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Singapore is one of the best countries to start your company. You can define goals to establish a company and provide business services across the world in order to help clients make more confident and informed decisions. For entrepreneurs, building a company is the ultimate dream. However, dreams require action to be achieved. Although many hurdles may stand in your way, you have to overcome them and to pursue your dream with passion. To fulfill your dreams, you have to conquer each and every challenge by facing it properly. Your hard work and dedication towards your goal will help you to achieve it one day. If building a company in Singapore falls within your goal scope, read on to learn how to start a business in Singapore! Step 1: Business Idea First things first, you need a business idea that you can combine with reality. This is your first step towards starting a business in Singapore. Your idea should have the potential to succeed and satisfy a need or offer a service that is wanted or needed by your potential clients’ market. It is important to develop your own unique ideas that serve a purpose or solve a problem. Be sure […]
A lot of businesses in Singapore actually do not need a license. However, these exceptions include mandatory, occupational and business-based licenses. Oftentimes, a license can take from a few days to two weeks or as late as two months. Make sure you plan ahead of time when you want your license. Certain licenses may take a longer time due to the need for approval from more than one authorities depending on your business type and some may also need you to do a physical site visit. You will most likely need a different license if you plan on operating in different sectors now or in the future. Here is a list of different business industries that require a license in order to operate in Singapore. Construction A construction license required not only licenses but also permits and approvals. If you want to hire foreigners, a construction company would need to apply through the Ministry of Manpower (MOM) for a work permit. Before you apply for a license, your company must have been registered under these categories: limited or unlimited company. Otherwise, a multi-disciplinary and a limited liability partnership. Trade The import and export of every good that is going in […]
When thinking of marketing your business, one of the first things that comes to mind is having your own website. When starting your own site, it is important to choose the right web hosting service provider.
The necessity of incorporation can be controversial since it will enable the business to have its legal entity. However, do you want to protect yourself when something unpleasant happens to your company? Then your answer should lean toward a “yes.” But that is not the only benefit. Here are the main necessary reasons for incorporation that is for the sake of yourself and the business. Before we begin, here is an article about the things you need to know before you incorporate. Protection from Liability First and foremost reason to incorporate is that you will protect yourself by distinguishing your own assets from the company. Your business liabilities will not affect the owner or shareholders. To elaborate, When the company is in debt, external parties can only demand the shareholders’ investments, but not personal assets. Through incorporating, you do not have to worry about losing your own property. Tax Benefits Every business would love to save as much as possible money. Everyone knows that paying for many different types of taxes is burdensome. By incorporating, your business may qualify for a tax deduction of any business-related expenses. Incorporation is specifically cost-effective. Some examples of tax reduction include wages, insurance, and […]
The first thing you need to ask yourself is if you need one. Now, if you are a foreign individual or company registering their business or company in Singapore then you must hire a corporate service form to incorporate your company. But if you are a resident of Singapore, you have an option to hire someone or file on your own. This is up to you to decide if it is worth the money to turn it over to a professional or take on the responsibility. Incorporation in Singapore is not just a one-time filing but on-going compliance even after incorporation. This would allow you to focus on your business development instead of the tedious legal paperwork. But if you feel comfortable with undertaking this process on your own then it could save you money and capital that could otherwise be invested in your business. This is where the needs of your company will dictate your decision. Does investing time or money work best for your business? If it’s time then hire a company but if it’s money then file it on your own. Bundles Before even registering your company in Singapore you must have at least one one stakeholder, […]
Let’s face the truth. Not everybody is born with the traits required to become a successful entrepreneur. It’s not an easy road and you need a certain set of skills to navigate this rocky path. But the good news is that this skills can be trained and built up over time if you put in the hard work and dedication. Without further ado, let us dive in.
Tips on creating a website for entrepreneurs Entrepreneurs are responsible for handling a wide variety of functions, from business operations to marketing. As many entrepreneurs know, these on-hand tasks can seem endless. As a small business or early-stage start-up, it is imperative that you build brand awareness and presence. This can be done with offline or online methods. Still, digital marketing has become increasingly popular amongst businesses – regardless of their company size. One aspect of digital marketing includes a website. This gives your business the opportunity to gain an online presence and to market yourself to a huge customer base on the Internet. Creating one may seem like a daunting task, one that is costly or time-consuming. However, there are many options catered to small and medium-sized enterprises that allow entrepreneurs to create a website at a lower cost. Sites like WordPress are user-friendly and make it easy to configure a website. Ultimately, the advantages of creating a website far outweigh the costs. Now, let us tell you three essentials reasons why your business needs a website. 1. Reach out to your prospective customers Consumers today are tech-savvy individuals who use the Internet to perform online research before deciding whether or […]
What is a Sole Proprietorship Legality The business is not a separate legal entity from the owner. This means that the owner will have to assume responsibility of any failings or debts accumulated by the company. Under the law and public eye, the company and the owner are one entity. Taxes The Inland Revenue Authority does not recognize sole proprietorships in its definition of a company. Therefore, business run under a sole proprietorship have their profits subjected to personal tax rates. Personal tax rates range from 0-22% while effective corporate tax rates range from 0-17%. The lack of inclusion in the definition also means that sole proprietorships do not benefit from tax exemptions and incentives. Risk A sole proprietorship structure is most suited for low risk businesses because it does not protect the owner from liabilities. This is why corporations generally do not operate under this structure. Perpetuity Due to the fact that the business is not a separate legal entity from its owner, if the owner were to turn away from the business or die it would no longer exist. If a family member or chosen successor were to take over the business they would not be able to […]
Being your own boss… Have you ever wondered about it? Sometimes we just have to admit it. Working for others just suck. You feel that having your blood, sweat and tears exerted to fill somebody else’s pockets is not the most desirable of situations. Perhaps then you think..
When you are incorporating your company, you have to select your business structure. It is paramount that you understand what each business structure entails and the advantages and disadvantages of each of them. In this article, we will help you examine the three main business structures and aid you in making the correct decision for your business.
Have you become wary of every step you take – what may make or break your company? Don’t panic. I have formulated a checklist for you to make sure that you will be on the right track as an Entrepreneur. There are tons of information, and here are the most important ones that you should make sure that you have addressed: Prioritize Networks You must ensure that networking is your priority and not something saved for the last minute. You won’t be able to succeed if no one has heard of you or your company. Networking is critical, especially in Singapore. The more you can network, the higher the net worth of your business. There are many ways to create a network, this includes elaborate communication with people you meet in conferences and events. Have a Decent-Sized Target Market You should make sure that there are not too little or too large of a market. A decent-sized will enable flexibility in your market. You do not want to feel overwhelmed with a large market since it will be too difficult for a start-up to manage, and too little may not keep your business going in the long run. Niche markets […]
You have successfully incorporated your company and are ready to start running your company! You have embarked on the entrepreneurial journey! What comes next is debatable. As an entrepreneur starting out, you must feel overwhelmed by the sheer amount of things you have to do. You have to go out and get some sales.
Pitching to investors can daunt many potential entrepreneurs. To lay yourself out to criticism and rejection can deter many from seeking investments. However, that business funding could be the gap between success and failure.
