FOOD and beverage entrepreneur Goh Mui Wi found herself in Bangkok earlier this year \u2013 not on holiday, but on a mission. <\/p>\n
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\u2019s growth story.<\/p>\n
\u201cThe workshop was critical to my decision-making process,\u201d says Goh, founder of Full Circle Holdings, which operates several dining concepts in Singapore including Taki Izakaya Bar, Vibe Bistro and Taylor Adam. \u201cAfter it, I felt much more connected and knowledgeable about the market.\u201d<\/p>\n
The former banker-turned-restaurateur had been studying Thailand\u2019s landscape closely \u2013 from consumer preferences to business regulations. \u201cThailand\u2019s market is vibrant and competitive, and consumer expectations are high,\u201d she explains. \u201cWe needed to understand not only local taste preferences but also how to build the right partnerships on the ground.\u201d<\/p>\n
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.<\/p>\n
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\u2019s ninth-largest trading partner overall and its third-largest within Asean. On the investment front, Singapore has been among Thailand\u2019s top investors since 2015 and became its largest foreign investor in 2024<\/a>, contributing 357.5 billion baht (S$14.2 billion) \u2013 about 43 per cent of all foreign direct investment applications.<\/p>\n 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\u2019s legal and regulatory landscape.<\/p>\n For companies seeking to expand to Thailand, it requires more than ambition \u2013 it demands expertise, local knowledge and careful preparation.<\/p>\n Mahanakorn Partners Group (MPG)<\/a> 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.<\/p>\n \u201cCompanies often underestimate Thailand\u2019s complex laws and permit timelines,\u201d he says. \u201cThai regulations limit foreign ownership and require Thai language documents, creating significant challenges for outsiders.\u201d<\/p>\n The pitfalls are common \u2013 and costly. Rushing in without checking ownership rules, licenses and labour laws can lead to fines or forced restructures. Choosing the wrong local partner, often required due to ownership limits, can derail entire ventures.<\/p>\n \u201cWe\u2019ve collaborated with SBF for about 10 years now, publishing an annual Investing in Thailand business report<\/a>,\u201d Bernadinetti adds. \u201cIt gives Singapore businesses a clear view of investment incentives, key sectors, and both opportunities and risks.\u201d<\/p>\n Established in 2002, SBF is Singapore\u2019s apex business chamber, championing the interests of the business community in trade, investment and industrial relations. With more than 32,000 member companies, SBF supported over 1,900 firms in their globalisation efforts last year through market entry advisories, partnership facilitation and business setup assistance. <\/p>\n Bernardinetti notes that cooperation between Singapore and Thai firms now extends beyond trade into technology, logistics and green energy, where Asean integration is opening new growth opportunities. <\/p>\n SBF\u2019s support extends beyond Thailand, helping small and medium-sized enterprises (SMEs) tap opportunities in Vietnam, Indonesia, India, the Middle East and Europe, where local networks and market-entry expertise are crucial.<\/p>\n Among those in the SBF network helping SMEs expand in the region is Terence Ang, partner and head of advisory at RSM Singapore, a firm that provides audit, tax and advisory services to support business expansion at home and overseas<\/a>.<\/p>\n Ang supports clients expanding across Asean, Hong Kong, China and beyond, with a focus on governance, digitalisation and financial readiness.<\/p>\n \u201cSingapore companies are generally strong in governance and efficiency,\u201d Ang says. \u201cWhen entering Thailand or other overseas markets, the next step is becoming future-ready \u2013 by embracing digitalisation, sustainability and cross-border collaboration.\u201d<\/p>\n RSM puts this into practice with clients like Allswell Trading, a Singapore distributor of wellness products and beverages including Red Bull. The firm helped replace outdated manual processes with digital systems, using Microsoft cloud tools and Power BI dashboards to modernise accounting and connect business data \u2013 enabling faster decisions, remote work and greater agility.<\/p>\n RSM also provides insights on regulatory shifts, tax compliance and business strategy for companies venturing abroad. \u201cOur partnership with SBF allows us to reach SMEs that are serious about scaling regionally and globally but need structured guidance,\u201d Ang says.<\/p>\n \u201cTo be future-ready, companies must be compliance-ready and stay ahead of regulations,\u201d he adds. \u201cBeyond meeting requirements, they must show partners that they\u2019re actively greening their operations \u2013 that\u2019s what makes them attractive in today\u2019s market.\u201d<\/p>\n For entrepreneurs like Goh, this ecosystem of collaboration and knowledge-sharing provides businesses the confidence needed to grow beyond Singapore\u2019s borders.<\/p>\n \u201cSBF has been a key supporter in my decision to enter the Thai market,\u201d she says. \u201cThrough the market workshop, which brought together local experts and industry players, I had the chance to interact directly with them to clarify uncertainties and ask questions.\u201d<\/p>\n Looking ahead, Goh sees Thailand as part of a broader regional and global journey as she focuses on expanding the business beyond Singapore in the next 10 years.<\/p>\n \u201cAs a Singapore SME expanding into Thailand, I see myself contributing back to SBF as another success story,\u201d she says. \u201cWith the right partners and preparation, we can build bridges across borders \u2013 one step at a time.\u201d<\/p>\n Learn how Singapore Business Federation can help magnify your global presence here<\/em><\/a>.<\/a><\/p>\n Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter.<\/span> Delivered to your inbox. Free.<\/p>\n<\/div>\n<\/div>\n<\/div>\nNavigating the legal maze<\/h2>\n
Getting future-ready<\/h2>\n
A shared growth story<\/h2>\n
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