With one of the lowest and most efficient corporate tax regimes in the world, expanding to Singapore is often a lucrative business option. If you are looking to set up your business in Singapore, the process is easy too. All you need is to link up with a friendly and efficient firm offering company incorporation services. They will work out all of the paperwork, and you will be ready to hit the road in a matter of hours.
But expanding your business to a new territory involves a lot more than that. Setting up a business in a cut-throat competitive market requires a lot more groundwork before making a move. You should research and plan thoroughly, find out which are the right licenses, identify financiers to work with, and plan to take advantage of government incentives.
Are you looking to expand your business to Singapore? Read on and equip yourself with these tips before expanding to this little red dot.
1. Conduct thorough research
Before you set sail with your business, you should thoroughly research the market and evaluate your plan. This will help you to determine if the move will be able to meet your organisational goals.
However, conducting thorough market research whilst far away is challenging and expensive. Distorted information can also cost you dearly. Rather than doing the research yourself or send a representative, a much better option would be to reach out to firms offering SME accounting services in Singapore, like Ackenting Group.
We have the expertise, network, resource and experience to carry out extensive market research and give you professional reports which you can rely upon and present during board meetings. We are also a one-stop solution for your business should you decide to set up in Singapore, offering essential accounting bookkeeping services as well as tax accounting services required for your business.
Thus, it is important to research and plan until you are certain.
2. Get the right licenses
Getting your business set up can be done in a matter of hours. However, that is just the beginning. You also need to get a series of green flags from various authorities, depending on the nature of your business.
Although you can apply for and obtain most of these licenses and permits from online platforms, you will find it hard to navigate through all of the complicated hoops. It is best to leave it to an experienced firm that provide corporate services to handle various needs of your business.
At Ackenting Group, we can be that accounting firm for you. Not only do we provide fast and effective business setups, but we can also help your business make critical financial and risk analyses so that you can move forward with the best solution. We aim to be your one-stop business solution, serving all of your business needs in every way, such as corporate accounting services. This way, you can always stay on top of the latest market developments and continue growing your business.
3. Identify financiers to work with
Business expansion is often a risk, and one that requires plenty of capital. You will need to get your business established before seeking a line of credit from bank institutions. At Ackenting Group, we work closely with major local banks and are able to provide support to help you open your personal or corporate bank accounts in Singapore. If you need to seek for investors, we can help you draft a viable business plan with the necessary numbers to achieve your goal.
4. Explore government incentives
You can also consider government grants to ease the setup costs. There are several government-backed programmes to help and support new businesses and start-ups. Entities such as International Enterprise (IE) Singapore and Standards, Productivity and Innovation Board (SPRING) can offer financial assistance to help cover for some of the initial costs.
There are elaborate criteria to be met before a business can qualify and access these incentives. Your accounting partner can advise you accordingly to help you apply for the funding.
If you require any assistance on accounting services, feel free to drop us an email at firstname.lastname@example.org or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.