Singapore is a beautiful city-state that is known to have a thriving business culture. Because of its close proximity to other countries within Asia, it naturally has become the center of international business, said to be hosting over 30,000 international companies. This fact not only attracts businesses to set up in Singapore, but foreign investors looking for suitable companies. According to studies, the country has noted around 70 thousand US dollars in direct foreign investment. A government that is against business and going through turmoil is not an ideal place to incorporate a business, but Singapore’s government is known to be quite stable and also supports businesses with the thought of them helping the country thrive. With the help of the government, a company can incorporate in Singapore with as little as 1-2 days. Due to this and the country’s solid financial system, Singapore is able to host and welcome individuals and corporations that want to incorporate their business in the city-state. The idea of Singapore being a keen location for international business does not only stem locally, but is ranked internationally of many titles such as 2nd in the world as a country to easily do business […]
As a startup founder or an entrepreneur, the very last thing you want is getting stuck on that very first step of the journey ie. the incorporation of a legal entity to run your business (in other words, a company). If you are stuck with the countless options out there to incorporate your company, you’re at the right place. It is 2020 and there is still an array of options in the market for incorporation services – from the most expensive package upwards of $1500 to the cheapest package at $350; from private-quotation-only packages offered by traditional brick and mortar professional service firms (such as Rikvin), to convenient online services with minimum face-to-face meeting offered by companies such as Sleek and Osome. Furthermore, on top of the sea of options, don’t forget there is the DIY way of registering your company yourself with the Accounting and Corporate Regulatory Authority (ACRA) using the online portal BizFile+. There is no easy way to quickly compare all the options available as they all include different service items at different price points and discount structure. We know first-hand of many company founders who have spent considerable amount of time doing lots of digging, settle […]
To start, Singapore is a free-market economy. This means that good and services are priced based on the willingness of the consumers, not the government. Supply and demand are not intervened at all by the government either. Free Trade When it comes to free trade, Singapore is known as the most open in the world. This is one of the many reasons that entrepreneurs choose this country to start their businesses. The trade and government in this country is also in the top three for least corrupt. When doing business with other countries, and even just nationally, this is critical. No one wants to do business in a place where government bribes or wealth status are the only way to work. Singapore is one of the most pro-business places in the world and work very hard to encourage startups and fund them to see them thrive. The government provides a plethora of funding, tax breaks, and other services to help startups in their first few terms to make an impact in the world of business. They also have deals with over 50 countries to avoid double taxation. Stable Market Singapore has a very stable market and currency. This is why […]
The Accounting and Corporate Regulatory Authority (ACRA) requires all businesses (with some exceptions) in Singapore set up a bank account. With more than 200 banks present in Singapore, it can get a little confusing to choose one that suit your business the most. Read on to check out our ranking of the top banks in Singapore for entrepreneurs and founders, as well as a great solution for entrepreneurs: ASPIRE. Which bank is the best? All the banks have different strengths and weaknesses – giving different benefits to business owners. We found that DBS has a good convenient process for bank account set up but DBS offers a limited range of options for business bank accounts and has monthly fees depending on which account type you choose. In contrast, UOB has a rather complicated process for setting up a new bank account; you can’t complete this process online. Additionally, it has high transaction fees and minimum balances. Still, it’s one of the largest banks in Asia, so it’s worth considering from a global standpoint. OCBC offers the most diverse range of business accounts. This bank has low initial deposits but does charge an annual fee for business growth accounts. This bank […]
Want to start a company and do things you love, without any bossy supervision? That’s definitely one thing we entrepreneurs have in common. Sadly, before you get there, there is a tedious process of setting up to go through. If you are wondering which type of company is right for you or what in the world a private limited company is, stay with me for ten minutes and I’ll give you all the info you need about how to register a private limited company in Singapore. Sole Proprietorship, Limited Liability Partnership, and Private Limited Company. Basically, a sole proprietorship means that your business is attached to you (yes, that’s right). Limited liability partnership (LLP) is when you run a business with your friend(s) while the private limited company, or Pte Ltd, is formed when there are multiple shareholders owning unequal shares of the business. Fact: Private limited company is the most popular type of company in Singapore due to its ideal structure. 1. Private Limited Company vs Sole Proprietorship The most significant thing to note when you choose to register your business is that a private limited company (Pte Ltd) in Singapore is a separate entity from its owner. On the other […]
Becoming an entrepreneur is one of the most exciting journeys a young professional can take on. In fact, seeing your vision develop into a business is a rewarding accomplishment for aspiring business owners. Finally seeing your own products or service on the market is a milestone that many professionals hope to reach. However, the staircase to making your vision a reality is steep. Many entrepreneurs underestimate the hassle associated with building a business from the ground up. Using a third party to manage your incorporation process mitigates the legal pressure as well as some of the unknown risks throughout the journey. For foreign entrepreneurs who incorporate in Singapore, there may be many business requirements that are unfamiliar to you. From obtaining your business registration to choosing a bank, acquiring the service of a third party can provide clarity to many of your important decisions. If you think that a third-party service might be right for you, keep reading to see four commonly offered services in Singapore. Corporate Secretary (and more) Believe it or not, having a corporate secretary is part of a legal compliance required by all businesses in Singapore. Luckily, finding a corporate secretary has been made very simple. […]
As we navigate the complexities of business operations in 2023, it’s crucial to be apprised of the latest amendments to Singapore’s tax laws. With a reputation for maintaining a pro-business environment, Singapore frequently revises its taxation policies to reflect global economic conditions and domestic priorities. This guide outlines the pivotal tax changes that businesses operating in Singapore should be aware of in 2023. 1. Revised Corporate Tax Rates: In an effort to stay competitive on the global stage, Singapore has adjusted its corporate tax rates. While the headline rate remains at 17%, the government has introduced [specific tax reliefs and rebates for certain business categories]. Ensure you check the eligibility criteria to capitalize on these incentives. 2. Enhanced Tax Deduction Schemes: 2023 saw the enhancement of [specific tax deduction schemes], allowing businesses to claim deductions for [particular business expenses]. This move is aimed at promoting [specific sectors/activities] and should be leveraged by businesses falling under these categories. 3. Modifications to Double Taxation Agreements (DTAs): Singapore has always been proactive in establishing DTAs with multiple countries to facilitate international business. This year, revisions were made to agreements with [X, Y, and Z countries], introducing changes in [specific provisions], ensuring businesses do […]
How to craft your first start-up pitch deck It is time to grow your business and you start to meet investors and venture capitals (VC) for fundraising. Now, you’re off to a good start and certainly should take this opportunity to pitch to the prospective investors and get them to learn more about your business. The very first step you would need is to prepare a pitch deck, which you’ll use to briefly present your business model to the investors. Regardless the amount you’re seeking to be funded, a pitch deck plays an extremely important role in deciding the outcome of your investors pitch. A start-up pitch typically lasts not more than 20 minutes, and a pitch deck generally contains 10 slides (you wouldn’t want to bore your audience with too much content). It might seem a bit daunting if you’re preparing for your first pitch, but fret not because we will provide a detailed guide on how you can build an impressive pitch deck to capture your investors’ attention. 1. The problem statement Always start off with the problem statement which your business is tackling. Do not go on to sell your business solutions to your investors, without letting […]
Starting a business naturally comes with a lot of risk, even in a country with a thriving startup ecosystem like Singapore. In this article I will outline the risks that entrepreneur commonly face. Some of them are specific to businesses in Singapore.
