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Doing Business in Singapore 2014 - presentation
Doing Business in Singapore
29 July 2014
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Doing Business in Singapore
2014
Julian Taylor
Executive Director - Asia PacificExecutive Director - Asia Pacific
Scottish Development International
Welcome & introduction
Economic Overview
Singapore
• One of the four Asian “tiger”
economies
• Global hub for trade and
investment
• Population of 5.4m but easy
access to 600m across Southeast
Asia
Singapore – a diverse economy
Manufacturing
19%
Other
Services
11%
Business
• Services – 2/3 of GDP,
70% employment
• Manufacturing – 1/5
Business
Services
15%
Wholesale/
Retail Trade
17%Financial
Services
12% Transport &
Storage
8%
• Manufacturing – 1/5
GDP, 30% eletrical; 20%
biomedical
• 7000 multinationals;
60% are regional /
global HQs
Past economic performance
16
14
12
10
8
6
4
2
0
1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
-2
-4
Source: World Bank
• Strong average growth above 8% per year since independence
• Subject to external factors – big swings in economy
Current performance
($bn, capita 2012 GDP 2013 GDP
growth
nominal)
GDP 2013 GDP per 2014 GDP
nominal) 2013 ($ Growth Growth forecast
Singapore 287 53,000 1.9% 4.1% 3.4%
Source: IMF WEO, National Statistics
Singapore
Hong
Kong
United
Kingdom
287 53,000 1.9% 4.1% 3.4%
279 38,000 1.5% 3% 4.4%
2,489 39,000 0.2% 1.7% 2.7%
Why Singapore
• Government is extremely pro-business
• Hub for SE Asia – 3 billion people within 7 hour flight radius
Scotland and Singapore
• Singapore is Scotland’s 13th
largest export market
• 60 Scottish companies with a
physical presence inphysical presence in
Singapore
• Range of companies from oil
& gas, ICT, creative
industries and food and drink
sectors
Doing Business in Singapore
2014
Ruth Ellis
International Projects ExecutiveInternational Projects Executive
Scottish Development International
Key market opportunities
& Routes to market
Key Market Opportunities
Key Priorities Food and Drink
Life Sciences &
Biotech
Oil & Gas Clean Tech
Biotech
Education
Oil & Gas
• Hub for SE Asia’s oil and gas industry
• Opportunities in subsea technologies, transport and logistics and
services
• 30-40 Scottish companies with a physical presence
Food & Drink
• Singapore hugely reliant on food imports
• 3rd largest export destination for Scotch whisky
• Saturated and competitive market, but desire for
novel/niche productsnovel/niche products
Life Sciences
• Singapore’s Biopolis one of the world’s leading locations for
biomedical research
• 30+ global life sciences companies with a presence conducting
research and clinical trials
• Ageing population – opportunities for medical devices and• Ageing population – opportunities for medical devices and
equipment
Clean Technology
• Sustainable city by 2030
• 900 million invested since 2007
• Integrated living labs
NTU EcoCampus
30% reduction in water,
waste and energy use by
2020
Cleantech Park
20,000 “green collar”
workers by 2030
Education
• Underpins growth of all sectors
• Established partnerships between Scottish and
Singapore institutions
• Opportunity to build on this with further educational and
research collaborationresearch collaboration
Routes to market
• Foreign Branch Office
• Company registered in Singapore• Company registered in Singapore
• Partnership/joint venture
• Trade directly eg importer/distributor
Challenges
• Immigration debate – controversial
Population White Paper
• Tighter foreign worker restrictions
• Cost of doing business – office
rentals / cost-of-living
Doing Business in Singapore
2014
John Fulton
Partner
Anderson StrathernAnderson Strathern
Doing Business in Singapore
Cultural considerations
Tips & advice
Doing Business in Singapore 2014 - presentation
Introduction
• My task is to address the audience on the topic of cultural
considerations and tips.
• Spending time on cultural issues and differences is often perceived• Spending time on cultural issues and differences is often perceived
as not being of sufficient importance to include in a business plan;
but omit it at your potential peril as opportunities may be lost or
never created as a result. By doing so, on the other hand, your
efforts are almost certain to be appreciated and add value.
Who am I addressing today?
• Not those who have sound experience of doing business in Asia
• Nor those who are not and never will do business there!
• But rather those who may be starting to do business there; and• But rather those who may be starting to do business there; and
• Those who may at some stage think of doing so
Where does a business start?
