Starting a Business in Singapore – Things You Should Know
If you are passionate about starting your own business instead of getting employed under someone else and like to be your own boss, but finding it problematic in your own country, I suggest you to try setting up business in Singapore. Singapore is by far supposed to be the best country to start a business because of its friendly environment, courteous people, strategic location, easy business policies and many other factors favorable for an aspiring entrepreneur. Singapore government encourages foreign investment, especially if it is about technology and manufacturing. Here are some tips for you to start a business in this beautiful country.
How to Start
Things you will require to start with are:
Business Plan: This is the first and foremost requirement. You should not think of starting a business just randomly, especially when you are planning to start a business in a foreign country. You should have a definite plan. This is because your financers or partners would first ask for your business plan.
Legal Structure: You should also be ready with the legal structure of your business. This means that you should decide whether you will have a partnership or a single proprietorship. You should also know the legal procedures involved in either. Never try to avoid any legal procedure, however lengthy it is. Singapore is a very strict country in terms of legal matters. To be on a safer side, take help of a good lawyer.
Licenses and Permits: Find out if your business comes under the category of special ones so that it will require a special permit or license. Also take time to learn about the taxation system. Taking help of a tax consultant will save your time.
Registration: You will need to do a lot of paperwork while registering your business in Singapore. So, you will have to learn how to handle the regulatory agencies. Better you take help of a local consultant. You can also get in touch with other businesspersons through the business networking groups or associations.
After doing all the above formalities, now it’s the time to decide whether to take the franchise route or run the business on your own. Plenty of small franchise opportunities are available like package distribution, food kiosk or personalized gift baskets, etc. This offers businesspersons an established systems, market exposure and in-depth training.
Starting a business in Singapore also requires adequate capital. Using your own resources or bootstrap financing techniques is advisable before taking help from financial institutions.
One-Visa.com is your best place when you are planning to start a business in Singapore. They have all the information and guidelines on this topic and they can help you in completing all the formalities to start your business in Singapore successfully. Visit their website to learn more.