In this age of seamless communication and borderless commerce, many companies want to tap into new markets. But expanding offshore requires a significant outlay of resources and time.
Singapore has established itself as the gateway to ASEAN economies. Besides the business-friendly policies which make it a preferred jurisdiction for setting up businesses of all sizes, the low corporate tax rates also make Singapore one of the best destinations for ambitious entrepreneurs.
We have laid out several tips to help you make a move less demanding and lucrative on your resources.
1. Learn About Government Incentives and Business Growth Programs
Many governments strive to make their countries the ideal destination choice for investors and entrepreneurs. Tax rebates, as well as fee waivers, are popular strategies used by governments globally.
If you are looking to expand beyond your borders, it pays to look into the government programs and incentives offered to new businesses. For instance, if you have your eyes set on Singapore, the government provides incentives that encourage capacity growth, productivity, and innovation. The Inland Revenue Services also gives several tax rebates for new businesses in Singapore. You can reach out to a company incorporation services provider and learn more about the incentives and tax discounts.
2. Find Out More About the Presence of Professional Assistance
As companies are set up, they require professional services such as legal services and bankers to ensure that the process goes smoothly. One of the few challenges companies encounter when expanding overseas is the establishment of relationships with professional services firms that understand their business.
A company incorporation services firm that understands your business and the processes of the host country will help to incorporate as well as set up relationships with other reputable services providers. This will save you time and resources.
When setting up a new company, time is crucial and vital. It is disadvantageous to spend too much time. Therefore, professional assistance is available to help you minimize the time required to set up and ensures compliance.
3. Availability of Financial Support
An important part of growth is financial support. As your firm breaks into new jurisdictions, you must be clear on sources of affordable financial support. You need to establish relationships with banks that understand your strategy and contribute to your plans. Such a partner must be in it for the long haul. You can also seek an accounting firm in Singapore to assist in crucial financial tasks.
4. Improve Your Credit Rating
Establishing relationships with international financiers is much easier with an excellent credit rating. Be sure to request for a credit assessment before venturing out to the new jurisdiction. However, global credit ratings are solicited, and you may want a rating that triggers local confidence.
The Singapore Commercial Credit Bureau (SCCB) caters to businesses of all tiers in Singapore. All you need to do is request the company incorporation services firm to extend the registration process to include setting up your company’s credit profile on the platform.
To conclude, these tips will help to ensure the smooth and stress-free setup phase of your business.