• We will all have our views but for me the following should be
considered:
– Setting out a clear strategic plan for making the commitment
– Have a financial plan to make sure that it has the resources to fulfil it– Have a financial plan to make sure that it has the resources to fulfil it
– The will and staying power to see it through – be prepared for the long
haul
– This means getting good advice from the outset and make sure the
name fits.
Then
• Carry out effective market research
• Find out if SDI, UKTI, and/ or Scottish Business Association of
Singapore (SBAS) amongst others can help in facilitatingSingapore (SBAS) amongst others can help in facilitating
• On initial visits – at least - the best senior people should be sent –
this sends the message you are serious- given the commitment you
should be!
Then
• Engaging in business involves an interface between your company
and intermediaries and the company representatives with whom
you are engaging. They may have very different values,
assumptions and legal systems. Misunderstandings can easily arise
at different times and different levels
• Things may seem to be familiar but substantive differences may
lurk beneath the surface – do not make assumptions rather
challenge them at all times.
• Showing respect and listening to those with whom you engage is a
good place to start
What next and what I am not
talking about!
• Business structures
• Regulations relating to import/ export
• Exchange controls – if they apply
• Source of finance
• Comparative state of respective currencies
What next and what I am not
talking about!
• Licences and permits – if they apply
• Type of premises and location – if relevant
• Employment issues – if applicable
• Taxation; grants
• Intellectual property law to name a few ………
What are the cultural issues
and etiquette in Singapore?
• Let’s start with the people – Chinese – 76%; Malay – 15%; and
Indian – 6%
• Although business is likely to be conducted with the Chinese, it may
be Malay most of whom are Muslim – if so, avoid conductingbe Malay most of whom are Muslim – if so, avoid conducting
business on Friday or during Ramadan; and never serve pork or
alcohol.
• Courtesy and good manners will take you a long way including
punctuality
• Use both hands when offering your business card
What are the cultural issues
and etiquette in Singapore?
• On first introduction and in formal meetings, use the person’s title
and family name, followed by his personal name, if he has a
Chinese name; if he has adopted a western name, treat in the
normal manner
• Malays do not use a family name. They use their personal name• Malays do not use a family name. They use their personal name
followed by bin or son of and the father’s personal name
• The Indians use their personal name followed by son of and their
father’s personal name
• Accept that since personal contacts are important in business it can
take several years to achieve a relationship
• Singaporeans tend to get straight down to business in meetings;
and can make decisions quickly
What are the cultural issues
and etiquette in Singapore?
• The advice is to talk straight and get to the point
• The expectation is to deliver what is promised on time
• Dinner is the occasion to develop and build relationships
• It or lunch is the preferred forum to breakfasts
• Conventionally the host will order the food but this may depend on• Conventionally the host will order the food but this may depend on
the cuisine
• Business gifts are generally not exchanged and may be considered
bribes; but if done, I suggest you keep them modest
• Observe the regulations of Singapore in other words respect their
law and values
Why look at Singapore?
• The GDP growth of Singapore and local economies in 2013
– Singapore - 3.9%;
– Malaysia – 4.7%
– Indonesia – 5.8%
– Thailand – 1.8%
– Vietnam – 5.4%– Vietnam – 5.4%
• Compared with
– UK – 1.7%
– France – 0.2%
– Germany – 0.4%
– USA -1.9%
• Food for thought!
Why look at Singapore?
• Economic forecasts for 2014 may vary from this but a general
message underlies the statistics
• Economies are growing in the East more quickly than the West
• With this comes potential opportunity for some but also risk and
both need to be managed carefully
• For many sectors the East/West economies are contra cyclical
Scottish Development
International
• SDI have an excellent network throughout Asia and are a natural
starting point to look to.
• Their advice will be very valuable to you
My Own Story
• Developed and done business as a lawyer in Hong Kong, Taiwan,
Singapore and China over the past 18 years
• To succeed relationships have to be built and trust developed – this
takes time, patience and hard worktakes time, patience and hard work
• My approach, working with other professional disciplines, has
always been to identify and work with prospective clients, corporate
or individual, to deliver the investment of commercial objectives in
or out of those countries into the UK – this involves listening rather
than selling in the first instance.
My Own Story
• I have also put in place informal associations with law firms in Hong
Kong and Singapore where we can work together on projects.
