Opening a business in Singapore? Great news!

Striking out on your own, becoming your own boss, and getting to run things exactly how you choose, starting a new business is an exciting time.

But it’s also a hectic time.

There’s just so much to learn and do. Even if you’re starting a small business in Singapore, you’ll have to:

  • Develop your business idea
  • Research the market and your target audience
  • Get your head around all the administrative steps
  • Establish a customer base
  • Grow your business

The list can go on and on.

You’ve already made your first good decision. Setting up a business in Singapore means a great location. According to the World Bank, Singapore is ranked number two in the world for ease of doing business. It also offers plenty of other perks, including attractive tax rates, IP protections, simple registration, and access to funding.

If you’re at the start of your journey and looking for tips on how to start a business in Singapore, you’ve come to the right place. Let us guide you through the actual administrative process of registering and starting your company. We’ll also give you ideas on getting your business off the ground and growing it into something special.

How to Set Up a Business in Singapore

Things to Consider

Important factors to consider when opening a business in Singapore include:

  • Permits, laws, and regulations – Ensure your new business obtains and adheres to all the required permits, laws, and regulations that apply to its operations. Government agency GoBusiness Singapore can help you find the licenses and permits your business needs.
  • Hiring – To grow your business, you will likely need to hire more people. Use existing employee networks and advertise online to find motivated candidates that fit your qualifications. Also, make sure your hiring practices don’t break Singapore’s Employment Act.
  • Office – If you require a communal working space, you will need to find premises for your employees. Be warned, office space in Singapore is competitive, and the rents are high. While incorporated businesses require an office address, you can find services for renting a “virtual” address online. Alternatively, you can apply for the Home Office Permit to have a home-based office.
  • Taxes – It might not be exciting, but it is necessary. Make sure you file all relevant taxes for your businesses. Remember, the deadline for e-filing corporate tax is December, unlike April for income tax. Among the advantages of a Singapore-based business is the agreements in place to avoid double taxation. Singapore has an agreement of some form in place with roughly 100 jurisdictions.
  • And finally, business registration

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Registering Your Business in Singapore

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To start a business in Singapore, you first have to register with ACRA (Accounting and Corporate Regulatory Authority).

Business name approval

ACRA has to approve the name of your company. Two companies in Singapore cannot have the same business name. A definite article (The), business type indicator (e.g., Pte Ltd), or generic word (e.g., corporation) isn’t enough to distinguish your new business from an existing one. The name must not contain obscene or vulgar language.

Documentation

To register a business in Singapore, you will need the following documentation:

  • ACRA registered company name
  • Description of your business’s activities
  • Registered company address
  • If applicable, details regarding the shareholders, directors, and company secretary
  • Native Singaporeans must provide a copy of their identity card
  • Non-Singapore residents must provide a copy of their passport and proof of residential address

Submission

Submit your application online at Bizfile, selecting the business entity structure that applies to you. Unfortunately, fees are required to register your business, including a name application fee ($15) and a company registration fee ($300).

Assuming you provide the correct documentation, ACRA will get back to you quickly. Most registrations get approved within 15 minutes of paying the fee. However, if your application has to be referred to another government agency (e.g., Ministry of Education for registering a private school), the processing time increases significantly, between 14 and 60 days.

Alternatively, you can use a registered filing agent to oversee your documentation and submit the application on your behalf.

Growing Your New Business

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Once you’ve finished setting up a business in Singapore, you will need customers in order to grow. That means developing your brand’s value and understanding your target audience. Nowadays, the best way for businesses to find new customers is online (where we all spend a lot of our time).

To establish your online presence, you will need to:

  • Obtain a great domain that makes it easy for people to find you online
  • Build a sleek, fast, and stable website
  • Choose a web hosting package that fits your needs and offers excellent benefits (data backup, uptime guarantees, 24/7 tech support, etc.)
  • Find the right IT services that facilitate both internal and external communication and protects your business from online attacks
  • Promote your website and attract the visitors that will become your customers

Obviously, digitising your business requires ample funding. If you’re bootstrapping your new business, this can limit the online resources you can provide. You might need to look for outside investment. With a capital boost, you can come out of the gates firing and all geared up for growth.

Good thing you’re starting a business in Singapore! There’s a range of schemes offering grants to support your budding venture. These include Startup SG and Enterprise Singapore.

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Surefire Success

There’s a lot at stake when you establish your Singaporean business. However, the potential benefits are immeasurable. You get to be your own boss, build something you care about from the ground up, and define a fitting work-life balance for you.

Before you start, take into consideration how you’ll successfully launch your business to the market. A huge majority of Singaporean entrepreneurs already have online storefronts. Outdo your competitors where they are. Bulk up your business plan with online marketing tools that can widen your reach, win leads, and help you get the taste of your first profits.