The short answer
If you are an Australian SME entering an Asian market, verify requirements in two passes: check what the Australian Government publishes, then re-check the same question against the destination country's own regulator. Austrade, the Australian Government's international trade promotion, investment and visitor attraction agency, provides programs, insights and advice to help exporters, along with export guides, tools to find export markets and check export readiness, and the Go Global Toolkit, which covers export basics, market selection and market requirements. The market-specific checks then split into foreign ownership and investment approval (Indonesia: BKPM and the Risk-Based Online Single Submission (OSS) system; Vietnam: the Law on Investment and its market access conditions), entity registration and business structure (Singapore: ACRA), and HS code and customs treatment (the Australian Border Force plus the importing country's customs authority).
Why verifying market-entry requirements matters before you commit
Australian businesses operating in international markets need to be aware of their obligations under Australian and foreign law, and bribery of foreign public officials is a serious crime under Australian law, punishable by fines and imprisonment. Austrade provides advice and governance on what businesses should do, and the guidelines it references set out principles and standards for responsible business behaviour that are consistent with applicable domestic laws and endorsed and promoted by the Australian Government.
Destination-country exposure is a separate layer. In Indonesia, foreign investors must be incorporated as a foreign-owned limited liability company (PMA) through the Ministry of Law, and once incorporated the PMA must fulfil business licensing requirements through the OSS system. In Vietnam, Article 48.2(e) of the 2020 Law on Investment allows the authorities to terminate an investment project partly or wholly if the investor conducts its investment activities on the basis of a "sham" transaction, defined under the Civil Code as a transaction established to disguise another, such as using a Vietnamese nominee to circumvent restrictions on foreign investors.
The four requirement categories to check
A market-entry check is easier to run if you split it into four questions, because each one is answered by a different authority.
- Entity setup: what legal form can a foreign-owned business take, and who registers it?
- Business licensing: which operating licences are required after registration, and are they risk-based or sector-based?
- Customs and import: what HS code applies, what duty and non-tariff measures follow from it, and who assesses them at the border?
- Sector-specific market access: is the sector open to foreign investors, open with conditions, or closed?
Work through all four before you sign anything, because a clear answer on one does not carry over to the others.
Australia: the first-party starting points
Austrade is formally the Australian Trade and Investment Commission, and it helps grow Australia's prosperity by delivering trade and investment services to businesses, accelerating growth in the tourism sector and promoting Australian education internationally. Its trade services include assessing market potential and developing export strategies. The Go Global Toolkit helps you learn the export basics, find the right markets and understand market requirements. The Trade Resilience Service provides market intelligence, freight and logistics updates to help keep exports moving. The Export Market Development Grants (EMDG) program helps small and medium Australian businesses start and grow exports in international markets. The Australian Southeast Asia Business Exchange aims to increase two-way trade between Australia and Southeast Asia through missions, support for Australian business and highlighting opportunities. Austrade also publishes news, analysis and publications covering export, education, investment and other trade-related topics.
Indonesia: who publishes foreign ownership limits
The Ministry of Investment and Downstream Industry / Investment Coordinating Board (BKPM) serves as an investment promotion agency, a regulatory body and the agency in charge of approving planned investments, and is the first point of contact for foreign investors, particularly in manufacturing, industrial and non-financial services sectors. Foreign investors must be incorporated as a PMA company through the Ministry of Law and then fulfil business licensing through the OSS system, under which businesses deemed "lower risk" face fewer administrative requirements to obtain permits and licences.
25/2007 (the Investment Law), which requires any form of FDI to take the form of a limited liability company with minimum capital of IDR 10 billion ($700,000), excluding land and building, with the foreign investor holding shares in the company. The Omnibus Law on Job Creation liberalised foreign investment by repealing the 2016 Negative List of Investment (DNI); the new investment list set a default principle that all business sectors are open unless otherwise stipulated, listed seven sectors closed to foreign investment, reserved public services and defence for the central government, and outlined four categories of sectors open to investment. 10/2021 carried out those reforms, removed restrictions on foreign ownership in hundreds of sectors that were previously closed or subject to caps, contains a grandfather clause for existing investments, and expanded business activities in special economic zones to include education and health. Several sectors remain closed to investment or are otherwise restricted. The Omnibus Law also allows foreign investors to invest below IDR 10 billion in technology-based startups in special economic zones.