• This provides cohesive communication (in the case of China
provision of Mandarin/Cantonese speakers and translation) and
overall far greater risk management and quality of service to the
client.client.
• This service can be provided at competitive fee structures, and with
it bespoke assistance in helping you understand the issues which
have to be addressed.
• It has proved a highly successful enterprise over many years.
What is so interesting about
Singapore?
• It is the gateway to south east Asia and the ASEAN countries
• In 2013 Singapore was the fourth largest offshore banking centre
globally and it is expected to eclipse Switzerland by 2020 as the
preferred tax haven
• English is the first language in Singapore and the language of• English is the first language in Singapore and the language of
business
• It is pro-business and has a very stable government with excellent
infrastructure
• It has a very competitive tax regime with its low rate tax and wide
range of tax incentives.
What is so interesting about
Singapore?
• Its workforce is hardworking and skilled
• It is the only Asian country with a triple A rating and is one of the top
international financial centres.
• It has a robust legal and judicial system and takes a tough stance
on corruptionon corruption
• It is rated top in Asia and second in the world for intellectual
property rights and protection
• It is also one of the cleanest cities in the world which is safe and
orderly
• Population 5.3 million
Where does Scotland fit in?
There are a number of key industries common between the two which
provides opportunities for both. They include
• Energy
– oil and gas where opportunities exist for Scottish companies to invest in
both upstream and downstream areas (eg deep water exploration,both upstream and downstream areas (eg deep water exploration,
drilling process/production management etc)
• Heavy engineering
– to provide technology, expertise and experience for ASEAN countries
renewable energy programmes
• Life Sciences
– More than ten leading pharmaceutical bio technology companies have
already established regional headquarters there
Where does Scotland fit in?
• Financial Services
– There are many large venture capital and wealth funds in Singapore,
creating asset management, treasury and risk management
opportunities for Scotland
• Scottish luxury products
– To service fast growing middle class which perceives Scottish goods as– To service fast growing middle class which perceives Scottish goods as
high quality
– ie textile design, hot weather cashmere, natural cosmetics,
confectionery, whisky, smoked salmon, breweries etc
• An important distribution hub for Asia
• Education
– Partnership the word here to provide Scottish post graduate
programmes and venture from there to other parts of Asia
Conclusion
• It is a two way street – matching skills and innovation against
capital;
• There has to be something in it for those with whom one is
engaging- so do not forget to listen.engaging- so do not forget to listen.
• By way of conclusion, cultural issues are intangible but carry value
if taken on board and respected. It will enhance enjoyment in its
own right but more important make the overall offering complete
and if you get the ingredients right memorable!
www.andersonstrathern.co.uk
Doing Business in Singapore
2014
David Scott
Area Commercial Director
HSBCHSBC
Challenges of operating globally
Transactions
Currency
Challenges & issues in general
Singapore
David Scott, Area Commercial Director
Challenges of Operating Globally
Doing Business in Singapore
2014
Coffee breakCoffee break
10 minutes
Doing Business in Singapore
2014
Case studies panel session
Real life stories & experiences shared
Doing Business in Singapore
2014
Gerry McCusker
Managing DirectorManaging Director
Dog Digital
Case study 1
Doing Business in Singapore
2014
This Morning’s Session
• Dog – who are we?
• Dog’s Choice
• Challenges of International Growth
• Dog’s Singapore Experience
• The Rearview Mirror
Doing Business in Singapore
2014
Your creative partner
in a Digital world.
Who are Dog
• Established in 1996
Doing Business in Singapore
2014
• Over 75 specialised staff
• International client base
• Award winning
• Continual growth with UK & Singapore offices
Doing Business in Singapore
2014
Dog’s Choice
• International Expansion
- What’s in each camp
- Who’s in each camp
• Where SDI gave us a little headroom
Doing Business in Singapore
2014
Challenges of growth
• Expansion
– Barriers are not always national– Barriers are not always national
• Growing pains
– Local and global
• Planned vs opportunistic
– Singapore or Asia
Doing Business in Singapore
2014
Dog’s Singapore Experience
• Setting Up Business
- Language, Bureaucracy, Location
• Business Culture
- Relationships, Reputations, Respect
• Business Support
- SDI & GlobalScots
- Singapore Govt & EDB
Doing Business in Singapore
2014
The Rearview Mirror
• Opinion
- Competitor
- Client- Client
- Staff
• Team & Trust
Doing Business in Singapore
2014
Simon Briggs
Sales DirectorSales Director
Loch Fyne Oysters
Case study 2
Doing Business in Singapore
Simon Briggs, Sales Director
Loch Fyne Oysters
July 2014
• Supplier of fresh and smoked
salmon and farmers of oysters,
mussels and other indigenous
seafood.
