Although it is a small island, Singapore is one of the best places to do business with its fast growing and available facilities to the entrepreneurs. This is why we started a blog post series on explaining the necessary tips and information on doing business in Singapore.
If you are looking for starting a business in Singapore, then it is a must to follow the legal procedures to register and operate your business. Best thing is that, if you qualify with all legal requirements, then it is easy to apply for your company registration. Below is a guide on easy steps to start your own business in this sunny island!
Select your business entity
When you visit the ACRA website (Accounting & Corporate Regulatory Authority), you will find the available business entities and legal liabilities. Therefore read and understand your liabilities before choosing your business entity.
Once your business entity is finalized, you have to proceed to the next step which is setting up your company. To set up your company, you need to choose business name, directors, company secretary, registered address and other relevant things for a business including the minimum amount of paid up capital. Anyway, you can also get professional help for company registration Singapore to make this process fast and successful!
Register or incorporate your company in Singapore. You will also need to open a bank account in Singapore. There are various banks in Singapore which you can choose easily.
Finally, it is time to operate your business. However being an entrepreneur is not an easy task. It is challenging. In order to be a successful entrepreneur, you need to have a wise business plan that takes you to achieve your goals.
After incorporating your business in Singapore, start planning it and achieving your goals.