Singapore is one of the best places to have a business nowadays. Some reports state that it will not take more than three days to start your business on the small island. Where else can you start a business as fast as here? And where you count that there is no fuss, the process goes smoothly, especially if you ask the help of a professional. Financial experts state that Singapore is one of the best countries where to start a business because they have flexible immigration policies, and business-friendly laws. Also, there are not many places around the globe where filling taxes is as easy as it is here.
If you consider Singapore as the place where to start your business, then you probably are an entrepreneur who researched the market to see what country offers the ideal conditions for a start-up. Starting a business in Singapore is a bargain if it were to compare the process with starting a business in any other place of the world. Because you are at the beginning, you may have some milestones and it is important to know what steps to follow in order to materialize your idea and to register your business.
Do the groundwork
The first thing you have to do, if you plan to start a business in Singapore, is to make a cup of coffee and see if the idea you have on your mind can become a successful business.
- It is important to transform your idea into a business plan, because you have to make sure that it is able to generate income.
- The purpose of a business is to make more money than it spends. Check online to see if you can find business plans that are similar to your idea.
- Talk to people who have experience in this domain, because they know what the situation on the market is, and they will offer you guidance.
- You have to ask yourself if the product or service you want to deliver is really needed on the market. In the majority of cases the initial plan has to be modified.
- In addition, this is the moment when you should build your team, because it is important the people you hire to share the same goals as you do and to offer you support.
Establish the business structure
In Singapore you can choose from multiple forms of legal entities when it comes to registering a business. You can start a representative office, a partnership, a sole proprietorship, a subsidiary, a Limited Liability company, or another type of legal entity. But this does not mean that you should choose the option that sounds better. The form of your company will impact the success of your business, because it will influence the attitude creditors and banks will have towards you, the ability to expand your firm and borrow money, and even the way your clients see you.
In case you want to start a small business, and you are sure that there are no risks to be at law with clients or business partners, then you should opt for sole proprietorship. If you want to have a partner, then you should opt for a partnership company. These two forms are the winning ones when it comes to taxes, because you will have to pay only personal taxes. In case you want to be a freelancer in Singapore, then the best option is to register your company as a sole Proprietorship.
Experts from Singapore Company Incorporation Consultants Pte Ltd recommend entrepreneurs to register their company as a private limited company, because this form is considered quite safe. Also, you have the advantage that your future clients will consider you a reliable company and you will have no difficulties in collaborating with banks and investors. Also, you will benefit from discounted taxes and incentives.
! Do not forget that in order to register your business you will need one director and one shareholder. They can be the same person, but the condition is that one of the directors to be a Singaporean or a Singaporean permanent resident. In case you are a foreigner, then you will need the assistance of a company that offers incorporation services, until you have the right to stay in Singapore and you can take the position.
Decide the business name
One of the essential parts of the registration process is your business to have a unique name. The rules require to opt for a name that represent your philosophy and that it is not similar with the others from the market. Also, you should make sure that the name of your business is not considered obscene in Singapore. According to https://www.companyregistrationinsingapore.com.sg/corporate-services/register-company-singapore/, if you want to make sure that you will not have issues when registering your company’s name, you should do a thorough check before deciding it, to see if the option is available and if there are any domain names you can use in order to create a web page.
Find the headquarters of your business
One of the conditions of registering your business in Singapore is to have a real local address. You will have to rent the headquarters and to prove it with official documentation. Make sure that you get the needed approvals in order the space to function according to the local rules. You have the possibility to use your rented house to establish the headquarters of your business, if you want to start a small business.
Make sure everyone from your team has visa
In case you plan to hire foreigners, then it is important all of them to have visa. You have the possibility to bring your directors to Singapore by using the Employment Pass. They will have the possibility to work for 1 to 2 years here and they can renew it for as long as they need it. However the Employment Pass is valid only if you have the business registered. In case you want them to come to Singapore before you register your business, then they will have to use the EntrePass.