Business in Singapore

Starting a Business in Singapore? Don’t Forget These Tips

According to the World Bank, Singapore is the world’s easiest place to do business.  Considering a good number of trusted licensed money lenders are offering business loan in Singapore! And with its stable political environment and sound financial system, it’s easy to see why this tiny country earned this distinction.  In fact, many large international corporations have based their headquarters in Singapore due to its talented workforce, attractive corporate tax rates, low crime rate, advanced infrastructure, availability of funding, and flexible immigration policies for expatriates who relocate there.

But just because it’s easy to do business there doesn’t mean
you can just set up shop there tomorrow.  Like other countries, Singapore has laws and procedures that have to be followed in order to do open a business and do business.

First, if you wish to do business in Singapore, you will need to register your business with the Accounting & Corporate Regulatory Authority (ACRA).  If your company is a foreign one, you will need to appoint two local agents –who are citizens of Singapore, permanent residents, or foreigners with employment or dependent passes- who will act on behalf of the business.  Once you are registered, you will need to choose a unique name for your business that is not obscene or too similar to known brands or trademarks.

After you are registered and have chosen a name for your business, you need to decide your business’ structure.  You can select a Limited liability Company (LLC), Foreign Company, Sole Proprietorship, or Partnership.  You will choose the one that best suits your business and its needs.

In order to do business, your company will need a Singapore address.  If you’re operating a home office, retail outlet, or similar, you may use a physical address.  If your business does not require a physical location, there are service providers that can provide virtual addresses for you to use.

If you are a doctor, lawyer, accountant, pilot; or wish to operate a private school, travel agency, childcare center, or foreign worker employment agency, you will need to apply for specific licenses in order to run your business.  The former requires an Occupational License, the latter requires a Compulsory License.

You will need a Singapore bank account in order to do business.  Evaluate all your banking options before you open an account with a bank in Singapore.

Finally, all foreigners engage with a professional business registration firm to register a business. .  Law firms, accounting firms, and corporate secretarial agencies can all assist with this step. There are also money lending firms who offer loans to foreigners in Singapore.

business

Getting a Loan in Singapore – What You Need to Know

While Singapore is a beautiful country, it unfortunately suffers from a very high cost of living.  In other words, it is very expensive to live in the country.  One of your options if you’re a little short on funds is to take out a loan; however, loan are not meant to be taken out lightly.  Before you sign the dotted line, be sure to follow these tips:

Don’t Take out Small Loans Before a Big Loan

In other words, don’t take out smaller loans before a major purchase, such as a new house or car.  Te reason for this is that banks look at your Debt Servicing Ratio (DSR).  This number shows how much of your income can go toward paying your home or car loan, and this amount includes any other loans you have taken out.  So this means that all those smaller loans you take out for daily living can affect the amount you receive for a car or home loan; if you take out too many loans, you might get nothing.

Go For a Specific Loan

personal loan in SingaporeMake sure you are as specific as you can be when requesting a loan.  Don’t request a Singapore personal loan to buy a car or for a home renovation job; get a car loan Singapore or home loan for that.  Don’t get a personal loan for educational costs either; look into the proper financial aid and loans for your educational needs.  In addition, these specific loans often come with lower interest rates.

Shop Around Extensively

Loans and interest rates can change depending on various factors.  Just because your brother or your aunt received a loan at an amazing interest rate doesn’t mean you will be able to receive the same terms.  Nor should you automatically assume your bank will give you the best loan.  Don’t be afraid to shop for loans at other banks; you might be surprised when a competing bank offers a loan far better than one your current bank can offer.

diversity of religion

The Peaceful Diversity of Religion in Singapore

Singapore is a melting pot of diverse belief backgrounds and religions practiced.  To date, there are currently 10 religions that are practiced in this country with Buddhism, Hinduism, Islam and Christianity being the main four observed.  

religion in singapore

The Singapore government strives for religious peace and protects the practice of religious freedom among its people.  Holidays observed throughout the various religions are ones that are taught to children and although a religion may not be practiced, the holiday and celebration is still one that is nationally observed.

Buddhism is the prevalent religion in Singapore and temples are a common site throughout the country.  Vesak, or Buddha Day, is a holiday observed by Buddhists in May and is one of the largest celebrations in Singapore because it signifies the birth of Buddha.  

Kon Meng San Phor Kark See Monastery, built in the early 20th century, is one of the largest Mahayana temples in Singapore and is located in Bishan. 

