Singapore has always been a hub for business development in southeast Asia. This is why people from far and abroad consider Singapore one of their favorite destinations.
However, the success of a business ambiance is determined by economic freedom. As far as Singapore is concerned, it secured 84.4 making it one of the freest economies.
- Do you wish to start a new business in Singapore?
Your Singapore dream is not far away. All you need to do is understand the requirements of the checklist.
Preparation of this can be considered your first baby step to starting a business in Singapore. Next, consider platforms like Primasia that can help you with inputs on investment in Singapore.
This article discusses the requisites for starting a new business in Singapore. Let’s study this here to get a better understanding.
Checklist For Starting A New Business In Singapore
Prior to starting a new business in Singapore, you need to prepare a checklist. This list will help you get prepared with the basics.
Remember, Singapore’s digital economy is powered by Consumer Tech, Fintech, and other platforms. The country secured funding of S$2.6 billion in 2019. But, there is more in this development. So let us check what’s in the checklist you need to consider.
- Your USP
You have come with one product or a range of products or services in Singapore. Do you think that customers will buy them? First, you need to understand why the customer will buy your product.
Then, your product or service must have something unique which will distinguish it from that of the competitors. This is called Unique Selling Point. You will have to find it first.
- Find A Business Mentor
Singapore or anywhere else in the world, you need to find your own mentor. A mentor will guide you regarding the business ambiance prevailing in the region. A mentor in Singapore can provide you with knowledge regarding anything, starting from the market, consumer propensity, and the value of this kind of goods in the market.
In addition, a mentor can provide you with the most brutally honest feedback on your investment decision or anything else related to business. This is important from the point of view of growth and development.
- Obtaining Venture Capital
Singapore is one of the most attractive business destinations on the earth for various reasons.
One of the strongest reasons is the government’s corporate policies. Moreover, if you want to start your new venture, there are business angel schemes wherefrom you can procure the necessary funding for your business.
- Obtaining A Registered Office Address
When you are starting a business in Singapore, you need to produce a registered office address. But how will you get to your office? There are some ways through which you can get your new office.
First, there are private spaces where you can rent a business space under the Home Office Scheme. This is initiated and processed under the Urban Development Authority. If you want to cut some costs, you can register with your private residential property.
- Picking Your Business Name And Registering Your Trademark
One of the things that you need is to pick your business name. Choose some interesting business that will arrest the attention of the customers. Now it all comes down to registering a trademark.
Go to the website of the authority that deals with the process of securing your name. This is important and not compulsory.
- Registering Your Business
Now you will have to register your business with the authorities that take charge in Singapore.
You will have to submit the name of the business along with all other vital information to the Accounting Corporate Regulatory Authority (ACRA) of Singapore before starting your business.
- Register A Domain
Now you need to prepare a website. Therefore you need to register a domain for your website. You need a domain that is suitable for your business. If you are using a domain name different from that of a business, make sure it is that. Remember Singapore domain name ends with sg.
Apart from these ones, you also need to focus on a few other things like Registering your business, Opening a bank account, Setting up accounting software, learning about the Singapore work culture, and others. We wish you all the best in your Singapore plans.