Country Environment Analysis – Singapore

land surroundings analysis capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of Singapore while 12/05/2012 Course BUAD 6500 Prepa florid For Dr. Stanford A. Westjohn Prep ard By Emtithal Alhumood, John Baker, Nora Dillon and Yuhong Fu send back of Contents Page Part 1 big environs AnalysisAbstract 3 Social linear perspective 3 sparing Perspective -5 policy-making Perspective 7 Ch exclusivelyenges to Business in Singapore 9 Summation of macro Environment Analysis 10 Part 2 Country Environment Analysis 12 Country Environment Analysis Abstract 12 ground of the Tourism manufacture 12 Areas of Opportunity and Risk 16Challenges for US Business in Singapores Tourism perseverance -19 Country Environment Analysis Summation 21 Part 1 Macro Environment Analysis Abstract The area of Singapore enjoys a passing veri table and successful free market economy. The firstborn section of this repute details the stinting, companionable and semi governmental aspects of Singapore from a vocation perspective. Further untold, this root word will identify and analyze challenges which any telephone line must analyse upon entry to this maturement marketplace. Social Perspective Geographic Location fit(p) in the northern part of the equator, Singapore lies in the midst of Indonesia and Malaysia.The island has a capacious coastline of 193km. Half of the terrain contains metropolitan areas while reservoirs, open military areas, plantations, and parklands c everyplace 40%. Covering an area of 699 sq. km. , the plain is believed to be among the creations well-nigh beautiful nations. Population As of June 2011, Singapores population stood at 5. 1 cardinal, devising it among the three closely densely populated nations in the human beings (MediaCorp Pte Ltd, 2011). Singapore has a multicultural p opulation with Mandarin, bunk, Tamil and Malay listed as the democracys quatern official languages. slope is comm totally used end-to-end Malaysia and is lots referred to as the home(a) language.Improved healthcare in the country has resulted in reduce infant mortality grade. However, the overall population evolution account is relatively low at 2% from 2009 to 2010. Immigration is a grand driver of population fluctuation, as local anesthetic population growth has in truth declined in the preceding(a) decade. Literacy According to the United Nations Development Programme continue (2011), Singapore has a literacy rate of 94. 7%, which ranks 75th in world-wide literacy by country. Education is regulated and supervised by the Ministry of Education which oversees some(prenominal) private and frequent schools. All public schools instruct students using the English language and their indwelling tongue (referred to as M some other Tongue dustup).According to Wikipedia , education spending typically accounts for 20% of the national annual cypher in Singapore. Cultural Values Singaporeans cave in a hierarchical history, and for the local population power distance is generally high. Respect for authority and social formalities are highly valued in Singapores local culture. Respect for parents, elders, teachers, and employers is held in high regard. Due to the emphasis on family values, Singapore has climb uped a collectivist culture which focuses on the advancement of society as opposed to the individual. Local residents generally express a modest humility when communicating with foreigners which could be interpreted as powder-puff in reference to Hofstedes cultural framework. Art / Music / victualsHeld annually, the Singapore Arts Festival is a noneworthy fount in the countrys celebration of the arts. The festival integ order visual arts, dance, and theatre. Besides stead participants, global artists are alike showcased. Today, the Festiv al is an multinational number. Additionally, the arts optic has traditional and classical music representation focusing on the four uncreated(prenominal) cultures in the country. Singaporean cuisine signifies ethnic cultural conversion and food is seen as a uniting cultural strand that is central to their national identity. Religion Due to its strategic position, Singapore is home to many a(prenominal) a(prenominal) religions. Once it was declared a port, several ethnicities and nationalities from more or less the globe immigrated to Singapore. 3% of the population practice Buddhism making it the core faith, 18% are Christians, 15% Muslims and 5% are Hindus. Besides, close to 17% of the populace do not practice any religion as they claim to be free-thinkers (Chong, 2010). Economic Perspective Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free surround, inactive prices, and a per capita gross domestic produc t higher than that of most developed countries. The economy depends heavily on exports, specially in consumer electronics, instruction technology, pharmaceuticals, and financial go. Since the early 1990s a focus on globalisation has driven Singapores economy to new levels of growth and development.to a fault you can read ab forthHistory of the Culinary Arts.It has signed 13 free carry on agreements to throw out international commerce and it boasts globally rivalrous tax incentives to d affectionate international investors. Current GDP Breakdown Singapores current GDP falls at $239. 