Are you thinking of starting a business or expanding your business into Singapore? If so – that’s great. Singapore is a truly exciting space to be working in, and there’s enough going on in Singapore now that the city-state is beginning to rival business giant Hong Kong in the innovation and business trade front. As someone who is looking to expand your business into this great space, you need to know how to manage things to get the best possible outcome. You must know when to spend and when to be frugal; when to commit to a new opportunity and when to be reticent; and what you need to know to succeed. We have compiled a list of five handy tips managing a startup in Singapore – and each of these five steps is essential to ensuring the success of your startup, so make sure that you read them carefully to ensure that your business has the best chance to succeed.
Do your homework
Before you even consider scoping out a new office space (or a virtual office [check out http://www.servcorp.com.sg/en/virtual-offices/ – but more on that later) you need to sit down, grab a coffee and think about the idea that you are going to launch in this space. You need to have a solid business plan in place for your expansion or development in Singapore and you need to have a fairly good idea how successful your business is projected to be. Once you have a business plan that makes sense you need to get online and do some research (which you’re obviously doing – good job!) and read as much as you can. Also take a look at the competition in the local space – are you going to be providing something that people need, as in, will there be demand for your services? Knowing all of this ahead of time makes for an easier journey, as you know your challenges and what lies ahead.
Know your business structure
A key part of your business set up is knowing what kind of business structure you’re going to implement. There are a variety of legal entity forms which are available to you for registration for your business. There are sole proprietorships, partnerships, limited liability companies, branch offices, representative offices; among others. That said – just because there are such a wide array of company types of available for registration, it doesn’t mean that you should randomly choose one and hope for the best. The type of entity that you choose to set up will have an impact on many aspects of your business, including your personal reputation and the credibility that you have in your customer’s’ eyes. It can also impact on the ability that you will have to borrow money, and the attitude of banks and creditors, just to name a few. The best option for a new company in Singapore would be a private limited company that limits your liability to the company’s assets. This is a safe and legal entity in Singapore that doesn’t limit you when it comes to working with investors, customers and banks.
Choose a name
Check the new name for your company against the URL that is available as well – as having the domain name is a vital part of doing business. This may limit you somewhat but just remember to check it all out against company registers before you commit to something.
Choose the right address
To get your business registered you need to have a Singaporean address. This is crucial – because of the fact that all of your official documents will be sent here. Remember our virtual office? Well now it comes into play!
After you have taken care of all of the legal and professional requirements you can register. Good luck with your business and be sure to cross all the t’s and dot all of the lowercase i’s!