How do you set up a startup in another country in a cost effective way?
We're an Australian startup that has the opportunity to grow to Singapore through one of our founder's partners getting a role and employment pass there. How do we best approach setting up business cheaply in this market?
Singapore is an ideal place for HQ operation - low taxation, healthy financial system, safe country to protect your assets, some levels of quality branding when "made in Singapore", ease of operation as no language & culture barriers, etc.
Depend on what you want to do in Singapore, the idea of cheap may not be the appropriate word to use.
I had been working as management consultant (in Singapore) for SMEs in Singapore, prior to this was providing consulting services to MNCs from different part of the world. Helping clients to setup companies in Singapore, localize their business, market penetration ...running operation at bootstrapping mode.
I would look at whether your business is viable or not rather than having the perspective of running a cheap operation in Singapore. You may fall into the old saying "penny wise pound foolish" mode - high chance of running loss making business cheaply.
You may get your partner in Singapore to PM me, if you like to find more.
My experience (after having successfully setup foreign companies in Europe, Middle East, China, India, and the U.S.) how and what you do is really dependent on:
1. Type of Business (B2B or B2C)
2. Your domestic and current "go-to-market" strategy
My suggestion would be to hire a consultant and discuss your options in more detail.
I once worked for a Singapore company with a branch in Malaysia doing publishing. To set up branches, my former company tapped into growth potential in new industrial areas. In retrospect, to save costs, they should have distributed functionality as well as tapped growth but that's just my 2 cents.
Depending on your product or service and how you wish to grow and expand depends on your strategy about setting up. If you are looking are offering a service, you may look at hiring someone through ODesk who is already in the country and you may be able to employ them as a representative for your service, allowing you to manage this within Australia, but having someone sell your service in the country. As a distributor model, you may be able to search for partners or distributors already set up in the country through LinkedIn by placing an advert in your the relevant group or network which relates to your industry to gain interest and enquiries. Your strategy an approach is different according to your desire.
For more information, please feel free to contact me via firstname.lastname@example.org, if you want more clarification and answers. We are already doing both for a medical device distribution.
U need a business plan and some assets...And if all else fails sell hard and get some cash flow...Nothing happens without a sale
email or pin me and we can star and settle up your business ASAP.
Find online(e.g social network) business consultant at Singapore and find its reputation from its previous work and with its social networks,then asking him to design business plan for Singapore...