Are you bored working for someone else? Are you one of the persons who make plans to start a business in Singapore and have many ideas on how to do it? Do you think it is time to go alone and start on your own?
If this is the case, we provide you with some useful tips on how to incorporate a company in Singapore and what you should pay attention to make it successful.
On the other hand, if you plan to open your business in Singapore, you are on the right track. Singapore offers a lot of advantages to opening a new business there. Definitely, it is one of the most prospected countries for new companies in the world.
How to Start a Business in Singapore?
Once you have an idea in your mind and decide what you want to start with, you have to put these ideas into reality and start working on them. You’ve brought the first decision: you will begin on your own, and you will become your own boss. But from this decision to create a real profitable business, there is a long way to go. You’ll have to elaborate on your idea of making a business plan and start realizing it. Some of the issues that you will have to deal with:
- Do you know how to register and what permits you need to start working?
- Will you do your own business from home, or will you have to rent an additional working space?
- Will you be the only employee, or will you have to hire professionals to expand your business?
- Do you have the proper skills for the job, or you will have to do some training?
- Do you have all the needed equipment to start working?
- Last but not least, will you create your own business with your own savings, maybe a loan, or will you need someone to invest in your business?
Making this basic plan will help you a lot. Defining what you have to do is the most important thing to do in any country and Singapore, too.
Raising Funds for Your Business
If you have your own savings, then you have one of your problems solved. If this is not enough, you can always borrow some money from friends and family. But if you need some investors to help you run your business you will have to find a way to accomplish that.
Singapore has some advantages here too. They have a lot of attractive schemes to help start small businesses in Singapore. You will have to do your own research and find the one that is most suitable for you.
- Business Angel Scheme
- SPRING Start-up Enterprise Development Scheme
- Technology Enterprise Commercialization Scheme
- Sector Specific Accelerator Programme
Become Member of the Business Communities
As a plus business community in Singapore is very well connected. Join different platforms and became a member, which will make you associated with the right people. Attend meetings, seminars, etc. where you can get valuable information for your business.
Register Your Business
The step that needs your full attention is to register your business with the Singapore authorities. You will have to check and find out all the necessary forms, permits, and licenses you need for your business type. According to Singapore Law, every business should be registered in detail with the ACRA (Singapore’s Accounting and Corporate Regulatory Authority) before you start a business in Singapore and hiring employees. Once you are done with this step, you can check the reputable and reliable company registration services in Singapore to help you with all the necessary permits.
Set up Your Office
After acquiring all the necessary permits and licenses, it is time to proceed with the next step, setting up your office. If your decision is to make it home-based, you have to transform one of your additional rooms into the working space. You have to think about all the necessary equipment like telephones, computers, printers and good internet speed, desks, and chairs that you will need to work on. If your business hires more than three persons, probably you will need a separate office space to rent, which, to be quite honest, can be tricky in Singapore because office spaces have high rents. However, Singapore officials made investments in some business parks all through the country to push up small businesses, and you should not have a problem finding such.
One of the stages of creating a successful business is hiring the right professionals to work with you. Again, the Singapore agency will take care that you have access to the jobs bank, so that small business finds it simple to navigate it and hire the right people. Of course, there is always a possibility to bring employees from another country if you can procure valid work permits for them. One of the issues is also getting familiar with your responsibilities with the Employment Act in Singapore.
File Relevant Taxes
Singapore has detailed agreements for Avoidance of Double Taxation with more than 73 countries in the world. This is one less thing to worry about. Plus, it offers a tax credit for the countries that are not involved in such agreements. Making an efficient and relaxed business atmosphere, Singapore helps small and all kinds of businesses make themselves at home. Singapore authorities offer these advantages and expect the tax to be paid on time.
These were some tips that will help you start your business in Singapore. Once you’ve passed the steps, your business is set and running. Expanding your business plan and making a profit is your next step. Once you have your permits, working space, and employees, it is time to grow your business ideas and set a successful business that will bring your early ideas to reality.
We wish you good luck and, of course, to enjoy your work!