Today, I discovered yet another massive advantage of setting up a company in Singapore: you can seamlessly do business in both China and overseas markets at the same time.

For example, if you want to launch an App, and it includes any paid features, AI, or user reviews, you'll need an ICP license. Overseas entities can't obtain an ICP, so you'd have to additionally register a WFOE (Wholly Foreign-Owned Enterprise) in China, which involves incredibly cumbersome procedures and costs a ton of money.

But Singapore has a "Shanghai-Singapore Cross-Border Digital Identity Verification" agreement with China. As long as you have a Singapore company, you just scan a code online, and two days later, your WFOE is all set—no need to show up in person, no need to mail anything, fully completed online, and you only have to pay S$10.70 for the e-Apostille.

Oh right, setting up a company in Singapore is also entirely online—just fill out the forms online. I had Claude handle the whole thing for me, took 15 minutes, and for S$300, the company was successfully created.

Even Hong Kong companies don't have such a fast two-way digital verification process... Singapore really is the most startup-friendly country in the world.

https://x.com/leto_bao/status/2111447264531235269