Useful Tips for Starting a Business in Singapore

Starting a business is already challenging. It even gets harder when you expand, especially when you start incorporating your company in other countries. But Singapore is different.

Apparently, it's easy to incorporate your company in the said country. And if you're planning to expand your company in Singapore, here are some useful tips.

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Register Your Business

First thing's first. Like in other countries, you have to register your business first. But, don't worry, even if you're not a local, you can still register your company. In fact, incorporating a company in Singapore is easy and straightforward, so there's nothing to worry about. Plus, you can own 100% of its shareholding with ease.

All you have to do is follow three easy steps. First, get ACRA's approval for your company name by registering it and having it approved by the agency. Next, prepare your documents to set up your Singapore company. Then, submit everything to ACRA.

Private companies can also assist you with it at an affordable price. But, don't worry, they're legitimate.

Build a Team

When you decide to incorporate your company into another country, it means your company is expanding. This also means you need to hire more staff. This way, you can keep up with your customers' demands.

Hence, make sure to take the time to find the right talent for your company. But, be prepared for the costs too as you need to provide the salary and benefits as it is what the law mandates.

If you still don't have enough budget for that yet, don't worry, you can simply outsource your staff. By outsourcing your team, you can save more time, effort, and money in the long run as they already know what to do. Therefore, you'll have more time to focus more on other important things in your business.

Set Up an Office

Your office is one of the things that will prove your legitimacy to your customers. While it has become unnecessary these days, having your own building still makes a huge difference for your branding.

The best part of it is that you will have more space to accommodate the customers who have concerns with your products or services.

But, don't just give them a mere table and chair. Make sure to carefully think about the office furniture you'll use in case you're planning to set up an office in Singapore, as your employees' workspace can affect their productivity and even their mood. Also, make it more inviting to encourage productivity and creativity of your staff.

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Learn About Your Tax Obligations

Your business' expenses don't stop after you've paid your staff with their salary. It turns out, you still have tax obligations that you shouldn't miss.

However, tax rules vary depending on where you are in the world. This means your tax obligations in the US may be different from the tax laws in Singapore.

That said, make sure to check and learn more about your company's tax obligations even before you start to expand your company. This way, you can plan your budget ahead and prevent errors that could result in hefty fines and other issues.

Conduct Market Research

Consumers from different countries have different cultures. Hence, they have different preferences too. For that reason, conducting market research is worth considering before you begin expanding your company to a different country.

This way, you'll have an idea of how consumers from another country might view your business. It will also help you see gaps in customer expectations. As a result, you can minimize the risks in making major business decisions, and you can strategize better.

Set Up Digital Presence

Rankings of the most used social media platforms in different countries vary as well. For instance, YouTube has the most number of users in Singapore, while Instagram reigns the social media rankings in the US.

Because of that, you need to plan your digital presence well when expanding to another country. Before you seal any deal, it's worth considering setting up your company's digital presence, too. This way, once you've opened your brand to other people, they'd easily recognize your brand. Team up with seasoned marketers for better results.

Singapore is one of the best places to start or expand a company. So, why not plan to incorporate your business here today?

Lesley Montoya

Update 15 May 2021