Moving Your Business to Singapore? Here’s How BCW Group Did It
Singapore, a global beacon for digital innovation, is leading the charge in fostering thriving business landscapes for tech-driven entrepreneurs. With a commitment to the digital economy, Singapore's government initiatives, like the Digital Economy Framework for Action, have paved the way for ground-breaking transformations. These strategic investments have catapulted the nation's digital economy, with a remarkable 4.3% surge in GDP contribution since 2017, as revealed by Singapore’s Digital Economy Report 2023.
One standout among the dynamic tech startups driving Singapore's digital ascent is BCW Group, an esteemed Accela Asia client. Having relocated its headquarters to Singapore in 2021, BCW is a trailblazing enterprise technology firm revolutionising the Web3 and digital economy landscape.
Their innovative products include Blockpour - an on-chain, real-time, decentralised data analytics platform that allows you to view, compare, and track token data, Arkhia - an enterprise-grade Infrastructure-as-a-Service (IaaS) provider that empowers anyone to build fast, modular, and scalable solutions for Web3 applications, and Hashport - a bridging utility that moves digital assets between blockchain networks and the open-source Hedera public ledger. Through BCW Group’s venture studio, businesses can access vital financial support, further catalysing digital innovation.
This month, we were privileged to sit down with BCW Group’s Co-founder, Managing Partner and Head of Group Development, Kyle Baron, to understand how his company’s move to Singapore is advancing his vision to create a frictionless digital future for SMEs in Asia.
If you’re an entrepreneur considering a move to the Lion City, read on to learn how Kyle made the leap.
Q: Kyle, it’s so good to have you with us. We would love to know what initially prompted you to consider a move to Singapore.
We started BCW in Hong Kong in 2018. It was a fantastic location for our digital business at the time, and I had already been living and working there for some time. But in the back of our minds, Singapore was always the epicentre in Asia for our industry. We planned to expand there in 2019, mainly because of the Payment Services (PS) Act coming into effect. This act permitted licensed providers for cryptocurrency services. This was revolutionary at the time and essential to the success of our business.
Q. Upon expansion, were there any additional aspects of the Singapore business landscape that you found particularly appealing?
The corporate tax rate was a huge incentive to move here. Secondly, Singapore’s regulations (like the PS Act) have led to the Asia Pacific (APAC) region becoming a hub for quality talent in our industry. Not only are many of our APAC clients and partners now based in Singapore, but there is a wealth of experienced digital and Web3 talent here, making recruitment significantly easier. So, from a talent standpoint, Singapore is fantastic.
On a personal note, Singapore is a great place to live. It’s family-friendly and clean. It’s also process-orientated, so everything is clear-cut and easy to understand. This made the move a lot easier.
Q. What was the process like getting BCW Group set up and running in Singapore?
Once the COVID-19 dust settled, my family and I finally packed up and moved to Singapore in early 2021. We wanted the transition to be as smooth as possible. Someone in my network said, “Hey, Accela's a great company. They'll help you with moving your business, and also your family, your visas, all that stuff.” So I met with them.
With their guidance and support, the process was swift. Within three days, we had the business registered. It took ten days for my family to secure their visas. Once your business registration and visa applications are complete, you have a 6-month window to move. It’s safe to say the clock started ticking much sooner than we thought!
Once we landed, they gave us concierge-level service to get our banking relationships in place, which can be complex and time-consuming in Singapore. We even used their office space temporarily until ours was ready for move-in. They supported us with Corporate Secretary, Directorship, setup of overseas entities, and many other administrative needs. Once we were more settled, Accela Talent helped us fill critical roles, and Accela Finance supported our accounting and secretarial services. They hit the mark on crucial support we needed as a small company moving at lightning speed.
The positive launch experience solidified our partnership. BCW Group has several businesses in Singapore, and Accela Asia is a key partner within our administrative function.
Q. BCW Group’s integration in Singapore has proven successful. What advice would you give to other entrepreneurs planning to launch in Singapore?
Singapore is a great place to live, with a friendly and efficient business landscape. There are many government initiatives focused on developing the digital industry, especially FinTech. If you want to be at the forefront of this sector, get familiar with the resources and programmes here to learn how they can benefit your business and support your growth.
I also recommend enlisting a capable, knowledgeable partner to handle the administrative grunt work. It saves a tremendous amount of time, effort, money, and hassle. For us, Accela’s support enabled our leadership team to focus on the core business activities and avoid falling into any process vortexes. I would just show up and do what they told me to do. It was seamless and straightforward. Most importantly, they are just lovely people who are easy to work with, highly professional and trustworthy.
Your Trusted Launch Partner in Singapore
Are you considering relocating or expanding your business to Singapore? From incorporation and corporate secretary services to recruitment and managing your books, we’ll take the stress of getting started off your hands so you can lead your business with confidence.
Get in touch to explore how we can support you: hello@accela.asia.
