GO-TO-MARKET TIPS TO SINGAPORE ESPECIALLY FOR GROWTH COMPANIES!
At Boardman Grow events, we reflect on the preconditions for internationalization and successful global growth. We offer the audience stunning growth stories and tips to success at the global market even during pandemic. Boardman Grow organized the first virtual tour this year to Singapore. Participants had the opportunity to hear straight from the experts and expats in Singapore about business culture, tax ecosystem and current business environment in Singapore as well as best go-to-market tips there.
SINGAPORE IS GENERALLY CONSIDERED AS A BRIDGE BETWEEN THE EAST AND THE WEST
Maxime Blein and Louise Broderick from PwC Singapore’s Venture Hub gave participants expat view on the business culture in Singapore.
“So, what does it mean for you doing business in Singapore?”, asked Maxime Blein. He explained that it means multi-cultural environment and knowing the concept of “face”. It is highly important to have an open mindset and understand that the hierarchy is important in the country.
“Also group is very important and we need to make sure that individual needs are not above the group needs”, highlighted Blein.
Singapore is also the gateway to Southeast Asia and increasingly to Asia which is reflected in the GDP of the country and there is a serious hunger towards growth in the region. “People are really thinking about growth and it is a one of the only countries that has grown during the pandemic.”
Louise Broderick said that Singapore has long been a preeminent destination for growth companies to set up a regional headquarters. Singapore is widely well-known as a start-up hub, thanks to the vibrant start-up ecosystem, concentration of investors and the availability of funds and strong government support.
SINGAPORE HAS MANY AGENCIES THAT HELP THE GROWTH COMPANIES
The Singapore government is fully supportive and tries to make it easier for companies to do business in the country. Singapore has many agencies that help growth companies:
The Singapore Economic Development Board (EBD) is a government agency that operates under the Ministry of Trade and Industry. The company is responsible for strategies that enhance Singapore`s position as a global centre for business, innovation, and talent. The company offers for example a Tech.Pass which is a visa that allows established tech entrepreneurs, leaders or technical experts from around the world to come to Singapore to perform frontier and disruptive innovations.
Enterprise Singapore is the government agency championing enterprise development. It is working with committed companies to build capabilities, innovate, and internationalise. ESG also supports the growth of Singapore as a hub for global trading and start-ups.
Infocomm Media Development Authority (IMDA) develops and regulates the converging infocomm and media sectors in a holistic way, creating a dynamic and exciting sector filled with opportunities for growth, though an emphasis on talent, research, innovation, and enterprise.
Accreditation @SGD is helping companies establish credentials and position them as qualified contenders to government and large enterprise buyers. Tech@SG programme aims to help fast-growing companies access he critical talent they need to growth and scale their business in Singapore and the region.
The Singapore Government offers a range of assistance schemes to support Singapore businesses in their transformation journey and emerge stronger together. With GoBusiness Gov Assist, businesses in Singapore can now find government assistance schemes in one place.
PwC Venture Hub is also offering programs to help companies grow in Singapore. PwC Scale Singapore Inbound Programme is a bespoke programme designed for scaleups that are seeking an accelerated path to expand their business and tap on a new pipeline of customers in Singapore and the SEA region. PwC Align & Connect connects high-growth technology ventures to corporate clients to help maximise sales and revenue potential.
SINGAPORE AS A GATEWAY TO ASIA IN THE MIDST OF COVID-19
Dody Dody and Siew Nam Tia from PwC Singapore gave participants an overview of Southeast Asia and about Singapore’s tax ecosystem.
Singapore has relatively low, only 7, GST/VAT rates across Asia Pasific. Participants were able to hear about the great amount of Singapore’s tax incentives from Dody Dody.
”Now it is a good time to invest and companies should not wait until the covid ends”, encouraged Siew Nam Tia. “A lot of things can be done digitally.”
At the end of the event Samppa Vilkuna, founder and CEO of Superson, shared his own experiences about Finnish company’s journey to Singapore.
Vilkuna’s best advice for internationalization and successful global growth is “Act. Don´t just plan. It is good to plan your next moves for some extent, but your plan is nothing without testing and executing it. This learning actually fits into almost every situation at work.”