Thinking beyond Singapore: why business expansion is easier than you think

WHEN it comes to small businesses and startups, Singapore is booming. With benefits such as reduced corporate tax rates and myriad deductions, attractive trade agreements, government-sponsored grants and a startup scheme that assists entrepreneurs in launching new businesses, it's not hard to see why Singapore has become a desirable business locale and home to many SMEs.

Though 2017 was a tough year, attitudes for 2018 have been positive - at least regarding business at home.

But when it comes to looking toward the future - and across borders - a survey earlier this year found only 14 per cent of SMEs have plans to expand operations beyond Singapore, and that the barriers to expansion include a lack of knowledge about foreign markets and regulatory compliance.