Vietnam has long been a place for foreign investors to invest in, and also notable for its economic stability. It proved when global economic growth is negative due to pandemic, but Vietnam remains a positive growth. Furthermore, many foreign investors have an eye to investing in Vietnam, especially Singaporean investors. Doing business in Vietnam is relatively easy, but there are points that you need to pay attention to regarding the grant.
For example, your business needs to be granted by the Vietnamese government, and before doing that you have to prepare things well. Thus, this article provides you with information about how Viettonkin will help Singaporean investors to obtain grant from Singapore to Vietnam, including Market Readiness Assistance (MRA) and company incorporation. Let’s find out!
How To Obtain The Grant From the Singaporean Government to Expand The Business to Vietnam?
Before getting a grant to expand the business to Vietnam, your company should meet the requirements below:
- The business entity is registered or incorporated in Singapore
- New market entry criteria, such as target overseas country whereby the applicant has not exceeded S$100.000 in overseas sales in each of the last three preceding years.
- At least 30% local shareholding
- Group Annual Sales Turnover of not more than S$100 million, or the Company’s Group Employment Size is not more than 200 employees.
Besides that, the eligible employers who fulfill the following criteria can also qualify for additional subsidies under the SkillsFuture Enterprise Credits (SFEC) scheme:
- Have contributed at least S$750 Skills Development Levy over the qualifying period
- Have employed at least three Singapore Citizens or Permanent Residents every month over the same period.
- Have not been qualified for SFEC at any of the earlier periods.
Once you have fulfilled the requirements above, you can submit the application to obtain the grant. However, please take note that retrospective applications will not be accepted. An application will be deemed retrospective if any of the following events take place before the application date:
- Signed an engagement letter with the third-party consultant
- Made the first payment to the third-party consultant
- Commenced the project with the third-party consultant
- Companies must submit your applications no earlier than six months of project start date.
When everything is done, you can submit it through the Business Grant Portal.
How do we help to incorporate companies to Vietnam for Singaporean Investors?
In this global era, it is so necessary to create and build their prospective network of clients and partners for the company’s future. By forming a connection, the company can take advantage of the mutual benefits to bring together each other’s expertise.
However, they find it difficult to approach a new market, especially when there is a lack of networking and connection. You need somebody who has a broad range of partners to help you settle down your business. Thus, Viettonkin is confident to be your side as your partners on your new journey.
Despite the great networking and connection, the business atmosphere is changing fast too. If you cannot adapt to the new situation, you will be left behind. Additionally, faster and better decisions definitely play an important role in the success of the business. In this part, Viettonkin will help the businesses grow by offering clients with our services of market research and feasibility studies.
In addition, we will provide our clients with further insights into relevant information about the market, industry trends, competitors’ SWOT analysis, innovations in the marketplace, and the future forecast. Our information to the clients will be definitely applicable in their process of decision making, establishing a strategic development plan, designation, and delivery of services.
There are three important things that we always do to help our clients to enter the market. What are these? Let’s check them out below!
1. Pre-Feasibility Study
Before entering a new market, the entrepreneurs will have many scenarios that they want to do. At this time, it is essential to implement a pre-feasibility study which helps managers to determine, analyze, and select the best business scenario that they should execute.
In this phase, the expert consultant in Viettonkin will assist and provide guidance for our partners to do ground research, risk analysis, find opportunity costs between those scenarios and come up with the most profitability to be implemented in a business venture in the new geography.
2. Feasibility Study
The feasibility study should be implemented in order to clarify and redefine characteristics of projects. Viettonkin will conduct extensive research on viability and the proposed project to achieve success. We will also identify and understand business requirements through in-depth discussions and client interviews.
Some analysis should also be carried out, such as cost-benefit ratio and expected return on investment. This phase must be implemented and Viettonkin believes that with our confiding insight and analysis, because well-prepared things will lead to good opportunities that may happen anytime.
3. Business Development Consulting
Choosing the most suitable course of action to achieve a company’s goal is fundamental to setting up a new business. Plus, having the right plan associated with clear, focused, and viable strategies are the backbone in supporting business and also driving it toward greater growth and sustainability.
Viettonkin understands the significance of this action and aspires to help clients reach their goals by assisting them. We also apply the smart management system, business planning, and market entry strategy consulting to actualize the company’s goal.
Furthermore, Viettonkin Consulting takes care of all your tax returns, such as wage tax, VAT, and corporation tax, also help you in setting up your business structure. We operate an international network of tax advisers to guarantee optimal tax planning. Our tax advisers have knowledge in the fields of expat regulations, advance rulings, transfer pricing and restructuring.
Viettonkin Consulting has a specialist team to advise you and look after your business as your fiscal representative. For that matter, Viettonkin offers accounting and tax services to ensure full compliance with local statutory requirements for multinationals and foreign investors when they enter a new market. Our dedicated team consists of technical specialists, chief accountants, and CPAs with a wealth of experience working with global entities of Fortune Global 500 and other MNCs
In conclusion, obtaining a grant from Singaporean government to enter the market in Vietnam is relatively easy, if you prepare everything in advance. Other than that, if you are unsure of things, you can seek our help and contact us below! Keep it mind, Viettonkin is always ready to assist you anytime!