Starting a business is an exciting venture, and when it comes to doing so in Singapore, the opportunities are vast. However, it’s essential to be prepared. Here’s a quick guide to keep you on the right track.
1. Business Structure:
Singapore offers various business structures like Sole Proprietorship, Partnership, and Private Limited Company. Choose the one that best suits your needs and long-term goals.
2. Registration:
All businesses must be registered with the Accounting and Corporate Regulatory Authority (ACRA). Registering is straightforward and can often be completed in a day.
3. Local Director Requirement:
If you’re setting up a Private Limited Company, you’ll need at least one director who is a Singapore citizen or Permanent Resident.
4. Business Address::
A physical local address is required for registration. Virtual offices or co-working spaces can be an alternative if you’re just starting out.
5. Financing:
Explore funding options such as government grants, bank loans, venture capital, and crowdfunding. The Singapore government offers numerous grants for startups, especially those in tech and innovation.
6. Tax Rates:
Singapore has one of the lowest corporate tax rates globally at 17%. Also, new start-ups can benefit from tax exemptions.
7. Licenses and Permits:
Depending on your business activity, you may require specific licenses or permits. Ensure you check with the respective authorities to comply with regulations.
8. Employment Laws:
Familiarize yourself with the Employment Act, which governs the working conditions, salaries, and benefits of employees. Understanding these laws will help you maintain a healthy work environment.
9. Banking:
Open a corporate bank account to manage your business finances efficiently. Singapore’s banking sector is robust and offers a wide variety of services for businesses.
10. Networking:
Join industry associations and attend networking events to build connections. Singapore’s dynamic business community and numerous networking platforms provide ample opportunities to grow your contacts.
Starting your business journey in Singapore is both exciting and full of potential. If you need any assistance, feel free to send us a message on WhatsApp or email us at ask@increda.co!
