Pestle Analysis Singapore

However, even with such contrast of Hofstede dimension scores between the United States and Singapore, there are some cultural, ethnic, social, and educational characteristics similarities that are mutually accepted. Education is clearly important, English is the language of business, and punctuality, etiquette and roles are equally significant.

Of course, these cultural dimensions can only provide an idea of culture, because culture in itself is dynamic and forever evolving. Outside influences and the blending of culture is inevitable in the global setting. Another tool to track the environment of a country when looking to expand is by conducting a PESTLE analysis. PESTLE is a mnemonic which in its expanded form denotes P for Political, E

One caveat to the strength of Singapore’s is the amount of foreign investments there. Its economy is not as diverse as the United States. Recently, the government has invested in diversifying the economy. As a result, the tourism, pharmaceutical, and many other industries have flourished. However, competition among financial institutions, particularly in banking, is significant and should be considered as it is one of Singapore’s core elements in its economy. PESTLE analysis also reflects this and others such as labor shortages, rising labor costs and a decline in

Singapore has a tremendous amount to offer our company if the decision is made to locate there. Here are some more reasons that further underscores why venture of all sizes consider Singapore the perfect location to setup their company or business (Get to Know Singapore, 2016): Singapore is ranked the third wealthiest nation in the world by Forbes magazine and has been ranked as the third most globalized economy among 60 of the world’s largest economies according to Ernst and Young Globalization Index. Corporate tax rates are about 8.5 percent up to 300,000 dollars’ profits and a flat 17 percent above that and there are no dividend or capital gains taxes in Singapore. In addition to highly competitive tax rates, there is no estate/death/inheritance tax in Singapore. Its business history is relatively short at about 50 years, and despite such a short history, Singapore has grown to be the number one country in the world for foreign investors. Its government has policies in place that shows appreciation of foreign investors and is seeking even more diversification to maintain is