How to Buy a New Business in Singapore
If you’re looking for an alternative to starting a business in Singapore, one good option would be thinking about buying an existing business so you don’t have to start the business from scratch.
How do you buy a new business in Singapore?
The first and easiest step to buy a new business in Singapore would be to browse for potential existing businesses where the owners are looking to sell. Convenient Business for Sales websites have an extensive business database for all the available businesses which are for sale and for purchasing. Browsing through the website is easy, quick, efficient, convenient and straightforward, which is why it is the go-to website for many entrepreneurs who are seeking to buy a new business in Singapore to start their entrepreneurial dream.
Once you have found a potential business that you would like to buy, the next thing to consider is whether you would like to take over just the assets of the company, or to take over the whole company entirely. Each business decision you consider must have careful thought and planning going into it, because running a business is a lot of hard work, dedication and commitment, even if it is buying over an old business.
Consider That Existing Risk
The thing that every entrepreneur needs to consider carefully when taking over and buying over a business in Singapore is that this decision – just like every other business decision – is one that you need to consider carefully. Taking over a company may seem easier than starting from scratch, but before making the purchase, you would need to consider that existing companies do come with their own risk, and many may have hidden liabilities which you may not even know about. Doing due diligence before making a business purchase and you need to be very thorough and ensure that you know the ins and outs of the business before you put your money down for the sale. Alternatively, you may consider setting up a new company to take over the existing company.
The next thing to consider is whether once you have bought the new business, whether you would prefer to rehire new staff in the company or keep the existing staff in place. Both of these measures have pros and cons, and it depends on your preference and your business needs. If you are planning to employ a foreigner in a certain role with your company, you would need to apply for an Employment Pass for the foreigner to be able to work and live in Singapore.
If the company you intend to purchase is registered for GST, when you have taken over the business upon purchase, you would still need to reapply for GST because the company and the business now has new ownership. The GST details need to reflect that new ownership and consist of your updated business details.
When you have decided upon the company that you wish to purchase, engage the services of a lawyer to help you craft a Sales and Purchase agreement to ensure all the details of the sale are going to comply with the local laws and requirements of buying a business in Singapore.