7 meg. GDP per capita is roughly $60,000 which ranks fifth highest in the global community. According to trading scotchs. com, Singapore experienced an annual GDP growth rate average of 5. 54% between 2007 and 2011. Despite a 1. 5% GDP contraction in the third quarter of 2012, Singapores overall GDP is evaluate to follow historical growth around 5% this year. Export, Import and avocation Singapo re is the 14th epicst exporter and the 15th largest eventer in the world. According to the WTO, Singapore has the highest wiliness to GDP ratio in the world at 407. 9%. world-wide clientele is essential for Singapore, as it has virtually no natural resources. A large percentage of mete out is conducted to meet domestic charter for energy, food, and other necessities. Singapore also regularly engages in trade, whereby industries and aires in the country import raw materials, before refining them for re-export. 47% of Singapores exports consist of re-exports. Singapore has relatively few restrictions to trade. Trade partners have zero tariff rates applied to their products other than alcoholic beverages. Some import restrictions exist, which are think primarily on environmental regulation, health, and public shelter misgivings.The import of rice also requires import licensing in order to ensure food cling toion and price stability. In 2010, Singapores exports were valued at $351. 2 billion (USD). The primary export partners include Hong Kong (11. 6% of total exports), Malaysia (11. 5%), US (11. 2 %), Indonesia (9. 7%), chinaware (9. 7%), Japan (4. 6%). Singapores imports were valued at $310. 4 billion. The U. S. was Singapores primary source of imports (14. 7% of total imports) followed by Malaysia (11. 6%), chinaware (10. 5%), Japan (7. 6%), Indonesia (5. 8%), South Korea (5. 7%). unproblematic Industries The petroleum and petrochemical application in Singapore is one of the biggest in the world.Singapore imports petroleum from other countries before refining it for further use in other countries. Singapore has the third largest oil refinery in the world. The Singapore Petroleum smart set (SPC) is also a leading player in the petroleum industry and is engaged in exploration, action, refining and distribution. Manufacturing is another major industry in Singapore. Although Singapore has specialized in digital and electronics manufacturing for the past forty years, the country has diversified into other forms of manufacturing. Thanks to governmental sympathies initiatives and subsidies, biomedical and pharmaceutical manufacturing is seen to be the future for Singapores industries.Singapore is also a global leader in services, particularly in finance. Singapores banking system is considered to be among the strongest in the world. Singapore has the fourth largest foreign exchange market in the world afterwards London, New York and Tokyo. The Singapore Government Securities is the but Asian market, besides Japan, to be part of the Citigroup World Bond Index. The Singapore Exchange (SGX) was also the first demutualised, integrated securities and derivatives exchange in Asia-Pacific (Wikipedia, 2012). Economic Fore imbibe From 2011 onwards, Singapores GDP growth rate (constant prices, national currency) is expected to grow between the ranges of 4. 008 percent to 5. 162% in the next five years.According to the Ministry of Trade and Industry (MTI) in Singapore, 2012 whitethorn see a higher growth rate of 5 to 7% as its primary trade partners continue to recover economically. Political Perspective Singapores political sympathies is a blend of democracy and authoritarianism. It is a fan tanary republic with a legal system modeled after English common law. The president is voted into office by the popular vote for a six year term. Voting in elections is required by law, so e precise citizen 21 years and older is legally obligated to cast a vote. The cabinet and the prime ministers are appointed by the president. at that place are 84 parliamentary seats and each person serves a term of five years. The judicial power belongs to the Supreme Court which is calve into the Court of Appeals and the High Court.Judges in both of these courts are appointed by the president of Singapore (Government Structure, 2012). Political Parties There are five main political parties The Workers Party of Singapore, the Refo rm Party, the Singapore republican Party, the Singapore Democratic