Are you interested in doing business in Singapore? Do you want to learn how to start a business in Singapore? Do you want to know the best business opportunities in Singapore to invest your money in? Then I advice you read on because this article is for you.
Doing business in Singapore can be an exciting endeavor. It is a top spot as far as opening a new business is concerned. Apart from being a strategic location, there’s a business-friendly environment and reforms have been made which benefit even the small-scale entrepreneur.
Singapore’s robust economy is also a plus factor. The Singapore government actually welcomes foreign investment, especially in the manufacturing and technology industries. To stay on the right track when learning how to start a business in Singapore, you can refer to informational resources and business consultants that you can find online.
However, this article is going to provide the basic knowledge you need to start your own business in Singapore. Now for those who are skeptical about starting a business in Singapore, below are some reasons why you should do business in Singapore.
How to Start a Business in Singapore
The Requirements you need
A Business Plan – First and foremost, you must have a business plan if you want to do business in Singapore. This is very important because any investor or bank you approach for financial assistance or partnership will definitely want to see a business plan.
A Well Planned Legal Structure – Beforehand, you should know whether you will proceed with a single proprietorship or a partnership and you must also know the legal requirements involved. More importantly, you must never attempt to circumvent the legal procedures and protocols that must be observed when starting a business in Singapore; as Singapore is very strict with the application of its laws. To make sure you are on the safe side of the law, it is important you seek the advice of a reputable attorney or lawyer.
Get the Necessary Licenses and Permits – Certain industries require special licenses so it is up to you to find out if the business you are about to start requires a license. You should also invest time to learn about the taxation system as well, along with the tax incentive schemes for entrepreneurs. A short-cut approach to this is to work with a tax strategist or consultant.
Register your Business – There are lots of necessary paperwork to fill and process if you intend to register a new company in Singapore. So you should prepare yourself and learn how to deal with regulatory agencies in Singapore; so as to avoid been pushed around. One way to go about the required documentation and process is to enlist the services of a local consultant. You can also touch base with other entrepreneurs through associations or business networking groups.
After doing all the paperwork, documentations and verifications, it is now time to determine if you will take the franchising route or operate your own business. There are lots of small franchise opportunities such as operating a food kiosk or running a package distribution or personalized gift baskets business. Franchising offers entrepreneurs an established system, in-depth training, and market exposure.
Besides preparing the necessary documents, the small-scale entrepreneur who’s bent on learning how to start a business in Singapore must have sufficient capital. Bootstrap financing methods or utilizing your own resources before seeking help from financing institutions is highly recommended.
Entrepreneurs can maintain strict credit and collection procedures and policies. They also need to be frugal business operators. Rent rather than buy, and utilize low-cost or free business promotion tools like viral marketing and posts in leading social media sites. Tried-and-tested marketing strategies need not cost a fortune.
In conclusion, increasing market awareness is part and parcel of running a successful business in Singapore. It’s important to get your target customers thinking about your product and service offerings, so think of small, inexpensive freebies you can hand out (during trade exhibitions, at the point of sale, and so on).
Take part also in meetings of professional associations where you will find other entrepreneurs. Maintain an online presence and learn to drive the desired traffic to your site. Finally, you can attend workshops to learn effective ways to boost profits, create an effective team, and glean other useful insights.