This is How You Kick Start Any Business in Singapore
Starting a business in Singapore is easy and seamless. Without any hardcore and stringent formal rules and standards, one can start their business smoothly and promptly. There are certain steps to be adhered to and followed sequentially to jump-start and initiate the business in Singapore.
Establish the Business Idea
The first and foremost step is to ascertain the business which the entrepreneur has brainstormed and outlined in the mind. This primary stage is the most appropriate timing to be critical over the practicality and feasibility of the business idea. Questions and discussions should be around how specific have the person thought with the ideas, the type of solutions for customer’s needs, the calculation and assessment of progress and success, and most importantly which all factors distinguish the venture from the competitors and why does it stand out. The entrepreneur also needs to explain the idea to the Accounting and Corporate Regulatory Authority or ACRA and pick and submit an SSIC code. Singapore Standard Industrial Classification (SSIC) is the national standard for the categorization of economic activities undertaken by various economic units. The SSIC code helps ACRA to understand the nature of the business better.
Design a Business Plan
The entrepreneur should outline and sketch out a business plan. It should be simple, linear, and should entail vital aspects like details of funding and budget, the background of this business and its vision and mission, market analysis, operational plan, and sales conjecture. These figures and details should be approximation and close to accuracy.
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Finalise the Name
The first and most important step is to shortlist and zero down the name of the business and get it approved by the ACRA– the national agency that catalogues and runs businesses. In Singapore, duplication of names is not permitted and without the name, no company can be registered under ACRA. The company’s legal name may not be the same as its trading name. One should be double sure that the chosen trading name does not have any trademark or copyright issues. A unique and catchy name is always preferred so that it attracts the attention of the consumers.
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Choose a Business Structure
One should choose the business structure that is most appropriate for the purpose and this is another vital step on how to start and register a business in Singapore. The different forms of businesses are sole proprietorship, partnership. Limited liability partnership and limited partnership private. In a sole proprietorship, the company is owned by one person and in Partnership, it is owned by 2 to 20 business partners. For a Limited liability partnership, the venture is owned by a minimum of 2 partners, one general partner, and one limited partner, with no upper limit in the number of partners. Lastly for Limited partnership private, the venture is owned by a minimum of 2 partners with no highest bound in the number of business partners.
After the company is registered, it is ready to kicks start its commercial activities. Along with all these formal and legal procedures, one should always work on and finalise the branding guidelines and websites for the business, so that it is available and visible digitally.