• Loch Fyne operates a trade
business, retail distribution, an
online retail facility and event
catering alongside its Oyster
Bar, Deli, Smokehouse and
Oyster and Mussel Farm.
• At the head of Loch Fyne on the West
Coast of Scotland.
• Loch Fyne is the longest sea loch in the
United Kingdom at 55 miles in length.
• An area with a low population density.
• No environmental pollution from industry.
• Ease of access to Glasgow International
Airport with direct links to the global market
place.
Doing Business in Singapore 2014 - presentation
Doing Business in Singapore 2014 - presentation
• Europe
Austria, Belgium, France, Germany,
Greece, Italy, Jersey, Poland,
Switzerland, Holland, Luxembourg,
Spain and Portugal.
• Middle East
United Arab Emirates, Oman,
Maldives and the Kingdom of Saudi
Arabia.
• Asia
Hong Kong, Macau, Malaysia,
Japan, Philippines, Singapore,
Taiwan, Thailand, Vietnam and
China.
• Africa
South Africa and
Mauritius.
• Americas
Barbados and the
USA.
• Selfridges
• British Airways
• Qatar Airways
• Cathay Pacific
• Emirates
• Classic Fine Foods Worldwide• Classic Fine Foods Worldwide
• Jumeirah Hotel Group including
Burj Al Arab
• Zuma Restaurant Group
• Hyatt Hotels
• Ritz Carlton Hotels
• St Regis Hotels
• F1 Paddock Club
• UEFA Champions League Finals
• Ocado
• Costco UK
• Started exporting to Singapore in 1988
with Donald Russell Ltd.
• Supplied high quality Scottish beef,
lamb and smoked salmon directly to
hotels and restaurants including
Raffles, Westin Stamford, Shangri-LaRaffles, Westin Stamford, Shangri-La
and Mandarin Oriental.
• Supplied clotted cream and strawberry
jam for tea in the Tiffin Room at Raffles.
• Loch Fyne has been exporting a full
range of products to Singapore for over
20 years, through a number of
distributors and for the last eight years
with our partners Classic Fine Foods.
• We have a strong relationship
with SDI in both Scotland and
Singapore and other key
markets around the world.
• We aim to help where and
when possible with inward and
outward missions, visits to
Loch Fyne and participation in
exhibitions and tastings.
• Make a business plan detailing what you want
to achieve –including financials.
• Spend time finding the correct partner even if it
takes longer –don’t rush.
• Understand your Logistics / Supply Chain (e.g.
impact of Icelandic ash cloud, not able to travelimpact of Icelandic ash cloud, not able to travel
for Food Hotel Asia and no product could be
delivered).
• Understand Importation/Documentary
requirements and specifically AVA (Agri-Food
& Veterinary Authority of Singapore)
requirements.
• Ensure you have the correct packaging and
specific labelling requirements for Singapore.
• Don’t do it on your own - get advice from SDI
initially, research the market.
• Research your potential partners. Going
with the wrong partner could, in the worst
case, ruin your brand reputation and
image or waste many months rectifying
the damage of making an uninformed
choice.choice.
• Get you and your brand our there.
Visit Food Hotel Asia initially with SDI and
then visit with your chosen partner and
then their customers.
• Make sure you get paid and be aware of
foreign exchange pitfalls/credit
insurance/load over load etc.
• Be focused and do your homework.
What you do want to achieve, by
when and with whom?
• Don’t be afraid to ask for help and
advice.advice.
• Don’t go to hotels directly but
through a distribution partner.
However that said I am still friends
with chefs I supplied twenty years
ago and who are still very influential
in the Singaporean market place.
• Scotland’s Best Native Oysters 2011
• Scotland’s Best Mussels 2012
• Scotland’s Best Gigas Oysters 2013
• The Queen’s Award for Export Achievement 1994
• Queen’s Awards For Enterprise: International Trade 2014
• Scotland Food & Drink Excellence Award 2014 Kinglas Fillet
E: simon.briggs@lochfyne.com
T: +44 (0) 7714 766051
Doing Business in Singapore
2014
Q&A panel session
Doing Business in Singapore
2014
End of event
THANK YOU!
