How to Start a Business in Singapore (2017 Update)

Start a Business in Singapore
Start a Business in Singapore

Starting a business is a great way to learn more and to maximize one’s earnings. When you plan to build your own business, you make your own boss. Your revenues depend on your productivity, hard work and management. Moreover, new challenges contribute to a dynamic and continuing learning experience. You can make an expert out of yourself. You can even help others by offering jobs or simply giving to charity.

 

Most entrepreneurs invest on businesses centered on the demands of target groups in a thriving location. One of the best places to start your company is in Singapore. There are a number of opportunities any entrepreneur can dwell in Singapore. In fact, starting businesses in Singapore can make your company more competitive as compared to those planted on other Asian countries.

 

Why in Singapore?

Many entrepreneurs will weigh the pros and cons a couple of times before deciding on building any kind of businesses in Singapore. To give you an insight what it is like to set up a business in Singapore, here is a list of benefits you can enjoy:

 

  • Registrations are fast and easy. They can be even done online with a platform developed by the Accounting and Corporate Regulatory Authority.
  • A number of trade agreements are available for better revenues.
  • High-quality and conventional facilities are readily located on industrialized parks or on popular urban areas.
  • Competent employees are easy to find. Excellent recruitment agencies can also assist in finding the perfect workforce.
  • Government agencies are readily contacted and can accommodate registrations to ensure smooth transactions and well-rounded growth of any business in Singapore.

 

Steps on Starting your Business

Starting a business may be confusing at first. There would be plenty of things to consider, especially when the business location is unfamiliar. For foreign and local entrepreneurs alike, here is a guide on how to start a business in Singapore:

 

  • Identify the nature of your business. Develop a plan. This includes assessing your resources and determining your target customers.
  • Inspect your potential location. If this is new to you, you can ask around and evaluate whether you can maximize revenues.
  • Process the acquisition of business licenses and other government mandated requirements.
  • Start setting up your company by purchasing and acquiring the right materials, devices, appliances, and even the right people
  • Set your company standards, goals, and expectation. Hire competent employees from these preferences.
  • Create a set of definite rules and regulation for the employees and the entire company to comply.

 

Conclusion

Singapore is deemed to be a one stop destination if you want to start a company. Facilities and locations are great, and the government seems to be a direct helping hand. It opens wider horizons for new ventures, business exploration, and even successful business start-ups. To top this off, any business in Singapore can enjoy the country’s stable financial system and desirable corporate tax rates. Hence, with all those points mentioned kept in mind, you are now a step closer towards successfully starting a business in this enriching country.


To achieve your dreams of being an entrepreneur or starting your own business, you will need to have the capital to do so. Unless you have ultra rich parents who will be able to fund your dreams. Or perhaps, you have won the lottery. Else it will take us normal working citizens forever to save up enough money.

If you are looking for funds to start up your business, you can consider who we deem as one of the best money lenders in Singapore! Legal Loan is here to help you find the most reliable money lenders in Singapore. With so many money lenders and so little time, we are here to help you shortlist good license money lenders. Doing so, will be able to help you get the cash faster thus solving your problems!

Any questions regarding legal money lenders or how they work, you can call us at +65 6871 4268. And we will try to answer all your questions.

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