When it comes to starting a new business in Singapore (or in just about any other country for that matter), there is absolutely no doubt that it is not really the easiest thing to do for some people. And even though it is true that Singapore is one of the friendliest places when it comes to the world of business, there are some things that pretty much every entrepreneur should know before deciding to start a new business. The following are some of the most important factors that you should consider before starting your own business in Singapore!
Determining What Kind Of Business You Want To Start
The very first thing that you need to do if you want to reach your business goals is to do company incorporation by getting your business registered in Singapore. But in order to do this, you first need to determine what kind of business structure would be appropriate for you. Although a sole proprietorship might seem like the right option to you, you have to remember that it has its own set of downsides. With this in mind, registering your business as a company is a much safer option, and on top of that, the registration process is neither too expensive nor difficult.
Getting Funds For Your Business
In order to start a new business in Singapore, it is important for you to come up with a good source of funding — or even better, a few of them. Many people start out by using both their personal savings and the money that they have borrowed from their acquaintances. However, that doesn’t necessarily mean that this would be the right option for you.
That being said, one big advantage of starting a new business in Singapore is that there are several different schemes already in place for helping new businesses. Some of the best schemes that you should check out include the Business Angel Scheme, the Sector-Specific Accelerator Programme, the Technology Enterprise Centralization Scheme, and the SPRING Start-up Enterprise Development Scheme.
Networking For Your Business
If you are planning on starting a new business in Singapore, you need to know what kind of networking you are going to use for your upcoming venture. You should also try and participate in professional networking in the country as soon as you get a proper idea regarding what kind of business you would like to start. Also, make sure to attend as many start-up meetings, exhibitions, seminars, and trade shows as you can. Becoming an active member of your favorite social media platform is always a good idea as well. Just try not to spam, okay?
Setting Up A New Office
If you really want to see your business grow, setting up a nice office is usually a much better option than working from home. However, one important thing that you should know about Singapore is that the rent prices for commercial spaces are pretty high. Also, one really important consideration that you need to make is how many employers you will need to have on board in your first year.
Figures like these should help you come up with an estimate of all the relevant expenses, making it easier for you to come up with a good plan. And now, here are some of the most important steps that you should take if you are serious about starting your own business in Singapore!
Registering Your Company
Getting your company registered should be the very first step for just about any entrepreneur in Singapore. Every single aspect of your business should be registered before you decide to move forward with your business operations or hire any people to work for you. Once you have successfully registered your company in Singapore, you will be able to apply for all the essential permits to start your own business.
Getting All The Necessary Permits
When it comes to starting a new business in Singapore, proper permits may have to be procured before you actually decide to move forward with your plan. It is crucial for you to find out what permits need to be obtained by your particular business. Google is your best friend.
Recruiting Employees
You shouldn’t have any problems finding talented people to hire in Singapore. The reason for this is because the Lion Capital has made sure that pretty much every new start-up business has access to a continuous supply of well-trained professionals. Also, you are strongly advised to procure the medical insurance coverage for your employees.
Filing Relevant Taxes
Due to the fact that Singapore has entered into detailed agreements for Avoidance of Double Taxation with more than 73 nations, you don’t need to worry about whether or not your business will end up facing double taxation somewhere down the road. Even if your country is not on the list, you don’t need to worry about any of that stuff. Just make sure to pay your taxes on time and everything should be okay!
The Importance Of Having A Good Business Plan
The main goal of a business plan is to provide a roadmap of all the ways an entrepreneur can set up a new business and run it. That being said, a business plan doesn’t have to be very lengthy in the beginning. You just need to write down the basics of your business plan and you can keep writing more stuff down as you go.
The Basics Of Starting A Small Business At Home
Some businesses that you can start at home include graphic design, massage therapy, interior design, virtual assistance, copywriting, marketing consultation, and more. Keep in mind that setting aside a particular room and designating it for your home-based business is one of the very first things that you need to do here. You also need to organize your space and get all the equipment that you will need for your business operations. Creating a proper business plan for your home-based business is always a good idea as well.
These are some of the most important things that you should know about starting a new business in Singapore. Many start-up businesses fail because their owners just don’t have the right amount of commitment to succeed. However, with the right mindset, Singapore is a great place for you as a business owner.
This article was brought to you by Amy Wong.