Doing Business in Singapore
2014
www.scottish-enterprise.com/international
Talk to an export adviser 0800 019 1953

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Doing Business in Singapore 2014 - presentation

  • 2. Doing Business in Singapore 29 July 2014 Follow Scottish Enterprise on Twitter @scotent Join the conversation using event hashtag #ScotHouse Connect with Scottish Enterprise on Linkedin and Facebook
  • 3. Doing Business in Singapore 2014 Julian Taylor Executive Director - Asia PacificExecutive Director - Asia Pacific Scottish Development International Welcome & introduction Economic Overview
  • 4. Singapore • One of the four Asian “tiger” economies • Global hub for trade and investment • Population of 5.4m but easy access to 600m across Southeast Asia
  • 5. Singapore – a diverse economy Manufacturing 19% Other Services 11% Business • Services – 2/3 of GDP, 70% employment • Manufacturing – 1/5 Business Services 15% Wholesale/ Retail Trade 17%Financial Services 12% Transport & Storage 8% • Manufacturing – 1/5 GDP, 30% eletrical; 20% biomedical • 7000 multinationals; 60% are regional / global HQs
  • 6. Past economic performance 16 14 12 10 8 6 4 2 0 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 -2 -4 Source: World Bank • Strong average growth above 8% per year since independence • Subject to external factors – big swings in economy
  • 7. Current performance ($bn, capita 2012 GDP 2013 GDP growth nominal) GDP 2013 GDP per 2014 GDP nominal) 2013 ($ Growth Growth forecast Singapore 287 53,000 1.9% 4.1% 3.4% Source: IMF WEO, National Statistics Singapore Hong Kong United Kingdom 287 53,000 1.9% 4.1% 3.4% 279 38,000 1.5% 3% 4.4% 2,489 39,000 0.2% 1.7% 2.7%
  • 8. Why Singapore • Government is extremely pro-business • Hub for SE Asia – 3 billion people within 7 hour flight radius
  • 9. Scotland and Singapore • Singapore is Scotland’s 13th largest export market • 60 Scottish companies with a physical presence inphysical presence in Singapore • Range of companies from oil & gas, ICT, creative industries and food and drink sectors
  • 10. Doing Business in Singapore 2014 Ruth Ellis International Projects ExecutiveInternational Projects Executive Scottish Development International Key market opportunities & Routes to market
  • 11. Key Market Opportunities Key Priorities Food and Drink Life Sciences & Biotech Oil & Gas Clean Tech Biotech Education
  • 12. Oil & Gas • Hub for SE Asia’s oil and gas industry • Opportunities in subsea technologies, transport and logistics and services • 30-40 Scottish companies with a physical presence
  • 13. Food & Drink • Singapore hugely reliant on food imports • 3rd largest export destination for Scotch whisky • Saturated and competitive market, but desire for novel/niche productsnovel/niche products
  • 14. Life Sciences • Singapore’s Biopolis one of the world’s leading locations for biomedical research • 30+ global life sciences companies with a presence conducting research and clinical trials • Ageing population – opportunities for medical devices and• Ageing population – opportunities for medical devices and equipment
  • 15. Clean Technology • Sustainable city by 2030 • 900 million invested since 2007 • Integrated living labs NTU EcoCampus 30% reduction in water, waste and energy use by 2020 Cleantech Park 20,000 “green collar” workers by 2030
  • 16. Education • Underpins growth of all sectors • Established partnerships between Scottish and Singapore institutions • Opportunity to build on this with further educational and research collaborationresearch collaboration
  • 17. Routes to market • Foreign Branch Office • Company registered in Singapore• Company registered in Singapore • Partnership/joint venture • Trade directly eg importer/distributor
  • 18. Challenges • Immigration debate – controversial Population White Paper • Tighter foreign worker restrictions • Cost of doing business – office rentals / cost-of-living
  • 19. Doing Business in Singapore 2014 John Fulton Partner Anderson StrathernAnderson Strathern Doing Business in Singapore Cultural considerations Tips & advice
  • 21. Introduction • My task is to address the audience on the topic of cultural considerations and tips. • Spending time on cultural issues and differences is often perceived• Spending time on cultural issues and differences is often perceived as not being of sufficient importance to include in a business plan; but omit it at your potential peril as opportunities may be lost or never created as a result. By doing so, on the other hand, your efforts are almost certain to be appreciated and add value.
