The Indo-Pacific region is the world’s growth engine, and it is a priority of German foreign policy. Singapore is at the heart of it, but why is this country such an attractive location for startups and businesses alike, and how can you access the market as a springboard into Asia?
In a recent contribution to Munich Startup, our Southeast Asia Program CEO, Claus Karthe, shares his views on what makes Singapore stand out as an ideal market for German startups to test the suitability of your business model and go-to-market strategy for Asia.
He also shares several ways that you can explore market expansion to Singapore, and the following tips on local business culture:
5 Tips on Singapore’s Business Culture
- Like in Germany, punctuality is also an important virtue, especially for first meetings.
- First impressions count. Being well-groomed, well-dressed, and having a confident demeanor will help leave a positive impression.
- A handshake for first meetings is advised. Body contact should be avoided.
- Expect a diverse range of topics for small talk, and do not be alarmed at personal questions being asked even between strangers. Avoid discussing local politics. Praise for the excellent infrastructure and local cuisine is a good way to start any conversation.
- Singapore is still largely a hierarchical society. Personal connections and introductions play an important role.