Singapore has long held a reputation as one of the world’s leading hubs for business and innovation. As we step further into 2023, this island city-state continues to beckon entrepreneurs and investors from around the globe. But what makes Singapore such a magnet for business-minded individuals? In this article, we will dive deep into the myriad benefits of incorporating in Singapore this year, focusing on its business-friendly environment and exceptional tax advantages. 1. Strategic Geographical Location: Nestled at the crossroads of major shipping routes, Singapore offers unparalleled access to the booming Asian markets. This strategic positioning allows businesses to effortlessly tap into the vibrant economies of neighboring countries, making it an optimal base for regional operations. 2. Robust Legal and Regulatory Framework: The government of Singapore has always prioritized a transparent and reliable legal system. Businesses can operate with the assurance that contracts are upheld and intellectual property rights are protected. This robust legal framework fosters an environment of trust and reliability, essential for business growth. 3. Unparalleled Tax Advantages: Corporate Tax Rates: One of the primary appeals of Singapore is its competitive corporate tax rates. Companies can enjoy a headline corporate tax rate of merely 17%. Furthermore, new startups […]
Should I engage a corporate service company? Now that you have learned the steps on how to incorporate your company in Singapore, you might ask yourself if you are able to outsource the process. Good news! You most certainly can, and there are plenty of companies in Singapore who provide the service
If you are thinking, “I am going to find the perfect idea to start my business!” Stop. Many people want to start their own business, but they spend so much time thinking of a perfect idea on which to base their business. News flash. The perfect idea does not exist. Sure, once in a while, you come across some company in the news, that sparks this question in your mind.
Now that you know what a business plan is, it is crucial to know the importance behind having one. Execution is everything and a business plan helps to ensure that your execution of your business is as optimal as you can be. Obviously, it does not guarantee success, but it helps put you on the road to it.
1. Avoid the sales pitch Nobody wants to watch your ad. Let me say that again: nobody wants to watch your ad. Think of how you instantly reach for your phone once an advertisement break during your favorite TV show starts, or how you roll your eyes when you see a product placement in a show *cough cough Transformers*. If the introduction to your video or blog post is a sales pitch, you risk immediately losing the viewer’s attention. When a viewer’s interest is lost, information goes in one ear and out the other – regardless of how helpful or entertaining the rest of your content is. We all know the power of first impressions, and if a viewer is put off by a sales pitch in your ad, they’re not likely to return to your content. First impressions really count. What do viewers think when they first come across your media? How can you make sure that their first impression is a great one? The trick is knowing how to sell your product without directly “selling” it. More and more advertisements either barely mention the product they are selling or wait until the very end to point it […]
Introduction With starting a business comes a great deal of responsibility – this includes taking care of staff, dealing with financial risks, and establishing good relations with company partners. Most entrepreneurs suffer from the stresses of long hours in the workplace form unhealthy habits. With a busy work life, a healthy body is vital to improve efficiency at work. Our overall health and wellness play a key role in the daily activities. Without sufficient work-life management, it’s easy to fall into the trap of overworking yourself and losing motivation. To combat the pressures of entrepreneurship, here are ways you can start building healthy habits with the help of technology. Efficient Energy Allocation: The cliché that often comes to mind with work-life balance is time management. However, most of the time, this alone is not enough to work efficiently. For instance, you find yourself needing to update the statutory books with the new corporate officers, finish a SWOT analysis on an impending company project. Outside of your work, you have to make sure to fold your laundry, check your emails, and grab some dinner with some friends. You estimate that these tasks will take up the following amount of time: Statutory […]
A productive workplace doesn’t mean bean bag chairs, slides instead of stairs and ping pong tables in the break room. A productive workplace is as simple as a place where the members of your company to do their work most effectively. The easiest way to create this kind of space is to look at your company – Who works there? What kind of work do you do? How is your company structured? These are the questions that you need to ask yourself before choosing and curating your space in. Co-working space or a leased office? Co-working spaces are taking over in cities all over the world. It was initially used by freelancers, travelers, start-ups and entrepreneurs but now it’s also used by major Fortune 500 companies. Will this new style of community working push out the traditional office space? Unlikely. Very unlikely. However, co-working spaces are an economical and flexible alternative to the classic leased office space. Pros of Coworking spaces Flexible terms: meaning you can move easily terminate your membership and move to another co-working space, another city, or into a leased office. Community aspect: Many co-working spaces try to facilitate a community aspect by hosting events, having facebook […]
One of the greatest benefits of having a startup business is an immense opportunity for growth! As a startup, you will quickly check small goals off of your to-do list and constantly be working towards the greater objectives. With so much room for growth, how can you be sure your business is staying on track? A positioning statement is the best place to start. Positioning statements help to keep your company’s core value in check with its objectives and goals. If you’re launching a startup, keep reading to learn how to develop your positioning statement. What is a positioning statement? Positioning in itself is managing how your organization distinguishes itself from other competitors with original meaning for your pubic(s). Essentially, this is how you want your organization to be seen based on what makes your business stand out. For example, if your product or service provides a benefit, your positioning statement should highlight your businesses most valuable attributes that no competitor can match. There are many different angles of positioning. Read the examples below to decide the best fit for your business: Quality positioningDistinguish your business from competitors by providing the “high-quality and trusted” specialty service or product.Value-price positioningThis entails […]
The thought of becoming an entrepreneur has probably entered your mind at least a few times in your life. It sounds enticing but yet perilous at the same time. Its vast unknown seem to be of another world out of your comfort zone, and you wonder if you are able to overcome the challenges on that journey.
Ideas. Ideas. Ideas. Where do people get them? Everyone has that one friend who is brimming with crazy ideas on how to start businesses. To really get a workable idea that can be translated into a business plan? That’s not the easiest thing in the world. Plenty of prominent business people say that it’s all about the execution, not the idea.
Singapore and Hong Kong have always been competing in ranks for being the best place to do business. Both of these locations
Your company’s website will likely be making the first impression on a potential new client. That being said, you want to make sure it’s a good one. You know how you tidy up your living room or kitchen before inviting guests over? That’s how you should think about your website. Is it clean? Functional? Easy to navigate? But again, the most important question is will it make a good impression? If the answer is no, or even if you think your website just needs a little tweaking, you’re in luck! These tips below will definitely help you revamp your website. 1. (Re)evaluate your current situation One of the easiest things you can do as a website owner is make sure that all of your content is up to date. Re read over everything! If there’s anything that stands out to you as incorrect or simply irrelevant, delete it. It will seem the same way to a site visitor. If you have an area dedicated to special offers, and those special offers are all outdated, you could risk irritating a potential new client! If you’re opposed to deleting content on your site, consider making some quick edits. 2. Test your design flow Ask […]
When starting your own business as a freelancer, perhaps your first thought will be to register your company as a Sole Proprietorship. After all, that is what the structure is made for, right? It is for freelancers who work alone and wish to keep the administrative side of their business as uncomplicated as possible.
