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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