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It already helps if you have a structured approach for your procurement and to keep your options open. Working with a local consultant or agency may help to identify more potential suppliers and to get the products that you just bought accross the border to their destination.
Our local consultant help you find relevant suppliers, approach them on your behalf and ensure you get the right proposals and deliveries.
Singapore, located in Southeast Asia, is renowned for its strategic location, advanced infrastructure, and strong financial services sector. The country primarily exports electronics and electrical machinery, including semiconductors, integrated circuits, and telecommunications equipment. These products are key contributors to Singapore’s high-tech manufacturing industry and global supply chain networks.
Wages in Singapore are higher compared to many other countries in Southeast Asia, reflecting its developed economy and high standards of living. The cost of living in Singapore, particularly in urban areas like Singapore City, is also relatively high, which does not make it an attractive outsourcing location.
Singapore is a global hub for trade and logistics, leveraging its efficient port facilities and connectivity to export and re-export goods. The country is also known for its expertise in biomedical sciences, exporting pharmaceuticals and medical devices. Additionally, Singapore exports refined petroleum products and chemicals, benefiting from its strategic refining and petrochemical industries.
In addition to its export strengths, Singapore offers attractive options for outsourcing and investment in sectors such as financial services, logistics, and technology. The country’s skilled workforce, business-friendly environment, and robust legal framework make it a preferred location for regional headquarters and service operations.
The best preparation for doing business in any country is visiting it. This way you can experience the culture, check the shops and build your network.
Where it comes to hotels, research shows that if you check these platforms, in 80% of the cases you have the lowest room rates.
If you take your sourcing step by step, then it can’t go wrong.
Step 1
Try to identify in total 6 to 10 possible suppliers and check their websites. Approach them with a general request to see whether they have the products or services you need.
Step 2
Submit your requirements to a group of three to five selected suppliers and ensure you get the right comparable quotations to make a choice. Negotiate with one or two of them to get the best result.
Step 3
Now start collaborating, making sure you have an efficient ordering process and limited risks where it comes to quality control and shipping the products.
First of all you may have to pay import duties or settle VAT. There are certain thresholds for both of these charges, e.g. while importing in the EU you don’t have to pay import duties on any shipment worth less than € 150.
There may also be non-financial bariers, like certifications or approvals to be obtained. Especially for food, cosmetics or medicine this may be the case. Check this in advance, even before you invest in your marketing.
In developing or more developed countries also labour costs are getting higher, so there is no real bargain any more. On the other hand, the more developed a country is, the better the certainty for deliveries and the more focus there is on quality.
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