In 2016, Singapore was ranked as the best country for doing business in a survey by the World Bank for 10 consecutive years. According to the 2019 Economic Freedom Index, Singapore has the second most free economy in the world with an economic freedom score of 89.4. These accolades have been the result of a combination of economic principles that make Singapore one of the most attractive places to incorporate a business in the world. Here are four reasons why business leaders should consider expanding operations into Singapore: Singapore is one of the easiest and most efficient places to incorporate Singapore has straightforward and simple requirements for incorporating a business. In many cases, a business can incorporate in Singapore in just one day. Additionally, the Singapore government encourages both local and foreign-owned business growth by offering grants and other incentives. Singapore has many investment and venture capital firms that seek to help fund startups. In addition to these grants and incentives, the government also has an attractive tax framework. If a company has a profit of S$300,000 or less they essentially have a tax rate of 8.5%. Profit above S$300,000 have a tax rate of only 17%. Singapore presents one […]
Ahh, co-working space. The bread and butter that is the foundation of many entrepreneurial journeys. You need a place that makes you feel motivated, inspired, and ready to get to work. But what exactly should you look for? 1. Location, location, location As an entrepreneur, you have to make the most of every first impression. Holding meetings in the early stages of your startup is essential. After all, networking is the name of the game. However, as an entrepreneur, you might also be pressed as for where to take a potential new client or business partner. That’s why co-working spaces are a good idea. When you’re picking one, consider the surrounding neighborhood or area. You want to be located in a nice part of town so that you have a place where you can proudly bring back guests! First impressions are one reason why you would want to select a co-working space in a respectable part of town. Other things you should consider are your proximity to food, public transportation, convenience stores, gyms, and the like. You will, after all, be working here! Make sure the space you pick is in an area with lots of nearby amenities to make […]
Every new entrepreneur has one thing in common—the need for money. A popular way to gain capital for your startup is to recruit investors. Whether you are pitching your company to a friend, an associate, or a complete stranger, these eight simple tips will help ensure that investors will be interested in your business. 1. Be a story teller Every company has a story. Your company’s story is comprised of all the reasons you decided to build it. This could be a problem you faced, and experience you had, or even something that inspired you to create your business. Regardless, portraying your business vision as a story provides an emotional attachment that demonstrates to investors how much you care about your startup. 2. Take only ten minutes You can only pitch to investors for as long as you have their attention. Make sure to strategize your pitch by including the important and most interesting information first. If your investor gives you ten minutes to pitch, you should finish in nine minutes. This gives you the chance to answer questions or receive feedback before the investor loses interest. It also helps you to prioritize vital information and avoid rambling. 3. Be […]
It is essential that businessmen concentrate fully on their business. Even those who are going to start their first business should have their focus on opening the company on time. They should ensure that all they require for the company are ready. Even if you going to work from home, you should ensure that the necessary tools you require are ready. Every entrepreneur needs to network with their prospective customers before they open the company. This will pave the way for a good start. They should have their staff ready if they are starting with a team. The office should be well equipped to start work on the first day. When there is so much to handle it is not wise for them to involve in other work.
Things You Need to Know When Building Your Chatbot In our previous article about how every business needs a chatbot, we talked about the benefits of a chatbot, and how they can help to enhance your customer engagement level which traffics more customers to your website, bringing you more business. While building a chatbot (without the need to code anything) may sound easy, getting your chatbot to learn and resolve customer queries isn’t something that could be achieved overnight. Today, let us delve deeper into the implementation of your chatbot, and the things we should take into consideration when building one. This ensures the best user experience for your customers when they use your chatbot. 1. Make your chatbot friendly and welcoming Many customers are unaware of the fact that the customer support whom they are chatting with is, in fact, chatbots. The chatbots’ way of interaction has become so ‘human-like’; just as how businesses built their chatbot to be – approachable and ‘friendly.’ It is essential to make your chatbot welcoming and offer a sense of familiarity for your customers as you would want to achieve high customer satisfactory experience when they interact with your chatbot. Besides being able […]
Singapore is a country known for its efficiency, orderliness and honesty with a pro business climate. There is a developed technological infrastructure and legal system (including Intellectual Property laws), which are invaluable to a start-up. However, in well-educated and fast-moving Singapore, people tend to be more career-oriented. Thus, many talented Singaporeans would be more tempted by the allure and stability of an established Multinational Corporation (MNC) rather than the uncertainty of start-ups.
With the release of Singapore’s Budget 2018, Small and medium-sized enterprises (SMEs) in the country have plenty to rejoice. If you are a small business owner, it will do you much good to read up on the support the government can offer you
Tips on how to enhance your SEO Every business needs a website; and the next step you would need is to market your brand online, either through advertisements or making your website appear on the top of search results. This is called search engine optimisation, otherwise known as SEO. SEO increases website traffic for your webpage, and it is a way to increase your online presence on various search engine results. That said, SEO is not solely based on search engines – you’ve got to target keywords that people are searching online, as well as curating content that they are seeking for. It is part of a digital marketing strategy, and there are many ways to enhance your business’ SEO. Before we dive into the various tips on how you can enhance your website’s SEO, let’s get familiar with a few terms pertaining to SEO: Crawling The process by which your webpages are added to Google search engine (this will depend on the meta tag you use for your web pages – either ‘index’ or ‘noindex’ – and Google will crawl and index the pages accordingly) Indexing The process by which your webpages are added to Google search engine (this […]
One of the first things people think of when thinking of the word “business” is an office! The common scene is people wearing suits and ties to a tall office building. Well, it does not have to be that way! There are different types of work environments. Many startups nowadays don’t do the whole formal attire thing and have their employees wear informal attire to work. It’s all up to you, really.
We start with website development! Every company nowadays need a website. To not have a website is almost like paying a hefty penalty from the beginning because all your competitors will have website. Having a website will improve your chances of being discovered by potential customers and also makes it simple for people to find more information about your company. Therefore, it is extremely crucial that entrepreneurs have a website for their business, and they should have one up and running as soon as possible!
Becoming an entrepreneur is one of the most exciting journeys a young professional can take on. In fact, seeing your vision develop into a business is a rewarding accomplishment for aspiring business owners. Finally seeing your own products or service on the market is a milestone that many professionals hope to reach. However, the staircase to making your vision a reality is steep. Many entrepreneurs underestimate the hassle associated with building a business from the ground up. Using a third party to manage your incorporation process mitigates the legal pressure as well as some of the unknown risks throughout the journey. For foreign entrepreneurs who incorporate in Singapore, there may be many business requirements that are unfamiliar to you. From obtaining your business registration to choosing a bank, acquiring the service of a third party can provide clarity to many of your important decisions. If you think that a third-party service might be right for you, keep reading to see four commonly offered services in Singapore. Corporate Secretary (and more) Believe it or not, having a corporate secretary is part of a legal compliance required by all businesses in Singapore. Luckily, finding a corporate secretary has been made very simple. […]
Geraldine Gauthier, you have coached many entrepreneurs struggling to find their next big idea. Is there a way for them to unlock their creative potential and passion? Geraldine: I believe each of us is innately innovative and creative. Some more so than others, but we’ve all got the spark hidden somewhere down deep inside us. Creativity is such an essential part of being human that it can never fully be bred out of us. Here is a 5-step process to unearth your creativity and translate your next big idea into reality. Find a compelling idea: Judge what doesn’t work in your day-to-day life and see if there is a way to make it better. Most ideas are just in front of you in your daily life, solving pain points. Once you have an idea, make it clear & compelling. Make it SMART. Create your irresistible offer that brings irresistible value to a well-defined segment. Know your WHY: 8 out of 10 of all businesses fail within the first 18 months. Despite that, it is clear that the potential pleasure of succeeding as an entrepreneur far outweighs the probability of failure that plagues most flagging business owner. The main reason why […]
When you want to enlist the services of an external company to incorporate your business, you might be spoiled for choice. There are so many corporate service companies in Singapore that offer incorporation packages that it is almost dizzying. We here at InCorporate.sg would like to simplify that experience for you. Based on user feedback and reviews, we have complied a list detailing the best incorporation services in Singapore for 2018.
