There is no doubt that Singapore is the best place to start a business. The corporate tax laws, combined with the political stability, make the city an ideal place for running a business. This is why I selected the city for starting a business. But, as with every other country, I could find that running a business as a beginner is not easy in Singapore. As a first step towards my business in Singapore, I got my PEP visa help from One Visa. In simple terms, One Visa helps to get PEP.
Now, I am in Singapore running my own business. Based on what I discovered, I offer the following tips to help aspiring entrepreneurs who are looking to start a business here. I hope this will be a useful article for you. So, keep reading!
Remember, you must specify the kind of legal element you wish to form while you are registering a business here. The types of entities available are:
Are you able to choose what kind of business is yours? Remember to select a structure that perfectly falls in line with the goals and financial capacities of your business. For instance, if you’re self-employed and you are looking to start a business, then sole proprietorship will be your best option. I would ask you to take the time to think well and decide the correct type here.
As with any other country out there, you need to obtain a license to run a company here. As a preparatory step to licensing, you must register the company with the Accounting and Corporate Regulatory Authority. Then, go for licensing. Here again, you have several options and there are many prerequisites. Therefore, I would recommend that you check and study the options and requirements at the ACRA’s Online Business Licensing Service website.
Based on the type of business, you might have to get more than one license from various bodies. Also, remember that the licensing needs will be different for each business type.
In order to register your business in Singapore, it must have a local address there. Therefore, it’s essential for you to find the correct location for your business based on various factors like type of product, as well as target consumers. If you are renting an office, then it’s a must to obtain permission from the Urban Redevelopment Authority.
A large percentage of startups are failing today due to lack of finances. A lower cash flow, as well as errors in accounting often leads to failure. So, if you want to play a safer game, you must be able to differentiate between personal and business finances. It’s important to open a business bank account in the city for performing business transactions. Also, I will advise you to keep track of all these transactions by utilizing accounting tools.
All the above-mentioned advice and tips will be helpful for all the startups in the city, irrespective of size and type.