Looking to Start a Business in Singapore? 7 Must Follow Checklists Inside

If you want to try out your hand in a new business or if you have always dreamed of opening up a business and now are finally getting the chance to do so, then this mini-guide will help you on your way to starting and setting it up easily.

Starting a business is no small thing. It is a complicated and long process and can sometimes be tiring but if you want to do it, then it is all worth it in the end as you get to own a very profitable business. Just make sure you make your customers happy and are market-smart and you will be all set. So let us get started with our guide.

1. Make A Business Plan

Before setting up any business, you must make a plan as to how your business is going to work. You should factor in things like the demand of the market, your customer base, business opportunities, competitor analysis, staff management, etc. Obtaining the capital for the business is an essential part as well.

Another thing you should keep in mind is the business’ USP, i.e. the Unique Selling Point as you have to identify what makes you different from your competitors as this is the thing that would bring investors. Finding a business mentor works wonders as well. Also, make a business’ legal structure, like a public company, private partnership company, or other things.

2. Registering Your Business

First, your company in Singapore will require you to get a registered office address that will be used for the business. You can even rent business spaces in Singapore. You can also register your private residential property or HBD flat.

Next comes picking a business name and registering your trademark. The name is one of the most essential things in any business. After that, the next step is registering the business. If you want to know how to register a company in Singapore, visit this link. There are companies offering registration services for singapore new company incorporation. After you are done with registering your company, you will have to register a domain as well.

Websites are very essential tools these days. If you do not get your business online, then you will definitely fall behind in the market. Make sure the website is user-friendly and does not cause trouble to your customers.

3. Open A Bank Account

The next step is opening an account registered in your business’ name as this is where all the transactions will happen. You can also put this information on your business cards. Make sure you do not combine your business account and personal account.

4. Accounting Software

Setting up an accounting software would help ensure that your business in Singapore gets profitable. There is much online accounting software that can help you automate your business tasks and keep you updated on the financial fronts and make you run your business smoothly.

5. Taxes

Make sure you know everything about the taxes in Singapore and find out all the relevant corporate taxes you will have to pay. You might have to pay income tax, corporate tax, goods and services tax, etc. Just make sure you do not mess any of these things up.

Also, make sure that you do not run into any issues legally and are always in the good books of the authorities. Keep all the things like trademark registration, non-disclosure agreement, employee offer letters, business plan, and all other similar things that make up your business.

6. Busines Insurance

Getting business insurance is another essential part of setting up your business. It does not matter what the size of your company is, getting insurance for your company is very important as you cannot rely on just hope for things working smoothly forever.

7. Employees Are Important

Maybe the most important part of any company or business is its employees. So make sure you have a good hiring process and that you hire the best people for the job as well. You can hire from the Singapore Workforce Development Agency if you need any help in the hiring process.  In terms of employee development, corporate training Singapore can provide your company with highly engaging corporate training programs to ensure competency, capability and competitiveness in your employees.

Other important things in any business include being active on social media, identifying digital tools for your business, making sure the workspace is healthy, etc.

Closure

If you follow all the steps mentioned above, then you will have set up your business in Singapore without any fuss. Just be sure to never do anything wrong in the way you deal with your investors or customers and you will be happy.