Under the category of Malaysia business visa, an individual interested in investing in the country can visit Malaysia anytime either for a short period to take part in trade conferences and strike business deals. Malaysia is among the best of places to invest with significant business opportunities hence an ideal destination for all interested in business. Citizens from India can apply for that visa through 3 different paths. These paths are the eVisa, eNTRI, and the submission of all documents at your Embassy to get a stamp on the passport. Purpose of a Malaysian Business Visa People who have business establishments and income sources out can travel eligible to the country with a business visa. This process would allow them to engage with clients and stakeholders. Moreover, the agendas about the business can bring visitors into the country. It can range from achieving a goal already predefined to grow a given project and benefiting the vendor and client. Anyone interested in either investing in Malaysia or attending business conferences is eligible for application if only they meet the requirements mentioned below. Requirements Most importantly, for you to qualify for a business visa in Malaysia, there are certain things you need […]
When you want to enlist the services of an external company to incorporate your business, you might be spoiled for choice. There are so many corporate service companies in Singapore that offer incorporation packages that it is almost dizzying. We here at InCorporate.sg would like to simplify that experience for you. Based on user feedback and reviews, we have complied a list detailing the best incorporation services in Singapore for 2018.
f you have already set up a website for your business, you may be wondering how you could continue to provide live support to your customers 24/7, as long as your website operates
Becoming an entrepreneur means building a business from the ground up. Although starting a business from thin air is rather impossible, it seems as though new companies are launching every day. How do entrepreneurs establish their business before it even exists physically? The answer is by creating an online presence. Creating an online profile for your company establishes your brand in the minds of your potential market before they have a physical encounter with your store. Keep reading to find out why your online presence is important and how to build it. Why your online presence is crucial Research suggests that seven seconds is all it takes for someone to develop a first impression. Which means that your consumers will decide how they view your business within the first seven seconds of their first encounter. By creating an online presence through social media or a company website you can control what your market sees for their first impression. This is called controlled media. Controlled media is what you tailor to reflect your brand exactly as you want it presented. For example, your personal social media reflects only the best parts of your life. Your vacations, your best work, your funny […]
Singapore has always been the perfect financial hub for doing business. It was ranked second for the ease of doing business in 2019. As Singapore’s government has a pro-business policy, a lot of foreigners prefer to incorporate in Singapore over many other countries. If you are a foreigner, this is an in-depth guide that will help you navigate through the necessary steps to set up a business in Singapore. 1. Sole Proprietorship Registration As a foreigner, you can apply for sole-proprietorships in Singapore, but there must be an authorized representative that reside in Singapore as you are not in Singapore. A resident could be a citizen, permanent resident, or Entrepass holder. If you wish to apply for an Entrepass, please refer to MOM. On top of this, there are other essential components when registering for a sole-proprietorship. You will also need to settle on the business name, location or address, and the BizFile form with a SingPass. In the case that you do not have a SingPass with you, you may also have a filing agent to complete the application. 2. Partnership Registration Partnership registration is allowed if your business partners live in Singapore. However, if all partners are foreigners, […]
Singapore has been consistently ranked among the top best countries to set up a business in for a variety of reasons. A recent report by the World Bank in 2017 listed Singapore as the second easiest country in the world to do business in, coming in just behind New Zealand. Still deciding which country you should choose to set up shop? Look no further than Singapore! Below are some of the reasons the beautiful city-state should be at the top of your list. 1. Low business tax rates The government constantly introduces and revises business-friendly policies in an effort to attract investors and establish the country as a global hub for business. The corporate tax rate, the amount of tax that businesses in Singapore must pay, continues to each year. In 2000, business were taxed at 26%. Over the years, that number has fallen to around 17%. The effective tax rate that businesses actually pay after tax exemptions, grants, and incentives is often lower than that 17%, making it one of the lowest tax rates in the world. 2. Foreigner-friendly Singapore is also an attractive place for foreigners with big business dreams. First, the government makes it extremely […]
Photo by Headway The truth about entrepreneurship Many people have a lot of ideas about what working in entrepreneurship is like. Some see it as a walk in the park – you may your own hours, make all of your own decisions, and get to work on something you’re passionate about! Sounds like a dream, right? While these perks certainly exist when you work as an entrepreneur, the truth is this – it can be extremely difficult to start and run your own company. If you’re considering entrepreneurial life solely because you want more flexibility or autonomy, think again. It takes time (and a whole lot of work!) to get to a point in your journey where you can enjoy these aspects of the job. So, is entrepreneurship right for you? How you can tell if it’s right for you 1. Your idea is unique The best ideas deliver value to customers. Does your business plan address an existing need in the market? If yes, look to see if there are other businesses that offer solutions to the same problem. Run a quick SWOT analysis to see the areas where you can offer more than your competitors. 2. You have the […]
Building your personal branding – how is it important? As an aspiring entrepreneur, have you ever thought of staying ahead of the rat race amongst all the other entrepreneurs? Entrepreneurship today is no longer about promoting your business branding; you have to build your personal brand and put yourself out there before you could start promoting your business. Illustrating this in the context of consumer goods, consumers are more willing to purchase products from brands that are well-known. Consumer trust is built up from the brand image and reputation. Back to the topic, this applies to all individuals as well. The main gist of this is – a well-established personal brand will put you in a better position in the network of start-ups – allowing you to gain greater opportunities to promote your business in various market segments. Here’s a summary of how you can start building your personal branding and become a successful entrepreneur: Establish rapport and trust Make yourself present online. People will most likely check out your profile before deciding if they want to meet and speak to you. You could create a LinkedIn profile or have your own personal website/blog, basically you want people to easily […]
For every business, accounting is a major part of day to day business operations. Starting out, there are a massive set of responsibilities any new entrepreneur has to face and shoulder. With so many operations to multi-task, it may be burdensome and overwhelming for entrepreneurs to keep track of their operations and their budget at the same time. At such a crucial time of the business, it is important that entrepreneurs shed as much of the workload from their shoulder as possible. This can be done by outsourcing.
