local record labels

Yes. WakeMeUpMusic is supposed to be a local indie music label, but when I recently made some enquiries, they told me that they were not taking on anymore bands at the moment. they didn't offer any reasons why.
I have been in the music industry for quite some time and I am privy to many of the practices going down here in Singapore. Just for your information, I want to illustrate the difference between the two extreme types of deals in the industry, so that you have a broad view of how things work.

(Standard) Recording Contract: the one where the label (usually a major; EMI, Universal, Sony, Warner Music, BMG) signs an artiste and picks up the tab for recording, manufacturing, distribution, marketing, the works. The artiste may receive an advance which will also be subtracted to pay the producer, and other expenses (sneaky labels will get the artiste to pay for as many things as possible!). Incoming monies from eventual sales of album will then be given to artiste, less the advance. Artistes are normally offered a 2 to 3 album deal (this may not necessarily be best for artiste especially if 1st album takes off and subsequent album royalties are stuck at current rate (usually low) - no room for renegotiation until term expires).

Distribution Deal: the flip side, where the artiste pays for the recording, manufacturing, and marketing. The label only does Distribution, which is to put it bluntly, just sell your product to the retailer (and nothing else). You might as well do it yourself .. but it's gonna take a little work; register your own company, approach retailers, negotiate pricing and commission, deliver and collect product, etc. Of course, this is nothing if you are already doing and paying for your recording, manufacturing, marketing.

In between these two, there will be other combinations and of course in good ole Singapore, don't expect much from the major labels - they don't have much money for signing and developing artistes. The track record for artistes recording in the English language is abysmal. Even Chinese artistes, if you notice, are signed by regional offices (Stefanie Sun, for example was signed by Warner Music Taiwan).

That said, most bands should look to independent labels as the reception will be better, altho' the returns will be correspondingly small. However, I am sure if you are thinking of doing this, then you're doing it more for the love of music than monetary gains .. I salute you!