Starting any business in Singapore is a challenging process, with many rules and regulations to be followed. However, if you have a product or service that you feel will be in demand by many of the residents of this Southeast Asian country, then you may want to consider starting your business there.
The following are some tips on how to start a business in Singapore:
1) Get a business name
Singaporean law allows for some restrictions on the use of certain words in business names; for example, you cannot use the word ‘Limited’, or an abbreviation of it in your name. This is to prevent possible confusion between limited and unlimited companies and to also protect against fraud. Your business name should not be misleading or deceptive, and must not sound like that of an existing company already registered with the government.
2) Availability of banking facilities
Although many banks in Singapore provide deposits and loans, it is important for you to determine which ones do this before going ahead with your plans. There are usually no problems involved in getting a loan from a local bank, but you should check if they offer the same services as well; for example, if they offer to write off some of your outstanding bills. If you have a plan of starting a business in Singapore that deals with foreign currency and appreciates over time, be sure to check out the rates offered by your local banks.
3) Legal procedures
Many of the legal procedures related to establishing a business in Singapore must be conducted in a timely manner. For example, when registering your company with the Accounting and Corporate Regulatory Authority, there are strict time limits placed on your actions to ensure that everything is done as quickly as possible. The Law of Business Names Regulations also places a 30-day time limit on you once you have submitted your name to the registry; otherwise, it will become invalid.
4) Character requirements
Applicants who wish to register a limited company in Singapore must meet some important character requirements. They must be of good character and reputation, and should not have any convictions or debts outstanding against them. A criminal record is not an absolute bar on your ability to establish your business in Singapore, but it can affect your chances of securing a business license.
5) Marketing plans
Although Singapore has an excellent reputation as a location to do business and enjoy a high standard of living, starting a business in Singapore is not easy. You need to be careful that you do not find yourself being overwhelmed by the possibilities and being taken away from your main aims. A good marketing plan will ensure that you have enough time to get started before your company may become successful.
6) Lease agreements
If you plan on renting office or retail premises, you need to ensure that the lease agreement is signed. The required deposit must be paid, and the actual rent should be paid on time. There are special rules regarding the rental of properties in Singapore; for example, if you have a business license for your company, then it is possible to get a reduction in monthly rental costs depending on the scale of your activities.
By any chance you would love to start a small business in Singapore, it is necessary for you to note that although the country has a friendly approach to most new business enterprises, there are rules and regulations still in place to make sure that the country runs properly without any hindrance.
