Shi Hui introducing SiTFJeremy Tan, SiTF’s honourary treasurer and Chairman for the Singapore Enterprise Chapter (SEC), spoke about the Nongsa Integrated Technology Park which is an initiative between Batam, Indonesia and Singapore.
Jeremy sharing the details of the upcoming Nongsa Batam trip
Leon from IE Singapore said its offices in Jakarta and Surabaya could help local companies trying to get into the Indonesian market. He also highlighted two main grant schemes, MRA & GCP, which provide assistance to help Singapore companies at various stages of internationalisation. On top of that, Leon also touched on other financing schemes from IE Singapore.
Leon sharing about the grants from IE Singapore
On doing business in Indonesia, Roger said his startup, Clozette, was registered as an Indonesia legal entity two years ago although he had been in the market for three years. It took him one year to incorporate a company. Here some of his observations on doing business in Indonesia:
- Engage an Indonesian consultant to assist the business set-up
- Recognise that setting up a legal entity is a tedious process because it requires the approval of different government agencies
- Attend networking sessions to introduce yourself to potential partners before entering the market
- Be clear what the partnership means to you, how you envision it to grow and how you think it will become
- Motivate employees with monetary reward because they get poached easily
Roger (left) sharing his experiences on expanding into Indonesian market
Here are his suggestions to businesses wanting to enter the Indonesian market:
- PMA (Penanaman Modal Asing) can have as many foreign employees as they want
- High turnover rate: There is about a 30% staff turnover rate among startups. It is not uncommon for young workers who jump ship to other startups because they are offered twice their salaries
- To get quality young employees, try mingling with the university students. Bandung and East Java can get you good and affordable developers
Nanda (right) sharing valuable tips on setting up a business in Indonesia
Attendees from all walks of life
123JumpStart would like to thank IE Singapore, Roger and Nanda for speaking and UOB for hosting the networking session.
On a last note, a Singapore delegation will visit Nongsa Batam on April 27 for a closed door discussion with the Indonesians. SiTF members will be part of the Singapore delegation. The agenda will focus on manpower and investments. If you’d like to know more about this initiative, please write to firstname.lastname@example.org.
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