What Should You Do Before Setting Up a Company in Singapore?
Singapore certainly provides you with a lot of different incentives and benefits to start a new business and make it successful. However, there are several important factors that you must keep in mind to ensure your company’s success in Singapore.
1. Selecting the Type of Business
The primary step in starting a business is determining the type of company you want to incorporate in Singapore. You must first select the type of business structure that is best for you. Private limited companies make up the majority of the country’s enterprises.
Many people often choose to register a single proprietorship, but it has its own disadvantages. It treats the company and the company owner as a single entity.
It also implies that a lone owner is responsible for all of their company’s responsibilities and risks and that they may have to liquidate their assets to cover their losses and debts.
On the other hand, forming a corporation is unquestionably a lot safer investment. An accounting firm can also help you in this company registration process to ensure you make the right choice.
You should consider the funding options before starting a business in Singapore. For this purpose, you will have to research various government schemes and also explore your contacts to get in touch with any potential funding sources.
The good thing is that the Singapore government encourages people to start their own businesses by providing a wide range of benefits and incentives.
For instance, SPRING Singapore is a scheme that turns unique business ideas into reality. You can easily find out about other such schemes to get a suitable source of funding.
3. Importance of Networking
If you’re thinking about how to establish and grow your own business in Singapore, you will need to network effectively. It’s also a good idea to get involved in professional networking in your area once you’ve decided what sort of business you want to start.
Moreover, you should also join the trade and industrial groups associated with your field as soon as possible to make contacts in the industry. Participating in start-up meetings, trade events, exhibits, and seminars is also an effective networking technique.
4. Permits and Compliance
You may need to get permission before starting your company. You’ll need to conduct a comprehensive study to learn more about the permissions you’ll need to secure for your company. Such requirements depend on the type of business you want to start.
Handling such procedures can be overwhelming for budding entrepreneurs, so people can use professional accounting firms in Singapore to get help with these procedures.
5. Establish an Office
Finding the correct location to run your business from is critical to its longevity. While opening a business in other countries might be difficult, this is not the case in Singapore.
Singapore’s government has made many improvements to the Singapore company registration process and also provides large business parks to launch new companies. As a result, it’s become easier to find a suitable office space.
6. Tax Compliance
Singapore is famous for providing comprehensive tax incentives. For example, over 73 countries have formal agreements for the avoidance of double taxation. Furthermore, it provides unilateral tax credits to nations with whom it does not have such agreements.
The Singaporean government provides such benefits in the hopes that business owners will pay their taxes on time. You can also choose to outsource accounting services in Singapore to manage the accounting and taxation procedures and make sure they are submitted on time.
7. Have a Business Plan
The significance of having a business plan cannot be understated. You should have a comprehensive business plan from day one to ensure the business goals, working procedures, marketing plans, and financial requirements are clear to everyone involved in the company.
You will also be able to use this plan to track the progress of your business goals.
By following the tips discussed in this post, you will be in a very good position to complete the Singapore company registration process and start a successful business.
Overall, you should definitely consider outsourcing accounting services in Singapore so that you can enjoy the benefits of professional and experienced services in such critical business functions.
For more information, feel free to get in touch with our professionals.