Commentary

In a recent article on Singapore Business Review, it was reported that the employment outlook hit a six-year low for Quarter 1 2016. The employment outlook has fallen for the fourth straight quarter and prospects in some industries look bleak.

It's early morning on a Thursday when the secretary of the CEO of a well respected Singapore-based company gets a phone call from her boss. He's at the airport, on his way to speak at a high-profile conference in Hong Kong. The CEO tells his secretary something urgent has come up -- an important invoice needs to be paid without delay, there might even be legal implications if this isn't done ASAP. He was meaning to get to it last night, but he was at his daughter's school play. She was a unicorn, and was the star of the show. The CEO provides instructions and the account name and number. He expects this to be taken care of by close of business.

Before you know it, SG50 is almost ending and we are inching closer to 2016.

The recent financial rout in the commodity and currency market has resulted in volatility in the financial market. No longer are businesses whether large or small immune to the spillover effects of external influences on domestic businesses operation.

It's unsurprising that Singaporeans are exceptionally good at shopping. With more high-end malls per capita than anywhere else in Asia, shopping is now a well-entrenched national past-time. But it's not just physical stores that enable this shopping addiction. The omnipresence of mobile technology and super-fast 4G mean that Singaporeans can also shop online wherever they are, at any time of day.

Warren Buffett famously said, "Only when the tide goes out do you discover who's been swimming naked."

Indian Prime Minister Narendra Modi wrapped up his two-day state visit to Singapore on November 24th. This year marks the 50th anniversary of diplomatic relations between the two countries, and they have agreed to elevate their ties to a strategic partnership. It is being built upon a framework of agreements that include the 1994 Double Taxation Avoidance Agreement (DTA) and its various protocols, Defense Cooperation Agreements, and the Comprehensive Economic Cooperation Agreement (CECA).1

"There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." This is a popular quote by Bruce Lee encouraging continuous improvement of one's self. There is a lot to learn from this quote for businesses in Singapore – first identify your strengths, embrace them, and then figure out how you can improve them.

As you enter into the CBD from Changi Airport, most visitors, myself included, are amazed at the sheer number of quality hotels that dot Singapore's skyline. From the fabled opulence of The Ritz-Carlton Millenia Singapore with its 4,200-piece contemporary art collection, to the smaller but no less luxury boutique properties such as Sofitel So in Telok Ayer, with one of the best rooftop bars in the city.

Digital has disrupted the traditional ways of conducting business, especially so for sales.

As the Global CEO of a start-up, I understand that I'm not just hiring employees to work for me. It's in my best interest to also ensure that if and when employees leave, they:

The report on the annual SME survey conducted by DP Information Group was released on 11th November. The results are not cheery – 53% of the businesses surveyed reported hitting a plateau in growth or even experiencing negative growth. Out of a total of almost 2800 companies surveyed, more than half are not growing as they should. This is worrying because it is the highest percentage of no growth in recent history.

Offshoring of junior back-office financial services and IT jobs away from Singapore is a trend creating ripple effects on the mid to senior back-office managers left behind.

On November 17th, the Inland Revenue Authority of Singapore (IRAS) published a "Summary of Responses - Public Consultation on Draft Income Tax (Amendment) Bill 2016". In the annex, the fifth point under the "Summary of key public feedback received on the Income Tax (Amendment) Bill 2016 ", was to Amend the provisions relating to implementation of Foreign Account Tax Compliance Act (FATCA).

On the surface, the Indonesian haze and the US Federal Trade Commission (FTC) have very little in common. But for Singapore-based company directors, they highlight the increasing risk of running a domestic or international company at the highest of levels. For Singapore directors, company risk is becoming personal—no matter where the problem manifests.

Singapore is the world's leader in the ease of doing business. The city-state's unmatched global and regional connectivity, its highly productive workforce with a mix of local and foreign talent, and a business-friendly regulatory environment have made Singapore the go-to destination for global businesses.