We recently had our first engaging Virtual HASH Cross-Border LXN (LearnXNetwork) talk with our Founder and Managing Director Renee Tan, our guest speakers, Director of KASS International South East Asia, Geetha Kandiah, Deputy Head of Henley & Partners South East Asia, Jacky Poh and Senior Executive of Singapore Malay Chamber of Commerce & Industry (SMCCI), Nurfahanah Jasni together with a close number of 50 participants online, discussing about exploring opportunities for overseas expansion, collaborating with local stakeholders effectively and immigrating overseas seamlessly.
We started off the event with Geetha Kandiah from KASS International South East Asia who shared about local brands going global, learning from their mistakes through different examples of case studies and more importantly how to protect ones IP rights when expanding abroad.
6 Key Considerations when going overseas:
- AYR (Are You Ready?)
- Do you have the mindset to go abroad?
– Market considerations
- The suitability of the product in the market & its demand
- The availability of similar products locally at a cheaper price
- How is your product any different from other similar lower priced products
Analyse your products in the market
– Plan your marketing strategy and set the cost accordingly
- Investments & Capital
– How much do you need for the first year?
– Strategy for alternative funds
- Language & Cultural Differences
– Team Personnel- Will you be sending someone from your team over?
– Understanding different business trends there
- Dedication & Commitment
– Overall, it will not be easy
– A brand new market will bring new learnings and new set of challenges
– Needs focus
- Rules & Regulations
– Tax laws
– Local authority laws
– Labelling laws
Next, Jacky Poh from Henly & Partners South East Asia touched on taking up residency and citizenship planning when one migrates overseas.
Reasons for alternative residence
- Quality of Life
– Better quality of life, climate and personal security
– Transport systems
– Better healthcare enviroment
– Safer alternative in times of instability
– Privacy in investment banking
– Defined & stable legal enviroment
– High ranking schools
– Language skills
– Reducing tax burden
– Regulatory restrictions
Reasons for a second or alternative citizenship
- Visa waivers & mobility
– Opens travel to countries previously restricted by time consuming visa application process
– Freedom of movement when overly exposed to physical or financial threats
- Independence & retirement
– Able to travel and the option to relocate at anytime
– Retiring in a safe country without having to worry about changing immigration laws
- Security & protection
– Guarantees a secure and permanent alternative place to go
-Privacy in banking and improved physical security
- Tax planning & Expatriation
Finally, Nurfarhanah Jasni from Singapore Malay Chamber of Commerce & Industry (SMCCI) discussed about their very own Internationalisation programs made for anyone thinking of expanding their business overseas.
Our event was concluded with a quick networking session via Zoom, where each of the attendees as well speakers would get a chance to ask questions to any of the guest speakers, explain their different set of challenges in their own businesses and briefly talk about which countries they are interested in taking their business further.