Creating a prosperous platform for new businesses
Given the increasing attraction of local and foreign investors to Singapore as a result of a thriving corporate business environment, it is important to state that there are some fundamental rules and principles that must be known and adhered to in order to establish a flourishing business in Singapore. This article, therefore, provided the much-needed insight in setting up a business in the country.
While there is an influx of local and international investors into the business realm in the country, it should be clearly stated that making it big is not a cakewalk. There are a number of methodologies and strategies that must be put in place.
This is not to say that getting it right is rocket science. You only need to be open-minded and ready to follow some basic templates. More importantly, Singapore is one of the most accommodating environments in the ease of doing business across the globe.
In this regard, the methodologies and processes that must be followed in establishing a business in Singapore are examined below.
4 Major Things To Be Done Before Business Operation In Singapore
Creating a solid foundation for your business before commencing operations is a very significant factor that must not be downplayed in Singapore. The four major elements to be put in place before starting your business are as follows:
1. Carve A Business Niche for Yourself And Design Workable Strategies
One of the primary things that a potential business investor must do is to identify a particular business area that he/she is interested in. Thereafter, you need to design roadmaps or strategies that will facilitate the realization of the objective.
Having done that, the next step to be taken is to advance the registration of your potential business with the relevant authorities in Singapore, including the Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS). It is important to point out that most of the businesses in the country are private limited organizations; so you do not need to worry about setting up a one-man business.
As a matter of fact, most of the sole proprietorship that exists in the country is very prosperous. While this could be regarded as a glad tiding, it is important to note that sole proprietorship also has some shortcomings and failings. The fact that it revolves around just only one single person makes the lifespan of the business very short and unstable. This is because the death of the sole proprietor may lead to the end of the business.
Additionally, there is often limited scope and resources under the sole proprietorship because it relies only on the financial muscle of one man. To this end, it is generally advisable to extend a hand of fellowship and partnership with other like-minded business owners by registering as a company.
Undoubtedly, this will give your business a better footing as well as a solid background. It should be noted that registering a business in Singapore is a hitch-free process once you can provide all the needed criteria by the relevant authorities and agencies.
2. Source For Capital And Commence Business Operation
There is no doubt that funds are one of the most crucial parts in establishing a business. Having identified a peculiar business idea, you need funds to translate the idea into reality. While many potential local and foreign investors are often faced with the challenge of raising the needed capital, it is important to state that this should not be a problem at all. There are many ways of raising capital for business. One may explore personal savings, crowdfunding, bootstrapping, among others.
Of importance, however, is the fact that there is a special source of funds for potential businesses in Singapore. This initiative is known as the SPRING venture. The primary essence of the spring venture is to create an enabling opportunity for business ideas to thrive regardless of the economic or financial conditions of the owner of the idea. For instance, if you have a business idea but lack the required capital, you can easily approach SPRING Singapore for support as they are always willing to offer financial assistance to new businesses.
3. Affiliating with the right business channel
Excelling in a business has to do with establishing the right connection and affiliation. To this end, it is important for you to join the network of people that are affiliated with your business. This could be achieved by joining the professional pressure groups and a host of others. There is no doubting the fact that you will get the right connection and affiliation if you join some of these associations. This will give you an avenue to profit from their experience, do trade shows, exhibitions, and seminars.
4. Finding your business office
Having completed your business registration and strategies, the next thing is to set up your office and commence operation pronto. It is imperative to note that your office may be situated at home or outside depending on the nature of your business. For example, if your business has to do with laundry services or beauty treatment, it can easily be carried out at home.
More often than not, working from home is most peculiar to a sole proprietor as joint partnerships often find it difficult to do. Remember to note that if you have decided to work from home, you will still need a registered office address. The home address is not permitted to register.
However, you can also rent a commercial space for your business. In this regard, the localization of the business center must put into consideration the availability of potential clients or customers. Bearing in mind that rents for commercial spaces are extremely high in Singapore, it is important to ensure that the store or office is located in a favorable spot.
Drawing from the foregoing, it is obvious that doing business in Singapore is not rocket science. It is achievable and attainable even if you do not have the much-needed business capital. However, having a clear-cut business idea that will thrive amidst competition cannot be underestimated.
Given the fact that many new start-ups have failed due to a lack of dedication and commitment, it is important to enjoin you that utmost dedication, focus, and resilience are needed in order to thrive in the business environment. Interestingly, you are assured of a successful business in Singapore if you can demonstrate the right business attitude.