Every businessperson loves to expand his/her business outside their nation. If you are exploring your options, consider Singapore. Starting a business in Singapore is lucrative; this is because it is one of the least corrupt nations in the world. The governmental policies are such that they permit businesses far easily than other developed nations. The governments as well as the businessperson’s interests are well taken care of. There are ways to make your life easier if you wish to start a business in Singapore. The following 5 points must be noted before the start of your business in Singapore:
- Adhere to the legal conditions that come along with starting a new business
The best way to stay out of trouble is to follow all rules; it is a rule of thumb. This is the best way to begin a new business in Singapore, or anywhere else for that matter. It is best to start the business without legal hassles. You will avoid a lot of roadblocks in the future if legal issues are taken care of right from the start. If you follow all legal procedures from the beginning then it is easier to trace your steps back in case there is some mishap.
- Seek professional help if needed
Legality is not everyone’s cup of tea. The Singaporean system is surely easier than other foreign systems but it too can have its complications. Seek professional help to deal with it. In case you believe that your expertise on legality is not enough to get you through this process a professional accountant and lawyer would make life easier. Make sure you hire someone with adequate expertise and skill to handle this market’s needs. A professional will save you some time and will take care of the matter as (s)he is more likely to be better equipped to suit the needs of the Singaporean system.
- Keep yourself updated with new details regarding your market’s legal needs
In 2010, the Singapore government changed some of its laws regarding the EntrePass and other such trade related activities. This revision was to keep up with new trends so that they as well as the entrepreneur benefits from the move. They made some significant changes then. Do make sure that you keep track of such issues while building as well as after building your business. You can avoid a lot of legal issues if you keep abreast with happenings of such kind. In case you have sought professional help please make sure they are in sync with it and that you know their next actions.
- Make sure you get capital upfront
On registering with the Accounting and Corporate Regulatory Authority, if you are a private limited company you need to pay at least $50,000 as paid-up capital. So make sure you have your resources before-hand so that you can avoid last minute hurdles. You do not wish to lose a golden opportunity because you took certain things for granted, not would you? A Singpass might be helpful in such a case and you can get it done online. Insist that you take care of such matters way before the deadline.
- Place of business
The Singapore government does not permit for the sale of land within Singapore to a non-Singaporean. Make sure you know this well in advance before you bring your business. Leasing out office space is the only option you have. Remind yourself to invest in such a location that will attract the kind of audience you wish. Land might be cheap in a certain region but if your customers are not present there, you will end up losing much more than you began with. Therefore make sound investment with renting out a place.
We hope that these steps help to achieve the success you wish to find in the land of opportunity known as Singapore. The Singaporean market is exciting and will give the impetus to newer ideas and fresher perspectives. Do realise this and make good use of the opportunity Singapore provides you with, if you chose to pursue with them. Good luck with your new venture. We hope you find this as a progressive step towards your business.