Singapore is one of the most suitable places to create a business due to incentives such as low corporate taxes, government incentives for investors, and ease of doing business.
Its location in the Asian region also makes it ideal for businesses to expand to other countries or ship products to other destinations. Singapore also has the best infrastructure to meet business needs. Despite the existence of supporting infrastructure, starting a business in Singapore will require some effort and dedication.
You must follow all the guidelines to avoid charges and breaking various legal regulations. Both locals and foreigners must follow all these procedures to have successful businesses and meet all the requirements.
Consider these guidelines helpful whenever you plan to create a business.
1. Consult an agency
Therefore, you need to ensure you have a business plan. If you have no skills in creating one, you can consult an expert agency like a1corp.com.sg that helps startups in Singapore generate business plans and other documents.
Raising the capital for a business can be challenging, especially if you are creating a new business. Therefore, you need an agency to connect you to the customers to help you set up a meeting with the relevant investors.
2. Identify the target audience
Whenever you plan to create a business, you should follow various steps to ensure your idea is viable.
The first approach is to identify your target market and its needs. Otherwise, creating a product or starting a business will be meaningless when you are unsure about the market or the market is minimal.
Remember, for a new business; you should focus on cost minimization by reducing marketing costs to ensure your product is what the market needs.
Therefore, you need to conduct a customer analysis to identify their needs and ensure the product or business will fulfill them. Focus on the benefits of the products, the value proposition, how the product can surpass the competitor products, and the availability in the market. These factors will help you determine the suitability of your product for the market and Singaporeans.
3. Create a business plan
The business plan is an essential document for a startup. The business plan includes value proposition, revenue, model, marketing strategy, pricing strategy, target market, and company or business management style.
This is the document that most investors are usually interested in. Ensure you include other details, such as revenue forecasting, to make the deal more lucrative for those interested in investing in your idea. Include a competitor analysis to prove to the investors how you plan to overcome the stiff market competition and capture the market.
4. Select the business location
The ideal business location will depend on various factors, such as the concentration of product demand. Locate the business in areas with high demand and population to avoid the logistical costs of shipping the products to warehouses in various locations. If it is a manufacturing company, create it in a location closer to the raw materials sources and the targeted market.
If your business imports raw materials, you should locate them closer to the main logistical hubs to reduce transportation costs. Otherwise, service businesses are ideal when located closer to higher-demand areas.
You should also utilize other home-based or remote working strategies since they will help you minimize business costs. Remote working can be suitable for services such as online tutoring, web services, and many more.
5. Raise the capital
There are various strategies to raise capital for startups, and the first option is funding it from your capital. You can use your trust fund, retirement benefits, and other capital sources to start the business. You can also raise capital from family and close friends to help set up operations. In exchange for their funds, you can offer them stakes in the company or consider their contributions a loan for your business, and you return it once you begin making profits.
The other option is to raise capital in the form of a loan from a bank. You can use your assets as collateral. Once the business is established, you can register it as a limited liability company to raise capital from a loan.
You can also consider crowdfunding options or angel funding arrangements to have the capital needed for your business. Any method you adopt to start your business must comply with regulatory requirements and the right documents to avoid fraud suspicions.
6. Business Registration
Once everything is figured out, you must register your business with the relevant authorities. The process is much simpler if you are a citizen; however, it is not much complicated for foreigners. All you need is the right help from the right agencies and companies. All businesses must register with the Accounting and Corporate Regulatory Authority of Singapore (ACRA). You can register your business as a partnership, sole proprietorship, company, or other option depending on the size, your intended operations, and other considerations.
Ensure you include all the relevant details and have the necessary documentation when registering the business. Get an appropriate name, and indicate the business address and other details, such as the nature of your business. Remember, it is illegal to operate without registration. Also, registration can help you get the funds, legitimacy, and reputation and attract investors to your venture. Ensure you have the licensing from the revenue authority qualifying for tax filing and access to government incentives in case of any.
7. Finalize other details
Once you have the registration and the licenses, you need to finalize other company and business details, such as creating a bank account for your business.
All businesses must have a bank account regardless of size and operations; this will facilitate payment processes and open new avenues for your business to accept other payment methods such as PayPal, Skrill, and Payoneer payments. The accounts also make your business suitable and ready for other strategies, such as e-commerce operations.
Conclusion
Whenever you plan to create a business in Singapore, you need to identify the target market, create a business plan, plan your business location then plan for setting up the operations. The operations begin when you register the business, have the needed finance, and finalize all the details.
