{"id":1553,"date":"2018-12-09T10:09:10","date_gmt":"2018-12-09T02:09:10","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.singaporebrand.com.sg\/?p=1553"},"modified":"2024-04-09T17:23:14","modified_gmt":"2024-04-09T09:23:14","slug":"a-guide-to-starting-your-own-business-in-singapore","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.singaporebrand.com.sg\/blog\/a-guide-to-starting-your-own-business-in-singapore\/","title":{"rendered":"A Guide to Starting Your Own Business in Singapore"},"content":{"rendered":"

A Framework Towards Starting Your Own Business in Singapore<\/h2>\n

Singapore is a global commercial hub with enormous business opportunities. As a result, many foreigners are flocking Singapore to grab these opportunities. Therefore, if you\u2019re contemplating starting your own business in Singapore, you need to know how to go about it. But before putting pen to paper, do your groundwork. Survey on the market dynamics, your business idea relevance before conceptualizing your idea into the business plan.<\/p>\n

With that in mind, here is a guide to starting your own business in Singapore:<\/p>\n

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Establishing Your Business Structure<\/h3>\n

Before starting your own business in Singapore, it\u2019s essential to look through your business structure. Get to understand your business structure whether it\u2019s a company, Partnership or Sole Proprietorship to be sure of which direction to follow. This is because your business structure influences several attributes of your business: your creditworthiness, personal obligation, and your trustworthiness in the eyes of the customers.<\/p>\n

For example, if you decide to go for Sole Proprietorship or Partnership the formalities as minimal. You\u2019re only subject to personal taxes as a tax obligation. However, the setbacks for both types of Proprietorship is that you bear all the liabilities. In the event you encounter any legal claims, you stand a risk of losing your assets.<\/p>\n

For a company, the requirements are straightforward and strict; but it\u2019s the safe haven for getting qualified professionals, better credibility from investors, customers, and chances of landing a loan. Other benefits include accessing tax discounts and incentives from the government. In Singapore, a newly launched Private Limited company enjoys free corporate tax exempt for the first S$100,000 of their profits and pays half corporate tax for the subsequent S$300,000.<\/p>\n

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Seek Financial Support on Capital<\/h3>\n

Before starting your business in Singapore, know whether the capital you have is sufficient enough. But if you find yourself lacking, don\u2019t beat yourself up. Singapore has schemes that offer grants, especially to small businesses. These schemes are under the hospice of SPING <\/i>(Standard, Productivity and Innovation Board). The SPRING provides grants to startups offering innovative, viable ideas.<\/p>\n

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Professional Domain Networking<\/h3>\n

Networking your business is a journey towards success if you\u2019re contemplating starting your own business in Singapore. What\u2019s important is doing the right form of networking. One avenue is professional networking. The process begins by seeking clarity on the forms of small business you\u2019re planning to start. You may begin by being a member of a trade association through registration. While you do that, involves yourself in business exhibitions, trade shows, and seminars to learn insightful concepts about your industry domain. Get entangled with other professionals and learn from their experiences.<\/p>\n

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Physical Commercial Space<\/h3>\n

Commercial-spaces in Singapore come in abundance with competitive prices. If you\u2019re starting your own business in Singapore, you must have a proper plan. Commercial-spaces in Singapore are expensive. Therefore, do your research before making that bold move. Office premises define your personality. Your creditors, investors and potential customers will develop trust in you and what you\u2019re offering. No one wants to waste time searching for information about your business location much less your services.<\/p>\n

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Bonus Tips<\/h3>\n

In case you\u2019re a foreigner planning starting your own business in Singapore you must meet several requirements. Here\u2019s a short guide on how to go about it:<\/p>\n