Over half of the 600-over Singapore online businesses surveyed said they expanded overseas within their first year, Stripe said in a statement. Pixabay
- Singapore and Hong Kong have the world’s highest number of online businesses that have expanded overseas, according to a survey of founders and senior execs in these companies.
- Over half of the Singapore businesses surveyed said they expanded overseas within their first year of operations.
- However, the majority of respondents said it was getting harder to expand overseas due to tariffs and regulations.
- Almost 75 per cent of the companies said they spend between S$68,800 and S$691,550 on compliance and regulatory issues, and that this cost has been rising.
Singapore, alongside Hong Kong, has the world’s most online businesses that have gone international.
This was one of the key findings of a research report by payments infrastructure company Stripe published on Tuesday (Jan 15), which looked at how online businesses expand internationally.
The report surveyed over 9,000 founders and senior executives of online businesses across 15 countries – including 601 online businesses from Singapore – whose companies rely primarily on e-commerce for revenue.