Distinguished speakers from RSM, Google, SingPost, and IE Singapore shared their insights with SMEs at the “Exports 101: Reaching Further, Going Global” seminar held in Singapore on 9 March 2016.
As part of Google’s Go Global initiative, the seminar is among a series of sessions organised for SMEs to equip them with the right tools and knowledge needed to venture into the international marketplace. It highlighted different challenges that business owners may face when exporting and how to overcome them to enjoy a smooth entry into new markets, while staying competitive and profitable.
Cindy Lim, International Tax Partner, shared her insights with participants on the tax challenges of internationalisation when “trading with” versus “trading in” a foreign country.
She explained several issues that business owners should consider when “trading with” a foreign country, such as limiting revenue generating activities in the foreign country and the role played by an overseas agent who conducts activities on behalf of the Singapore entity.
For “trading in” a foreign country, businesses would have to consider the form of legal set up, adoption of a tax-efficient structure so that foreign-source profits, as far as possible, are taxed once only, i.e. in the source country, and exit strategy for the overseas investment.
To broaden the areas covered, a panel of leading specialists from Rajah & Tann Asia, United Overseas Bank, Verztec and IE Singapore shared export tips for legal, financial, localisation, and export strategy matters.
For more information about the Go Global initiative, please visit: https://goglobal.withgoogle.com