Things to Know When Starting a Small Business in Singapore

Follow These Steps When You’re Starting a Small Business in Singapore

If you are looking forward to starting a small business in Singapore, then you have got the right idea. Well, yes, the market is competitive, but this also means that you have a lot of opportunities for growth and being successful in whatever business you choose to do in Singapore will result in a lot. So, to help you kick off your entrepreneur career in Singapore, here are some of the things you should know when starting a small business In Singapore.

The Core of a Business

Business is all about ideas and hard work. First off, you will have to consider your skill or fields that you have expertize of. After that, you will need to study the market, analyze how it works and your competitors, then, you will need to come up with a new idea which makes your service different from any other similar businesses in your field. And all of it should be under the resources that you have. Also, many changes will have to be made along the way, and you will need to work hard with a lot of determination to avoid falling off from where you are. So, keep these things in mind, all the successful businesses have a good grasp of this theory.

Now that you know how you should be approaching your business, let’s talk about how you can open a company in Singapore.

Register Your Company

You kick off your business by registering your company under the Accounting and Corporate Regulatory Authority (ACRA). You can easily do it online at Bizfile and make sure that your business is legal. You will also have to propose the name of your company, and of course, it can’t be promoting any inappropriate content or similar to any other existing companies.

Another thing to keep in mind is that you will have to register the type of your business and as your is a small business, it might be a sole proprietorship or even a private limited company in some cases. Sole proprietorship means that you are liable for your business and you are responsible for any related financial factors such as tax returns.  For foreigners wanting to open a small business in Singapore, they will need to register their business as a private limited company.

Open a Corporate Bank Account

This is the next for you to do, opening a bank account for your company. Depending on your business needs, there are many packages that different banks provide, look for the right one, and that’s all there to it. It is a relatively easy procedure and you the entire process will take a week in maximum.

Licenses

This is a crucial thing for you to consider while opening a small business in Singapore. You will need different licenses for selling different products and services, to make sure that you comply with the law completely. So, do a little bit of research and acquire all the licenses that you need for your business. You could also consider hiring a lawyer, to make sure about everything so that you won’t get into any troubles anytime later.

Well, these were the things for you to know about starting a small business in Singapore. I hope it will help you and warm wishes for the business you are going to start.