  • 22. Who am I addressing today? • Not those who have sound experience of doing business in Asia • Nor those who are not and never will do business there! • But rather those who may be starting to do business there; and• But rather those who may be starting to do business there; and • Those who may at some stage think of doing so
  • 23. Where does a business start? • We will all have our views but for me the following should be considered: – Setting out a clear strategic plan for making the commitment – Have a financial plan to make sure that it has the resources to fulfil it– Have a financial plan to make sure that it has the resources to fulfil it – The will and staying power to see it through – be prepared for the long haul – This means getting good advice from the outset and make sure the name fits.
  • 24. Then • Carry out effective market research • Find out if SDI, UKTI, and/ or Scottish Business Association of Singapore (SBAS) amongst others can help in facilitatingSingapore (SBAS) amongst others can help in facilitating • On initial visits – at least - the best senior people should be sent – this sends the message you are serious- given the commitment you should be!
  • 25. Then • Engaging in business involves an interface between your company and intermediaries and the company representatives with whom you are engaging. They may have very different values, assumptions and legal systems. Misunderstandings can easily arise at different times and different levels • Things may seem to be familiar but substantive differences may lurk beneath the surface – do not make assumptions rather challenge them at all times. • Showing respect and listening to those with whom you engage is a good place to start
  • 26. What next and what I am not talking about! • Business structures • Regulations relating to import/ export • Exchange controls – if they apply • Source of finance • Comparative state of respective currencies
  • 27. What next and what I am not talking about! • Licences and permits – if they apply • Type of premises and location – if relevant • Employment issues – if applicable • Taxation; grants • Intellectual property law to name a few ………
  • 28. What are the cultural issues and etiquette in Singapore? • Let’s start with the people – Chinese – 76%; Malay – 15%; and Indian – 6% • Although business is likely to be conducted with the Chinese, it may be Malay most of whom are Muslim – if so, avoid conductingbe Malay most of whom are Muslim – if so, avoid conducting business on Friday or during Ramadan; and never serve pork or alcohol. • Courtesy and good manners will take you a long way including punctuality • Use both hands when offering your business card
  • 29. What are the cultural issues and etiquette in Singapore? • On first introduction and in formal meetings, use the person’s title and family name, followed by his personal name, if he has a Chinese name; if he has adopted a western name, treat in the normal manner • Malays do not use a family name. They use their personal name• Malays do not use a family name. They use their personal name followed by bin or son of and the father’s personal name • The Indians use their personal name followed by son of and their father’s personal name • Accept that since personal contacts are important in business it can take several years to achieve a relationship • Singaporeans tend to get straight down to business in meetings; and can make decisions quickly
  • 30. What are the cultural issues and etiquette in Singapore? • The advice is to talk straight and get to the point • The expectation is to deliver what is promised on time • Dinner is the occasion to develop and build relationships • It or lunch is the preferred forum to breakfasts • Conventionally the host will order the food but this may depend on• Conventionally the host will order the food but this may depend on the cuisine • Business gifts are generally not exchanged and may be considered bribes; but if done, I suggest you keep them modest • Observe the regulations of Singapore in other words respect their law and values
  • 31. Why look at Singapore? • The GDP growth of Singapore and local economies in 2013 – Singapore - 3.9%; – Malaysia – 4.7% – Indonesia – 5.8% – Thailand – 1.8% – Vietnam – 5.4%– Vietnam – 5.4% • Compared with – UK – 1.7% – France – 0.2% – Germany – 0.4% – USA -1.9% • Food for thought!
  • 32. Why look at Singapore? • Economic forecasts for 2014 may vary from this but a general message underlies the statistics • Economies are growing in the East more quickly than the West • With this comes potential opportunity for some but also risk and both need to be managed carefully • For many sectors the East/West economies are contra cyclical
  • 33. Scottish Development International • SDI have an excellent network throughout Asia and are a natural starting point to look to. • Their advice will be very valuable to you
  • 34. My Own Story • Developed and done business as a lawyer in Hong Kong, Taiwan, Singapore and China over the past 18 years • To succeed relationships have to be built and trust developed – this takes time, patience and hard worktakes time, patience and hard work • My approach, working with other professional disciplines, has always been to identify and work with prospective clients, corporate or individual, to deliver the investment of commercial objectives in or out of those countries into the UK – this involves listening rather than selling in the first instance.
