Singapore is one of the world’s most buzzing cities when it comes to doing business. Starting one in Singapore is challenging, but it’s nowhere near as complex as some other prominent business cities.
If you’re a foreigner looking to start a business in Singapore, you’ll have a slightly tougher time as there are many laws, regulations, and costs you need to account for. Nevertheless, if you’re determined to start a business in Singapore – we’ll give you some of the vital information on it so you can ensure everything will go smoothly.
Whatever you do, if you want a business in Singapore, you’ll have to incorporate it. Check these incorporation services out to find out more.
Envision The Business
If being a business owner was easy, everyone would do it. The process of starting a business in Singapore is pretty straightforward, but imagining a million-dollar idea can take decades. An excellent way to think up a fantastic business idea is to do some ground market research.
Once you have a fantastic idea about what you want to do, you’ll need to think about suitable locations and prepare a business pitch. Afterward, you’ll need to find out how you can secure funding for your business. Bootstrapping is always an option but isn’t necessary, as Singapore has fantastic opportunities for small businesses.
Singapore is expensive, and we’ll get into that a bit later in this article. While it might be a bit pricy, it’s still a tax haven and one of the world’s most buzzing places, so if you play your cards right, you’ll find that starting and operating a business of any kind in Singapore is a cakewalk.
All of this is ultimately up to you. Envisioning the business itself will give you some ground ideas about what you need to take care of internally, such as the business idea, plan, branding, funding, marketing, and so much more. Externally, when it comes to starting a business in Singapore, the process is straightforward and could be completed within a single day.
Starting The Business Itself
Once you’ve thought of everything, it’s time to get to work and start your business. To reaffirm the notion that starting a business in Singapore is easy, we’ve decided to split it into a couple of understandable, simple, and digestible steps.
Choose a unique company name!
Under Singapore law, every company requires a unique name. Luckily, your trade company name can be very different from your legal name, so you don’t have to worry much. Make sure to pick something snappy that encompasses what you can offer.
Register your business with ACRA!
ACRA (Accounting and Corporate Regulatory Authority) is Singapore’s official business regulatory body, so you’ll have to register with them. Upon doing so, you’ll need to give them details on your business, such as your business name, the SSIC code that defines your business activities, and your business structure.
ACRA requires to follow some more regulations. You will need at least one shareholder, a director and a company secretary who reside in Singapore, and a paid-up capital. The capital needs to be at least $1 to comply with ACRA regulations.
Settle on a location
Once you’ve come up with the name and registered your business with ACRA, you’ll need to find space for your business. Every company in Singapore requires a mailing address, so you’ll have to secure a valid location for your business. If you’re running a smaller business, you might even be able to secure a home-based business location.
Choose a bank
Singapore regulations require you to have a bank account for your business. That doesn’t mean you get to pick from a preset list of local banks, as international banks will work just as well. The important thing is that your business has a unique bank account.
Singapore is one of the gems of Asia. It’s not only one of the most developed and beautiful countries in the world; it’s a fantastic place to start your brand new business. Singapore has grown and prospered by offering one the best business opportunities in the world.
Singapore is continually ranked as the world’s best place to do business by The World Bank, and it’s also a tax haven – meaning that you’ll have an easy time with your business, no matter the size. If you want to do any kind of business in Singapore – you need not look any further than Piloto Asia! Contact us today and get a free quote!