Singapore, classified as an alpha city for its influence on the global economy. It is the only country in Asia that has a sovereign AAA rating by all of the rating agencies. Singapore has the 3rd highest GDP per capita in the world, so you can imagine that Singapore is a great city to live in. but not only living, but Singapore also has a highly developed economy that is catered for business. Being ranked as the most open in the world, Singapore’s economy is very pro-business. Singapore is also known as a tax haven, with tax rates as low as 14.2%, it is a very good country to live and work in.
Singapore is a haven for those who want to start a business, because it is standing firm on the pillars of low corporate tax rates, integrity, reliability, high productivity, rule of law, availability of skilled manpower and enforcement of intellectual property rights, Singapore is a very conducive environment for companies looking to start their business in Singapore.
Here’s how you can work smarter and build your own business in Singapore.
Do the Groundwork
Before you make any decision that cost’s time and money, you first need to sit down and plan all the processes you need to build a business. Luckily Singapore offers a lot of benefits for business so that you can grow faster than ever. If you plan to start a business in Singapore, you need to learn their ways of doing business and adapt your plan accordingly.
Singapore offers multiple benefits for startups such as tax incentives, government loans, and schemes in assistance for startups. You need to keep these features in mind and plan your business accordingly.
Singapore is a very pro-business country and the government helps in any way possible to ensure that your startup gets successful.
Know the Business Structure
Being a pro-business country, Singapore has a lot of legal entity forms available for registration. These registrations forms should not be taken lightly and they should not be chosen in random. Because these forms make a strong impact on your business. It can affect the personal liability and credibility of your business, as well as it can affect the expanding of your business and bank transactions.
There are many rules and regulations in Singapore’s government regarding startup business like if you own a Pvt ltd company, you must have one shareholder and one director and the director has to be a Singapore national. But you don’t have to worry because Singapore also offers incorporation services that provide you with a director, with the knowledge of incorporating a business, they can help you in making your business a success with their knowledge of Singapore’s economy.
Choosing the Right Name
In Singapore, there are multiple rules and regulations regarding the name of your company. For example, the name of your business should be unique and represent the philosophy if your business. The government also demands that the name of your company should not be similar to the names of other companies and it should not be obscene.
If you are not a local and require a director from an incorporation service, they can help you and do a diligent name check and help you find a suitable name for your company. This process can not only save time but it can also help achieve a better representation of your business.
Market via the Internet
The Internet is the quintessential way of marketing in Singapore. According to a study in 2014, 72% of the population has a smartphone and 96% of the population uses their smartphone for local information. Those numbers have increased over the past 5 years. It is essential to have an online presence in today’s market.
Having a website is not enough. You need to use SEO in Singapore to get your website on the top of the search results in google and other search engines.
You also need to have social media accounts for your business because as of 2104, 59% of users have Facebook accounts and they use it to find products and companies.
Go Legal
Running a business in Singapore requires mandatory Licenses. But to get Licenses in Singapore you first need to register your company by ACRA. It will be wise to study the legal field in advance to avoid any unnecessary problems in the future. You might need multiple Licenses for different authorities if your business plans to operate in the sector of things that are controlled by the Singapore government.
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