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Five Questions to Ask Before Expanding Your Business in Singapore

May 11, 2015 | Sharon Cheong

Singapore has long enjoyed its role as a global leader in the import export business. As industry and commerce has grown, so has Singapore's ability to accommodate large and small businesses around the world. Regardless of what type of business you run or how successful you are, Singapore has something to offer if you're ready to build an offshore office. 

Expanding your business in Singapore has numerous perks and advantages, such as the ability to produce manufactured goods at a much lower cost. In addition, you won't have to sacrifice on telecommunications, transportation or other business needs. The local infrastructure can cater to any type of business and any size. If you're still not sure about expanding into Singapore, these five questions can help you decide. 

  1. Is your business ready to take advantage of the emerging market opportunities? With the wider profit margins and low-cost industrial space in any one of Singapore's commercial areas, financial opportunities abound. At this time, the country has a strong entrepreneurial spirit and an innovation-focused agenda. There are many excellent business opportunities available for those who are ready. 
     
  2. Are you open to watching for mentors to collaborate with? Moving into a foreign market is often intimidating because business owners just don't know what areas of the city are best, what rates to pay for office space, and how to go about hiring help. Many will profit by getting help from local accountants or consultants, as well as other business owners.
     
  3. Are you familiar with Singapore's Infrastructure? Singapore is not short on technology. Their core business services can meet any needs, regardless of how large or small. The city has available space for new pharmaceutical research labs or large manufacturing plants.  Since they've been a popular hub for global business for over 50 years, the government makes it easy for entrepreneurs to get set up. You will have to do your research and ask plenty of questions when first getting set up. 
     
  4. Do you have the budget for an overseas operation? Singapore has plenty of industrial space to rent or lease, but things have gotten quite competitive. There are now thousands of companies with an office there so you must calculate the costs. Besides leasing space, you'll need equipment, employees, utilities and furnishings, plus there are permits and licenses for most business types. Try to set a budget for 20% more than you actually need for those miscellaneous charges that can come up.
     
  5. Do you have trustworthy people to head up the new operation? Some people are open to moving overseas to Singapore and some simply can't do it because of family obligations. Since you can't be in two places at once, it's very important to have experienced people who can manage the offshore offices. Try to build your team with both long-time employees and Singapore nationals. The country has experts in every field. 

Saving on Moving Expenses 

You might be able to save a considerable amount by leasing serviced office space in Singapore. Servcorp Serviced Offices have offices of various sizes that include mail, email, communications and skilled personnel. We have office space available that you can move right into and these are located in prominent downtown areas of the city. Please call to learn more.