Alliance, and finally the Peoples Action Party which happens to be the most dominant. This dominance is delinquent to the fact that knocker brought Singapore from an impoverished nation to one with fantastically rapid economic growth. Although this party has brought a certain level of prosperity to the country, they have also instituted extremely strict laws and censorship on most all aspects of life. Current Political EnvironmentIn the past, Singapore was very conservative with spending and enthronisation. However, in 2001 Singapores regime began structuring a stimulus sheaf that included tax rebates for businesses and citizens, lower public service fees, a more expansive welfare program and financial assistance for lower businesses. The financial stance was changed to go by their currency agonistic while assisting the ontogenesis in exporting. Since then, Singapore has relied less on government hitch and more on the liberalization of the economy. This came about due to the lack of improvement government intervention made and the requirements for a World Trade Organization membership (Politics & Government, 2007).Because the PAP holds over 90% of the seats in Parliament they have miniature trouble getting their policies approved by Parliament which only requires a two-thirds majority. As a result there is not a straight-laced check and balance in Singapores parliament against the PAP. However, new-madely their dominance may be lessening according to the outcomes of the 2011 elections that showed a significant decline since 2006. In order for the PAP to stay dominant they must focus on maintaining a strong economy and addressing immigration issues while gaining the trust of the younger generations. Due to Singapores low birth-rate, immigration has been essential to their economic growth. The percentage of native citizens had gone down to 74% in 2010. This has forced native cit izens to fight with immigrants for jobs.In the upcoming years it will be up to the government to drop dead integration programs, lower the immigration rate, and smooth over ethnic tensions (Political Overview, 2011). Relationships afield Singapore developed a life-threatening relationship with the United States during the ratty War due to the PAPs anti-communist platform and their ability to spread free trade through the Asian-Pacific region. In 2003, the United States and Singapore signed the first symmetrical agreement between the United States and an Asian country. Singapores government has not only pursued good relationships with the United States they also focus on good working relationships with Australia, Jordan, India, Korea, New-Zealand, and Panama through the signing of Free Trade Agreements.The government is currently negotiating correspondent agreements with countries such as Bahrain, Canada, Egypt, Mexico, Sri Lanka, Kuwait, Qatar, and the UAE. (Politics & Governm ent, 2007) Challenges to business in Singapore According to the World Banks Ease of Doing Business Report, Singapore has the most conducive regulatory environment for business among 183 economies worldwide (guidemesingapore. com). epoch this exponentially expanding economy issues many opportunities for business development, there are a few challenges that must be considered by global entrepreneurs. Singapore has crowing at a very rapid rate over the past few decades, and its economic success has draw outed many industry leaders.This increase in business has created a very competitive marketplace, which presents challenges for new entrants. High ambition is a barrier to entry for amateur organizations, and stiff competition much meat reduced margins. Many companies who are considering an expansion into Singapore have concerns regarding economic growth and profitability. Many of these concerns stem from rising be in the repel market and reductions in productivity. According to the Ministry of Trade and Industry, labor productivity fell 2. 2% in the first quarter of 2012, following a downward trend for the past 12 months. Also, manufacturing approachs rose 4. 6% and overall labor costs are up 3. 7%.The productivity reductions can be attributed to contagion from struggling European and U. S. markets. Higher costs in goods and services are driving increases in both labor and operating expenses. Access to raw materials is also a concern for manufacturers considering business in Singapore. Geographic limitations and limited access to resources often force manufacturers to import raw materials. Logistic costs associated with the delivery of raw materials can often become cost prohibitive. This problem grows increasingly prevalent as the cost of fuel continues to rise globally. some other barrier to entry for new business in Singapore is the governments late move to restrict the inflow of foreigners.Singapores citizens are development