Key Things To Remember When Setting Up A Business In Singapore
Entrepreneurs are making their way to Singapore in hopes of establishing a stellar presence in the nation’s business community. This is the place to be if you want to soar in the world of business, thanks to its technology readiness, great transport and infrastructure support, low taxation, and ease of doing business. Such attractive factors could merit a lot of competition, however, so it’s no wonder companies are exploring all options like hiring professional corporate services providers in Singapore to ensure hassle-free company formation in Asia’s most dynamic business centre.
Whether you’re an existing business, a startup, or an offshore firm looking to penetrate the region, it would serve you well to know what you are in for before taking the plunge. Keeping in mind what should and should not be done when setting up your office in Singapore ensures a business operation that is legitimate and more efficiently run. Knowing is just half of the battle, of course, and later in the article, we will share with you how taking advantage of Singapore company formation services could be your best weapon in setting up a business sans the difficulty.
The Do’s and Don’ts of Starting a Company in Singapore
Expect that nothing comes easy when setting up a company in such a competitive business environment as Singapore. Keep a mental note of these do’s and don’ts to make your company formation simpler and more convenient for you.
Do…
Create a solid business plan
Your ideas should be feasible and definitely income-generating. List down all the risks and opportunities that could arise when you put up your business based on this plan. Identify the strengths and weaknesses as well. It all boils down to knowing if your business idea is commercially viable.
Identify your target market and your competition
Knowing which demographics you will cater for will make it easier for you to determine your marketing strategy to meet their demands as well as the pricing and distribution process that your product or service needs to undertake. Of course, identifying the competition your business will go head to head with is essential to make your would-be business stand out.
Know which business structure perfectly suits your business
Will it be a sole proprietorship or a partnership? Should you register it as a subsidiary or a branch office? Make sure to determine the right structure for your business as this will affect many factors in the future (e.g., your ability to borrow money).
Get into the nitty-gritty:
Choose the perfect business name and scout for a strategic location. Your business name should stand out and appropriately represents your business. Pick a good business address and make sure it is a real one as all official documents will be sent to this address only.
Don’t…
Forget to keep in mind the laws of the land
This means properly complying with the rules and regulations as laid out by the agency in charge, the Accounting and Corporate Regulatory Authority (ACRA), as well as meeting the requirements of other agencies concerned such as the Urban Redevelopment Authority (URA) for the approval of your business location.
Underestimate the Amount of Paperwork that Needs to Be Done
You have to put in a great deal of time and effort to ensure that you meet all the proper documentation required to put up a business in Singapore. This includes acquiring a business license, registering the business itself, setting up a business account, and getting work passes for your employees, amongst many others.
Do it on your own
A business that is efficiently and legally run can be attributed to religiously getting assistance from government agencies that will help grow your business. Make sure to harness the help and information that you can get from ACRA, the Economic and Development Board (EDB), the Standards, Productivity and Innovation Board (SPRING), and the SMEPortal.sg for anything you may ever need to properly operate your business.
Keeping in mind all of these sure is overwhelming, that is why it is not advisable to get into all the paperwork alone. Enlisting the help of a corporate services provider in Singapore is a wise move if you’re not one to endure all the stress and confusion that goes with incorporating a company.
Corporate Services in Singapore: The Stress-free Way to Form Your Company
More and more businesses are hiring corporate services firms in Singapore to take advantage of an easier, hassle-free way to incorporate their companies. These professionals are equipped with the right knowledge and experience to help in the company formation of any kind of business structure.
Singapore corporate services companies can help you in sorting out all the legal requirements required to put up your business. This means you will be able to properly and timely adhere to the regulatory compliance requirements as mandated by ACRA as there is a professional service provider that knows the ins and outs of legal compliances and will gladly handle all of these for you.
Professional incorporation firms like Corporate Services Singapore, for example, make it hassle-free for businesses to incorporate their companies. If convenience is what you are after, you will definitely benefit from its simple company incorporation process that walks you through in everything — from choosing your business name to submitting annual regulatory compliance requirements fuss-free.
Company formation can be a tricky thing, that’s why you have to make sure that you don’t leave anything to chance. Singapore company formation services often provide a comprehensive portfolio of services and solutions to ensure that you meet all your company registration and compliance needs with ease. If you’re an offshore business keen on establishing your presence in Asia, it will serve you well to hire a firm that specialises in such like Corporate Services Singapore, which offers a streamlined approach to incorporating an offshore company.
On top of company formation services, Singapore corporate services firms likewise provide additional services that will benefit a business in the long run. From company secretarial services to handling your accounting and taxation needs, corporate services providers in Singapore can handle all your business requirements with ease and efficiency, so you can focus better on the most important thing: growing your business.
A Successful Business in Singapore Requires Work
As with any meaningful endeavour, setting up your business in a busy business hub like Singapore requires keen attention to detail. Keep in mind all the do’s and don’ts and never hesitate to consider the help and assistance of Singapore company formation services to ensure that you’re meeting everything that is required to put up your business. A Singapore corporate services firm just might be the trusted partner you need to set yourself up for business success in the region.
Resource links:
https://www.techinasia.com/starting-a-business-in-singapore
