To Buy or Not to Buy – Key Considerations to Buying a Local Company in Singapore— 买，还是不买？在新加坡收购本地公司的关键考量因素

Key Factors in Deciding to Acquire a Singapore Business

Our previous article outlined the strategic advantages of using acquisition as a pathway to establish a meaningful presence in Singapore. In this follow-up, we turn to several key considerations that investors should carefully evaluate when undertaking any merger and acquisition activity in the Singapore market.

• Strategic Fit
  • Does the target align with your long-term commercial, geographic, or sectoral goals?
  • Consider whether the business offers access to ASEAN markets or complements existing operations.
• Due Diligence Complexity
  • Assess legal, financial, tax, and operational risks.
  • Pay close attention to employment liabilities, regulatory licenses, and shareholder agreements.
• Valuation and Deal Structure
  • Understand local valuation norms and be prepared for earn-outs or hybrid structures.
  • Consider whether asset or share purchase is more efficient from a tax and control perspective.
• Regulatory Approvals
  • Certain sectors (e.g. finance, telecoms, energy) may require MAS or other agency approvals.
  • Foreign ownership thresholds and competition law may also apply.
• Post-Acquisition Integration
  • Factor in cultural alignment, retention of key personnel, and operational synergies.
  • Singapore’s labor laws are business-friendly but require compliance with CPF, MOM, and PDPA standards.

The above are some general considerations for any Merger and Acquisition activity in Singapore. For Chinese investors, there are other specific factors to consider which may make or break the deal, and have to be factored in early in the planning and decision stage.

The considerations outlined above represent general principles applicable to M&A activities in Singapore. For Chinese investors, however, there are additional, deal-critical factors that must be carefully assessed at the early planning and decision-making stage. These nuances can significantly influence transaction success and should not be overlooked.

在新加坡收购本地企业的关键决策要点

我们在上一篇文章中已阐述了通过收购作为在新加坡建立业务存在的有效战略所具备的诸多优势。本文将进一步探讨在新加坡开展并购交易时需重点关注的若干关键事项，以助投资者在决策过程中做出更全面的评估。

• 战略契合度
  • 目标企业是否与您的长期商业、地域或行业战略相匹配？
  • 考虑该企业是否能提供进入东盟市场的渠道，或与现有业务形成协同。
• 尽职调查复杂性
  • 需评估法律、财务、税务及运营风险。
  • 特别关注雇佣责任、监管牌照及股东协议等事项。
• 估值与交易结构
  • 理解新加坡的估值惯例，准备应对收益挂钩或混合式交易结构。
  • 评估资产收购与股权收购在税务和控制权方面的差异。
• 监管审批要求
  • 某些行业（如金融、电信、能源）可能需获得新加坡金融管理局（MAS）或其他监管机构的批准。
  • 外资持股比例及竞争法也可能适用。
• 收购后整合
  • 考虑文化融合、关键人员留任及运营协同。
  • 新加坡劳动法相对友好，但需遵守中央公积金（CPF）、人力部（MOM）及个人数据保护法（PDPA）等规定。

上述内容概括了在新加坡进行并购活动的一般性考量。对于中国投资者而言，还存在一些具有决定性影响的特殊因素，必须在交易筹划与决策初期予以充分评估。这些差异化要素可能直接影响交易成败，不容忽视。

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