increasingly discon tent with income contrariety and rising costs of living. In response, the government has been enacting a series of advantage restrictions for permanent residents and foreign workers. For example, certain workers are not permitted to bring parents or in-laws into the country, and healthcare benefits are being reduced. In July 2012, Singapores parliament considered amendments to its immigration law which would make new residency or long-run work permits a criminal offense (Mahtani WSJ). These social indicators are red flags for new businesses who fear the impact of legislative protectivism. Summation of Macro Environment AnalysisSingapore proves itself to be a promising location for businesses hoping to internationalize. Its divers(a) and vibrant culture welcomes newcomers as evidenced by its high rate of immigration. Singapores technology focused economy is growing at a stable rate with little sign of slow-down. This can be partially attributed to its political stability. It has been run by the same political party for decades, allowing Singapore to keep steady international relationships with foreign countries and their business partners. While all of these factors encourage business investment, new entrants must also consider legislative protectivism and the increase costs of labor and manufacturing in their decision.Part 2 Country Environment Analysis Country Environment Analysis Abstract With its comfortable cultural arras and beautiful landscape, modern day Singapore has a lot to allow its tourers. The second section of this report details Singapores recent efforts to make their country a major travel destination. As the hurried growing sector of its economy, Singapore has recently made huge investments in its phaetonry industry. Singapores government has constructed a mass-rapid-transit-system (MRT) which serves as a means of transportation for sightseeing tourists. Singapore is also focused on building attractions such as amusement parks and botanical gardens.Singapore is a melting pot of different cultures as a result it offers a cornucopia of cuisines and cultural events. Along with its high population of English speak locals and low crime rate, it serves as an ideal travel destination for westerners. Scope of the Tourism Industry Singapore has developed a rich touristry history over the past 300 hundreds of years. At the southern lean of Malaysia, Singapore is a primary destination for eastern trade. This bustling trade environment has attracted a culturally diverse population, and it is no surprise that this environmentally beautiful hub for international business has become one of the premiere tourist destinations. Singapores touristry industry is massive. The Singapore Tourism age (STB) notes $22. billion in touristry receipts for 2011. In that same year, Singapore attracted over 13 million tourists, which was a 13% increase from 2010. This is an astonish number for a nation whose population is just above 5 million. 76% of these visitors were Asian primarily from Indonesia, mainland China and Malaysia. However, Australia, India and the Philippines also represented large percentages (see common fig tree 1). Singapore has been experiencing double-digit percentage growth in tourism benefit for the past 6 years and is expected to grow another 12% in 2012 according to major Asian news organization Asiaone intelligence activity. frame 1 Singapore Tourist Levels per Country 2009-2011Country or dirt 2009Tourists (ea) 2010Tourists (ea) 2011Tourists (ea) Germany 183,681 209,231 219,952 Taiwan 156,761 191,173 238,488 Vietnam 265,414 322,853 332,231 South Korea 271,987 360,673 414,879 United States 370,704 416,990 440,576 United Kingdom 469,756 461,714 442,611 Hong Kong 294,420 387,552 464,375 Thailand 317,905 430,022 472,708 Japan 489,987 528,817 656,417 Philippines 432,072 544,344 677,723 India 725,624 828,903 868,991 Australia 830,299 880,486 956,039 Malaysia 764,309 1,036,918 1,140,935 China 936,747 1,171,337 1,577,522 Indonesia 1,745,330 2,305,149 2,592,222 *Data Source Singapore Tourism Board 2012 Singapore attributes much of its growth to improvements in infra building and aura connectivity. investment fundss in port access, roadways and air space have streamlined the movement of populate and products throughout Singapore. The government has also invested heavily in railway for its MRTS which moves an average of 2. 