Are you planning to take the route of an entrepreneur? Thus, your goal will be on how to new company set up. Singapore is a country that encourages its citizens to become entrepreneurs. They make it easier for Singaporeans to start business in Singapore because of their not-so strict company incorporation requirements. In fact, the minimum paid-up capital for company incorporation is only SG$1 thus even those with no large savings can start their companies.
However, despite having easy company registration requirements, it doesn’t eliminate the fact that establishing a new company set up is very challenging. A business will always be a risk therefore aspiring entrepreneurs always find ways to ensure success even if it is risky. One of the things that they do is arm themselves with knowledge. That is why in this article, we will give you 5 things to know about starting a new company.
#1 – What industry will you target?
To start business in Singapore, you need to figure out what industry you will target. Every industry is unique in aspects of consumers, trends, and competitiveness. That is why it is recommended that you research your preferred industry. This is so you will be able to find out what your chances are in succeeding in this industry. You will also know what your target customers need and be able to prepare a product or service that they will surely purchase. Thus, research the industry where your new company set up will be.
#2 – What products will you sell or services you will provide?
One of the most important things you need when you start business in Singapore is your product or service. Once you figure out what your customers need, you can create and market a product or service that will address their needs. Thinking of your customers’ sake when deciding on the product or service will ensure that you will get sales. Thus, before opening your new company set up in Singapore, prepare your products and services.
#3 – What is the name of your new company set up?
The next thing you need to think about is the company name. When you start business in Singapore, ACRA will require you to register a business name before applying for the company registration. Your business name must be unique and relevant to the type of business. It should not contain any inappropriate words because this will get rejected by ACRA. It should also contain the required suffixes that will indicate whether your company will be a private limited or public company. You need to visit ACRA’s website to know which business name will they accept for your new company set up in Singapore.
#4 – What requirements do you need to fulfill to start business in Singapore?
As mentioned earlier, Singapore imposes relatively easy company incorporation requirements compared to other Asian countries. In Singapore, you only need a paid-up capital of S$1 to start business in Singapore. The amount can add up after the company registration process. You also need a physical business address in Singapore that is where your office should be located. You will be required to hire one Singapore director and a Singaporean registered company secretary. There are more requirements that you need to submit that will depend on the industry that you are in. Thus, learn what those requirements are so you can prepare to register your new company set up in Singapore.
#5 – How can you incorporate your new company set up in Singapore?
To start business in Singapore was deemed easy because it can be done online and will only take a short time. In fact, if there are no issues found in your application, you can get your business name approved and company registered in just two days. Thus, you need to ensure that no mistakes are made when you incorporate your business. You should check out ACRA’s guidelines for company incorporation. If you want to ensure that there are no mistakes, why not hire a company incorporation agency in Singapore?
Start a business in Singapore
Singapore may have a direct and uncomplicated process when it comes to registering your business. However, you need to take note that registration is only the first step. There are more things that you need to work on in order to fully launch your business. For you to focus more on that, you should hire a business registration agent that can incorporate the company on your behalf.