How to Start a Business in Singapore

Starting a business in Singapore is akin to doing same in any country. You need a product or service, funding and market. Singapore is a good place to launch an enterprise if you have good product.
Things to consider are type of product, customer base, pricing and licensing. You need to do the ground work, determine the business structure and choose a business name.
singapore
1.Choose a Business Name
To find a business name use the search tool to find a befitting name. You could register the business yourself use a lawyer or incorporation Service Company. Make sure the name reflects the type of business you offer.
2. Locate the Business
The business location depends on many factors. Primary factors include customer base, source of raw material, utility and transportation costs.
If you deal with bulky raw materials the best location is close to the source. However the reverse is appropriate for heavy finished products.
3. Register the Business
The type of business determines the registration or license. The different types include business name, Limited Liability Company or partnership.
Others are cooperatives, conglomerates, public listed companies or private partnership. A good place to start is to apply online to bizfile.gov.sg.
Financial institutions such as commercial banks or community banks require special licensing from the central bank. However most businesses are registered as limited liability companies while registering a sole proprietorship could cost about $75.
  • Business name
  • Limited Liability Company
  • Partnership
4. Funding Sources
There are many ways to fund your business from scratch. You could target save or borrow from friends and family. Another effective method is bootstrapping or acquiring small loans.
You could leverage on angel investors, partnership arrangement or find seed funding. If you plan to borrow make sure you have a good business plan, collateral and repayment strategy.
  • target savings
  • borrow from friends and family
  • bootstrapping
  • small loans
  • angel investors
  • partnership arrangement
  • seed funding
  • crowd sourcing
5. Purchase a Host Plan
Most businesses have online presence and websites. Purchase a host plan and domain name and hire a website developer to build a good site. There are lots of host providers such as Godaddy, BlueHost and HostGator.
6. Write a Business Plan
You need to write a business plan and carry out a feasibility study. The plan should cover product, marketing, supplies and labor costs. Other parameters are equipment, location, company branding and licensing.
Foreign Investors foreign investors looking to start a business in Singapore need to fulfill certain conditions. The major requirement is to appoint two local agents or major shareholders of the company.
How to Start a Business in Singapore
  • Write a business plan
  • Choose a product
  • Develop a business structure
  • Register the business
  • Hire qualified professionals
  • Find funds
  • Locate the business
  • Market the business


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