What are the challenges?
The main challenges to doing business in Singapore are due to the size of the country and population.
Specific challenges include:
eight hour time difference with the UK
can be an expensive place to do business
widening income inequality has led to some anti-foreigner sentiment
tighter foreign worker restrictions including quotas
very open economy which makes it vulnerable to global economic downturns
restrictions on expansion in retail banking and licences for the legal sector
Getting Paid – Terms of Payment
Singapore has a sophisticated financial services sector and most forms of payment are accepted. The most common are:
1) Bank demand draft
2) Telegraphic transfer
3) Letters of credit (sight & term)
4) Open account; and
5) Collection basis
Prices are usually quoted in Singapore dollars.
Source – UKTI
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