When your entrepreneur mind chooses a new business adventure, the next step is to plan its future. You need to have a proper business plan in order to help your business idea to expand to a profitable business. However before even thinking of most of the things include in any business plan such as gaining customers, accounting matters and other things, here are few tips that are important for your start up at the very beginning.
As a Singapore based blog, in this article we focus most of tips that are specially necessary for entrepreneurs from Singapore or for those who plan starting business in Singapore.
What are the things Singapore Entrepreneurs must know?Let’s discuss.
Check the legal requirements
In Singapore, you need to be 18 years or older to register a business with ACRA. This is a legal requirement when you want to start your business for profit. Therefore check all legal requirements before you plan your business further. you can even get advice from a provider for incorporation services Singapore to have better idea on how to proceed with your company registration.
Choose a name for the company
Choosing a name and getting it approved is sometimes hard as most of the names are already registered. In Singapore, there are certain requirements that you should fulfill when you choose a name for your company. The name also should not violate or infringe any trademark. Check ACRA website (https://www.acra.gov.sg/) for more information on choosing a name.
Have a proper idea on Singapore Companies Act
Although you can get legal advice for future business matters related to your incorporated company, it is better to have a good understanding about the Singapore Companies Act. Study the act and plan your business according to the requirements. This step will avoid you from future issues that you may involve in due to lack of knowledge on Singapore Companies Act.
These are the most necessary first steps to incorporate your business. There are many other things to do before you launch your business. Therefore, don’t waste time. Start planning your business in Singapore today!Start learning following from these mentioned things Singapore entrepreneurs must know!