Introduction Due to the Competition & Consumer Commission Act of Singapore (CCCS). With a large competition platform, it is hard to differentiate yourself. In this blog, I will discuss the importance of reaching beyond existing demand to maximize profits. Given Singapore’s popular industries and types of customers, you will be able to take your organization to the next level. Finding the right target market can be draining. But with correct research, it can be achieved. It is crucial to find your place in a county that hosts six million people. With so many people, comes a wide range of demands. It is up to organization to meet these demands and create a personal connection with its consumers. Consumers invest in organizations by why they do something, not on what they do. For more information about the CCCS and how it affects your organization click: https://www.incorporate.sg/legal/anti-competition-act/ Singapore and its industries Singapore’s greatest industries consists of manufacturing, retail, finance, infrastructure, and information technology just to name a few. With manufacturing being its biggest. Which include: electronics, chemicals, biomedical sciences, logistics, and transport engineering. Retail is also up and coming. Many locals and tourists are shopaholic. Singapore has three main […]
Fair and Just Process Singapore is one of the safest places to do business. Corruption remains consistently low and the country’s foreign relations with other countries in terms of business and taxation is almost unmatched. Everything from startups to major headquarters thrive in this business atmosphere and feel secure in their investments and that they are treated equally. In this amazing city-state, it does not matter whether you are public or private sector. Every individual is held accountable to the same standards of doing business. This also applies to wealth and citizen status. The Singaporean government remains fair in the way they treat individuals from accepting cases to convictions. Here, businesses know that if they report a problem, the government will review the case and handle it accordingly. In 2016, the conviction rate for bribes and other unethical business activity was 100% in Singapore, and it continues to have a successful and consistent conviction rate of 97% and above. This clean and ethical way of doing business has been a critical point for Singapore throughout their history. This has done wonders for their economy as it makes entrepreneurs and major investors feel free to start businesses and trust that it […]
Options you have for office spaces If you are about to start your new business, the first thing that may come to your mind is renting an office space. It may seem daunting and a huge commitment – time wise and budget wise. However, it has never been easier and more flexible to rent an office than today, thanks to the rise of alternate office spaces such as co-working spaces and virtual offices. In this post, I will introduce the different office options you have and the pros & cons of each one. Why do you need a physical address for your business? Filing for incorporation When you file for incorporation in Singapore, you have to provide a local address as the registered address of your company. This address can either be a commercial address or a residential address. If you are running your operations from overseas and do not plan to have a physical office space in Singapore, you can sign up for a virtual office service. They will provide you with a local address that you can use for your registration and it usually comes with other useful services such as mail receiving and forwarding, and […]
Singapore is a highly urbanized place that attracts foreign investors on the strength of its stable currency, vibrant investment & corruption-free climate, and tax benefits. Many of them prefer to start their business by registering a private limited company. A private limited company (Pte Ltd) is a business structure that offers limited liability. It has a separate identity. It is a legal person responsible for its debts and liabilities. There are other business structures too, like Sole Proprietorship and Limited Liability Partnership. Learn all you need to know about how to register a company in Singapore by reading on. Is it Easy for a Foreigner to Start a Business in Singapore? There is only one way to register a company in Singapore for a foreigner. The foreign entrepreneurs must hire experts from an experienced Singaporean company that specializes in providing registration services for the task. The experts advise you on the criterion set out by the Company Registrar, i.e., ACRA (Accounting and Corporate Regulatory Authority). They also advise you on the work passes that you need to work in Singapore along with the incorporation documents that you need to submit to the authorities. There are also a few post incorporation […]
Business is growing substantially in Singapore, as is evident by being ranked in the top ten places for businesses in the world by Forbes in 2018. Entrepreneurship thrives on that growth and luckily incorporating a business in Singapore can be very simple. In fact, it only takes 24 to 48 hours to incorporate companies in Singapore in most cases. This might be due to the help of the government and service companies who walk entrepreneurs step by step through the process. However, there is much more Singapore has to offer entrepreneurs than just fast and efficient processing times as it has been titled number one on World Bank’s Ease of Doing Business survey. Singapore provides low taxes, talented workforce, a pro-business government, geographical advantage, and modern infrastructure across all platforms making it the perfect place for entrepreneurs. Just one example of Singapore’s vast potential can be found in Block 71. Here, over 100 start-ups and venture capital firms gather to make the most populated entrepreneurial ecosystem. In this block is also over 30 funding and support firms ready to take on new start-ups. Powering this system is a diverse, well-trained, highly educated, and dedicated workforce along with a corruption resistant […]
Singapore has been listed as the best country in the world for doing business. Forbes ranks Singapore as the third wealthiest country in the world based on its per capita GDP. It has developed a successful free market economy which in return creates high foreign investments. Other factors that contribute to starting your business in Singapore include: an attractive tax system, ease of incorporation and operation, support for startups, and its geographic location. Truly, Singapore is entrepreneur friendly with great companies to accommodate your business. From my understanding, many entrepreneurs hesitate to start their business in Asian countries due to corruption, safety, and reliability. Singapore is very cautious on this matter, and the government does punish wrong doers for any unethical business practices. One can be rest assured that their business is protected by the government. Within the first three years of tax income, non-resident organizations are free from taxes. The inflation is also relatively low. In terms of when to start your business in Singapore, it depends on a few factors. One, what your business is and your reason for expanding it to the Singapore market. Two, the research you put for achieving a certain percent of the market […]
Social Media Marketing Social media is one of those all encompassing terms that refers to any kind of public profile or page on the Internet. Perhaps one of the best things about social media is its ability to connect consumers and businesses. In this ever growing digital world, it’s imperative that businesses learn how to effectively create and manage customer relationships online. That’s where social media marketing comes in. It is essentially the process by which companies gain traffic or build awareness of brands using social sites. It uses sites like Facebook, Instagram, Twitter, LinkedIn, and the like to reach a wider audience of potential consumers. Different sites require different kinds of online activity. Companies typically use Facebook as a two-way communication stream in which employees share updates or photos. Additionally, customers can comment, post their own stories, or RSVP for events on the firm’s Facebook page. On the other hand, Twitter profiles are best for short messages or frequent, quick updates. Companies should consider Instagram when they have a product that is aesthetically pleasing or if they want to visually create a people-friendly brand. That being said, being “everywhere” online isn’t the best way to effectively market yourself online, […]
Incorporating a business in Singapore has never been more exciting or promising than in 2023. With its robust economy, strategic location, and business-friendly policies, Singapore continues to be a top choice for entrepreneurs worldwide. This guide will walk you through the process of incorporation and the role of a corporate secretary in Singapore. Understanding Incorporation Incorporation is the legal process of forming a corporate entity or company. In Singapore, this process is governed by the Accounting and Corporate Regulatory Authority (ACRA). In 2023, the process has been streamlined to make it even more efficient and user-friendly. Why Incorporate in Singapore? Singapore offers a myriad of benefits for businesses. Its strategic location serves as a gateway to the Asian market. The country’s strong legal framework and political stability, coupled with its skilled workforce and low tax rates, make it an ideal place for business incorporation. Steps to Incorporate Your Business Incorporating your business involves several steps: Company Name Approval: The first step in the incorporation process is getting your company name approved by ACRA. The name should be unique, meaningful, and free of any offensive or vulgar words.Company Registration: Once the name is approved, you can proceed with the registration. You’ll […]
Setting up a bank account is a must for businesses in Singapore, as required by the Accounting and Corporate Regulatory Authority (ACRA). With over 200 banks in Singapore, choosing the right one for your business can be confusing. We’ve ranked the top banks for entrepreneurs and founders.
