Singapore is considered one of the most business-friendly countries in the world with its clear and efficient regulatory systems, suitable geographic location, and strong economy. However, the market entry can be quite complex and is especially cumbersome for SMEs that plan to set up their business in the country. Some of the major concerns include understanding the compliance environment, identifying the local markets, and embracing new technologies. New companies operating in Singapore may face certain challenges in terms of taxation, data protection, and employment practices. Moreover, it is daunting for SMEs to keep up with the ever-changing trends of the business environment, especially digital transformation and sustainability, when they do not have local professionals to guide them.
Established in 2013, RSBU (RSBU Pte Ltd) has become a one-stop service provider for companies expanding their operations in Singapore. The firm’s services are focused on the needs of SMEs, which have different needs when it comes to operating in the market. RSBU offers its clients comprehensive market research where they can get information on the current trends, competition, and consumer behavior in the market. The consultancy does not just provide the basic market entry strategies, it also provides a follow-through service, which helps businesses sustain their competitiveness in the market.
“We leverage our research and analytics capabilities and regional knowledge to assist SMEs in the identification of risks and opportunities in the entry and expansion into the Singapore market”, says Tatiana Sheremetieva, Founder & CEO, RSBU.
Tailored Market Analysis and Entry Strategies
The strength of RSBU is that it has a distinctive way of conducting market analysis. The firm understands that each client has unique needs and it conducts industry-specific research to provide information relevant to the client’s requirements. This goes beyond the mere understanding of consumer behavior, competitors, and trends prevailing in the market in the long run. This information is then used to design entry strategies that are best suited for the client’s case through direct investment, joint venture, or strategic alliance.
What makes RSBU unique is the company’s commitment to providing continued support after the product has been introduced to the market. It helps businesses not only with the setup of their strategies in the first place but also with the changes in the market environment. This is a dynamic strategy that helps its clients seize the market opportunities and sustain their competitive advantage.
Expertise in Regulatory and Compliance Frameworks
Compliance is one of the most important aspects of conducting business in Singapore, and RSBU’s expertise in this respect is invaluable. The legal system of Singapore is strong and encompasses data protection laws, employment laws, and industry-specific licenses. RSBU assists its clients in overcoming these challenges by coming up with unique compliance plans that meet the unique needs of the client.
The firm does not only help with the creation of the necessary frameworks but also provides the necessary support after creation. This is because they are able to receive frequent information on the changes in the regulation that affect the business and also undertake internal compliance training to avoid breaching the law. This way, the consultancy helps its clients avoid bureaucratic procedures and acts as an intermediary between them and local authorities, which makes the process of compliance much easier so that businesses can concentrate on their development.
Adaptation to Digital Transformation
Digitalization is one of the major trends permeating all industries in the Singaporean economy and RSBU has extended its services to encompass it. RSBU has diversified its services, offering digital strategy consulting. This entails aiding companies to leverage digital technologies in their day-to-day business, customer relations, and decision-making through data.
As more and more consumers turn to digital ecosystems, RSBU also provides advisory services for e-Commerce, to assist companies in their growth in the online environment.
One of the other fields in which RSBU is outstanding is cybersecurity and data protection. As the e-Commerce business is expanding, one needs to safeguard the digital property. RSBU offers advisory services on how companies can meet the requirements of the data protection laws in Singapore to avoid falling foul of the law when conducting their business online. RSBU has adopted digital technologies within the firm through virtual consultations and online workshops to reach out to clients across the globe, thus increasing the firm’s flexibility and competitiveness in the current market.
Comprehensive Support for Foreign Clients
It is common for international companies to face issues such as regulations, local directors, and bank accounts when starting a business in Singapore, which are the fundamental stages of company formation. RSBU helps them deal with these problems by offering B services as well as using its connection with the local banks to fast-track the account opening process.
Moreover, foreign clients may find it challenging to adapt to local business practices. RSBU fills this void by giving an understanding of the Singapore business environment, helping new businesses adapt, and providing them a platform to meet other businesses to help them penetrate the market.
Expertise in Immigration and Visa Regulations
Understanding the immigration and work visas in Singapore can be challenging for any company that needs to employ foreign workers, which allows the company to provide a full immigration services package. This is because it understands the various needs of the clients, be it the Employment Pass, S Pass, EntrePass or One Pass. The firm also prepares and administers all the paperwork and ensures that the company complies with the Ministry of Manpower.
RSBU’s comprehensive service minimizes the possibility of a delay in the approval of the visa application and increases the likelihood of success, making it a secure partner for companies in need of foreign skills. One of the most successful cases was the case of a European tech startup where RSBU assisted the company in obtaining the necessary work permits for the team so that the company could start its activities without any problems.
Accounting and Tax Compliance Expertise
Maintaining proper accounting and tax reporting is crucial in Singapore as the tax laws are subject to revision. RSBU has top-of-the-line technology and experienced local professionals to provide accounting and tax solutions. Their team is well informed of the rules and regulations from the Inland Revenue Authority of Singapore (IRAS) and the rest of the world, to make sure their clients meet the necessary requirements.
RSBU uses the latest accounting software that helps in the computation of various financial transactions with minimal chance of making a mistake in the financial statements. A system of checking and verifying financial statements and tax filings is done at several levels to meet legal requirements and client requirements. Besides, the firm provides its business clients with specific tax planning and management recommendations in line with Singapore’s tax incentives.
The firm understands that each client has unique needs and it conducts industry-specific research to provide information relevant to the client’s requirements
Data-Driven Business Consulting
RSBU’s consultancy services are underpinned by the provision of advice based on analysis of data. The firm uses market intelligence, sector knowledge, and scenario planning to help clients understand the potential threats and opportunities in their market. This is particularly useful for organizations that are venturing into new markets or those that are extending their products and services.
For example, RSBU has recently worked with an IT company that wanted to know which countries in the SE Asia market are the most promising and RSBU helped provide data analysis to find out. As a result of the detailed analysis, it proposed a clear strategy as well as provide support on each step of business set up that enabled the client to enter the market fast and achieve a high revenue increase.
Staying Ahead of Regulatory Changes
RSBU’s proactive policy about changes in regulations makes it possible for the clients to be in the right position concerning legal requirements that change frequently. The firm’s compliance department tracks changes in the laws and regulations from IRAS and the Monetary Authority of Singapore (MAS). It promulgates these changes to its clients through various means such as emails, webinars, and consultations, and then explains the changes in the form of steps that the clients need to take. The firm also provides training to the clients to avoid sanctions.
Expanding Services and Entering New Markets
In the future, RSBU plans to diversify its services and tap into new business opportunities in different parts of Asia. The company has identified an opportunity to create a product that integrates several services and offers its clients a comprehensive business solution. Owing to its experience in market analysis, compliance, and digital transformation, it is well-poised to help clients not only in Singapore but across the region, helping them manage new regulatory environments and grow their businesses.
The firm has become a reliable partner for companies who are ready to start or expand their business in Singapore as the company focuses on innovation, compliance, and client solutions. Due to its efforts, the company is in a position to adapt to the changes in the market and the evolving legal framework, to assist organizations in succeeding in the current and future market environment.
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