Bringing your business to foreign markets is never an easy task. Moreover, it can be a difficult process to find the right location for your business to expand to in the first place. Each country has its own requirements when it comes to regulations for various industries as well as for what sort of industries thrive in the local setting.
If you are looking for the right international market to take your business, then there are many reasons why Singapore might just be the ideal location.
When you move your company to a foreign country, you will most likely have to face a number of new legal requirements in order to properly do business there. From the language that must be present in terms of service projects to intellectual property filings, there is a long list of things that will need to be done or redone in order to make your business a legal entity in the nation you wish to expand to.
Singapore, however, has an interesting legal system that is easily adapted to from most Western nations. Because of its history as a British colony, the existing legal system there stems from one that was created to be very similar to that of the United Kingdom as well as the United States.
For this reason, you shouldn’t run into too many issues when you are looking to bring your business to Singapore, at least from a legal standing.
One of the things that can prove to be the most complicated when you decide to expand your business to a new country is the recruitment and hiring of new employees to staff your local offices. Each nation has its own standards and regulations for employee-employer relationships.
Standards of working conditions could be different, and each country has its own set of national holidays where all businesses are closed for the day. The amount of leave that is standard for workers varies from country to country as well. Thankfully, recruitment in Singapore can be a simple process from a cultural and legal standpoint.
While Singapore is home to a very unique culture, there are certain overlaps with Western culture because of the way in which it developed as a nation. This can make it much easier to relate to your local employees and better understand their needs.
From a logistics perspective, you can’t really go wrong with choosing Singapore for your expansion. Not only is it an excellent door to other Asian markets, but also the Singapore Changi International Airport is home to such cargo transport companies as UPS and Fedex. This means that you will have the ability to travel to and from Singapore whenever that need may arise and have easily accessible shipping opportunities available to you.
Once you have firmly established your business in Singapore, because of its location it is much easier to transition your business to other parts of Asia, strategically speaking.