Country Guide: Singapore
A common language and historical ties to the UK should help British businesses navigate this city-state. Some sensitivity to the diverse mix of cultures that make up the island and an appreciation of the consensus-based business culture should support any attempts by UK businesses to break into this key market.
Key Export Opportunities:
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Healthcare technology and equipment
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Technologies including AI, machine learning and 5G
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Food and drink, including whisky, wine and chocolate
Top Tips for Doing Business in Singapore
Avoid giving gifts
Unlike in some countries, gift giving in a business context is not encouraged in Singapore. A small gift by way of thanks, however, is acceptable and should be appreciated. Something small with our company logo on is suitable. If you receive a gift, you should wait until your business partners have left before opening it.
Consensus is key
As in some other far eastern economies, Singapore's business culture is generally based on consensus and cooperation. Consultative approaches are preferred and companies are likely to take into account the views of wider stakeholders and staff before making decisions. Factor in time for this process and be sure to address your questions.
Singapore at a Glance
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Projected Economy 2030
6.03m
Population
English
Business Languages
GMT +8
Time zone
8% (9% from 1 Jan 2024)
Standard VAT/ GST Rates
Trade at a Glance
15th
Largest UK Export Market
24th
Largest UK Import Market
2
Ease of Doing Business Rank (2019)
13th (↔ from '19)
Projected Import Market 2030
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Largest Outward FDI Markets
18th
Largest Import FDI Markets
186.6
World Bank - Export of Goods and Services (% of GDP)
150.3
World Bank - Import of Goods and Services (% of GDP)
Businesses can benefit from either the bilateral trade agreement or the Digital Economy Agreement when trading with Singapore. These two agreements allow businesses to access provisions on trading goods, services, intellectual property and government procurement. In particular, the DEA provides not only a step forward in UK-Singapore trade relations, but acts as a world leading agreement when it comes to digitalisation.
Whether you import or export goods, we have the links you need to help kickstart your international trade journey with Singapore:
Trade & Investment Fact Sheet Singapore
Translators & Interpreters: Singapore
Department for Business and Trade - Singapore
UK - Singapore Trade Agreement
Overseas Business Risk - Singapore
Entry Requirements to Singapore