Archive

Monthly Archives: March 2014

When starting out a business in Singapore, it is important that you determine the name that it will be go by beforehand. The name reflects the identity of your brand but also gives insight on the kind of services that you offer. Be sure to determine if the name that you have picked is available on the web or it is taken by someone else.

You need to have it properly registered and protected for the long term. Most people use their own names as the business name. It is important that the name that you choose presents a professional image in order for you to build brand awareness.

You need to consider how the name will appear be it on the web or on your logo. Think about it on the social media. Does it provoke interest on a person to pursue your line of business for services? Most people are drawn by the name of a business therefore keep this in mind as you determine a name for your business.

Depending on the kind of business that you are into, the business name should reflect the culture of the business with an appeal to the target users. You need to decide if you want to make it appear corporate or more like a personal business. This will help you decide on the name that you settle on for the business. You need to ensure that the name you choose is not claimed by others either on the web or offline.

Go ahead and search for Trademark search tool to check for a similar name to the one you have picked. It is good to remember that infringement of trademark can earn you quite some for your business.

If you plan on having a web address or URL you need to ensure that it is available using WHOIS database for domain names. This will help you to know if the name is registered online under someone else and a web search will give you results. Make sure that your name is unique and also rich in words that mirror your line of business. If your name is available you should claim it right away and then go on to register a domain.

In case you plan on going corporate, you should contact your state filing office to determine if the name has been claimed yet. You can still go on to use it even with another one in existence as long as the services that you offer are in a different location from the existing one.

You can then go on to register the business name and to be able to do this you need to notify the government of the presence of your business with the name other than your own name. This is in case you are using a name for your business that is not the same as your personal name. This step does not apply in case you pick your personal name for business.

Next you then apply for trademark protection which protects names, symbols and logos. Remember that your name is one of the most important business assets therefore you need to protect it. There is a charge to filing a trademark which needs to be met.

When starting a business in Singapore you need to pick a catchy name to be able to hook your customers to your business. Think about the appeal that the name you choose will have on your customers and go that way. Since you want to have a name that will remain in the minds of customers without forgetting, you can settle for one that is short and to the point.

Your business name is the top consideration when starting a business in Singapore since you want to make an impact on your users. To be able to get noticed in the myriad of other businesses in the country it is therefore important that you select a name that is well thought out so that at the mention of it your customers get a vision of what is on offer to them. This will draw them to come to your business without hesitation bringing growth to it.

Singapore is appealing to most people who wish to set up business due to the fact that it has open market views. It is the easiest place among other developed countries for an expat to be able to set up business since its corporate tax is reasonable. The wide cultural diversity that is found in Singapore makes it one where it is easy to have access to talent based on the available workforce that collects there.

The Singapore government provides motivation and help to some industries of those who start a business body there. This comes in the form of tax and financial incentives given to the development schemes listed by Economic Development Board of Singapore to assist businesses. Provision is made for assistance that relates to financing, capabilities and management development. Innovation in addition to technology and the access of the start-ups to markets is also provided by Singapore for young start-ups as well.  The assistance that an expat gets from the Singapore government while starting out in the country is a good initiative to get him on his feet soon enough.

There are free trade agreements in Singapore that is made with major world economies that benefits international firms in the country a lot since it helps reduce the tariffs on imports. Since there no tax imposed on capital gains in Singapore also works to draw expats to invest in the country. A company can have as many Employment Passes as they like despite how big or small it is and this is issued purely on merit.

As much as it is relatively easy for one to set up a company in Singapore, the special pass that enables one to be able to get authority to transact business in Singapore known as the EntrePass is a requirement. This enables one to set up a business branch and enterprise or even a company by allowing an expat to be able to stay in the region and make an application to do business there. The EntrePass is a basic requirement to enable the incorporation of a company since registration with Accounting and Corporate Regulatory Authority is necessary. This is done through the filing system available online known as BizFile.

