The market, economy and business environment—these are just some of the things that made you choose Singapore for your business expansion. In fact, you’re beyond excited to get started on this new chapter for your business, and you can’t wait to see your products being sold in the local market. But before you get into action, make sure that you know these do’s and don’ts first:
Do’s:
- Do your market research to know everything about the local Singaporean market, all its regulations and how your business can adapt to its system.
- Do learn how to open your corporate account. Read “Opening a corporate bank account in Singapore: Complete guide” to get some useful information.
- Do ask for help from local professionals, so you can cut the time it takes to establish your business in Singapore. These professionals can help you with business registration, tax compliance, financial management and even legal matters.
- Do build strong partnerships in the local market. This isn’t just limited to your customers but also to suppliers, advisors and other people who can help you establish your business in a new territory.
- Do stay patient. Keep in mind that you won’t find success overnight and you might even need to go through some hiccups along the way. But as long as you’re patient, it won’t be long until you see some progress.
Don’ts:
Don’t isolate yourself from local culture. What’s great about Singapore is that it has become a melting pot of different cultures. So if you want to understand your new market, you need to go out there and immerse yourself in local culture first.
- Don’t think that you can do everything on your own. You’re in an unfamiliar location and would need time to figure everything out. But know that it’s okay to ask for help when you need to, whether it’s in the small, everyday tasks or the bigger decisions like marketing that require you to gather and process information.
- Don’t neglect compliance because if you do, you could get into trouble before your business starts running. Singapore has very strict laws when it comes to businesses, and this is to protect both consumers and entrepreneurs. So if you want to operate with peace of mind, make sure that you’re compliant with all local regulations.
- Don’t ignore feedback. You’re new to the market, and consumers may not know you as much as your competition. So if someone gives you feedback, listen and make changes as needed. Whether it’s from customers or business partners, feedback will help you make the necessary adjustments to make your business more fitting to the local market.
Keep these do’s and don’ts in mind to make sure that you establish your business in Singapore on the right foot. It will take time before you start seeing returns. But once you do, you’ll know that all your hard work and perseverance are all worth it. And if you ever need any help with your expansion, don’t hesitate to call our team.
