Singapore is a thriving financial centre in Southeast Asia. It might be small in size, but Singapore has emerged as a prominent force in the global financial area.
The city-state has a robust regulatory framework, political stability and an efficient business environment that makes it attractive to financial institutions, asset managers, and wealth management companies.
It has excellent meeting and convention facilities, as well as world-class restaurants and entertainment venues, making it ideal for business meetings.
Large meetings can be held in places like the Suntec Singapore Convention Centre or the Sands Expo and Convention Centre. Employee interviews or short client meetings might only require booking a room at a days hotel in Singapore.
Whatever the purpose of your meeting, understanding the business culture can go a long way toward achieving your objectives.
Punctuality
In Singapore, you must be on time. Punctuality is a non-negotiable aspect of business interactions. Arriving late to a meeting or appointment is considered disrespectful and is an insult to the person you are meeting.
Make it a point to be on time, if not a few minutes early. This shows your commitment to any proposed partnership and respect for your counterpart’s time.
Hierarchy
Find out as early as you can who is the most senior person in the room and show deference to their position by asking for their opinion. In Eastern cultures, great respect is also paid to elders, even if they are not high-ranking. Establishing the chain of command and paying proper respect to the members of the other party will help you to establish successful business relationships throughout all of Southeast Asia.
Meetings in Singapore are generally formal, reserved, and slow-moving. If you are patient, calm and polite you are more likely to accomplish your goals. This can be particularly true if you are working in the financial services industry.
Greetings
When interacting with colleagues or clients address individuals by their proper titles and surnames. You cannot go wrong by being formal in your address. Wait for your colleague to indicate when it’s okay to use a more informal or casual greeting.
When meeting someone for the first time offer a confident and professional handshake. If the other person initiates a bow or nod of the head, follow their lead. Singapore is a diverse society, and there are cultural differences you have to be in tune with.
Business Attire
Great importance is placed on dressing professionally and conservatively. Business attire consists of well-fitted suits and formal dresses. Western style dress is preferred. This includes long-sleeve shirts, ties, slacks, and dress shoes for men. Women should wear skirts, blouses or smart pantsuits in neutral colours.
Singapore is located at the tip of the Malaysian Peninsula, just off the equator. As such it’s a good idea to wear lightweight breathable fabrics. Avoid overly casual or revealing clothes as this can be considered to be disrespectful in a business setting.
Singapore is easy to get to, and most visitors have no trouble securing an entry visa.
With its vibrant culture, and modern thriving economy Singapore is a world business hub and is ideal for holding business meetings and conventions.