 

Christianity is the second largest religion practiced in Singapore and has been for many years. Those practicing Christianity are mainly Chinese who are Protestants and Catholics. The oldest Christian church in Singapore, The Armenian Church of St. Gregory the Illuminator, was built in 1935 and today, is considered a national monument. 

 

Islam in Singapore is mainly made of up ethnic Malays but also now includes ethnic Indians. There are 69 mosques throughout Singapore and the Masjid Sultan Mosque, built in 1824, is the main mosque and was declared and a national monument in 1975. 

 

 

Hinduism in Singapore is present because of the migration of Indians to Singapore. The Hindu festival of Deepavali, or the Festival of Lights, is another recognized national holiday in Singapore and celebrates the victory of good over evil. Sri Mariamman Temple is the oldest Hindu temple in Singapore and was built in 1827.  Each Hindu temple located in Singapore is dedicated to a god or goddess. 

singaporean cuisine

Food of Singapore

The charming island of Singapore is known for its unique food, that blends various cuisines.   This creates an amazing taste that is worth traveling to experience.   In Southeast Asia, it’s known as a food mecca.  Chinese, Indian,Indonesian,  Peranakan, and an  English and Portuguese-influenced Eurasian food, known as Kristang are the predominant flavor profiles. Thailand, Sri Lanka,  and the Middle East also lend some subtle influences.  

One favorite staple is Laksa, a noodle soup that  blends Chinese and Malay flavors in a single bowl.  Noodles, often rice noodles, make up the foundation, followed by a gravy or curry, some pieces of meat, and  some vegetables and herbs.  There are many variations, including coconut milk base, but this staple is high cuisine as well as street food.

 


Chilli Crab is a succulent stir fried crab with gravy that is spicy and tangy with each crack of the claws that is a must try.

A staple is the South Indian flat bread called Roti Prata.   A fried stretched dough flavored with ghee.   Savory and crispy on the outside, soft and delicate on the inside. , it is served with mutton or fish curry.

When you want comfort food, nothing can beat Kaya toast with a crunch and sugar sweetness.   Sometimes served with a poached egg.

Served still bubbling away in a large clay pot, is Fish Head Curry, an Inidan Chinese dish created in the 1960’s for Chinese clients has become a must taste in Singapore.

Peranakan cooking has many dishes include chilies, shrimp paste, curry pastes for flavor, combined with abundance of local vegetables and fruits used in cooking.  Assam prawns served with a tamarind sauce is a favorite.    Ngo hiang, small deep fried shrimp and pork balls packed with water chestnuts.

In Singapore, food is a unifying cultural thread.   It’s viewed as crucial to national identity.  In fact, in the literature of Singapore, it’s known as a national past time.   

must try in singapore

Singaporean Cuisine: Will it be the Same?

Some traditional cooking methods have been replaced with more time- or money-saving methods. This is great news for people who love these dishes can enjoy them thousands of miles away from the dish’s place of origin. 

The modernization of cultural aspects, like traditional dishes, is becoming more prevalent and typical. One of the central aspects that define a culture is its traditional foods and dishes. Singapore is one of the many examples whose traditional cuisine has been modernized to a point. Dishes like chili crab used has seen some changes over time.

These changes are mainly to cut down on cooking time, instead of steaming the crab, it may be cut and sauteed in a skillet for quicker preparation. Instead of being made by hand with fresh chilis specifically for the dish, the chili sauce is typically made from a store-bought or prepared chili paste. This dish can now be prepared in 20 minutes, so even busy professionals who love chili crab can enjoy it on the most hectic of weeknights. Slowly steaming the crab may make for a more flavorful dish, but involves more preparation time and a number of steps. Cooking the crab in the chili sauce will also take more time than simply sauteeing the seafood in hot oil. 

Singaporean cuisine, which is influenced by Japanese cuisine, is traditionally served in smaller portions. Spices may also be replaced, left out or substituted in a variety of dishes. Singaporean cuisine, which is also influenced by Indian cuisine, uses many spices. The modernization of traditional Singaporean dishes is brought about by people’s love for these traditional dishes and an inability to follow the original recipes that due to time constraints or unavailability of ingredients. A fact remains that eating a traditional Singaporean dish in Singapore is a completely different experience for your taste buds then preparing the same dish at home or ordering it in a foreign restaurant.