What you need to know when starting your own business You have a great idea and a plan to bring that idea to life in the form of a new company. Congratulations! You are well on your way to starting your own successful business. Unfortunately, we all know that even the best idea is not enough. What comes after an idea is extensive planning, decision making, networking, and more. So what exactly do you need to know when starting your own business? These tips below are here to help! 1. Start strong The best thing you can do to help your business is to create a strong foundation. If you haven’t dedicated a big chunk of time to doing market research relevant to your company, do so immediately. Find out what’s going on in your industry. Try asking yourself these basic questions – is my product or service needed? Where? Who needs it? Are there any existing alternatives? Consider using a popular analysis template, such as the SWOT method. SWOT essentially comes down to examining one’s strengths, weaknesses, opportunities, and threats. It forces business owners to take a long, hard look at the potential for their company. This template is great for people who are trying to […]
In an earlier post, we spoke about the benefits of setting up your business in Singapore. If you are convinced and have decided to set up shop in Singapore, the next step is to figure out how to do so. In this post, we will help you figure out the passes you need for yourself, your family and your employees. For yourself (the business owner): Entrepass The EntrePass is meant for eligible foreign entrepreneurs who are setting up a new business in Singapore. It is open to all nationalities and there is no stipulated minimum salary. However, there is a requirement that you have started or intend to start a private limited company registered with the Accounting and Corporate Regulatory Authority (ACRA). Read our complete guide on how to set up a private limited company in Singapore here. We help entrepreneurs register their business in 24 hours, click here to find out more. For your family: Dependant’s Pass This is the pass you need to bring your spouse and children with you to Singapore. It is valid for 2 years, and available for renewable thereafter. Long Term Visit Pass This pass allows you to bring […]
On a previous post, we talked about the top 5 incorporation services (online plus offline) in Singapore. On today’s post, we will be talking about the best online incorporation services in Singapore specifically. An online incorporation service make use of technology such as e-signature and digital forms to complete the entire registration process online. This allows customers to not have to travel and save time. Osome First up on our list is Osome. This innovative company focuses on using technology to simplify the tedious administrative tasks that all entrepreneurs have to go through. They provide company incorporation, accounting and secretarial services in Singapore. Osome is the first company in Singapore that uses an app for incorporation services. Customers use their in-house mobile app to talk directly to Osome assistants, send invoices and sign documents. If you are looking for a simple and convenient solution for incorporation, be sure to checkout Osome. They offer free consultations on their website. AI Accountant AI Accountant provides incorporation and other services at very reasonable prices. Just like all other companies in this list, AI Accountant also incorporates your company for you entirely online. They provide 24/7 customer support and promises fast processing time. However, […]
Last up, we have Recruitment. The process of hiring workers is probably one of the most crucial ones in the company. Good employees boost productivity and improve the company’s bottom line. Thus, it is extremely important that you hire the right people for the job. There are plenty of ways to hire people. But, today, we are going to discuss the merits of outsourcing the hiring process to a recruitment agency, against posting advertisements on job sites.
Keeping track of your company’s finances meticulously is crucial to achieving your goals and for tax purposes. However, we understand that this may be a daunting process, especially for first-time entrepreneurs. Hence, we have prepared these 5 accounting tips to help you stay on top of your company’s finances. 1. Have a sound bookkeeping process Every company in Singapore has to submit an annual report to the Accounting and Corporate Regulatory Authority (ACRA) and file taxes with the Inland Revenue Authority of Singapore (IRA). Hence, it is important to keep track of all financial transactions of the company. This should start from day 1 of running the business and not left till when the tax period is approaching. With so many transactions, you need a systematic process for bookkeeping. This helps to keep things neat and organised. The bookkeeper should also be familiar with the law and provisions given in the Singapore Financial Reporting Standards (SFRS). 2. Keep all your business expenses separate Keep your business expenses separate from your personal expenses. This not only makes it easier when filing reports and tax, but also makes it easier for you to track the financial health and […]
After your idea is done, the next step is to create a business plan. What is a business plan? A business plan is just that, a plan on how to execute a business! You need it for the nitty and gritty of your business. If you rush into business without a concrete plan, you could be courting disaster. As the saying goes, failing to plan is planning to go.
Are you getting tired of the 9-5 work schedule? Many of you are probably wondering what you need to do when you start a business from home. Well, it is a lot simpler than it seems! There is an increasing number of people in Singapore are turning to home-based businesses. Here are a few guidelines that may help you. Home-Based Business #1 There are 2 types of home-based business schemes. The first type has to be a really small business that cannot resemble a regular retail store. The best part is that you do not need a license, but there are a lot of restrictions. This includes no advertisements allowed, such as online ads and flyers around the neighborhood. Therefore, the word-of-mouth method is the only and best marketing function you can use. You may not hire people, such as assistants. Your business should not affect the neighborhood in any way, such as high traffic of people, the use of heavy equipment or move goods for your business. The purpose is to solely supplement your income. For example, you can bake, but cannot turn into a bakery. You can also teach, but no more than 3 students at once. However, […]
The Competition & Consumer Commission of Singapore (CCCS), is set to enhance the competitiveness in Singapore. Singapore has many strict rules in regards to competition. It is an organization’s job to follow them, to avoid any trouble. The Act has three sections that establish competition. As explained below in further detail. The CCCS enforces the Act by taking action against any anti-competition activities. Anti-Competitive Agreements The anti-competitive agreements serve a purpose to prohibit any decisions that are anti-competitive. Many anti-competitive practices ae made by cartels. There are four types of agreements They include: price fixing, bid rigging, market sharing, and production control. Price fixing is the act to control prices on goods and services. They can fluctuate and trick the consumers. This does not have to be in written document to occur. The prices can be set verbally. The Four types of agreements Firstly, bid rigging is placing a certain amount of money on a good and claim a winner with the highest amount. Often times, cartels will switch the winners and claim new ones once the price is set higher. As a result, the winning party will be paying a much higher price on the good than just […]
Printing business cards is something that most entrepreneurs will need to do as their businesses get going. They will probably need to distribute name cards as they go around networking. Not only just business cards, brochures and flyers are also common ways of advertisement.
Thinking of starting a business in Singapore in 2024? We’ve got your back with a simple step-by-step guide to make the process a breeze.
According to the World Bank, Singapore is ranked in the top three out of the one hundred and ninety in Ease of Doing Business, Overall Rank of a group, and Starting a Businesses. Moreover, in the US News Global report, Singapore is ranked second in the mover’s subcategory. This represents the country’s growth in terms of an individual’s purchasing parity corresponding to the GDP. In 2014, the Economist Intelligence Unit ranked Singapore, regionally and globally, as the most attractive investment location. How did Singapore become one of the world’s leaders in business and entrepreneurship in less than a century since its independence from Malaysia? Government Interferences The government strongly supports businesses by creating an environment where they can thrive. They are very inclusive of businesses from foreign, local, developed as well as start-ups. They foster this environment with highly appealing tax framework, many trade agreements, programs that help connect companies to other local and international companies, and create a sense of community. Tax Framework Singapore’s tax framework has denoted the country to the status of a “tax haven,” joining the ranks of countries such as Luxembourg, Switzerland and the Netherlands. Generally, the criteria for a tax haven is a nominal […]
It is crucial that you make sure you have the right business idea before you go ahead and start your business. In my previous post, I detailed the absolute need to not dwell on coming up with the perfect business idea. Yes, you do not need to have the perfect idea because it does not exist but you do need to possess the right idea for yourself.
