There is a reason why setting up a company in Singapore is so popular. The economy is booming and business opportunities are springing up every day. However, it’s important that before you jump in headfirst, you must first understand the process you must follow to set up a business. The earlier you do this, the time and potential investment you will save yourself down the line. Here are some of the key factors you should consider before setting up a business in Singapore.
- Determine The Type Of Business You Want To Set Up
The first stage of starting your business in Singapore is to incorporate your company by getting it registered by the government. However, before you do this, you need to figure out the kind of business structure that works best for you. Though the most common business model in Singapore is a private limited organization, this may not always be the best option for you.
One alternative option is a sole proprietorship. This is a one-man business that classes the business as a single entity. This means that the sole owner is accountable for all of the liabilities and risks incurred by the business. As a result, they may have to sell their assets to settle losses and debts that the business owes. Due to this, registering as a company is a safer bet, though it has its own downsides. Once you have decided the type of business model you want, you can begin the process of registration. This is relatively simple and inexpensive. If you require help, there are many businesses who already operate in Singapore who will be willing to help.
- Determine Your Source Of Funding
Though some businesses are relatively inexpensive to start, it’s important that you have adequate funds to actually get started. Luckily, there are many ways of funding your startup in Singapore. Many individuals will simply begin by using their person funding as well as funds borrowed from friends and family. However, this may not always be the most suitable option depending on how much funding you require.
One of the greatest perks of starting a new business in Singapore is that the government has already set up several schemes which are designed to help small businesses. For example, one such policy is SPRING Singapore, which is designed to support innovative business ideas by turning them into plans that can be implemented. They will also provide support to turn these plans into reality. On top of this, several new schemes are also currently being worked on to help turn many small businesses into global competitive brands. As a result, receiving funding from the government is a very real option in Singapore. Here are some of the schemes you should check out when first starting out.
- Business Angel Scheme
- SPRING Start-up Enterprise Development Scheme
- Technology Enterprise Commercialization Scheme
- Sector Specific Accelerator Programme
To find out which is best for you, you can conduct a quick Google search or alternatively you can contact SPRING directly to present your business ideas. If they like your idea and want to proceed, they will provide you with the financial support you need to get started.
- Discover A Main Source Of Networking
Setting up a company is only the first stage of your process. After your initial setup, you will have to learn the best ways of developing it and the best forms of networking for your new venture. It is recommended that all new business owners participate in professional networking within the country once you have set up your business and begin operating. The sooner you get involved, the sooner you can begin building those meaningful connections. The best way of doing this is to immediately seek a membership of the trade & industry associations linked to your domain area. It is also important that you take part in several other options such as start-up meets, trade shows, exhibitions, and seminars. To find out when and where these are happening, join the social media groups available for them.
- Rent Or Buy Your Own Office
In the age of internet businesses, individuals often prefer working from their own home. This is a great way to save money and other resources. This is fantastic when you work as a sole proprietor or if you have fewer than 3 people in the business. However, once you begin growing and expanding into your niche, it’s important that you soon shift into a separate office space. This will help to improve collaboration amongst your team and will also improve client impressions of your business.
Within an office space, you can put in place a plan to combat any staffing challenges. This could be anything from the number of employees you need in your team, your estimated wages or any conflict amongst your team itself.
- Enjoy The Benefits Of Government Policies
Singapore is becoming the preferred destination for first-time entrepreneurs from around the globe. In the last few years, the government signed an Agreement pertaining to Double Taxation Agreements. This has helped to create an ideal environment for business owners, allowing them to thrive throughout their first few years of business. Make sure that you fully understand all the benefits you are entitled to, as this will make your first few years of business easier when compared to operating in alternative locations.