Singapore Business Council was founded 19 years ago on the year 1999, through the years they have accumulated above 1000 members of each type membership. They’re registered to Dubai Chamber of Commerce and Industry within the UAE. The SBC operates under the support of the Consulate General of the Republic of Singapore within Dubai, UAE and the Singapore Embassy within Abu Dhabi, the operations are being managed by the Executive Committee of the SBC.
Different types of membership are corporate, individuals and affiliate, these membership influences across different sets of categories such as; logistic, law, education, etc.
Singapore Business Council is a business council in Singapore that is managed by the executive committee that consists of 10 higher-echelon within the council. These Executive committees are individuals that have ties to UAE regarding business, and professionally, they’re also Singaporean individuals that took the initiative to assume the role as a part of the committee.
About UAE and Singapore
- United Arab Emirates
The United Arab Emirates is known for their reliance on oil; they rely on oil as well regarding their imports and exports that 85% majority are oil exports. Through oil UAE was able to grow from 60 years ago when it was discovered until the present, they also rely on tourism as their secondary source of revenue.
UAE’s economy is one of the largest economies within the Middle East and GCC Region; their GDP accumulates a total of AED 1,38 trillion, the main revenue of their GDP from their oil. UAE has a Gross national income of $675,300 billion. Regarding the labor force, the UAE has 6,330,540 and the majority are male a percentage of 91%, whereas there are 42% regarding labor forces for females.
Singapore is known for exporting electronics and chemicals; they’re also reliant on their tourism as their second source of revenue since as time passes by they noticed the importance of having tourism within their economy.
Singapore is the 20th biggest exporter around the world and has a total of 309,754 million dollars in GDP; they’re ranked 40 on the GDP ranking worldwide, the workforce percentage of Singapore for ages 25 – 64 is 80%, whereas for ages 65 and above is 25%.
Advantages of Singaporean Businesses on UAE
- Singaporean Business may benefit from UAE’s huge amount of free trade zones within the UAE area, through the free trade zone. It would allow the Singaporean businesses to have complete ownership and control regarding company registration.
- Within UAE there is no corporate tax on the profit accumulated by the business entities. Therefore the Singaporean Businesses could accumulate enough profit not only to run on a stable foundation but also have enough profit for business activities that may result in more business revenue.
- Regarding reporting the financial stature of the business, they’re not required to report annually with an audit but instead could report in a simplified form. Thus, it allows the Singaporean business to provide simple financial statements and not deal with providing strainful annul audits.
Singapore and UAE Relationship
The highest export of Singapore to UAE are pearls and different materials that could be used for construction and on producing items. Regarding Economies both UAE and Singapore are known for being rival, though as time passes by for both countries to benefit to each other, they’re aiming to improve their relationship between their countries to improve their relation and economy.
Becoming a Member
The Singapore Business council provides different membership benefits that would appease different individuals expectations when joining as a member. As for their types of membership, they have individual member and corporate member.
Individual membership of the SBC consists of different categories which are an affiliate, Singaporeans, and non-Singaporeans. Benefits of each category differ for the individual member, whereas corporate membership has the same benefits for those joining as a corporate member.
Singapore Business council acts as a supports that assist their members in expanding their professional list of contacts for those members to increase their chances for different opportunities regarding making business occur.
Events and Exhibitions
SBC holds an event every month and at the same time invites known guest speakers to express and discuss their knowledge about the topic, their events are held together with their honorable corporate members and different known businesses. The different known businesses are the following:
- Singapore Management University
- Chinese Business Council
Their events and activities aim to provide their members with support in increasing their opportunities regarding making business happen for their company.
The SBC envisions that their members would be able to engage, enable, enrich and dynamically take advantage of their area, through knowledge and networking session. They also aim to allow mutual beneficial relationship improvement and manage the ideas shared between the following businesses and agency:
- Singaporean Business
- Government Agencies
- Business Councils
Their objective is to be able to manage their network within the following entities in terms of Business Councils and Government Agencies:
- ASEAN Businesses
They also aim to support different professionals to gain relationship between the other ASEAN boards. SBC also aims to improve the area of perception of Singapore business and professional within the UAE.
Lastly, they aim to manage the education on domestic businesses regarding practices to improve competency percentage of the members of the SBC.