  • 35. My Own Story • I have also put in place informal associations with law firms in Hong Kong and Singapore where we can work together on projects. • This provides cohesive communication (in the case of China provision of Mandarin/Cantonese speakers and translation) and overall far greater risk management and quality of service to the client.client. • This service can be provided at competitive fee structures, and with it bespoke assistance in helping you understand the issues which have to be addressed. • It has proved a highly successful enterprise over many years.
  • 36. What is so interesting about Singapore? • It is the gateway to south east Asia and the ASEAN countries • In 2013 Singapore was the fourth largest offshore banking centre globally and it is expected to eclipse Switzerland by 2020 as the preferred tax haven • English is the first language in Singapore and the language of• English is the first language in Singapore and the language of business • It is pro-business and has a very stable government with excellent infrastructure • It has a very competitive tax regime with its low rate tax and wide range of tax incentives.
  • 37. What is so interesting about Singapore? • Its workforce is hardworking and skilled • It is the only Asian country with a triple A rating and is one of the top international financial centres. • It has a robust legal and judicial system and takes a tough stance on corruptionon corruption • It is rated top in Asia and second in the world for intellectual property rights and protection • It is also one of the cleanest cities in the world which is safe and orderly • Population 5.3 million
  • 38. Where does Scotland fit in? There are a number of key industries common between the two which provides opportunities for both. They include • Energy – oil and gas where opportunities exist for Scottish companies to invest in both upstream and downstream areas (eg deep water exploration,both upstream and downstream areas (eg deep water exploration, drilling process/production management etc) • Heavy engineering – to provide technology, expertise and experience for ASEAN countries renewable energy programmes • Life Sciences – More than ten leading pharmaceutical bio technology companies have already established regional headquarters there
  • 39. Where does Scotland fit in? • Financial Services – There are many large venture capital and wealth funds in Singapore, creating asset management, treasury and risk management opportunities for Scotland • Scottish luxury products – To service fast growing middle class which perceives Scottish goods as– To service fast growing middle class which perceives Scottish goods as high quality – ie textile design, hot weather cashmere, natural cosmetics, confectionery, whisky, smoked salmon, breweries etc • An important distribution hub for Asia • Education – Partnership the word here to provide Scottish post graduate programmes and venture from there to other parts of Asia
  • 40. Conclusion • It is a two way street – matching skills and innovation against capital; • There has to be something in it for those with whom one is engaging- so do not forget to listen.engaging- so do not forget to listen. • By way of conclusion, cultural issues are intangible but carry value if taken on board and respected. It will enhance enjoyment in its own right but more important make the overall offering complete and if you get the ingredients right memorable!
  • 42. Doing Business in Singapore 2014 David Scott Area Commercial Director HSBCHSBC Challenges of operating globally Transactions Currency Challenges & issues in general
  • 43. Singapore David Scott, Area Commercial Director Challenges of Operating Globally
  • 44. Doing Business in Singapore 2014 Coffee breakCoffee break 10 minutes
  • 45. Doing Business in Singapore 2014 Case studies panel session Real life stories & experiences shared
  • 46. Doing Business in Singapore 2014 Gerry McCusker Managing DirectorManaging Director Dog Digital Case study 1
  • 47. Doing Business in Singapore 2014 This Morning’s Session • Dog – who are we? • Dog’s Choice • Challenges of International Growth • Dog’s Singapore Experience • The Rearview Mirror
  • 48. Doing Business in Singapore 2014 Your creative partner in a Digital world.
  • 49. Who are Dog • Established in 1996 Doing Business in Singapore 2014 • Over 75 specialised staff • International client base • Award winning • Continual growth with UK & Singapore offices
  • 50. Doing Business in Singapore 2014 Dog’s Choice • International Expansion - What’s in each camp - Who’s in each camp • Where SDI gave us a little headroom
  • 51. Doing Business in Singapore 2014 Challenges of growth • Expansion – Barriers are not always national– Barriers are not always national • Growing pains – Local and global • Planned vs opportunistic – Singapore or Asia
  • 52. Doing Business in Singapore 2014 Dog’s Singapore Experience • Setting Up Business - Language, Bureaucracy, Location • Business Culture - Relationships, Reputations, Respect • Business Support - SDI & GlobalScots - Singapore Govt & EDB
  • 53. Doing Business in Singapore 2014 The Rearview Mirror • Opinion - Competitor - Client- Client - Staff • Team & Trust
  • 54. Doing Business in Singapore 2014 Simon Briggs Sales DirectorSales Director Loch Fyne Oysters Case study 2
  • 55. Doing Business in Singapore Simon Briggs, Sales Director Loch Fyne Oysters July 2014
  • 56. • Supplier of fresh and smoked salmon and farmers of oysters, mussels and other indigenous seafood. • Loch Fyne operates a trade business, retail distribution, an online retail facility and event catering alongside its Oyster Bar, Deli, Smokehouse and Oyster and Mussel Farm.
