Starting a Business in Singapore
Singapore is one of the best places in the world to set up a business and In this article, you learn about Guide To Starting a Business in Singapore.
The World Bank ranking that has put it on the leading position for being the most comfortable place to do business for several years in a row can attest to this.
Some of the factors that make the island city one of the ideal locations to start business include friendly tax regime, low corruption, strong intellectual property protection laws.
Mostly the government support for entrepreneurship among others. Below are some steps that you can follow to Starting a Business in Singapore. Lets Start
Writing a business plan
You may have a superb idea of what industry you want to venture but to make it a reality you need to write a plan of action or a business plan.
The business plan serves as the road map of how you are going to actualize the ideas. Some factors need considering.
Some critical components of a business plan include the business goals, justification of why the goals are achievable, funding of the venture and marketing plan.
Also, it could consist of the background information of the origination. You do not have to come up with a voluminous and detailed document.
But just some fundamental things and you can improve on it as the business picks.
Choosing a business structure
Singapore has numerous kinds of legal entities that you can want from for registration as a business. (Starting a Business in Singapore)
Some of the options include a sole proprietorship, a partnership, a limited liability company, a subsidiary, a representative office, a branch office, and others.
You should be careful the form you settle for as it will impact several areas of the business -the liability you will bear, ability to seek funding, and credibility in the eyes of various parties.
Also, the form of business influences your tax liability, for example setting up a branch office in Singapore will save you paying taxes as Singapore allows income earned abroad to be repatriated tax-free.
The reason for this is that a branch office not regarded as the tax resident in Singapore. As such it does not have to pay taxes unless the profit made within Singapore.
Also, the branch office does not pay tax on capital gain. All these help a branch office to save money that can go into other things like expansion, research and innovation, and many other things.
Accessing grants for your SME
The main reason why Singapore is ranked highest as the most natural place to do business is the availability of numerous awards and assistant schemes for small ventures.
Majority of the systems are offered by the government agency SPRING and can be put in nearly everything in business-developing skills, fostering innovation, expanding abroad and so on.
Also, there is a start-up grant from ACE, a private-sector entrepreneurs’ movement that assists Singaporeans in setting up their first business.
Registering your business
To register your business (Starting a Business in Singapore), you can choose one of two options- to do it on your own by applying online through the BizFile service run by ACRA.
In second opinion you can hire an agent who is a professional like an accountant or a lawyer to hand in the online application for you.
Once you have paid the registration fee, the incorporation of your business may take 15 minutes. However, the process may extend to between 14 days and two months if the approval from other authorities sought.
On being registered ACRA will issue your business with a Business Registration Number which acts as a unique identifier.
You need to know that by the time of recording the company, you must have done the name search and got the physical address for your business, among other things.
Opening a business account
With the BRN, you can then go ahead to open a corporate bank account to enable the business to run its daily operations.
Bonus Passive Income Ideas
You can create your own business. There is much more business you can search out on the internet and make them living your dream as own boss. Here I provide 121 Ways To Make Money Online.
Step No. 1 (Investment)
- You can quickly create a website in a day and have it published to the world. You can make money in several different ways with websites. Thanks to sites like WordPress and Wix because they made extremely easy for peoples to create the websites.
- Blogging is popular because it works as makes money but it is more difficult to make money online. Many people are still confused over what constitutes a blog over a website.
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Make Money Guides
Step No. 2 (No Investment)
- Peoples who love photography make money online via selling their pictures. You can take creative photos that people like to buy.
- There is a massive market for language learners. They are here to learning something new, for career development or travel experience. So, you love to teach then this job suitable.
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- In your smartphone, either Android or IOS you can make money via upload and sell pictures. It is not as easy as it seems to earn money form this. You are love using in taking pictures and a couple of good photos, then sure you can upload those to sell.
This medium is the Guide To Starting a Business in Singapore. You have registered your business and opened the corporate account, and ready to start operations.
If you have hired the staff or arranged for the coming in for your team from abroad and they are already in Singapore.
When you come back here, I will be waiting for you in the comments!
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