7 Steps of Becoming an Entrepreneur in Singapore

If you’re thinking of becoming an entrepreneur, there are a number of reasons why Singapore is the ideal place for you. Singapore is very well connected to the rest of the world, it offers attractive tax benefits, a business friendly ecosystem and much more. Many people also consider Singapore to be the Gateway to Asia. So here’s what you need to do to set up an enterprise in Singapore.

Create a doable Business Plan

The first thing you need to do is create a business plan. This does not necessarily need to be very detailed but should include a broad idea of what you want to do and how you plan to do it. Decide what our objectives are going to be and make sure they are measurable and concrete. Avoid making general statements like ‘being the best’. Also, try and get a clear picture of the revenue you will need to bring in to breakeven and how long it will take you to do so.

Research the Markets

It isn’t necessary for your initial business plan to be the perfect one. Once you have the basics in place, talk to people on ground about your idea. Does your idea really solve a pain point? You may realize that your plan needs to be tweaked a little. Also try and get a fair idea of your overheads and how you plan to finance them. At this point you may also want to decide whether you want to go down this road on your own or in partnership with someone else.

Determine the Structure of your Business

When it comes to registering a company in Singapore, you have a number of choices. You could register a firm as a sole proprietor, a partnership firm, a brand office, a subsidiary, an LLC, etc. Each of these has its own advantages and disadvantages. For example, by registering your company as a sole proprietor, you can avoid paying corporate taxes but if a legal case is filed against you, you risk losing all your assets.

Choose a Business Name

Once you have defined your core business and company structure, you should take a look at naming your company. The ideal name for your company is unique, reflects your core business and company ethos. It is a good idea to check the company registration databases to ensure that another company with a similar name does not exist before finalizing your company name. Also, look for available domain names when choosing a company name.

Get a Local Address

In order to register a company in Singapore you must have a local Singapore address. All official documentation will be sent to this address and hence securing it is crucial. You cannot use a post box address when registering a company. It is also important to ensure that you have the correct permits in place to use a place commercially. For example, if you are going to be working out of a rented flat you must get approval from the Housing Development Board. When getting these permits you must keep in mind how many people you will have working from the site and how you would like to make your presence known.

Get your Visa in order

There is a lot of local talent in Singapore but the country welcomes qualified immigrants as well. Singapore has flexible visa regulations. This island company is very welcoming towards entrepreneurs and offers a number of programs through which you can move here. It is also relatively easier to achieve permanent resident status in Singapore as compared to other countries. Singapore has a rich local pool of talent but welcomes skilled people from other countries as well. Thus, if you want to work with people from your home country or any other place, you should look into how they can relocate to Singapore as well.

Register Your Company

Registering a company is easy in Singapore. In fact Singapore has consistently ranked among the top two countries with an ease of doing business. The forms can be submitted online along with the registration payment. This process should not take more than 15 minutes. Depending on the type of company you have registered you may then need to appoint a company secretary and an auditor within the next few months. To find out more about registering a company check this website. It is also interesting to note that Singapore is the only Asia country to be recognized as a triple A rated economy.

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