Developing a Game Plan to Start a Company in Singapore
Before one sets up a company, there are certain things which he or she needs to do first to ensure the success of the business. Starting a company in Singapore may be easy and the government is prepared to assist you every way possible. However, it is of course important to first do proper groundwork and come up with a comprehensive business plan. Following this, it would be best to speak to people from the niche to get an actual picture of the market and whether your product or service is actually needed there. If necessary, you may have to make certain changes to your business plan. Also, you must calculate your overheads and reduce them as much as possible. Be innovative in how you customise or localise your products to Asian markets. In an economy increasingly driven by technological change, businesses may learn to be innovative by implementing the use of technology, not only to enhance productivity but also to gain a competitive edge.
Leverage on a Local Incorporation Service Provider’s Expertise
Singapore offers numerous company set-ups ranging from sole proprietorship, partnership, Limited Liability Company, subsidiary, branch office, representative office and others. A sole proprietorship should work for you if your small business is out of risks, but if you are going to share your business with a partner, you should better consider registering a partnership firm. Sole Proprietorship is a great choice for self-employed individuals. Some argue that the best option for a new company in Singapore would be a private limited company that limits owner’s liability to the company’s assets. It is more flexible and sustainable due to the wider options of ownership transferring and growth. However, it would be best to leverage on a local incorporation service provider’s expertise to improve chances of success. Leveraging the expertise of incorporation teams is a good choice because they could advise on the most winning business entity for your startup, help you to calculate all prospective expenses and tweak your business plan.
Selecting an appropriate and unique name for your future company is a necessary part of registration and the government demands that the name represents the philosophy of your business and not sound similar to the names of other existing companies or obscene. An incorporation service company can perform a diligent name check for you to save time and achieve better representation of your business. Next, to get your business registered, you must provide the real local Singaporean address where you are going to rent your premises. This address is crucial as all official documentation will be sent to this address only.
Running some businesses requires mandatory licensing in Singapore. And although you will be allowed to get the necessary license only after your company is incorporated, it is wise to study the legal field in advance to avoid any problems with the law in future. It would be best to engage support from your local service provider to ensure your plans have clear a commitment and comply with Singapore’s regulations. If you decide to incorporate your startup in Singapore, the government offers several attractive grants and funding schemes that help grow a business through its various early stages. In addition to the government support, there are many angel investing networks, venture capital firms, private equity firms, startup incubators and accelerator programmes that assist entrepreneurs in raising capital. It would be best to understand the types of grants available before applying for any one of them.
Lastly, you need to consider getting visas for members of your team you want to take along to the country. Professionals, managers and executives (directors) can arrive in Singapore for work under Employment Passes. Many startups get derailed by failed business plans, lack of funding, stalled economies, and unsuccessful pivoting. In view of this, it would be best to engage professional service providers to guide and assist you towards making your business a success.