4 million people per day (Wikipedia, 2012). Furthermore, developments in tele parleys have helped to improve information accessibility, which has improve the ease of travel for both business travelers and tourists. In the year 2000, Singapores government decided to liberalize its telecommunications sector.Previously, two companies controlled the entire telecommunications industry. In an effort to encourage global competitiveness, the government compensated the two companies, and undefended the floodgates of telecommunication competition. Allowi ng market forces to drive this sector resulted in a alteration of progressive technology which has solidified Singapores current position as a technological hub. So why is Singapore growing increasingly popular as a must visit international destination for tourists? Many economists note the business friendly environment which has attracted top-tier investors from around the world. This environment has produced a cosmopolitan culture of engineering, art, food and music.Noting official languages of English, Malay, and Chinese, many international visitors also find it easy to communicate. Singapores government realized the unique prospect for its tourism industry long ago, and developed the Singapore Tourism Board (STB) in 1964 to facilitate and develop its tourist activities. According to the STB, sightseeing and entertainment represented the largest spend for tourists in 2009 (see figure 2). Given its rich history of tourism, Singapore has developed many attractions over the years. Visitors can tour museums of contemporary art, explore Singaporean history, walk its indigenous botanical gardens, and experience its science centers and foreign zoos.But some of the most formidable attractions have been developed in the past decade. The Marina Bay Sands relapse is a contemporary architectural masterpiece which opened in 2010, and holds the unload as the most expensive casino property in the world at $8 billion (Wikipedia,2012). Fig 2 Singapores Gardens by the Bay has 250 acres of reclaimed land which holds state-of-the-art conservatories, horticulture themed gardens, prime of life markets, and massive supertrees which stand 82 feet high and house countless exotic ferns and plants. These artificial trees were aesthetically constructed with tourists in mind, and illuminate the park at darkness with spectacular LED displays.Singapore also has its own Universal Studios which opened to the public in 2009. This Hollywood themed amusement park attracts visitors fro m around the globe, and is popular with western tourists who find comfort in its familiarity. Tourist attractions are big business in Singapore, and the STB works to ensure that there is no shortage of entertainment. Another tourist attraction is Singapores annual Grand Prix ram step on it, which has generated significant revenue for Singapores growing economy. Auto move has been a significant part of Singapores history since the 1960s, and in 2007 the STB signed a contract to bring Formula 1 racing to Singapore.According to Wikipedia, 110,000 tickets were made available for the first race, and the event quickly sold out filling every seat in the newly constructed raceway. This international event has since gained popularity as a premier racing competition. The Grand Prix weekend event generated over $200 million in overall local revenue in 2011. Areas of Opportunity and Risk Future development As previously detailed, Singapore is one of the fastest growing economies in the worl d. The connectivity of the country is merry to increasing competitiveness. Toward this end, one of the future plans for infrastructural development is the expansion of its MRTS, in an effort to connect all geographical areas in the country (GuideMeSingapore. com, 2012).Since, Singapore has slowly become a regional hub for petroleum production and exploration and a tourist destination, the MRTS is aimed at providing a reliable, fast and cheap transportation of people and goods around the country. As previously discussed, communication facilities, particularly the telecommunications, have provide growth in most parts of the country. Future plans related to communication include opening up most parts of the country by investing in the telecommunication sector. Satellite systems and submarine cables are project to reach most parts of the country by 2014 to enhance geographic development. Other future developments plans include the transformation of the city into an exciting and thrum place by illuminating all areas with LED lights. The objective is to attract more tourists to the ity (GuideMeSingapore. com, 2012). The major areas of the city targeted for this transformation include Singapore River, plantation Road, Marina Bay and the whole of the Central Business District. The projected number of tourists by 2015 is expected to reach 18 million (from 13 million in 2011). Hence, future plans include improving current tourist attractions. Funding/Investment With its fast growing economy, Singapore is considered an important investment destination as compared to many countries in the world. Singapore has numerous accompaniment opportunities for investors ranging from traditional banks to the grants provided by the government for investment purposes.Institutional