39 of 2014 and covered more than 700 commodities, with 751 commodities reported as regulated under it and seven sectors prohibited. That material is historical background only, and the operative list today is the post-Omnibus Law investment list.
Singapore: entity options and the definitive checklist
The Accounting and Corporate Regulatory Authority (ACRA) is the Singapore government agency that sets out how foreign businesses can set up in Singapore by registering a foreign company or registering other business structures. All foreign businesses must engage a Corporate Service Provider (CSP) to register their business in Singapore, and this requirement applies to all business structures. ACRA describes four set-up options for foreign businesses, each with different rules and benefits.
- Subsidiary or local company: a separate Singapore company owned by the parent, set up for full commercial operations, which after registration must comply with the same requirements as a local company.
- Foreign company branch: a direct extension of the parent company rather than a separate entity, which can earn income but is not a Singapore tax resident unless the foreign company is controlled and managed in Singapore.
- Transfer of registration (re-domiciliation): the foreign company becomes a Singapore company, usually with limited liability, and may re-domicile as a variable capital company (VCC).
- Other business structures, including a temporary setup that is not a separate legal entity and leaves the parent company fully responsible.
ACRA also warns that government officials will never ask you to transfer money or disclose bank log-in details over the phone, and directs readers to the 24/7 ScamShield Helpline on 1799. Its page carries a last-updated date of 25 September 2026.
Vietnam: the investment law, market access and licensing sequence
Under the 2020 Law on Investment (LOI 2020), a foreign investor must satisfy market access conditions and, where applicable, sectoral regulatory conditions; because no consolidated list existed, the LOI 2020 introduced a List of Restricted Sectors to be issued by the Government, divided into sectors not opened to foreign investors and sectors where market access is subject to conditions, with investors outside that list treated the same as Vietnamese investors. The LOI 2020 also supplemented two additional conditions for foreign investors contributing capital to or acquiring shares in a Vietnamese company, and provides for project termination where investment rests on a "sham" transaction.
Vietnam Briefing, in a summary published 24 December 2025, reported that the National Assembly approved the amended Law on Investment on 11 December 2025. The amended law removes sector-specific licensing requirements for 38 conditional business lines and adjusts the scope of 20 others, with two lists expected from the government. Article 24 of the 2025 law specifies 20 project categories that need investment policy approval, and Article 28 allows investors to opt for special investment procedures for projects located in certain specialised areas. For qualifying structures the sequencing shifts toward obtaining the Enterprise Registration Certificate (ERC) first and the Investment Registration Certificate (IRC) afterwards, while market access conditions still apply where relevant. The amended Law on Investment takes effect on 1 March 2026, with certain provisions on conditional business lines applying from 1 July 2026, and requirements vary by sector and effective date during the transition. Vietnam Briefing describes enforcement as shifting toward post-inspection compliance.
HS codes, tariffs and free trade agreement evidence
On the Australian side, the resources available within the government material are Austrade's export guides, its tools for finding export markets and checking export readiness, and the Go Global Toolkit, which covers understanding market requirements. Preferential tariff outcomes and rules of origin still need to be evidenced against the importing country's customs requirements and the agreement text itself, since a tariff concession does not remove licensing, standards or market access conditions.
Red flags and common mistakes
- 10/2021 removing foreign ownership restrictions in hundreds of sectors; guidance built on the earlier list, which was framed around Presidential Regulation No. 39 of 2014 and 751 commodities, will mislead you.
- Assuming a free trade agreement overrides licensing. Vietnam's amended law allows an ERC before an IRC for qualifying structures, but market access conditions still apply where relevant.
