How to Find the Best Business Idea for Singapore
Waiting around to be struck by a magnificent idea for a business to open in Singapore may not be the very best option out there. Instead, you could search for the idea yourself. There is a high chance that you will get a lot of business ideas, but that not all of them will be suitable to your situation. However, in a bit of time, you will be able to find that one great idea to be absolutely brilliant.
Business ideas are not in any kind of register and they are not in any kind of spreadsheet. They are in real life. If you open your mind and let your creativity work, you will see a lot of things around you that simply need a business to take care of them. Sometimes, you may find that such a business already exists, but if it is not functional, you could try to see what it is that is not working with it. This will give you the opportunity of making your own business better.
Keep a notebook where you write all your ideas and try to research them as thoroughly as possible. In the end, you will narrow down the list to a great business idea that will work if you make sure that everything about it works as close to perfection as possible.
Probably you should ask yourself these 8 Questions to Address Before Registering Your Business here
As for Singapore, there is absolutely no limit to what you can do. This country is a very well developed one so almost anything will work here. As a foreigner, you may want to take advantage of your knowledge and you could open, for example, an English language tutoring company. Or you could start a writing service company. At the same time, you could think big and you could open a business whose services focus on other businesses. As mentioned before, the sky is the limit and your creativity will eventually bring you closer and closer to that perfect Singapore business idea.
How to Register a Business in Singapore – The Main Things You Should Know
If you want to register a company in Singapore, you will have to bear in mind certain things before you proceed with everything. The first thing you will have to know is that you may not need any kind of visa if you do not plan to relocate in Singapore. However, that means that you will have to find someone who already lives there and to let him/her manage your business.
If you do want to run the business yourself though, you will have to acquire an Employment Pass or an Entrepreneur Pass. These are work permits that will allow you to live in Singapore for extended periods of time and to run your business as one of its directors. The EntrePass can be obtained by sending a special application form to the Ministry of Manpower (MOM). You can do this by submitting your application to any SingPost office. Also, you will have to know that every submission costs S$70 and that this fee has to be paid each time you apply for the EntrePass. If you are successful, the EntrePass will give you the right to work and run a business in Singapore for the next two years.
After deciding on proceeding with the registration of your business idea, one of the first things you will have to do is to register your company its name with the Accounting and Corporate Regulatory Authority (ACRA). This entire process costs somewhere around S$65 and it can be done 100% from the place where you live now through an online form (as a matter of fact the only registration for which you may have to show up in person is that of a bank account, but this also depends on the bank’s policy). Even more, if everything is alright, your company will be registered with ACRA within minutes.
In addition to the Accounting and Corporate Regulatory Authority, you may have to go through other agencies as well, but that depends on the nature of your needs. These agencies may or may not include the Monetary Authority of Singapore (dealing with banking and finances), the Attorney-General’s Chambers (dealing with legal issues) and the International Enterprise Singapore (for other industries). Also, if you want to find a place to actually run your business, you may have to contact the Economic Development Board and inquire them about business parks and industrial parks.
As mentioned before, Singapore has made it easy even for foreigners to register a company in their country. Do make sure you meet all the requirements and do make sure that you submit all the necessary paperwork, so that you can increase your chances of being successful (both with the EntrePass and with the registration of the company proper).