support for both private and public funding is encouraged in Singapore. Funding opportunities are provided both to foreign and local investors. With the wide range of funding and financing opportunities, numerous investment opportunities are available in Singapore. As previously mentioned, one of the fastest growing sectors of the economy is the tourism industry. This sector provides numerous investment opportunities particularly investments in tourist handling facilities such as guest houses, leisure resorts and hotels as well as investment in transportation facilities. Oil production and exploration is another area of fortune.With the rising demand for cheap bumble and oil products in Singapore, oil exploration is an important investment fortune for multi-national corporations dealing with onshore oil exploration activities. Other opportunities include investment in the financial sector such as providing financial services and trading in the stock market. Political Stability While political stability is an area of risk in many countries of the world, it is an area of opportunity in Singapore. Singapore is ranked first as the most politically stable country in the Asian region (GuideMeSingapore. com, 2012). The political structure in Singapore makes the county an area of opportunity since the countries major sectors are not governed through political appointments. Important sectors of the economy are governed by bureaucrats.This means that performance, skills and loyalty to the policies of the nation qualify one to be appointed in any office in the country. Further, the dynamic nature of the countrys population contributes immensely to its political stability. The country has a multi-religious and multi-racial character where providing fair(a) chances for all in terms of health, education and investment opportunities continues to maintain economic balance (GuideMeSingapore. com, 2012). Hence, Singapores political system is an area of opportunity rather than an area of risk. This is further investment incentive for U. S. MNEs. Security of tourists Singapore has a well-organized security system.The Internal security organ of the government is bestowed with the righteousness of ensuring the security of both local and foreign nationals. Hence, tourists are accorded utmost security by both private and government forces and protected from any instances of despise or racial utterances. Tourist sites and facilities are guarded by national law enforcement authorities to ensure that tourists move freely without threats to their security (Ramesh, 2010). Singapore was recently noted as the number one Ultra-Safe Destination by Opentravel. com which boasted its crime rates as the lowest in Asia. Hence, security of tourists is a major area of opportunity in Singapore. Financial StabilityThe countrys projected revenue is expected to hit more than $40 billion according to the 2011 estimates. Expenditures are estimated at $35 billion leaving a trade surplus of more than 5 billion. In this regard, Singapore boasts of trade surplus rather than trade deficit. This means that the country is economically stable and it has stable resources for purchase of capital goods for the development of the country. The economic growth rate is an important indicator of the countrys economy. The projected economic growth rate is expected to hit more than 7. 5% by the end of 2012. With sound financial stability, international investors can have impudence in their expected return on investment.The tourism industry has seen similar growth in recent years (see Fig 3). Fig 3 Challenges for US Business in Singapores Tourism Industry The STB is the countries leading economic development agency for tourism, and most opportunities for U. S. partnership in the tourism industry would be facilitated through this organization. The United States is a primary marketing point for the STB which maintains office-space in both New York and Los Angeles. The government of Singapore prefers to use local firms to combine tourism with the ethnic lifestyles of Singapore. One concern for US firms who are considering opportunities in Singapore is the growing pressure of protectivism in its local culture.This is also a challenge for the STB who is aggressively recruiting visitors. The STB does work to hike local heritage, but it also strives to develop global tourism demand which often requires deviation from traditional culture. For example, Singapores theater regularize regularly presents western musicals and dramas to satisfy western audiences. This is an area of opportunity for U. S. base organizations who wish to get in on Singapores favorable tourism industry, but a legislative recent push to protect local heritage is prioritizing eastern values and culture. Singapore also relies on international investors and engineers to develop new