CTU International Business Communications Expanding Internationally Discussion

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Deciding to expand internationally takes a lot of planning. One of the decisions needed, as a regional bank, is determining where our customers are expanding and opening near a sizeable financial center to allow for the continued flow of resources. Initially, I thought London, England, would be the best place, but with Brexit’s uncertainty, I have decided on Singapore.

Singapore is one of the four Asian Tigers or Dragons, and in 2012 World Bank ranked Singapore as “the best country for doing business.” (Pier, 2020) Between 1826 until 1963 was under British colonial rule but is now an independent country. Therefore it is considered the most westernized country in Asia. English is standard and spoken among all ethnicities. Because of its economic position in the world, many live in Singapore. The population is about 5 million, and only 60% of the population has citizenship. 74% of the citizenship is Chinese Singaporeans; the rest is made up mainly of Indians, Malay, Eurasians, and finally, Westerners. The culture of Singapore is one of discipline. Working together is one of the tenets of the country. “Nation comes before your community and society above yourself.” (Tan & Seng, 2015)

Since becoming independent, the government has worked to stop division between ethnic groups. Because Chinese is the majority group, many values are based on that culture. As an example, Chinese Singaporeans are regarded as being business savvy. They tend to dominate the economic and political aspects of the country. Therefore, it is essential to understand the Chinese culture when doing business in Singapore. The hierarchy within a company is based on age and position. If a young person were sent to negotiate with an older person, it would be disrespectful. (Pier, 2020) A high rate of literacy and strictness surrounding primary school attendance and Chinese and English language being taught has strengthened Singapore’s ability to attract foreign investors.

Singapore is a democratic country. According to Political and Economic Risk Consultancy (PERC), Singapore has the lowest political risk of the Asian continent. (Contributor & Contributor, 2016) Corruption free political environment and free trade have sent Singapore per capita income to the highest in Asia. The legal system is easy to maneuver as English is spoken, and translators are rarely needed. Arbitration is widely used, and most disputes are settled out of court.

99% of imports into Singapore are duty-free. However, distilled spirits and wines, tobacco, petroleum, and vehicles have a high excise tax. Singapore is a WTO member, and many American business firms view Singapore as a transparent and lucrative market. Because Singapore is evident in their business dealings and the government views on business, Singapore would be a great place to open a new financial center for US business customers.

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