According to the findings of a Frost & Sullivan survey, the main taxation issues that Singapore & Hong Kong companies experience have been identified as being among the top 3 challenges to internationalisation.
The study found that the top three challenges to internationalisation are:
Finding & recruiting candidates with the appropriate skills & qualifications.
Additionally, overseas expansion is reportedly seen as a significant growth catalyst for companies in Singapore and Hong Kong, which typically face restricted growth potential locally as a result of the falling growth rates in their respective internal markets and small population.
‘These trends may create new challenges for organizations, but at the same time they also create significant opportunities for growth, with internationalization topping the list.”
In 2016, the findings showed that 39% of Senior Executives considered their commerce to be changing ‘rapidly’ or ‘extremely rapidly’ compared to 29% in 2014 and only 8% in 2010.
While not all businesses have yet entered overseas markets, globalisation is currently seen as an opportunity rather than a threat by 84% of organizations, particularly in Singapore, New Zealand, and the Philippines.
Vice President at NetSuite Asia Mr Zakir Ahmed commented on the problems companies are facing due to IT Issues:
‘Today’s SMEs need to be sprightly and adaptive to keep up with the fast-changing business pace, however influences such as the aging ICT infrastructure remains to be seen as a major burden in Singapore, holding companies back from profiting on growth opportunities overseas.’