If you are someone who is wishing to incorporate a new firm in Singapore or any other country, you will have to keep all the basic requirements in mind. Because the whole process of starting a new firm can be challenging, it is suggested that you hire an accounts provider, or take up bookkeeping services. This will make the whole process easier for new entrepreneurs.
Necessary Requirements For Starting A New Company In Singapore
Like every other country is open to new corporate ideas, Singapore is no different. But just having an idea isn’t enough. One has to learn about all the requirements before he/she dives into his entrepreneurial journey.
The individual will have to verify his/her corporate idea, build a proper plan, collect funds, hold a market study, and predict the economical outcome. Apart from this, one also has to ensure that he/she is abiding by all the laws and complying with all the legal provisions such as business registration in Singapore, getting licenses and permits, starting a business bank account, warehouse, and signing deals for renting office before getting started with the financial operations.
So, as mentioned above, having a guide or a list of important factors is necessary before one starts a new firm in Singapore. Here is a list of factors one should consider:
1. Proper business plan
As harsh as it may sound, approximately 60-65% of corporate firms fail to even complete 5 years in business. Usually, the reason is a lack of funds. So, to avoid any such situation, you’ll have to build a solid business plan. Your plan framework should be based on factual financial targets and should also comprise a safe backup plan.
One should be aware that a company doesn’t stay on the profitable end from the first day of business. He/she will have to show patience for quite a while, and the individual should be prepared for such eventualities.
2. Business registration in Singapore
If you have taken up any external support from financial services, the experts there can help you in advising how starting a private limited firm or a partnership business can leave an impact on your business idea. Yes, as unreal as it may sound, the kind of business structure you pick has a large amount of effect on your business. It may affect your tax rates, liability, and also your business scope.
3. Choose bookkeeping & accounting
Meeting all the legal requirements like accounting & bookkeeping is counted as a major responsibility of a firm owner. This part is not only mandatory but also a non-core part of the company. It can delay or divert you from your financial targets. Several firms take external support and rely on bookkeeping and accounting services to fulfill this task.
4. Licenses, Patens, Permits, or Trademarks
One cannot create attractive business strategies all the time. But once a creative idea strikes, he/she should preserve it by all means. An individual must share the idea with an expert and discuss how can he/she can save it from getting copied.
Before you start commencing your business operations, verify that you have all the necessary permits and licenses. If not, apply and register to the respective authorities and avail them. Another piece of advice from our end to you would be that pick a unique business name to reach out to your target consumers.
We assure you that all the basic requirements stated in the above list are helpful and following them would give you a fruitful result. For more business-related assistance, you can visit our website, or call our experts at ODINT Consulting.
Azhar Ansari is a company formation specialist with 8+ years of expertise in international business. Financial planning, risk management, and other related areas.