Beginner’s Guide on Starting an Interior Design Business in Singapore
The process of starting an interior design business can be broken down into several key steps. They include understanding, planning, and execution. You first need to research and understand the needs and wants of your target market. Then, you need to plan your strategy to ensure you are able to meet your customers’ expectations. Finally, you can put your plans in motion and test them out!
What is an Interior Design Business?
Interior designing is the process of transforming vacant residential or commercial spaces into fully functional, aesthetically pleasing, and efficient homes or offices. This industry necessitates a high level of creativity, efficiency, and aesthetics. In addition to these requirements, interior designers must keep up with new fads and trends, as well as new materials on the market. This industry comes with high job satisfaction especially when you put a smile on the face of your client after a job well done!
The transformation of a commercial or a residential space brings personal and professional satisfaction. Indeed, interior designers get to work on something that is very close to their customers’ hearts, i.e., the place where they live or work. Therefore, it is critical to carry out the interior design business with great care. Many interior designers graduate from a college or university or work as an apprentice before launching their own firms. This article is a guide to company registration in Singapore.
Interior Design Business Trends
An interior designing company may offer a wide range of services, including home furnishing, basement remodeling, antique furniture refurbishment, and much more. So, first and foremost, you need to determine your target clients. This directly contributes to understanding the services you should offer. Then, determine the market size as well as the specific products/services that are in high demand. Most importantly, try to understand the expectations of your potential customers. Keep in mind that you must have a clear mission and vision for your ideal customers.
Next, would be company incorporation. Entrepreneurs who want to start businesses in the creative industry can choose one of the following business structures:
- If they want to start a one-man small business, they should choose a sole proprietorship;
- Limited liability company, which is the most commonly used business structure in Singapore.
When considering the number of owners, initial investment, liability, income tax rates, and funding for expansion, you can choose which type of business structure is best for you. After deciding on the type of business, you can proceed with company registration.
Registering an Interior Business in Singapore
Here’s a general overview of the steps to register your Interior design business company in Singapore. If at any point you feel that dealing with the paperwork is tedious and too much of a hassle, you can contact 3E Accounting and let us tend to these matters for you!
Obtaining a Company Name With the Approval of ACRA
The process of forming a new company begins with obtaining ACRA approval for the name. Your chances of approval will improve if you keep the following points in mind.
- The name should be simple, something easy to remember with easy pronunciation, and be free of vulgar or obscene language.
- There should be no issues with copyright.
- Make use of interior design-related words.
- It must not violate any trademarks.
Once you have approval for your business name, it will be reserved for you for 60 days from the date of application. If your company incorporation takes a little longer than expected, we can file a request with ACRA for a 60-day extension on your behalf.
Preparation of Documents for the Formation of a Singapore Company
- Company name registered with ACRA
- A brief description of business activities
- Details of Singapore registered address of the company
- Shareholders’ Particulars
- Directors’ Particulars
- Company Secretary’s Particulars
- Foreign Entrepreneurs must submit a copy of their passport and residential address proof (overseas)
- Foreign Companies must submit Memorandum & Articles of Associations
- Singapore Residents must submit a copy of their Singapore identity card
File an Application With the ACRA
Once you have approval for your company name, you can file for company registration in Singapore. If you have all of your documents in order, the process should not take long.
Make an Initial Investment
Following the registration of your company, you must consider the initial investment amount and arrange for it. This initial investment is a requirement to get the interior design business off to a good start. Interior Designer Website, Interior Designer Software, Official Documents, Interior Designer Insurance, etc. are some of the approximate basic expenses or costs that come with starting an interior design business in Singapore.
Assembling Your Team
Anyone looking forward to starting an interior design business in Singapore should put together a competent and professional team with diverse skills. This may necessitate the hiring of architects, as well as interior designers, carpenters, electricians, technicians, labor and sales executives, painters, plumbers, and back office personnel.
Put Your Company on the Internet
A clean website with artistic and impressive photography of your design work can help draw attention to your styling abilities. Furthermore, these days, everyone is using online platforms such as Google Search or other local search engines to identify the best interior designers/decorators in the market and compare information such as prices, services offered, reviews, and so on. Therefore, create your own website and try to begin online branding or marketing for your company. Please ensure that your website is easily accessible and loads easily when users visit it.
Make a Name for Yourself
By using digital marketing techniques such as blogs, social media posts, and YouTube advertising, you can reach a large audience. Regular content can help increase the firm’s website traffic and give visitors an idea of what to expect from the Singapore interior designer services. If the content is appealing and captivating, viewers will gradually convert into customers. The more people you know and the more industry connections you have, the better.
Licenses Required for Starting an Interior Design Business in Singapore
You don’t need special licenses. If the company will only be decorating or re-decorating. However, if its activities include any construction work, it will require permission from the Singapore Urban Redevelopment Authority for planning approval. You can submit a formal planning submission for your proposed development on your own. For your planning submission, you must adhere to a number of submission requirements and planning guidelines. Development Control Matters and Development Control Parameters for Residential Development contain these requirements.
Everything seems pretty straightforward and simple, right? So, why not grab the reins and jump on this train? Starting an interior design business seems like a worthwhile venture and if you’re not sure of where to begin, there are corporate service providers in Singapore, like 3E Accounting, that can help you out! We have a team of professionals with vast experience who will be ready to assist you and ensure a smooth process of starting an interior design business in Singapore.