What to include in your checklist when starting a business in Singapore

If you want to start a setup company in Singapore, a checklist will help you keep track of what you need to do and when you need to do it. After all, as a new entrepreneur, you have a lot on your plate, and it’s easy to overlook a few crucial moves. 

We’ve created a checklist to help you navigate the early stages of your company and get it up and running as quickly and efficiently as possible.

#1 Determine your business idea’s feasibility

When you’re debating the feasibility of your business registration Singapore process, there’s no better time to be brutally honest. Be bold enough to look at every detail. Is it even possible? Are you providing a solution to a previously unmet consumer need? Are you going into a crowded market or carving out a niche for yourself? What are the company’s distinct selling points? You’re probably on the right track if you can confidently answer these questions.

#2 Come up with a business strategy

You don’t have to compose a lengthy one. Instead, focus on the critical components: demand research, competitor analysis, and organizational planning. Build a consumer profile based on demographics, context, and preferences to define your target market. It’s important to remember that the more defined your market is, the better. Find out who your rivals are by doing some research. How long have they been up and running? What are their most important skills?

#3 Calculate the financials

Entering the business registration Singapore protocols can be intimidating, particularly if you’re on a tight budget. It’s part of the risk of venturing into the unknown, not knowing whether you’ll get your money back or make a profit. So, if you want to get started right away, you must have a financial plan in place. Where are you going to get your money from? If it comes from personal investments, monthly compensation if you’re working, crowdsourcing, a loan, or an investor, make sure you have enough money to set up and run your business for at least 6 months before considering your future earnings.

 

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#4 Choose a catchy business name

Having a special and unforgettable company name is the perfect way to make a strong first impression. First and foremost, the Accounting and Corporate Regulatory Authority (ACRA) does not permit company names that are lewd, obscene, or offensive. Will you want to improve consumer recall? Create and set up company in Singapore which is easily associated with the essence of the business, main products, services, purpose, or vision to make it easier for your target market to recognize you.

#5 Get a domain name for your business

A website is a powerful marketing tool on how to set up company in Singapore, regardless of industry or scale, in this digital era where the internet is the primary source of knowledge for most customers. After you’ve confirmed that your setup company in Singapore is eligible for registration with ACRA, you can move on to registering a domain name for your company. When selecting a domain name, bear in mind that it should be simple to remember and type for your customers. As far as possible, avoid using a hyphen.

#6 Settle on a company structure

In your set up company in Singapore, choose between a sole proprietorship, a corporation, a limited liability partnership, a limited partnership private company, and a public company as the corporate structure. Consider the conditions for forming your preference on business registration Singapore, as well as the benefits and drawbacks. Due to the low requirements, a private limited company is the most common business vehicle for entrepreneurs starting a business in Singapore. To incorporate, all that is needed is a local company director, a minimum of one shareholder, a registered office address, a company secretary, and $1 paid-up money.

#7 Become familiar with your tax responsibilities

Be aware of your business registration Singapore procedures’ tax responsibilities to get started on the right foot to avoid legal issues later. Learn the fundamentals of Singapore corporate income tax, including how to file an Estimated Chargeable Income (ECI) form and essential dates to remember.

#8 Register your business

You have the option of business registration Singapore processes with ACRA yourself or using the services of a licensed service provider. We specialize in assisting SMEs in integrating their companies in Singapore at Richmond. If all of the criteria are met, we will complete your Singapore company formation in just 2 hours. Read How to Register Your Business in Singapore for more detail on the specifications, procedure, and timeline.

Start your business today

Here at WLP Group, we admire your drive and determination as you launch your small company, and we can perform pre-filing trademark searches to assist you in deciding on a name and filing trademark registrations in Singapore. Please contact us for more information or visit our website to learn more about our services.

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