Singapore takes pride in being one of the easiest places to start a business, even for people from other countries. The government has made deliberate efforts to promote entrepreneurship through enacting progressive laws, upholding intellectual properties protection laws, giving grants and subsidies, developing infrastructure, and easing the business registration process, among other interventions. You are highly likely to succeed in business in Singapore if you make some wise decisions, like choosing the most appropriate form of business and abiding by the law.
The best form of business in Singapore is private limited company due to its credibility with various parties, its limited liability, and other benefits. Instead of worrying about how to form a private limited company, you should consult the best incorporation agents in the island state to assist you with this task. They will make sure that your Singapore startup is well incorporated so that it can take off within a short period of time and bring you impressive returns.
The following are some key things you need to know as you start your journey in entrepreneurship in Singapore:
Writing a Business Plan
Putting down a business plan is the first step toward achieving the dream of being an entrepreneur. The business serves as a detailed guide on how to get the business started and operational. Some of its contents include your business goals, why the goals are achievable, the financing needs of the business, and marketing strategies. The plan may also give some background history on the team starting the business. The business plan does not necessarily have to be a large document, but it may contain the necessary things, which you improve on as the business picks up. Its purpose may also change from initial funding to expansion and management improvement.
Selecting The Business Structure
You should decide on the best business structure to take from the five that you can choose: sole proprietorship, partnership, private limited company, limited liability partnership, and limited partnership. This choice depends on which structure meets your needs and other factors. Some of the elements include the amount of capital needed, the number of owners to be in the business, the extent of liabilities you intend to assume as the owner, and the risks you are ready to take.
The Grants Available For Small And Medium Enterprises
Among the reasons for Singapore being lauded as one of the easiest places to set up a business is the availability of grants and assistant schemes, which small businesses can access. Most of the schemes are offered by the government though SPRING, one of its agencies, and can go into funding many things—building skills, new product development, expansion (including overseas), innovation, and many other things. For example, there is a startup grant from ACE.
The Process of Registering Your Business in Singapore
The process of registering a business is easy. You submit a request online via the ACRA Bizfile service. You can do the registration yourself or use professionals like accountants or lawyers to do it for you. It takes about 15 minutes to incorporate a company once the registration fee is paid, but may extend from 14 days to 2 months, where other authorities must review or approve the application. Upon registration, ACRA furnishes the applicant with a Business Registration Number (BRN), which acts as a distinctive identifier.
Opening a Corporate Account
After the business is registered, the business pioneer(s) will need to open a corporate bank account with their preferred bank, which will be in the official registered name of the business. The reason behind having a corporate account is to separate business money with individuals’ money, and for credibility with various parties, like lenders, investors, and others.