to be for a expatriate. Singapore is also ranked as one of the most start up friendly place. So what are the things that we think you should watch out for when you are setting up a Singapore business.

Singapore has a very limited human resource pool. The only resource it has is the human resource and thus this item is in limited supply. Singaporeans are needed as quota before you could employ foreign workers and nowadays the government is making it a must to choose Singaporeans first before you could consider employing a foreigner to take that space. Finding staff in Singapore is tough as there are expectations of a certain level of salary and also job scope. This is something every business person will need to pay attention to when they set up business in Singapore. One would not expect to find cheap labour here. The wages are comparable to those in the United States.

Singapore is also a place where there are many rules and regulations, some industries such as those food related are very strictly regulated. Always ensure that you have a set of licenses before you carry out the business. Fines can be sky high and that would be something a businessmen would want to avoid so that you do not go into debt before your business even commence. Rules such as operating hours, the volume of ones operation and even the weight limits are also very strictly followed. Inspectors from various agencies will frequent the place so one should always watch out for any items that are against the rules and set them right before going ahead.

Singapore is also a very law abiding society, so when it comes to business dealings, always remember that you should never deal in under table trading. Dealing with government officials are required to be all above board and attempting to bribe an official in Singapore can have a very big sentence over your head. Even when it comes to commercial dealings, one should also keep away from even attempting to bribe or under table deal any business with others. 

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What are the things to watch out for when running a Singapore business