Business success stories should always be one of a kind that you would love to share with others through social media. Who knows, but you may even end up being an influencer someday. Singapore is the most convenient place in the world to launch a business. Additionally, studies reveal that Singapore is among the world’s fastest-growing company ecosystems, with start-ups tripling to an astounding 55,000 in only ten years.
Today, the rising number of entrepreneurs in the market will surprise you. These numbers are enticing, but one should also be aware of the challenges during their entrepreneurship journey. Setting up a business can be a make-or-break journey based on each step you take. Without the assurance of success, you could quit your reliable job or use your savings. However, while risks are unavoidable, you may reduce them by planning. Here is a list of the tasks you need to complete before starting your small business.
1. Hire a Business Consulting Agency
A professional business consultant like a1corp.com.sg can offer expertise to transform your company. They have consultants specializing in various fields like operations, strategy and management, finances, human resources, IT, sales & marketing, and funding opportunities.
Irrespective of the line of work or industry, representatives flourish when they focus on their core competencies. Moreover, hiring business consultancy agencies can be a cost-effective way to get expert guidance when setting up a business in Singapore.
It may be frustrating to attempt to organize information, which is discouraging and distracting. Unquestionably, technology may be expensive. Your representatives can concentrate on their experience with their center job and increase your primary concern by using an IT business consultation solution.
2. Manage Your Finances
Unbelievably, the most frequent cause of business failure is running out of money. Therefore, you must outline a strong business plan that includes financial projections and safety nets to avoid joining the ranks of many failed businesses.
This is because you may initially anticipate your business operating at a loss. However, if you want to see it through to the end and begin making profits, hit a breakeven point, and sustain your business over the long term, you will need to consider that.
3. Register Your Business
It is now easy and quick to incorporate a company. The first step is to pay $15 to secure a company name. After that, it will get approval if your company name is available and does not contain offensive words. You can then incorporate your company entity easily.
You must choose the kind of company entity you wish to incorporate; the following are the most likely choices:
- Company – With this kind of organization, you may establish a company independent of the owners. As a result, the company’s obligations and liabilities are distinct from the owners’.
- Sole proprietor – This company structure is the least complicated choice if you operate as a one-person operation. It also indicates that you are responsible for any liabilities and debts your company accrued. Excellent if your company doesn’t need a lot of start-up money, such as if you run a home-based private tutoring business.
- Partnership – This kind of organization is preferable when two or more persons start a business together and agree to be individually accountable for any debts or liabilities the business incurs. A partnership may be more practical than a company if your firm is tiny and low-cost with few overheads.
4. Assemble the Team
Before setting up the business in Singapore, assembling the team is imperative. This includes
- Shareholders: Shareholders can be either people or businesses. No more than 50 of them may own a private Singaporean corporation. Both foreign individuals and companies may hold shares.
- Directors: You can choose multiple directors, but at least one must be local. Therefore, a foreigner can only serve in such a capacity if there is a second local director. You might choose to select a Nominee Director to address this issue. He won’t make decisions; he’ll be there to fulfill the criteria. The employment of nominee services is customary in Singapore.
- Corporate Secretary: This officer is necessary for every business; he keeps tabs on developments inside your organization, gathers paperwork, and submits reports to the government. The law requires you to name a secretary within six months after formation, but you could need one sooner.
5. Secure a Registered Office Address
One of the prerequisites for Singapore business registration is a registered office address. You can use this address for any official business correspondence, including that from the government. Additionally, clients now have the option to deliver their letters or goods themselves. Suppose you want to save your capital expenses. In that case, you could register your private residential property or HBD (Housing Development Board) rather than renting a commercial space under the Urban Redevelopment Authority’s Home Office Scheme (URA). Only small firms are eligible for this.
6. Open a Business Bank Account
If you are not the sole proprietor and can’t receive the payments in your account, open a separate bank account. So, while evaluating the various options, you may want to compare the minimum balance, the initial deposit, and the monthly maintenance fee. Most Singaporean banks have accounts for businesses; some are popular for having no minimum fall or deposit fee, while others may have a monthly maintenance fee.
7. Set Up Your Digital Presence and Network
This entails developing your website utilizing your registered domain name and setting up pertinent social media profiles. While you may start your digital marketing campaign, you can also hire a specialist firm to do it for you.
Consider attending start-up gatherings, trade fairs, conferences, and exhibits in Singapore, as well as professional networking events.
As you launch your small business in Singapore, complete this checklist to ensure you have everything covered. If necessary, you may always contact specialist organizations to perform business-related tasks that you might be apprehensive about doing on your own.
Singapore now ranks with the most business-friendly economy worldwide for ten years. The regulatory climate in Singapore is primarily advantageous to entrepreneurs. The experienced workforce, cutting-edge technology, and welcoming government regulations are different elements that make Singapore an appealing option for a start-up firm. Working methodically, consistently, and never giving up are the keys to success in setting up a firm in Singapore.