New Territories and New Markets with Knowledge Touch
When Knowledge Touch Pte Ltd, a Singapore-born company that specializes in software solutions to manage workforce and operations scheduling or monitoring, came to The Verticals for assistance in expanding their reach into US territories, they came worried about the costs of venturing into another market.
Yes, they knew very well that we were capable of helping them incorporate their business legally in the United States and that we had the tools to help their brand proliferate and find leads from American companies who may find their services necessary. However, they were bothered about the possible costs that come with moving into the international market knowing that the process involved the following laborious and costly steps:
- FORMATION OF US ENTITY – the basic formation of a business entity starts with registration works, securing a business name, notarizing documents, formulating a shareholders agreement, designing a company seal, obtaining registered agent for service of process, preparing and filing of memorandum and articles of association, filing other local business licenses depending on the state you’re in, and paying incorporation fees.
- BANKING PROCESSES – to be able to handle transactions easily in the new country that this new company is in, we had to assist them in establishing a presence in US Banks. For this we obtained required documents necessary for them to open bank accounts and coordinated checks, online credentials, etc.
- TAXATION MATTERS – different countries treat taxation rather differently. This is why on their behalf The Verticals did the legwork to obtain federal and state tax identification numbers, registration for tax identification numbers, and researching & implementing recommended tax structures.
Thankfully, the cost that Knowledge Touch had to shoulder to achieve their entry to the United States was only 20% of the total project cost. It’s all because of the Market Readiness Assistance Grant commissioned by Enterprise Singapore to financially support local businesses who would like to expand their operations in foreign countries. With this assistance, they are hopeful that Singapore based companies expanding worldwide will have more legroom to become market ready with the reduced costs of starting up. The Verticals managed to help Knowledge Touch get their hands on this financial grant achieving 80% grant subsidies for Knowledge Touch.
Not only were we able to put their business in US map, but we also did so at lower costs.