Putting the foundation of a company can be an exciting prospect, but at the same time, stressful and challenging. When you are analyzing your options and trying to decide on the most suitable location for your startup, it’s impossible not to give all your attention to Singapore, which is considered one of the largest financial hubs in the world, with promising opportunities for employees and business owners. Choosing this country to set up your enterprise might be one of the best decisions you’ll be making, but in order to actually obtain the success potential the business environment there has to offer, you’ll have to take the necessary steps in that direction. A few guidelines on the topic might give you the head start you need:
Perform market research
While Singapore is an excellent business hub, you will need to bring to the table a business plan that has potential for the current state of the market there. Before making any further decisions or taking any steps in this direction, try to perform an accurate market research and see what are your odds of achieving success with the niche or business profile you are going for. A thorough market research will allow you to learn a few things about the current situation there and what you should do in order to grow a business concept in the country. Being properly informed is always a must when it comes to putting the base of an enterprise, regardless if you are setting it up in Singapore or any other place.
Get your visa, work permit and business license
The business and financial environment in Singapore welcomes foreigners from all over the world, but there are still a few procedures you need to follow to be able to live and work there. Getting a visa, a business license and an work permit will be necessary, these being the first things that need to be carried out. You should handle this particular aspect early, just to make sure you have all paperwork in order when you are planning to get your business going. You can discuss with a specialist from A1 Business who can guide you through the required procedures – with everything in order in this department, you will be able to benefit from the same possibilities as a regular country resident.
Corporate compliance – hire secretarial services
As soon as you start getting into the subject a bit deeper, you will find out that one of the legal requirements for business is corporate compliance. This means that any registered company within the country should have proper secretarial services. The good thing about this aspect is that it will also make your job simpler, and considering the large number of outsourced companies providing secretarial services, you won’t have any troubles in finding someone to fill in that position. Simply look for the right company for the job.
Rent an appropriate space for your office’s headquarters
To get your legal documentation approved and your company registered, you will need to provide an accurate address. Renting a space is one of the factors that your registration depends on, so start searching for an address as soon as possible. The said property needs to, however, have a commercial status. If you have been thinking about making your rented apartment or flat your main office, you will need to get it approved by the Housing Development Board. To avoid inconveniences, it’s best if you just rent a space in a commercial building, there are plenty of options across the country.
Resort to an incorporation company for a proper registration
The actual task of company registration can be done I a short period of time, and although the process is convenient and easy, in order to facilitate the best solution to foreign entrepreneurs, you still need to go through certain standard procedures. Because you might not have the time, or perhaps patience to carefully research everything and handle each detail yourself, a great solution would be collaborating with an incorporation company. You can easily find a team of professionals with the expertise and experience necessary to tackle this matter for you, leaving you stress-free and able to handle your other responsibilities. Look on the internet of options in this department, and make sure to choose an incorporation company with a great reputation. You can read a few testimonials on them if you want to ensure the reliability of your choice. Discuss about their fees from the start as well, just to make everything clear. With professional support, registering a company in Singapore will truly seem an incredibly easy thing to do.
Opt for the right financing opportunity
While you might have enough money to get things going, if you want to achieve excellence and strengthen your brands before this actually manages to make a profit, getting a bit of financial help might be required. Luckily, Singapore is known for providing entrepreneurs with quite a few opportunities in this department, the Government having in store financing systems that support startups. Research your possibilities and apply for a loan or other type of funding that suits the specifics of your situation best. It doesn’t matter that you are a foreigner, as ng as you are legally starting a business in Singapore, you have access to all the financial benefits the country has to offer.
Considering the huge financial potential Singapore brings to the table, together with the many other strong benefits ensured, naturally, choosing it as the place to register your company is a wise decision to make. While the process of starting a business there is less complicated than in other countries across the globe, you still need to be equipped with sufficient information on the topic, and the tips stated above are the ones that can guide you through the process better. Pursue the right mean of action and you might soon become a successful international entrepreneur.