Expansion overseas may seem a bold move but the Singapore Business Federation helps home-grown companies find their footing amid complex laws, local practices and shifting customer demands
FOOD and beverage entrepreneur Goh Mui Wi found herself in Bangkok earlier this year – not on holiday, but on a mission.
She was attending an overseas market workshop organised by the Singapore Business Federation (SBF), carefully evaluating how best to enter the Thai market for the next chapter in her company’s growth story.
“The workshop was critical to my decision-making process,” says Goh, founder of Full Circle Holdings, which operates several dining concepts in Singapore including Taki Izakaya Bar, Vibe Bistro and Taylor Adam. “After it, I felt much more connected and knowledgeable about the market.”
The former banker-turned-restaurateur had been studying Thailand’s landscape closely – from consumer preferences to business regulations. “Thailand’s market is vibrant and competitive, and consumer expectations are high,” she explains. “We needed to understand not only local taste preferences but also how to build the right partnerships on the ground.”
For Goh and many other Singapore entrepreneurs, Thailand represents both opportunity and challenge. Navigating foreign regulations, building trusted partnerships and understanding cultural nuances take time and expertise. That is where the SBF plays a vital role: to foster an ecosystem of knowledge, networks and collaboration that helps companies expand confidently across borders.
These efforts come as economic ties between Singapore and Thailand continue to strengthen. Last year, bilateral trade grew 6.4 per cent to reach $44.47 billion. Thailand was Singapore’s ninth-largest trading partner overall and its third-largest within Asean. On the investment front, Singapore has been among Thailand’s top investors since 2015 and became its largest foreign investor in 2024, contributing 357.5 billion baht (S$14.2 billion) – about 43 per cent of all foreign direct investment applications.
As Singapore companies look beyond their home market to tap into growth opportunities across the region and beyond, turning opportunity into strategy becomes key, and it starts with a clear understanding of each market’s legal and regulatory landscape.
Navigating the legal maze
For companies seeking to expand to Thailand, it requires more than ambition – it demands expertise, local knowledge and careful preparation.
Mahanakorn Partners Group (MPG) chairman and managing partner Luca Bernardinetti knows this first-hand. Based in Bangkok, the lawyer has spent nearly two decades helping Singapore companies establish operations in Thailand.
“Companies often underestimate Thailand’s complex laws and permit timelines,” he says. “Thai regulations limit foreign ownership and require Thai language documents, creating significant challenges for outsiders.”
