Singapore is one of the prime locations to start a business in the world. As one of the leading economies in Asia, you can get into a highly competitive and worthwhile atmosphere by setting up a company here. Of course, it does take a lot of work to start your own company anywhere - let alone in Singapore.
There are many reasons to run a company in Singapore and the fact that the government actively supports new businesses is just one of them. Another reason is that Singapore is a hotbed for emerging technologies and advancements which opens up a lot of opportunities for businesses.
If you’re hoping to run your own company in Singapore in the future then you’ve come to the right place. We are going to show you a step-by-step guide on how you can begin your own Singaporean entrepreneurial journey.
You should start by finding a purpose for your company. What is it you set out to do or provide? There’s no such thing as the “best business to run in Singapore” as there are just so many opportunities to be had in it. However, running a tech company isn’t such a bad idea as well.
Once you’ve found what you want to steep yourself into, you should begin establishing your identity next. Pick your company’s name and logo. Create an identity that stands out so that people see your business amid the heavy competition.
The more visible you are through your logo and company name, the easier it will be to get out of the initial slump all businesses feel at the beginning. Any business can use that boost from the get-go.
Now comes a crucial part of your journey - registering your business! Furthermore, as per Sleek Tech Pte Ltd, having your company incorporated is an essential part of establishing its legitimacy. In fact, without incorporation, you won’t be able to run your business at all. The good news is that there are many companies that offer incorporation services. Find one that’s registered and legitimate to help your business register. Remember, you cannot skip this step if you want to run a business that’s trusted by the people.
Incorporations come with packages. Basic packages include only registering your business. Bigger packages help reach you out to bank managers for referrals when it comes to loans and other financial aspects of running a business. We suggest going through the packages as thoroughly as possible so you know which is right for you.
Remember that you need to show a paid-up capital for your company. The good news is that the paid-up capital is a minimum of 1 SGD so it’s in no way heavy to run a business.
You’ll have to begin setting up the corporate structure next. Keep in mind that a company that runs without the right people will struggle heavily. You are the CEO of the company of course and it’s a part of your job to find the right people to effectively manage the company alongside you.
You must delegate a director and a company secretary who must be a Singaporean resident. These two people are going to be part of the top chain that manages the company but they are only the beginning. You’ll have to delegate other personnel depending on what you need.
You should also have shareholders for your company. These people are also essential because they are essentially investors who can help provide your business with the starting capital it needs. As your company grows, you can begin to spread out even more shares for people to buy.
With all that setup, comes another important but usually final step - setting up the location of a company. A physical address is required for any company. Whether big or small, it’s vital that your business has an address it can call home. Make sure that you create a good working environment as well.
Part of the final step includes hiring the right people for the job too. Singapore is filled with talented individuals from various fields. Make sure that you find the most formidable people for the job so that your business can become highly competitive.
Setting up a business in Singapore isn’t vastly different as compared to setting up one in other countries. There are minor differences but they are more or less similar elsewhere. Hopefully, this serves as an amazing guide that can help you finally achieve your dream of running a company.