Do you know what the primary reasons are because of which business owners set up their business in Singapore? Some of those reasons are as follows:
- They want to expand their business and fetch an audience from the Singapore market.
- You would be able to get tax incentives being a new startup in Singapore.
- Per-share price of your company can be as low as Singapore Dollar 1.
There are many more such reasons, but above-mentioned are some of the major ones.
While the most significant issue faced by such business owners is unawareness of the steps to setup a company in Singapore. In case if you are one of them, then do follow this post till the end, as here we are going to have a look at a precise guide to set up your company efficiently.
Key factors to consider before starting your business in Singapore:
Check out these factors you should consider before getting started with your business in Singapore:
- The first key factor to consider before starting your business in Singapore is determining what type of business you are going to start. Try to make your business structure with the help of which you can make yourself clear about the plan and carry forward the next processes based on it.
- Next factor to keep in mind is the funds, whenever you are getting started with your business make sure you have enough funds to start with the business for at least 6 months if no profit is gained.
When we can generate 6 months of advanced funds for our business, that is the situation when other factors or our business is not disturbed.
- Try to network with people who are from similar backgrounds and having business in Singapore too. With the help of such people, you would be able to make your journey of setting up a business in Singapore an easier one.
Moreover, you must have heard that registration of a business in Singapore is a tough job. Hence that is the reason you can use your network, along with that there are plenty of companies who can help you efficiently in getting the registration done for your company in Singapore.
Sleek is the most proficient Online Company incorporation service provider in Singapore that can help you with the registration and other related works efficiently.
- Figure out the physical address for your new office in Singapore. Whenever we are filling the registration form for our business, we need a physical address to fill. While most people think that a PO box address will work too, that’s not the case with the registration process of Singapore.
It would help if you had a proper physical address for your business to get started.
This was all about the key factors that you need to keep in your mind while getting started with your new venture in Singapore. Moreover, you must make sure to follow every single step efficiently for the best possible results.
Guide to Setup a new business in Singapore:
In this section of our post, we are going to have a look at the steps with the help of which you can easily Setup your new business in Singapore:
1. Business registration:
Getting your company registered in Singapore is one of the most difficult work here because Singapore has a separate branch called ACRA, who is responsible for the registration of businesses in this place.
They thoroughly check out the details provided by the business owners for registration and carry forward an in-depth check on your details to figure out if the business is legit or not.
Moreover, several checkups are carried forward by the ACRA team, and the initial checkout for that is business structure. In this checkup, they have a look at the structure developed by the owner for their business.
Although if you think that this process is getting a bit difficult for you, then you should be taking help from a reliable company registration service in Singapore, you would be able to make this job of yours easier than ever.
2. Essential permits for business:
Before running your business in Singapore, then you need to permit several permissions with the help of which you can run your business fluently. There are several permits such as a good and unique name for your business, as it is suggested to have one such business name that is not used by any other business in Singapore.
You should also have a proper physical address to fill in your registration form, and not just a PO box office address.
3. Setup your office:
This is a really difficult job to find out the right office site for your business with the help of which you would be able to attract targeted audiences for your business. Moreover, while setting up your office make sure you keep this fact in mind that your target audience is easy, there are plenty of business owners in Singapore who have selected the wrong place for their office. They were not able to make their business a profitable one.
4. Employers recruitment:
You should also hire proper staff for your business with the help of which you can easily carry forward all the works in your business. Moreover, it is said that you should have a director from Singapore itself with the help of which you can make the overall registration process easier.
Facts to know about starting a business in Singapore:
Let us have a look at some facts you need to know about starting a new business in Singapore:
- You should have a local director in your company which is a mandatory thing while opening a new business in Singapore.
- The minimum paid-up capital required in a company in Singapore in 1 Singapore dollar.
This is everything you need to know about Opening a company in Singapore. Make sure to follow every step thoroughly for getting started with your business efficiently. Moreover, try to follow all the rules and regulations while filing forms for ARCA, and it is strictly advised to fill in the correct detail only.