All conglomerate in the world starts from scratch — small business. A school dropout becomes a famous entrepreneur, a single mum becomes a successful business owner; these stories are not new. If you have a business idea, dedicated, and willing to take a leap of faith, you are one step close to success.
The business opportunity is ample in Singapore. There are new businesses that come up in Singapore every day. Starting a small business in Singapore is simple and straightforward. You can easily step into the game by kick-starting a small business in Singapore if you are keen.
Checklist before starting a small business in Singapore
A solid business plans A business plan does not have to be complicated. A proper business plan should only highlight the main factors like market analysis, structure, and potential customers. Your business plan should also clearly state your finance sources, including the way you source the funds.
Capital and finances Starting any business requires capital. You should be able to fund your business to be fully operational. Starting a business might seem daunting, especially if your budget is thin. To successfully start a small business, you must have a clear idea of funds sourcing. Some popular start-up funds are loans and personal savings.
Business name The business name is crucial for any small business. Thus, the business name should be in-line with the company’s goods, products, services offered. A unique or memorable business name can help the customers to remember you easily and differentiate you from the competitors. Kindly note that the Accounting and Corporate Regulatory Authority (ACRA) does not approve names that seem offensive, obscene, or vulgar.
Consider e-business E-commerce is trending. If you are contemplating starting a small business in Singapore, then you should consider registering a domain name for your company as well. Having an online presence will increase your customer base as well as improve your sales and profits. Your domain name should correspond to your business name.
The type of business to start The type of business is another factor to consider. When you want to start a small business in Singapore, it is good to understand the basic business structures. Some recommended businesses structure to start a small business in Singapore are:
Tax obligations Compliance with legal requirements is an essential process for anyone who wants to start a small business in Singapore. Failure to comply with all the legal procedures might render your business illegal or lead you to penalties and fines. Therefore, you need to educate and equip yourself with all the necessary tax requirements and obligations.
Register your business The first step to start any small business in Singapore is to register your business. Register a company in Singapore requires ACRA approval. You have an option in choosing to either incorporate your business by yourself or seek the assistance of a professional service provider. Paul Hype Page will help you to register your business of any type at a relatively lower price. 100% certainty of successful business registration. We will help you with filing your taxes and ensure tax obligations as well. Check out our website for further details.
Have a registered office address You also need a registered office address to register for a small business in Singapore.
Licensing and permits All businesses in Singapore require licensing and permits for them to operate. If you are planning to start a small business in Singapore, you should know that you will be required to have a business license or permit. Licensing and permits that you will need are dependent on the type of business you are doing and the industry within which your small business lies.
Bank Account Opening To start a small business in Singapore, you may consider Paul Hype Page’s preferred Neobank partner – Aspire, for your corporate bank account. Aspire is perfect for small business, especially if you are doing a lot of business activity online. When you sign up for an Aspire business account, you can get cashback for all your expenses on “online marketing” (e.g. Facebook Advertising) and “software as a service” (e.g. Mailchimp). With Aspire, you, as the business owner, can have fast and simple access to financial services for your business operations anywhere and at any time through your mobile phones. What’s more, it is also free to open an Aspire Business Account. There are no monthly fees, fall below fees, or FAST transfer fees, and no minimum deposit is required as well. If you are keen, the account can be opened entirely online with Paul Hype Page. Check out more Aspire features on www.aspireapp.com.
Ideas for small business in Singapore?
Here are some small businesses ideas for you to venture into the Singapore market:
Accountancy: If you are an accountant, then there are abundant opportunities for you. All Singapore businesses require an accountant to help them with tax obligations and handle their finances.
Consultant: The increasing number of potential investors is opening the door for consultation services that can provide financial advice and investment insights. If you have consultation skills, this might be a good option for you.
Other in-demand small business ideas in Singapore are bicycle repair, boat cleaning, computer repair, dog breeder, and business planning services.
The process of starting a small business in Singapore is simple and straight forward. Whether your business will succeed is depend on your preparedness and planning. You must have a contingency plan to ensure success in your small business. Apart from that, steps like incorporation and securing funds are also vital when you want to start a business in Singapore.
Starting Small Business in Singapore FAQs
Which is the uncomplicated business that I can practice in Singapore as a beginner?Tiwi2020-10-26T16:53:36+08:00
As a beginner, you should focus on a business that requires minimal capital, management, and expenses. Some of them are blogging, childcare service, home contractor, freelancing, courier services, accounting services, e-commerce selling, among others.
Which are the most demanded products in Singapore that can help me with an idea of the business to start?Tiwi2020-10-26T16:52:55+08:00
You can use as low as zero capital to start a small business in Singapore. It all depends on your business idea. Offering services require less starting capital compared to buying and selling of products. The only thing to note that paid-up capital is 1SGD.
Which are the best small businesses to start in Singapore?Tiwi2020-10-26T16:47:15+08:00