Starting a business and being a business owner can be tricky if you have little entrepreneurial ardour. Being the boss of your own, you can take control of your life and get rid of the monotonous office hours and work, but that might not be for everyone.
However, with a rapidly growing economy, it comes as no surprise that a huge pool of entrepreneurs worldwide flock to Singapore to reap the benefits of its company registration process.
If you are all set to incorporate a company in Singapore, you must know a few critical factors before you jump into the sea of entrepreneurship, and understand whether you are an entrepreneur or a businessperson.
While Company name approval can be done in an hour and the entire process takes just 1 to 3 days to accomplish, let us guide you through the steps of being a successful entrepreneur in Singapore.
Difference Between a Businessman and an Entrepreneur
A businessman and an entrepreneur might sound almost the same, but there is a huge difference between an “Entrepreneur” and a “Businessman.”
A businessman will buy something for a lower price, be it service or product. and sell it for some profit. They are often deemed as an individual who is not creative and can’t come up with good ideas. There will be a precedent that he follows, a foolproof idea that others have been doing for ages.
On the other hand, an entrepreneur is someone capable of creating something out of the ordinary. An entrepreneur is a person who is creative and unique and believes in starting from the bottom and is never afraid to take risks.
Their profound differences can also be seen in their mindsets. A businessman will engage in carrying out any activity, related to commercial and industrial purposes. He sets up a business as a new entrant in the market as for the existing business. Businessmen go for a business that is highly in demand or which can make huge profits for them irrespective of uniqueness.
This can be tough because businessmen are bound to face tough competition with the hundreds of rivals already existing in the market undertaking the same business. Under this, customers are treated as the king of their business by the businessman.
This is not the same as an entrepreneur. They are a person who conceives great ideas or concepts to start an enterprise and brings it into reality. This is often seen in startups. They are the ones who lead the market always no matter how many competitors will come later, but their position will remain untouched.
From an economics standpoint, the entrepreneur is considered as the most important factor in the production of a business, and in the long run, entrepreneurs will become a businessman.
Examples of entrepreneurs are Bill Gates (founder of Microsoft), Mark Zuckerberg (co-founder of Facebook), Larry Page (co-founder of Google), Steve Jobs (co-founder of Apple), and most recently Jeff Bezos (founder of Amazon).
Singapore being the Destination of Choice for Entrepreneurs
Here are the reasons why entrepreneurs choose the Republic to incorporate their Singapore Company.
- Rated No. 1 in the world
- Third wealthiest nation in the world
- Third most globalized economy among 60 of the world’s largest economies
- Most politically stable country in Asia
- No. 1 in best labor force in the world
- No. 1 in Asia for quality of life
- Personal tax rates start at 0% and max out at 20% above SG$200K
- Singapore corporate tax rates is about 8.5% up to SG $300K profits and a flat 17% above that
- Singapore’s network of over 50 comprehensive Double Taxation Avoidance Agreements
- Have strong protection of your great ideas and innovations thanks to Singapore’s strict enforcement
- There is no estate/death/inheritance tax in Singapore.