Planning to build your own business? Well, here’s a simple wish for you – good luck! Contrary to what people say, luck will also play a significant deal in helping you secure a successful business.
But indeed, it’s not the only thing that can help you achieve success in your business. It’s just one of the many important aspects that can help you. When you decide to build a business, you will also need good strategy, timing, patience, perseverance, and the willingness to work your butt off.
Your business won’t just take off and run immediately after you set it up. You will need to work hard and strategize on what you can do to market your business and attract potential market interest. Especially, with the tough competition that you can find in the Singapore business industry, ensuring you plan your business scheme thoughtfully is even more important than ever.
Belo we have curated the step-by-step plan that you can follow if you’re planning to establish your first business in Singapore. Check out our thought guide, to ensure you’ve covered everything that your business will need.
1. Create Business Plan
Singapore is considered one of the world’s most business-friendly countries. This is not surprising at all, seeing that there are many favorable advantages that one can get by building a business in Singapore. From its political stability, strong legal system, and attractive tax policies – it is no wonder why Singapore is a favored country by many entrepreneurs
If you want to thrive amid the heavy competition, the first thing that you should do is to create a thorough plan for your business. Formulating a business plan from the beginning can help to navigate the growth and development of your business.
Your business plan should include:
- The products or services that you offer
- Identify the target audience
- Specify your market
- Outline your business’s long-term goals
- Marketing & operational strategies
As you work on your business, you can always refer to your business plan when something happens or you need more clarification on certain things. In a way, your business plan will be your map – which will help navigate your way in building your business.
2. Decide on the Shareholder
Registering your business in Singapore means that you will need at the very least one shareholder in your company – and you can act as the single shareholder. If you have partners, you can also include them as a shareholder in the company.
But to include multiple shareholders, all of the parties need to agree first on the percentage of the company that each of the shareholders owns. This agreement should be put on paper, and signed by each party involved. It’s important to keep in mind that in Singapore, a company is limited to a maximum of 50 shareholders.
3. Hire Singaporean Secretary
To legally establish a business in Singapore, you will also need to hire a company secretary. Do keep in mind that the individual must be a resident in Singapore, and should be appointed within six months of incorporation.
4. Appoint a Local Resident Director
Establishing your company in Singapore means that you can have multiple directors. However at least one of the directors should be a local Singaporean resident. This means that the individual should be a citizen, a permanent resident, or hold an entrepreneur pass. You can choose to hire your director or use a service provider to find a nominee director Singapore.
5. Have a Physical Office in Singapore
The next thing you should do to establish a business in Singapore is that you will need a physical office for your business. This address is required for official communication, and legal purposes, as well as helping you to establish a local presence.
The type of address you need will highly depend on the scale of your business, you just need to consider your business needs and strategy as you search for the appropriate office. If you’re a foreign resident, you might want to engage with some service provider that can help you find a suitable Singaporean address to facilitate your business growth.
6. Incorporate Your Business
Last but not least, you’re ready to incorporate your business in Singapore! Incorporating your business has a long list of benefits. From limited liability protection to tax advantages, adding business credibility, and there are many other reasons why incorporating your business is a wise move.
You also don’t have to worry, incorporating business in Singapore is a pretty straightforward process. You might only need a couple of days until the government approves your business registration!
