5 Easy Steps to Setting up A Successful Business in Singapore

At first glance, setting up a business is anything but easy – right? Nevertheless, it is the difficult things in life that are worth fighting for, as they are most rewarding in the long run. The good thing, however, is that Singapore is a thriving realm, when it comes to businesses, in particular. The government has created a profitable environment for aspiring businessmen. For example, the Avoidance of Double Taxation Agreements is one of these measurements.

With that in mind, let’s have a look at the main steps you should follow if you think that Singapore is the right place for your business.

1. Write a Business Plan

Having a great business idea won’t suffice: before you can actually do something about your dream, you have to concretize your goals by comprising a business plan. The business plan could be conveyed as a roadmap embodying your goals, financing needs, marketing plans. Essentially, it doesn’t have to be too lengthy and difficult to follow. Additionally, note that the purpose of the business plan is prone to change over time.

Considering that you plan on raising funds, then, you ought to be vigilant regarding management and aspects of financial growth.

2. Choosing the Right Business Name

Bear in mind that, in Singapore, it is quintessential to select a unique, representative name for the business. This is a necessary step of the registration, in fact. The government requests for the name of the business to mirror the philosophy of the business, while being unique – in the sense that it shouldn’t resemble the name of another firm.

3. Find the Right Location for Your Business

Evidently, carefully selecting the ideal location for your business will also play a part in the success equation. The good news is that there are many possibilities in this respect, as well. Considering that Singapore is a thriving country that it is in full expansion, there is a significant diversity of spaces that are suitable for all sorts of businesses.

4. Get the Permits

Also in regards to a company formation in Singapore, it is just as important to get the necessary permits in right time. The good thing is that you don’t have to waste a lot of time researching regarding the permits required for your business. You can go to EnterpriseOne – which is an online branch established by the government.

You can use this platform for guidance concerning setting up a business in Singapore.

5. Register The Company

First things first: how to register a company in Singapore? In order to do this, you should ensure that you have all the information, such as data on the shareholders of the company, data regarding the directors of the company, information regarding the secretary, paid-up capital, registered address, and so on. In short, before you can proceed with doing any operations or employing staff, you ought to register the company with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

This 5-step guide aims at simplifying the dreary process of setting up a business. And while the process isn’t necessarily easy, it’s not impossible either – granted that you have a suitable plan of action.