Basic Requirements For Starting A New Company In Singapore

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.