Interview with new iadvisor Patrick O’Riordan

Our new iadvisor, Patrick O’Riordan from Enterprise Ireland, shares some quick tips on business set-up issues in the UK.

What are some of the relatively untapped sectors that are suitable for Singapore companies?

Singapore has expertise in many sectors not least the service/leisure sector where it's proven ability to deliver on time and on budget capital projects is hugely impressive. The MICE industry is a model that could be replicated in some facets; think opportunities around Olympics 2012!

What are some of the challenges unique to setting up a business in the UK?

As with any new market, building networks quickly is really important and allows one to overcome the normal stumbling blocks to be expected in any new territory. UK’s size is obviously a challenge for Singaporean companies who may be more attuned to their local and highly networked business environment.

Is the government pro-active in attracting FDIs?

Yes, but with an emphasis on certain sectors and on mid to large sized projects.

What are some of the larger costs of setting up a business in the UK?

Labour and transport costs are two that spring to mind; it varies regionally and obviously on area of business activity.

What tips can you provide to Singapore companies planning to venture into the country?

Somewhat in jest, but more so in truth; as an Irish national living and working in Singapore and attuned to the business environment in both, Ireland provides a hugely attractive business environment for FDI sharing an industrial profile that has many parallels with Singapore. It is the gateway to Europe and has many advantages and is a highly networked society. It has particular advantages for SME companies.

Any additional tips?

Keep your entry costs lean to begin with until you have had an opportunity to gauge for yourself the correct route.

Invest the time in building accelerated and high level business networks.

Also, inculcate your business culture in your new entity from day 1; remember it's what has made you successful!

The above are views represented by Patrick O’Riordan from Enterprise Ireland.

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