7 tips for marketing your small business Small businesses often face additional difficulties when trying to promote their goods and services, especially compared to big firms with huge budgets. It’s hard to increase brand awareness (or even product awareness) when you’re competing with less cash. Still, there are some easy ways to effectively market your small business. 1. Throw a block party If you work in an area shared by other small businesses, now is your time to network! That’s right, you can partner up with surrounding small businesses and throw a fun event together. That way, all of your customers or other passerbys get to see what your companies are about. Not only is it a way to support other small businesses, but it’s a way to promote yourself and your goods and services. The best part? You may be able to find some new customers. 2. Email Marketing You may be thinking that email marketing is outdated or ineffective. Marketers used to rely on TV marketing. That is, until the market became too saturated and customers would essentially tune out whenever a commercial played. Everyone then turned to the next revolutionary method of marketing to customers – email […]
Setting up a private limited company in Singapore is an excellent option for the startups and small business owners. It provides them with limited personal liability, credible brand image, ability to raise funds for future expansions, access to tax exemption schemes, etc. And, a Pte Ltd, unlike a proprietorship or partnership, has perpetual existence.
Introduction Logistics in business simply means to move finished products from producers to consumers and other end users. On the other hand, supply chain management (SCM) means to transform products from raw materials and provide them to the end customer. The management aspect is to facilitate the duties of logistics, supply management, and marketing. So, products are produced and distributed in the right place and time. Why in Singapore? Singapore has been in demand for many logistics and SC firms. DHL and Schenker have both set their headquarters here. Firms have conducted innovation to enhance and generate new supply chain ideas. What more? 600 ports in 123 countries are connected to Singapore by 200 shipping lines. It is also first in the efficiency of customs clearance, out of 160 countries. Singapore has achieved this success by the agreements on free trade. The country has implemented 20 free trade agreements, and 31 trading partners. Its core competency is that it is known for connecting all corners of the world. In addition to all of this, one of the main reasons for establishing here is location. Singapore has a powerful R&D infrastructure which includes: technology enablers, start-ups, and research. […]
Do you need a co-working space? Are you an entrepreneur who has been working from home or taking your laptop to a café? Do you find yourself unproductive at work whilst working at these places? Or are you looking for working spaces for your expanding team? Well, fret not, because there are many co-working spaces for you to get your creative juices flowing. A co-working space allows you to work amongst liked-minded individuals who are seeking to grow their business effectively. It is usually strategically located at the central area which gives you the convenience of meeting business partners in the city and all these benefits – at a marginal price of a commercial office rental fee. Certainly, there are much more benefits of a co-working space, apart from the aforementioned: 1. Low cost Cost is a crucial factor for start-up businesses seeking to grow. A co-working space allows you to save on various types of expenses such as: office equipment, office/fire insurance, cleaning expenses and other miscellaneous expenses needed when you rent a commercial office building. Additionally, the effort and time spent on sourcing for contractors and maintenance repair would be all saved – time is precious, especially for […]
Soft skills – what are they? You may think job recruiters are looking solely for the person with job-specific skills, or skills that are usually acquired either through education or experience. These types of skills are both easily definable and observable. Think of computer programmers, lawyers, construction workers, or chefs. While these skills are undoubtedly important (and can make you an appealing candidate), recruiters are actually looking for more. In addition to these types of mastery, employers want soft skills. In other words, employers want people skills. That’s right – soft skills include the ability to communicate with others, listen to others, and work well with others. “Hard skills will get you the interview, but soft skills will get you the job.” Benefits of people skills It may sound silly, but it’s true. Having excellent people skills can be the factor that distinguishes you from another job applicant. A recent study found that Singaporeans are actually lacking in these types of characteristics. Imagine you walk into an interview with great grades from a reputable university. Odds are, every single interviewee that day will have the exact same thing as you do – proof of intellectual intelligence. But what about emotional […]
Singapore, known as the “Lion City,” has roared its way to becoming one of the world’s leading startup hubs. In this blog post, we’ll take a closer look at the startup ecosystem in Singapore in 2024, highlighting key players, success stories, and opportunities for new startups. The Lion City Roars: Singapore’s Startup Scene Singapore’s startup ecosystem is thriving. The city-state is home to a vibrant community of entrepreneurs, investors, and innovators. In 2023, Singapore continues to attract startups with its robust infrastructure, strategic location, and business-friendly policies. Key Players in the Ecosystem The startup ecosystem in Singapore is supported by a network of key players. These include government agencies like Enterprise Singapore, which provides support for startups at different stages of growth. There are also numerous venture capital firms, accelerators, and incubators that provide funding and mentorship to startups. Success Stories: Startups That Made It Big Singapore has seen numerous startups achieve remarkable success. Companies like Grab and Sea Group have become household names not just in Singapore but across Southeast Asia. Their success stories serve as an inspiration for new startups entering the market. Opportunities for New Startups Despite the competition, there are still plenty of opportunities for new […]
Today, any college student would tell you that going to a university isn’t the golden ticket to getting a good job anymore. Internships and work experience are the most effective ways to get a job post graduation. But What is the best way to find an intern? What are the benefits of having an intern rather than a full time employee? What should you consider in the hiring process? Benefits of hiring interns Cost effective – They are willing to work for free or for a stipend– If they aren’t getting paid the intern is more likely to work part time so they can also work part time at a paying job. Hiring pipeline – From the intern perspective, an internship is not only a way to get work experience but also a possibility of getting a job offer if both the intern and employer mutually find the work relationship beneficial Reduces time and money costs – Hiring someone who has already worked for your company minimizes the learning curve and training time required. – As an employer you already know how they work, their personality and how they fit on your team and in your organization before you commit […]
The Workforce Singapore is the perfect environment for startups. Entrepreneurs from all over the world choose this beautiful country as their headquarters or startup location for good reasons. Man power is one of Singapore’s greatest strengths so it is no wonder why productivity here is through the roof. With around 5.6 million people, the work force has an abundance of hard workers ready to put their mind to the task. People here have a strong desire to be a part of and influence the fast and constantly innovated way of doing business. The World Bank recognizes Singapore as the best producer of human capital. This is also because the country cares immensely about education for K-12. They strive to prepare them to reach above and beyond expectations. In short, this workforce is born ready for startups. Singapore also recognizes the advantages of foreign talent and intelligence and is welcoming to hard workers worldwide. Singaporeans are extremely efficient and analytical while a lot of foreigners who immigrate here are very creative and open minded. The city-state has a very liberal immigration policy to allow this foreign talent access. Entrepreneurs can get a working visa to incorporate a company and then also […]
All set and ready to go? The next step would be to make it all official by incorporating your business and turn it into a legal entity! But you may have a question in mind. Why should I incorporate my business? Why can’t I continue doing business without incorporating it? Well, in this article, we will explain to you exactly why you should incorporate your company in Singapore. Protecting personal assets This applies to LLCs and Private Limited Companies. However, sole proprietors can apply to change their business structure to one of those. To learn why you should do so, here is a link to an article written about the topic. As a business owner, incorporating your business will make sure that you are not liable for any lawsuits or claims against the business entity which you have registered. It is a separate entity from yourself and thus if your business goes into deep debt, your own personal assets like your car and house cannot be affected. The company’s debt only belongs to the company. Credibility Legitimising your business and making it official adds instant credibility and authority to your business. Plenty of people will not do business with a […]
Marketing. We hear it all the time. We may dislike doing it, but it’s still something that is extremely important for our businesses. So, one way or another, we have to do it to grow our business.