world-class attractions.For example the Singapore Flyer, a 42 story high Ferris wheel located on Singapores southeastern tip, was boded by German engineers. Also, the design for its world famous Garden by the Bay Park was decided by an international competition which attracted more than 170 firms from 24 countries. The final design was awarded to two firms Grant Associates from New York, and Gustafson Porter from London (Wikipedia, 2012). Another barrier to US business is the overwhelming Asian influence in Singapore. As previously stated, the majority of foreign tourists come from Asia (Japan 36%, Philippines 34% and China 31% 2011). This is partially due to Asian airlines that have drastically reduced their airfares in an effort to encourage Singapore tourism.Collaborations of these Asian countries not only ensure that there is stability in Singapores tourism industry, but they also make it difficult for other countries to penetrate the market. Singapore is known for its pro-business culture, and in most cases it encourages international investment. Tourism, however, is a unique industry and the government is not as interested in incentivizing foreign tourism investment as it used to be. Some of the biggest challenge for U. S. firms and investors in Singapores tourism industry in clude limited opportunity, competition, and government control. International firms are fighting to penetrate Singapores $20 billion tourism industry. The opportunity for substantial profit is attracting top-tier entertainment, culinary, construction, and engineering companies. However, Singapore is eographically small and well developed at this point. The STB is selecting from a pool of innovative firms when create new projects and their preference to promote local firms is increasingly evident. This business environment is incredibly competitive, and the STB tends to award local firms when given the choice. One strategy for U. S. companies is to provide innovative proposals which cannot be easily replicated. U. S. based firms can also develop collaborative relationships or joint ventures with Singaporean organizations to gain a competitive edge. Country Environment Analysis Summation The tourism industry in Singapore appears to have a lot of promise.Its diversity offers tourists a rich cultural experience while still allowing ease of the communication and transit. It also boosts a low crime rate, an increasing number of attractions, and stable political and economic environment. Those wanting to invest in Singapores tourism industry through the construction of resorts and hotels will be welcomed by Singapores traditionally pro-business policies but potentially discouraged by its recent push towards protectivism. One thing is certain, the tourism industry in Singapore is booming, and the potential for growth is attracting the most innovative firms in the game. Works Cited AsiaOne. com. 2012. http//www. asiaone. om/News/AsiaOne+News/Singapore/Singapore. html Chong, T. (2010). Management of Success Singapore Revisited. Singapore Institute of Southeast Asian. GuideMeSingapore. com. 2012. Why choose Singapore? Available from http//www. guidemesingapore. com/ internalisation/introduction/singapore-incorporation-advantages Retrieved on 10th November 2012. GuideMeS ingapore. com. 2012. Introduction to Singapores political system. http//www. guidemesingapore. com/relocation/introduction/singapores-political-system. Retrieved on 10th November 2012. Janus Research Reports -Doing Business in Singapore vs USA http//www. guidemesingapore. com/research-reports/usa/doing-business-singapore-usaRamesh, S. (2010). Government goal is to ensure all citizens enjoy fruits of growth PM Lee Channel News Asia (Singapore) Mahtani, S & Raghuvanshi, G. , (2012) Singapore Restricts Foreigners tissue http//online. wsj. com/article/SB10001424052702303567704577518591429808110. html MTI (Ministry of Trade and Industry) Singapore (2012) web http//www. mti. gov. sg/Pages/home. aspx MediaCorp Pte Ltd (2011). Singapores population reaches 5. 1 million. Retrieved from http//www. channelnewsasia. com/stories/singaporelocalnews/view/1155998/1/. html Ministry of Trade and Industry Economic Survey of Singapore First Quarter 2012 http//www. mti. gov. g/ResearchRoom/SiteAssets /Pages/Economic-Survey-of-Singapore-First-Quarter-2012/Ch1_1Q12. pdf OpenTravel. com. 2010. http//opentravel. com/blogs/top-ten-ultra-safe-destinations-to-travel/ Shibani Mahtani and Gaurav Raghuvanshi WSJ 06/ one hundred one/2012 Singapore Restricts Foreigners http//online. wsj. com/article/SB1000142405270230356770457751 8591429808110. html Wikipedia. com (2012). http//en. wikipedia. org/wiki/Mass_Rapid_Transit_(Singapore) http//en. wikipedia. org/wiki/Singapore_Tourism_Board http//en. wikipedia. org/wiki/Gardens_by_the_Bay http//en. wikipedia. org/wiki/Tourism_in_singapore