Starting a Business in Singapore
You’ve had a successful business that’s been doing well for a while. Now, the time has come for you to consider expanding your business abroad. Where would you go and what would be the best place to do it?
Singapore would be a good place to setup your Company. Singapore has had a long-standing history of being Asia’s number one business and financial hub, bursting with businesses both local and foreign who are thriving and enjoying everything that comes with owning a successful business.
Why are entrepreneurs from around the globe flocking to this region? Because of how easy and straightforward it is to incorporate company in Singapore in a matter of days!
I’m Ready to Start a Business in Singapore! What Should I Do?
Once you’re ready to begin, here are a couple of things you need to do to ensure your business starts off on the right foot from the very beginning:
Step #1 – Building Your Foundation
If your business has any hope of succeeding, it must have a firm foundation that is solid enough for it to stand on. Just like houses, the foundation and the groundwork is where it really matters, so don’t skimp on this aspect and put in as much effort and time needed into it. You’ll be glad that you did later on. Do your due diligence, build your network and contacts, and surround yourself with the right group of people, team and investors who will support your venture all the way.
Step #2 – Registering Your Business
It’s easy to register a business online thanks to BizFile, although special licenses may be required if your business is related to finance, banking, food, beverages, or even the manufacturing of controlled items such as beer or cigarettes for example.
Step #3 – Funding
Funding is an important business aspect which should not be overlooked. If you haven’t already got the funds needed to start your business, it is best you quickly get onto it. Some sources of funding include your own savings, revenue that has already been generated from an existing business if any, family or friends and even government initiatives.
Step #4 – Getting a Website
A business needs a website, and registering for a domain name is simple enough. All you would need to do is first source a domain name, then determine a suitable web host server. Also, it would be a good idea to think about getting certified to show that your website is trustworthy if you are offering online services.
And that is the basic 4-step plan you need to get started on setting up your business in Singapore. It is that easy.
Chai Chung Hoong, Account Manager
Chai Chung Hoong will assist you in all accounting related services, and help your company in digital transformation.Contact Us