PESTL Analysis of Singapore Flashcards
(22 cards)
What are the political ties between Australia and Singapore?
Both governments promote trade and investment.
What does the Singapore-Australia Free Trade Agreement (SAFTA) do?
Removes most tariffs, making trade easier and cheaper.
How is Singapore described in terms of political stability?
One of the most politically stable countries globally.
What compliance requirements must businesses follow in Singapore?
Strict local regulations (licensing, permits).
What type of economy is Singapore classified as?
High-income economy.
Why do Australian businesses consider Singapore a gateway to Asia?
Many use Singapore as a regional hub for Southeast Asia.
What characterizes Singapore’s financial system?
Low inflation and stable exchange rates.
What are the challenges regarding the cost of doing business in Singapore?
Expensive (rent, wages, operating costs).
What happens to Australian exports when the AUD weakens?
Exports become cheaper (good), but importing materials becomes more expensive (bad).
What is the main business language in Singapore?
English.
What is the demographic composition of Singapore’s population?
Cultural mix (Chinese, Malay, Indian).
What type of consumers does Singapore have?
Tech-savvy consumers with high e-commerce usage.
What cultural sensitivity is required in Singapore’s business environment?
Respect for seniority, conservative communication, avoid sensitive topics in marketing (religion, race).
What is a key feature of Singapore’s technological environment?
World-class digital infrastructure.
What are the logistics and transport infrastructure leaders in Singapore?
Changi Airport and Singapore Port.
How does the government support innovation in Singapore?
Incentives for tech startups.
What expectations exist regarding cybersecurity in Singapore?
High expectations for data protection and compliance with privacy laws.
What is the status of intellectual property protection in Singapore?
Strong protection essential for Australian businesses bringing proprietary products.
What types of laws must businesses comply with in Singapore?
Consumer protection laws (product safety and fair trading laws).
What is the nature of foreign investment regulations in Singapore?
Open with minimal restrictions for most industries.
What is expected from businesses regarding labor laws in Singapore?
Fair employment practices.
What must Australian businesses do to succeed in Singapore?
Use FTA benefits to lower costs, adapt to cultural norms, invest in digital presence, prepare for higher costs, be aware of legal compliance.