  • 57. • At the head of Loch Fyne on the West Coast of Scotland. • Loch Fyne is the longest sea loch in the United Kingdom at 55 miles in length. • An area with a low population density. • No environmental pollution from industry. • Ease of access to Glasgow International Airport with direct links to the global market place.
  • 60. • Europe Austria, Belgium, France, Germany, Greece, Italy, Jersey, Poland, Switzerland, Holland, Luxembourg, Spain and Portugal. • Middle East United Arab Emirates, Oman, Maldives and the Kingdom of Saudi Arabia. • Asia Hong Kong, Macau, Malaysia, Japan, Philippines, Singapore, Taiwan, Thailand, Vietnam and China. • Africa South Africa and Mauritius. • Americas Barbados and the USA.
  • 61. • Selfridges • British Airways • Qatar Airways • Cathay Pacific • Emirates • Classic Fine Foods Worldwide• Classic Fine Foods Worldwide • Jumeirah Hotel Group including Burj Al Arab • Zuma Restaurant Group • Hyatt Hotels • Ritz Carlton Hotels • St Regis Hotels • F1 Paddock Club • UEFA Champions League Finals • Ocado • Costco UK
  • 62. • Started exporting to Singapore in 1988 with Donald Russell Ltd. • Supplied high quality Scottish beef, lamb and smoked salmon directly to hotels and restaurants including Raffles, Westin Stamford, Shangri-LaRaffles, Westin Stamford, Shangri-La and Mandarin Oriental. • Supplied clotted cream and strawberry jam for tea in the Tiffin Room at Raffles. • Loch Fyne has been exporting a full range of products to Singapore for over 20 years, through a number of distributors and for the last eight years with our partners Classic Fine Foods.
  • 63. • We have a strong relationship with SDI in both Scotland and Singapore and other key markets around the world. • We aim to help where and when possible with inward and outward missions, visits to Loch Fyne and participation in exhibitions and tastings.
  • 64. • Make a business plan detailing what you want to achieve –including financials. • Spend time finding the correct partner even if it takes longer –don’t rush. • Understand your Logistics / Supply Chain (e.g. impact of Icelandic ash cloud, not able to travelimpact of Icelandic ash cloud, not able to travel for Food Hotel Asia and no product could be delivered). • Understand Importation/Documentary requirements and specifically AVA (Agri-Food & Veterinary Authority of Singapore) requirements. • Ensure you have the correct packaging and specific labelling requirements for Singapore. • Don’t do it on your own - get advice from SDI initially, research the market.
  • 65. • Research your potential partners. Going with the wrong partner could, in the worst case, ruin your brand reputation and image or waste many months rectifying the damage of making an uninformed choice.choice. • Get you and your brand our there. Visit Food Hotel Asia initially with SDI and then visit with your chosen partner and then their customers. • Make sure you get paid and be aware of foreign exchange pitfalls/credit insurance/load over load etc.
  • 66. • Be focused and do your homework. What you do want to achieve, by when and with whom? • Don’t be afraid to ask for help and advice.advice. • Don’t go to hotels directly but through a distribution partner. However that said I am still friends with chefs I supplied twenty years ago and who are still very influential in the Singaporean market place.
  • 67. • Scotland’s Best Native Oysters 2011 • Scotland’s Best Mussels 2012 • Scotland’s Best Gigas Oysters 2013 • The Queen’s Award for Export Achievement 1994 • Queen’s Awards For Enterprise: International Trade 2014 • Scotland Food & Drink Excellence Award 2014 Kinglas Fillet
  • 69. Doing Business in Singapore 2014 Q&A panel session
  • 70. Doing Business in Singapore 2014 End of event THANK YOU!
  • 71. Doing Business in Singapore 2014 www.scottish-enterprise.com/international Talk to an export adviser 0800 019 1953