How The Workshop supports market expansion into Southeast Asia, from Singapore

Singapore is an attractive hub for international companies and investment institutions seeking a base from which to expand into the vibrant Asian region. With 60,300 registered enterprises, the majority of which are foreign-owned and over 4,000 startups, Singapore's appeal can be attributed to the city-state's stable infrastructure, collaborative business environment, facilitative business policies, and strategic location, providing companies with both a launchpad to Asian markets and opportunities to accelerate their global ambitions.

But to capitalise on Singapore’s connectivity as the gateway to a vibrant region – Asia is set to account for 50 per cent of global gross domestic product (GDP) by 2040 - companies need more than just a physical presence in Singapore. They require a comprehensive understanding of the local business landscape, access to a network of trusted partners, and guidance on navigating the specific challenges of diverse Asian markets. Recognising this need, the Singapore Economic Development Board (EDB) has launched The Workshop – a tailored programme designed to empower businesses with the knowledge, connections, and strategies they need to thrive in one of Asia’s fastest growing regions - Southeast Asia (SEA).

The Workshop provides a unique 1-on-1 platform where companies can:

• Collaborate with experts from leading service providers
• Get tailored advice on market entry, talent and hiring, incorporation, infrastructure,
  banking and finance
• Address specific challenges businesses may face in their expansion journey
  

Fuel Ventures Asia accelerates portfolio company growth in Asia

Fuel Ventures Asia, a leading UK-based tech venture capital firm, saw the immense potential for their portfolio companies in the Asian market. To facilitate their expansion, they established a lab centre in Singapore last year, building on their strong global track record and over 180 successful investments since 2014, they needed strategic guidance to optimise operations and maximise impact in the region.

The Workshop provided Fuel Ventures Asia with a valuable opportunity to engage with EDB-vetted service providers such as G-P, a technology provider specialising in Employer of Record (EOR) solutions to support global growth, and gain insights into topics such as:

• Market Entry Strategies: Developing distinct hiring plans for both the Singapore headquarters and the broader Southeast Asian markets to ensure targeted recruitment in each region.
• Hiring Practices: Understanding the local talent ecosystem, including head-hunters and referral networks, and anticipate extended hiring processes and potential referral fees.
• Attracting Top Talent: Identifying strategies for sourcing qualified venture capital talent, addressing challenges such as limited local availability and long notice periods.
   

AI Power’s seamless expansion in SEA through Singapore

Expanding into a new region presents a host of challenges, from navigating local regulations, to managing finances and ensuring compliance. AI Power, a leading Chinese high-tech enterprise specialising in new energy solutions had its sights on the SEA market for the market potential and growth opportunities and decided to anchor in Singapore as its first move.

One of EDB’s Workshop partners, Hawksford - a global provider of corporate and private client services - connected with AI Power and provided comprehensive support, including:

• Entity Establishment: Streamlining the incorporation process and ensuring compliance with Singapore’s regulations.
• Accounting and Tax Advisory: Providing guidance on financial reporting, corporate governance, and tax obligations.
• Corporate Secretarial Services: Managing administrative tasks and ensuring ongoing compliance.

Hawksford's multilingual team and market expertise enabled the company to smoothly set up operations in Singapore within a month from the initial consultation, ensuring compliance with accounting, tax, and corporate secretarial matters. The setup process was completed efficiently, allowing AI Power to focus on its business expansion in the region.
 

The Workshop is more than a programme; it's a partnership for success in SEA. By providing access to a network of experienced service providers and tailored guidance, The Workshop equips businesses with the tools they need to overcome challenges, seize opportunities, and achieve their growth ambitions in this vibrant region.

If you're interested in signing up for The Workshop, visit our website to learn more.