post-title A 10-step guide on how to start a business in Singapore

A 10-step guide on how to start a business in Singapore

Last modified: August 29, 2023

A 10-step guide on how to start a business in Singapore

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 to make sure your idea has not already been executed by another entrepreneur.

Step 2: Plan

Next, develop a plan for your company to make your business idea becomes a reality. This plan will serve as a blueprint design and will help guide your steps through the process of starting a business in Singapore. Check out this article on how to plan your new company for some guidance!

Step 3: Finances 

Plan your finances so that you can have an idea of how much you can spend on your company. A good place to start is by making a list of what you are going to invest money in. For example, Licenses, Enter Pass, legal company registration fees, insurance, and property leases might be somethings that require you to invest.  Also, consider the cost to operate your company/business at least for 1-2 years including things such as rent, travel expenses, employee salaries, own salaries and many other requirements needed for your company.

Consider all aspects related to the expense of starting and maintaining your business for an extended period of time. Starting a company is a large financial commitment. 

Step 4: Business Formation

Choosing a business formation can impact many facets of your business depending on its complexity. Be sure to choose a good formation and set your business in a good location when launching in Singapore.

Step 5: Register Your Company

Choose a unique name when you register your company. The company name is the very first impression your business gives to clients. Invest some time in developing a creative business name. Do not be afraid to conduct your own research by holding focus groups and measuring the response of participants to your potential business names. Don’t forget to register your domain name once you have selected your company name.

Step 6: License

Get authentication for license and permits. Legal papers are very important for starting a business in Singapore, so you have to follow the rules and regulations given by the government of the country. The legal process can be extensive. A good way to alleviate the pressure of licensing is to involve a third party such as Incorporate.sg. Companies like Incorporate.sg are specifically designed to help entrepreneurs navigate the process of establishing their startup.  

Step 7: Accounting

Choose your accounting system. Establishing a good accounting system can help your company run smoother from the start. Your accounting system will be one of the foundational pieces of your business.  In fact, Singapore is home to many third-party accounting services who can provide this service for you. Consider delegating your accounting service to a third party is you are just starting your small business. Once your business grows, you may have a larger capacity to manage your budget, set your rates and prices, and communicate with others to share information from one place to another from within. Always choose good accounting software and decide where you want to invest your capital.

Step 8: Office

Set up your business location. Set your company business in a strategic location. Many consumers base their decision on where to purchase or seek service based upon convenience. Investing a little more into a strategic location near a busy highway or plaza may pay off rather quickly. Additionally, owning a popular or centrally located shop may build opportunities to add more branches. It is better to have a need to expand, than the need to relocate entirely.

Step 9: Recruit

Get your team ready. Whenever you are thinking of opening a company, you should prepare a crew or staff to run your company. Teamwork always brings victory to the company’s reputation. Train your staff prior to opening to avoid getting a rough start. Training your staff early and thoroughly will help for a smooth transition of your business dream to your business reality! 

Step 10: Promote

Promote your business. Once your business is established you should promote your business achievements. You should develop content that highlights the benefits of your company. Seek media coverage to spread awareness and be sure to provide complete and sufficient information on your personal website and social media pages. Keeping your own media active and up to date will help others to trust your business and remain interested and satisfied.

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