Despite the country’s relatively small size, Singapore has one of the most competitive economies in the world, making it one of the best places to start a business. Apart from its efficient and open economical framework, Singapore also offers other appealing business advantages such as favorable tax laws, ideal geographical location, high availability of human resources, a lack of corruption and more.
But despite Singapore’s welcoming attitude towards businesses and entrepreneurs, starting a business within the country will still come with its own challenges and difficulties. Here are a couple of tips you can do to help you get started!
Establish a Business Plan
From choosing your business structure to determining your activity type, the establishment of a new company will come with many requirements that will ultimately rely on your knowledge and grasp on the kind of business you want to start in Singapore. And because of the bureaucracy that will be involved in incorporating and registering a new business, simply having great business ideas won’t be enough.
In order to successfully start a new business, it’s important to have a business plan ready. A business plan will serve as an overall guide that will help you start up your business and set it apart from other competitors by detailing your business goals, marketing plans, financial requirements and more.
Starting this document early on will help you navigate any challenges that you may find later in the process, and the good news is that it doesn’t have to be very long. Any entrepreneur can simply establish the basics of the plan and build upon it later on. A business plan can also help you more easily decide on which business structure and activity type will best suit your overall goals for your business, while also serving as a motivation for when things get hard.
There are many important details that will need your attention when you’re starting a business, but raising enough capital may be one of the most difficult. While the barrier to entry for any business in Singapore is very affordable, additional capital may be needed for other factors of your business or to simply curate an air of prestige around your new business.
Creativity is a highly underrated quality to have in business, but it can prove to be very useful, especially if used to look for or create opportunities. There are many different avenues you can explore to raise additional capital for your company such as sharing some shares and stakes of your company, pitching to venture capitalists and angel investors, taking out loans and more.
It might seem like a ridiculous thing to advise, but it’s important that you don’t delay seemingly little things for later just because they don’t seem as urgent as other matters. Things like researching about the necessary permits that you’ll need, conducting oculars in order to find the best location for your business, filing relevant taxes and screening the applications of potential employees can still decide the fate of your business and also require your attention and focus.
A good way to oversee all the moving parts of your business is to create a tracker that can be updated by you and your team with any new developments regarding these small but important aspects. A tracker will allow you to keep an eye on everything and make sure that they’re still going according to schedule.
And for foreign-owned businesses, another important factor that you’ll need to handle before formally starting your business is the appointment of a nominee director. A nominee director is a requirement for any foreign-owned business or company in Singapore and will mainly be tasked with ensuring that the business is in legal compliance with Singaporean laws and regulations.
However, in case you find yourself too busy to appoint a nominee director yourself, WealthBridge can handle everything for you. Through their Nominee Director services, WealthBridge will handle the entire administrative process for you so that you can focus on starting your business.
To learn more about WealthBridge’s Nominee Director services, visit https://www.wealthbridgecs.com/sg/nominee-director