Singapore’s prosperous economy and high-end lifestyle make many people want to start a business in the country! However, only a handful can make it a success in Singapore. The country provides the best opportunities to start and expand a business. But what is crucial is the way one starts a business. There are formalities involved, and it’s essential to comply with the registration and other legal guidelines. Also, you need to have an elaborate blueprint of your business development plan ready.
So, are you mulling over having a start-up business in Singapore? If yes, then discussed below are useful guidelines to go about it.
- Get your groundwork done
Don’t get into the in-depth details right away! Sit down at your study and ponder on your business idea for a while. Try and materialize the concept of a concrete business plan. It needn’t be an exact one. An approximate idea is also useful. However, ensure that your business idea has the potential to generate more dollars, than what you are estimating to spend.
Go online, search the internet, get connected with people from niche to look for situations in the market where you intend to set up your business. Check if your service/product has a demand? It could be that you have to make few modifications to your business plan. You can estimate the overhead and cut it off to some extent. Develop your team and search for quality investors and staff who understands your idea. Ensure that these people assist you on your path to success.
- Understand your business structure
Decide if you want a partnership business, sole proprietorship, branch office, an LLC, a representative office or a subsidiary. Singapore provides a host of legal entity forms that are accessible for registration. Be cautious not to select at random as your business type will impact other aspects of the business, such as your credibility, liability in the customer’s eyes, capacities in borrowing money and also extending the company and many more.
For instance, you can consider a Sole Proprietorship business type if your small or start-up business doesn’t have any risk. Even a Partnership firm is a good idea from the tax perspective. You get to make good savings by staying clear from corporate taxes. Sole Proprietorship is the best choice for self-employed individuals or people engaged in a freelance activity. However, the primary challenge for both the business type is that the liabilities aren’t just limited to the company’s assets. Should any legal claims come up, you will lose your assets. Hence, you aren’t secured here. To be aware of these and other repercussions you need to reach out for service providers like Singapore Company Incorporation and others, to guide you set up and expand your business in Singapore.
- Select your business name
It’s essential that you select a unique and apt name for your business in Singapore. You will require this information for the registration process. The government suggests that a company’s name should highlight the purpose and philosophy of the business. It should not be a cheap replica of other market players. So, make all the name checks before the registration process to avert all kinds of delays and issues.
Hence, it’s a smart call to match the business names selected with the domain names available. It is true if a website is essential for you. If you want to be engaged in a corporation service company, you will witness a strict name check that will help you save your time,
- Get your business registered
Registering your business is essential. Without this, you can’t go ahead in your business development plan in Singapore. Here you will require the services of companies like Singapore Company Incorporation that helps you to set up a business and progress it faster than you can imagine. These service providers provide a host of services. Primary amongst them are:
- Accounting services
- Taxation services
- Company secretarial services
- Company incorporation
Equipped with all these services you will be able to launch and expand your business in Singapore in a streamlined and hassle-free manner.
- Get the correct address
To register your business, you should offer the official local Singapore office address. It should refer to the space that you are renting. The address needs to be correct for formal documentation process to start off. After that, you need to agree to these premises with URA (Urban Redevelopment Authority) and take the approval to use it commercially.
- Know more on the business licenses
To establish a business means to get going with inquiries about compulsory licenses. Even though you will have access to the required license once your organization is integrated (i.e., registered with ACRA), it’s a smart call to study the legal premises much ahead of time to avert any legal issues in the forthcoming days. You might want to refer to OBLS for specific licenses associated with your business niche. Perhaps you will require many permits from various authorities just in case your business will function in domains like finance, entertainment, education or in the production of cigarettes, beer and many more.
- Enquire about the Visa
Do mull over the idea of procuring a Visa for every person in your business team, whom you want to take to Singapore. It could be staffs, managers, directors, executives and many more. All of them will be able to arrive in Singapore under the Employment Pass that gets issued for over 1 to 2 years. It can be renewed several times till such time it’s required. The only pre-requisite is that workers should be able to cater to the requirements. Directors should also know that they can make use of the Employment Pass when the business registration process gets completed.
However, just in case an entrepreneur needs to be there in Singapore before commencing the incorporation, then using an EntrePass is the best solution.
Singapore in the recent times has opened doors to everyone having a unique business idea and the means to set up a company. Other than the creative process, there are several legalities and financial formalities involved. You can always refer to these necessary steps to start the process. However, reaching out to an able service provider that will guide you to set up your business effectively and also adhere to legalities is essential.