Before starting out an application to set up a company in Singapore, an expat needs to have some details on his fingertips. This is what is required to fill out the application form and consists of details such as his CV and business plan. His qualifications and work history need also be included in the application well articulated with no spelling mistakes and in a clear way to enable the one who reviews it give good points to the expat. It is required that the expat makes copies of his qualifications and previous work certifications which should all be attached to the application.

An expat is also required to give reasons and also his mode of doing business in the country. He should also set up a fixed term savings account while awaiting the EntrePass. After a week’s wait and having been given the Banker’s guarantee letter from Ministry of Manpower he will then submit his guarantee, letter and passport to the MOM with a small fee that is charged. He is then issued with a green card and given a month within which to submit particulars about his new company to the Ministry of manpower.

The ease with which one is able to get a permit to set up a company in Singapore makes the country an accessible place of business with the right resources that are needed for business startups. It is for this reason that the country enjoys global attention from expats who seek visas so as to be able to successfully send applications to do business in Singapore.

The facilitation of a system to enable expats eyeing prospects of running business overseas within structures that offer competitive activity in the business world works to bring more of them to Singapore. That, coupled with the conducive business environment successfully sets the country apart among others in Asia for global trade to take place within its borders.

Singapore has a reputation as a port with most activity for foreign investment and business both for the Singaporean as well as foreign entrepreneurs. There are many business opportunities lined up in Singapore for any of these parties that might be interested in investing here. The smooth registration process for business here makes it an attractive place for foreigners to come do business with guaranteed growth.

It is important for one to understand the way of setting up a business in Singapore from scratch as a foreigner to Singapore. To start with, one needs to ensure that he attains the correct visa. A foreigner coming to do business in Singapore has to get a work pass called the EntrePass  that is for foreign business people to launch a business in Singapore and to maximize the usage of business opportunities available in Singapore.

The ministry of manpower together with the Standards, Productivity and Innovation Board Singapore usually process the application for the EntrePass and those with approved EntrePass applications will have the benefit of the working pass up to two years. This period is renewable on expiry if one meets all the requirements. On expiry of the EntrePass on condition that it is feasible for a renewal of the work pass a three year validity period will constitute the EntrePass.

The registration of a company is done through Bizfile which is a system for use by the Accounting and Corporate regulatory Authority to register businesses in Singapore. Bizfile also caters for registering of the expansion of business in the country, which could also include any branches of a company.

Appropriate procedures and information on the subject of the registration process can be accomplished through agencies as Monetary Authority of Singapore (MAS) as well as the Attorney-General Chamber’s. All the information that is needed to aid in the financial and accounting and also legal businesses is offered by these agencies. Any other information need on how to venture into business is available at the International Enterprise of Singapore. This makes it easy for a foreigner to find his way into the business world of Singapore for investment purposes.

Locations in Singapore that one can position or place his business offices and company can be provided on request by the Economic Development Board that has wide-ranging facts about industrial and business parks setting in Singapore. This is used to give out to foreign people who are keen on finding suitable locations for the operation of business in the locality. This makes it easier for foreigners to pick out opportunities available to them to place their business activity. Depending on the kind of business that one is interested in putting up he can then decide on the most suitable region to ensure growth of his business.

There is a vast local talent in Singapore that any foreigner desiring to set up can take advantage of in the running of his business. This can be accessed through recruitment portals as well as recruitment agencies that help the human resources division of a company. EntrepriseOne is a website where one can get information on the training as well as accessibility of manpower for employment. In case one is interested in the provision of training programs to equip the local labor EDB helps to provide the relevant ones to the business.

Beginning a business in Singapore is relatively cheap and all that is needed is a valid business address and credit card as long as you have valid employment pass for yourself and dependants that you wish to bring along. Additional requirements are the need for a minimum of two directors to be able to start a business. A co-director of convenience with little say about the running of the company can be found.

You will also need someone to audit your books and this can be found locally from the abundance of manpower in Singapore. Alongside that you also require articles of association and then pay some capital which is not much by any standards.

The process of establishing a company in Singapore is an easy one compared to other business hubs in the world and this is the reason that many foreigners from all over the world are drawn here to set up various business enterprises.