Establishing a business in Singapore is easier than one may think. While most businesses require some form of office, many do not. For example, Bonza Spins, an online casino serving gamblers worldwide since 2018 doesn’t require their staff to go to office. However, to open your own business offline, you need a small working space and a few furnishings, in addition to a tax registration number and other documents. At the same time, registering your business in Singapore is almost always done online.
After reading this post you will have a good idea of how to ensure your company will prosper. The steps here have been mostly tailored towards creating a brand new company, but many of the general principles apply to existing businesses as well. If you’re excited by what you have read and want to get going right away, we suggest you go through each step in order as we point out some pitfalls and potential sticking points along the way. Keep in mind that your experience will be different from our own, so you may need to adjust these steps slightly for your specific situation.
Guide
This is a good crash course on how to run a start up although it will probably be very helpful for people who are in the initial stages of considering starting a business of their own. It does not go into detail about the actual work required towards carrying out parts of running a company and is aimed solely at helping people register their businesses.
If you decide to start a business, you will have to register the business. If you choose to work in your own name, you are called a sole proprietor. Sole proprietors pay income tax on the profit from their business but there is often little or no paperwork. You can write off your expenses and don’t have to deal with payroll taxes.
For those looking to start a business in Singapore, it is very important to understand that some businesses and jobs are particularly difficult to operate in Singapore or, if not outright impossible, require special licensing that only the government can provide. A quick search of “vending machines Singapore” will reveal several services where you can outsource vending machine needs. However, you may be required to obtain a license from the National Environment Agency before being allowed to put up the machines on public property. There are also restrictions on where products from the vending machines can be sold, so again this is something that you need to take into consideration when opening your business.
As you can see, there are multiple considerations to make before setting up your own business. It is a complex and intricate process, but ultimately investing in a business in Singapore can be worthwhile. The support of the government is top-notch and all the incentives that they offer to ease the transition of entrepreneurs are testament to this. What’s more, the number of foreigners trying their hand at entrepreneurship is increasing: according to statistics by IE Singapore, there was a 47% increase in the number of foreigner entrepreneurs over a two year period. It’s no surprise given how beneficial it can be for some expats.
Key Steps
We’d suggest that you familiarize yourself with the latest rules and regulations of starting a company before you do so to make things easier for your business and your customers. This will help prevent problems in the future, and allow you to enjoy running your new business. Asides from the given information, we have listed some local manufacturers that you can contact directly. The other thing is, do your research into what product is better and create a business plan.
- Register Your Business
- Title Your Company
- Create a Plan
- Hire an Accountant
- Apply for Funding
Quick note: There is a very high probability that you will run into an Investment Banker, Private Equity Investor or a Private Equity Entrepreneur at some point. Having these cards in your hand will definitely make a difference to you and your business, so don’t stumble when it comes to knowing these things.
Conclusion
It is not just a must, but also an advantage to have a business plan when one wants to start and manage his own business. The plan allows an entrepreneur to have an idea of what he or she will be doing in terms of activities and management of employees. It will also help the business owner gain more confidence on the way to run his or her business with good performance results.