- Using nominee structures to work around caps. Vietnamese authorities may terminate a project partly or wholly where investment rests on a "sham" transaction.
When to bring in local counsel or a customs specialist
Three signals usually justify paid local help: the sector appears on a restricted or conditional list, the structure involves a local partner or nominee, or the product sits in a regulated category such as food, health or consumer goods. Some steps are not optional either. Singapore requires every foreign business, regardless of structure, to engage a Corporate Service Provider to register. In Indonesia, investment approval runs through BKPM and licensing through the OSS system after Ministry of Law incorporation.
Budget for compliance as a recurring line item rather than a launch cost, because the work continues after entry.
Monitoring requirements after entry
Austrade publishes news, analysis and publications on export and trade topics, and the Trade Resilience Service provides market intelligence, freight and logistics updates to help keep exports moving. The EMDG program supports small and medium Australian businesses that are starting and growing exports. Agency pages also carry their own revision dates, as ACRA's set-up page does with a last-updated date of 25 September 2026. Where a reform is staged, as in Vietnam, requirements vary by sector and effective date, so monitoring needs to track the commencement dates and not just the passage of the law.
Questions Australian SMEs ask
Which Australian government sources should I check first?
Austrade, the Australian Government's international trade promotion, investment and visitor attraction agency, provides export guides, tools for finding export markets and checking export readiness, and the Go Global Toolkit for market requirements, and its trade services include assessing market potential and developing export strategies.
Where do I confirm Indonesia's current foreign ownership limits?
BKPM approves planned investments and is the first point of contact for foreign investors. Incorporation happens as a PMA company through the Ministry of Law, followed by licensing through the OSS system. The governing framework is Law No. 25/2007, which sets minimum capital of IDR 10 billion ($700,000) excluding land and building, together with the post-Omnibus Law investment list, under which all sectors are open unless otherwise stipulated, seven sectors are closed, and several sectors remain closed or restricted.
How do I find the correct HS code and applicable tariff?
Use the Australian Border Force's tariff classification material and Integrated Cargo System as the Australian-side starting point, then verify the code, duty rate and any non-tariff measures with the importing country's customs authority, which applies its own schedule to that code.
What does a foreign business have to do to register in Singapore?
Every foreign business must engage a Corporate Service Provider to register, regardless of structure, and ACRA sets out four options: a subsidiary or local company, a branch, transfer of registration (re-domiciliation), including as a VCC, and other structures including a temporary setup that is not a separate legal entity.
What changed in Vietnam's investment law, and when does it apply?
Vietnam Briefing reported that the amended Law on Investment was approved on 11 December 2025, removes licensing for 38 conditional business lines, adjusts 20 others, specifies 20 project categories needing investment policy approval under Article 24, and allows ERC before IRC for qualifying structures. It takes effect on 1 March 2026, with certain conditional business line provisions applying from 1 July 2026.
What happens if an SME gets licensing or market access wrong?
Consequences run on two tracks. Under Australian law, bribery of foreign public officials is a serious crime punishable by fines and imprisonment. In the destination market, Vietnam's 2020 Law on Investment allows partial or whole termination of a project based on a "sham" transaction, and Indonesia requires PMA companies to complete licensing through the OSS system after incorporation.
How this was sourced
This guide was compiled from the following materials, and no other figures or claims were added beyond them.
- Australian Trade and Investment Commission (Austrade), "Australian exporters" and "Austrade, Australian Government", austrade.gov.au, no publication date given.
- Accounting and Corporate Regulatory Authority (ACRA), "Ways to set up foreign businesses in Singapore", acra.gov.sg, last updated 25 September 2026.
- United States Department of State, "Indonesia", state.gov, no publication date given.
- Vietnam Briefing, "Understanding Vietnam's Amended Investment Law: Key Highlights", vietnam-briefing.com, 24 December 2025.
- Kim & Chang, "Vietnam Legal Update – New Law on Investment 2020", kimchang.com, no publication date given.