Even on familiar ground, setting up a company and guiding it to success is tough. It is even harder when you are setting up your business in a place that you are unfamiliar with. You have to be acquainted with the culture of the new area, understand the business environment, seek and cooperate with reliable partners and leave nothing to chance when it comes to budgeting and working out your logistics.
Nevertheless, when the reward is substantive, like gaining a foothold to the entire ASEAN region, the hurdles of setting up shop are dwarfed.
The following five tips will help you pass the obstacles with ease and guide your business to success in Singapore.
1. Don’t Skimp on Professional Advice
Professional advice from incorporation services firms in Singapore and other firms, such as accounting companies, is vital. Having their expertise and experience will enlighten you on the best ways to form good relations with regulators as well as conform to regulatory standards.
Generally, professional business advisory firms in Singapore are registered with the Accounting and Corporate Regulatory Authority (ACRA) and conformed to its standards. This means that their teams are fully professional. Thus, do not cut back on professional advice – be open to remunerate more for broader experience and deeper insights.
2. Visit the Country
The internet has made it possible for people to telecommute at a minimal cost. However, if you are looking to start up a business in Singapore, do not listen purely to others’ opinions and experiences, pay the country a visit and experience it for yourself.
Perceive and experience the culture of the country, for example, how people in your future market live, eat what they eat, see how they get to work and interact with them. Teleconferences and Skype calls may be complimentary and more convenient. However, live interactions are unexchangeable and certainly more valuable and will yield much in Singapore.
3. Fine-tune the Budget and Iron Out Logistics
Develop a budget that is comprehensive and meticulous. If you are unsure about budgeting in the Singaporean context, you can consider reaching out to an accounting firm in Singapore and develop a robust budget. This process may be tedious, but having a budget that is well-planned and managed will free you from unprecedented expenses and ensure that you utilize resources effectively. On the other hand, if you are planning to move to Singapore, it is essential that you ensure your logistics are prepared well for a smooth relocation.
4. Seek Reliable Partners
It is tough to enter new markets by doing it alone. This is especially so if you are starting up your business.
It is advisable for you to reach out and work with a reputable accounting company in Singapore. Allow them to assist you as you learn the ropes and break new grounds.
5. Understand the Environment
The tips above point to one aspect of doing business, which is understanding your business environment. Be inquisitive about the regulatory environment, the political stability, the culture and economic potential of Singapore.
Singapore has been widely touted as a tax paradise for foreign entrepreneurs. It is also well known for its infrastructure and is reputed as the gateway to the ASEAN region.
If you require any assistance on accounting services, feel free to drop us an email at email@example.com 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.