5 Essential Things You Need To Know about Setting up a Business In Singapore

Singapore is now ranked and named as one of the world’s most competitive and prosperous countries. Its per Capita GDP is on a par with that of the premier nations of Western Europe. If you are planning on venturing in the business industry, there’s no better place to set-up your business than Singapore. Singapore’s political environment is very ideal for setting up a business. With the emphasis on excellence and efficiency, the Parliamentary democracy system of Singapore has made its government sturdy and well-organized making it ideal for entrepreneurship.

You must be at least 18 years old for you to be able to conduct a business in Singapore. But before you make any further move, there are 5 essential things that you need to know about setting up a Business in Singapore.

1. Got to have a Business Plan

As one of the most competitive countries in the world, competition in Singapore is very fierce. That’s why your business has to be well-planned. Planning is part of the decision making process where we integrate and decide which move to make in order to achieve our desired outcomes. Before setting-up a business, you need to have a business plan. A well-planned business will surely end up successful. Starting anew business means you have to begin from scratch – no customers and new products and no assurance for success. This is why you need to have a business plan which will serve as a blueprint.

2. Know what type of business to venture in

Singapore has various types of businesses and deciding on what business entity to go into is important. You could either have a business in which you are the sole proprietor or conduct a business partnership or build a company. If you are starting up on a small business, sole proprietorship is the right choice. What’s good about this type of business entity is that it is the simplest to set up and there is only one owner; you. Business partnership type involves more than one business owners, who share all the liabilities, business income and managerial responsibilities. A company on the other hand, involves stock holders. What’s good about incorporating a company is that liabilities are minimized.

3. Decide on the Products and Services

You need to decide on what type of services or products you want to market. Once you have decided on the kind or product or service to market, you also need to think about other factors. First think if the product you want to sell would be beneficial to the consumers. Secondly, make sure that the product is different from other existing products. Thirdly, think if the products can be easily sold. Fourthly, you need to consider the availability of the product. Can the product be easily obtained from the suppliers? Lastly, consider the materials and equipment you’ll need in order to produce the product. Taking into consideration these factors will help you decide on what type of product to sell.

4. Analyze the Market and know the target

You need to identify your prospective buyers. It will help you drive or increase your marketing sales if you know how to properly identity your prospective customers. Proper analysis of the target market is also important. You need to have an idea of the exact size of the market you are targeting. Factors you should consider are age group, gender, customer’s income, occupation, level of education and lifestyle preferences and geographical location. Your product’s position in the market will depend on the customers’ motivation to buy the product. Their decisions are affected by the way they perceive the product as something beneficial or not.

5. Get a permit

After laying out your blueprint and choosing the right product to sell in the market, as well as deciding on your target customers, you are now ready to set up a business in Singapore. If you are a foreigner who is not a permanent resident and wanted to actively run a business in Singapore, you have to apply for an EntrePass from Singapore’s Ministry of Manpower (MOM). However, if you don’t want to apply for an EntrePass, you can appoint a person who is Singapore citizen to act on your behalf.

If you are a Singapore citizen and wanted to start up a business, you also need to have licenses and business permits. You can avail for a Singapore Personal Access (SingPass) so you can transact with various Singapore governments online services.

These are the 5 essential things you need to know before setting up a business in Singapore. Now that you have an idea what these things are, you are now ready to venture in the business industry of Singapore.

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3. What Is the Best Way to Start an Email Marketing Campaign?
4. The Top 15 Richest Entrepreneurs in Singapore

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Posted by Admin on Jan 27 2010. Filed under Frequently Asked Questions, Headline. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry