The Main Challenges of Doing Business in Singapore

By CIOReviewindia Team | Friday, 25 October 2019, 11:48 IST

The Main Challenges of Doing Business in Singapore

Although Singapore has been promoted as one of the best places to do business in the world, there are still challenges that you will face. It is not a bed of roses, but there is a higher chance of succeeding when you follow the right procedures when doing business. One of the most necessary things to tackle these challenges is having local help.

For any entrepreneur to be well-prepared for the challenges of doing business in Singapore, they need to find out more about them first. Below we will take a closer look at the main ones we have found after doing deep research.

Finding the Right Premises

There is a significant demand for business premises in Singapore. Because of this, the rent is relatively high. If you are planning to build a business premises, you will need to get permits for building and licenses to own the property. For many, this can be a challenge, especially if this process will take a long time. But if you consider using a qualified agent, there is a low probability of having any issues.

Business Registration Process

Just like any other country in the world, you have to register your business in Singapore. There are different categories of business depending on the qualifications that you have. According to the Visa Express website, your incorporation procedure will only be easy if you meet what is needed of you. Also, an authorized agent should help you, especially if you are a foreigner, and this will come at an extra fee on top of paying what the government charges as a legal fee.

Trading Across Borders

Many businesses that establish themselves in Singapore are interested in doing business in Asia and even the West. The state is strategically positioned in an area that is convenient for this. However, some businesses find it a challenge to cross the borders if they do not have local help. A local partner or business consultant with cross-borders experience will make it easier for you.

Dealing with Taxation Procedures

Taxation procedures in any state is a complicated process that needs the help of an experienced taxation expert. As a foreign investor in Singapore, the calculation of the required tax can be an arduous procedure. But a tax agent should be in a position to guide you on how to work around the double taxation exemptions, goods and services tax, and personal tax obligation, among others

Marketing the Business

Any business becomes success after making all of the necessary efforts to market it. There are many channels of marketing a new or old business in Singapore. Knowing the best ones to use can be overwhelming unless a professional marketer guides you. Luckily, Singapore is full of skilled online marketers who will take your business to another level. You cannot avoid them at all.

Conclusion

It is a surprise for many to hear that there are some challenges involved when doing business in Singapore. Even with all the praises as one of the best locations in the world, an entrepreneur is bound to face a few challenges. But with the best solutions, they will cease to be challenges and become opportunities to succeed.

Don't Miss ( 1-5 of 25 )