10 Crucial Steps in Establishing Your Business in Singapore
Are you truly determined to open a business in The Lion City? We’re pretty sure that you already memorized and taken into heart all the benefits, perks, advantages that await you once you setup your business in the bustling city state of Singapore. But apart from all that, do you already know EVERYTHING that you need to do in order for you to experience all those benefits?
With the large number of foreign investors and entrepreneurs that come to Singapore and try to build their empire here every year, there’s also big chunk of them that unfortunately fails to survive. Why is that? To tell you honestly, as we have been incorporating companies in Singapore for many years, most of them commit the mistake of rushing into doing business in Asia’s Financial Hub without truly understanding everything that they need to do and accomplish; thinking only about the good stuff and neglecting the crucial parts of establishing a company here. Just what they always say, no pain no gain, right?
So frankly, you’re still lucky. Even if you might think you’re at a loss and that you don’t really know what you should do to build your enterprise in Singapore, we can honestly tell you that the chances of you succeeding here is still big.
And because you’re here reading one of our blogs, know that you’re already in the right place. As experts in the finance, accounting, and company incorporation Singapore industries, we’re to provide you with the right guide that you can use as you reach your goal of establishing your company in Singapore.
Step 1: Finalize your business plan
Finalizing your business plan shouldn’t really be much of a surprise to you. You wouldn’t head straight to Singapore without a business plan, right? But make sure that it is already complete. You must already be through with a feasibility study. You must have chosen the kind of business structure you’ll go for. You must already be decided whom to make as partners or shareholders. And so on. In a nutshell, along your big idea, everything must already be set in place before you even move on to the formalities of setting up a company in Singapore. Another tip is, if possible, revise it many times, and get help from veterans in the business, so you wouldn’t miss a thing.
Step 2: Make sure you know all the requirements
After setting your plan in place, make sure you have listed down all the needed documents and requirements you have to comply with in order to register your company in Singapore. Always keep in mind the saying “Ignorance of the law excuses no one.” Hence, double or triple check all the list of requirements you need to comply with for your specific type of business. Make sure that the requirements you know are the current ones in place.
Be familiar with the Singapore Companies Act. And take time to read the articles and memorandums issued by the Singapore Accounting and Corporate Regulatory Authority. Obtaining a tax number and getting a Singapore residence address are just some of primary things you have do during this step.
Step 3: Get help from company incorporation Singapore experts
In relation to what we have emphasized in Step 2, if you really want to make sure that you’ll have no problems in terms of complying with Singapore’s rules, the best way for you to go about it is get help from firms that provide top quality company incorporation services. Just like us, Enterprise Assurance PAC. Apart from letting you know about everything you need to establish your company here, we will guide and support you all the way – from start to finish. As a matter of fact, you can even have us do all the things that you won’t be able to do on your own like getting a visa, securing and EntrePass, and even the other steps that we will mention later on.
To put it simply, even if hiring a company incorporation firm will cost you more, you’ll be less stressed about preparing for your business in Singapore. You’ll never have to worry about due compliance and other complicated things while setting up a company. And the best part is, you’ll be able to focus more on preparing for the ‘real game’.
Step 4: Find a Local Company Secretary
Assuming that you’re already preparing everything you need to set up your company in Singapore, we’re assuming that you now understand the importance and gravity of hiring a company secretary who’s a Singapore resident. Yes, you may use options like recruiting online, but you can also entrust to EAPAC your company secretarial needs.
Step 5: Open a corporate bank account
Once your company is successfully registered with ACRA (either by yourself or by a company formation firm), one of the first steps you’d have to take is to setup your company’s bank account. We’re sure that you’re already maintaining one in your homeland (besides where would you be storing your capital), but take note that the Singapore government needs solid proof that you have enough funds to survive and succeed in the economy. Your experts here in EAPAC can also help you with that, by the way.
Step 6: Choose the best location for your office/business
Assuming that you’re already through with registering and incorporating your business, this step is one that you should have done already or currently doing. Even if Singapore is a small country, don’t ever think that finding a location is easy. Are you going to purchase or rent out a place? Does it suit the nature of your business? Is it near your target market? Are your funds enough to maintain the place? These are just some of the questions you need to answer as you go into the process of selecting the perfect location for your business.
Step 7: Recruit the best team for your company
It is true that Singapore has one of the world’s best professional workforce. However, according to recent studies, it seems that there is limited manpower available especially for startup SMEs. The reason for this is that most locals who have graduated on time and from prestigious universities aim to apply for jobs abroad. Or should they want to work here in Singapore, they never ever settle for startups and small companies. Of course, you can get help from recruitment agencies here. But be forewarned that if you really have a hard time completing your team on time and you decide to bring in professionals from your homeland, be vigilant about the requirements as there are strict limits on employing foreign workers.
Step 8: Find the best accountant/s in the industry
Now, as you’re on your way to launching your business in Singapore, never neglect the importance of hiring the best people who can help you manage your finances. Even if you already have an experience in running a business back home, and you’re the one doing the accounting and/or finances, we still recommend that you get help from the experts. Especially if it’s your first time entering a foreign market, it’s always best that you seek guidance and support from the people who have already been doing this for many years. As there are lots of them in the industry, it’s crucial that you find and hire the right accountants you can trust.
Step 9: Set your marketing goals and plans
Maybe now you’re thinking, how is this different from the one you have made before registering and setting up your company here in Singapore? Well, to tell you honestly, it MUST be different. At this point in time, you’re just about to be accustomed to Singaporean way of doing business and other things. Because of that, you must adjust your marketing goals, plans and strategies starting from now. What you thought back then when you were still planning may not work now. Do another market research. Observe the people’s buying behaviors. Notice the current trends. In other words, there’s no harm in starting your marketing plan from scratch even if you’ve already set up your office in here. There’s no harm in making sure that you are on the right track. If possible, you may also consider hiring marketing and business advisors to back you up, and guide you before you jump right in.
Step 10: Start right now
Though we never really advise entrepreneurs and investors to rush into anything, we also need to stress that there’s no other way to reach your Singapore business goals than starting right now. Assuming that you are already through with steps 1-9 and all the other necessary phases of building a company here, there’s no more reason for you to dilly dally and waste your precious time. Break a leg. Be courageous. Sure there might be some hurdles or hiccups on the way, but don’t let those stop you from achieving what you want for yourself and for your business. Your plans and goals will all go in vain if you won’t start, if you won’t bravely make your first move.
As we end, let us tell you that if you still feel nervous or uneasy about your first time in starting a business in a foreign land, trust experts like us here at Enterprise Assurance PAC. By working with professionals like us, you’ll get that peace of mind and confidence that you need so you can move forward in establishing your company and making your business succeed here in Singapore. And just like what we have mentioned earlier, with us, you never have to worry about a single thing. We can help you with Steps 1 to 10, and we’ll be more than glad to do more.