Business Management, Business Strategy, Entrepreneurship, Small & Medium Enterprise (SME)

Checklist for Setting Up a Company in Singapore: Tips to Bootstrapping Your Business to Success

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Set Up a Company in Singapore

Checklist for Setting Up a Company in Singapore

Every entrepreneur must have a checklist to work with. It shows the right path and ensures success for the business. Entrepreneurs, more often than not, have an insatiable desire to see their business success. It drives them to put every possible effort, hard word and passion into shaping up their business. “Success” is the only word what they have on their Mind. The checklist is the way to achieve and sustain it for a longer term. If you one of them who wishes to set up a company in Singapore and wants success to turn around your new venture, make sure to have a perfect checklist.

Take Time to Develop Winning Ideas:

There are certain ways to develop a great business idea. You may find ideas anywhere if you are determined to generate it. Even a passion for a hobby may be the genesis of a winning business idea. It can also be developed from your knowledge.

Many a time, ideas can be born by listening to the needs of the customers and their perspective on new and better concepts. Marketing research summaries can also play as a bedrock for developing a brand-new idea. If you still find trouble creating ideas on your own, you can take help of a professional services provider. These firms have a wealth of ideas which may suit your expectation. Finally, pick the best idea and capitalize on it and start you company registration Singapore journey.

Create a Robust Business Plan:

Once you have a great idea; it is the time to create a breakthrough business plan. Ideally, a plan must cover aspects such as the description of principle business activity, market plan, details of the management team, competitive analysis, financial strategies and development plan.

It gives a brief idea about what your business strategy is all about. In short, it serves as a road-map or strategic plan that defines company’s goal, objective, values and provide a direction for growth. Try to make it precise and impressive as it also act as the key qualifier for investors. Thereby, a business plan is more than just fulfilling the compliance requirement of the government authority.

Gather Required Resources:

In order to set up a company in Singapore, you must fulfill some minimum requirements mandated by the authority. You must have following requirements:

1. One local director who is a Singapore Citizen, PR or holder of Employment Pass (EP) or EntrePass. He/she must be at least or 18 years of age.

2. Minimum 1 or maximum 50 number of shareholders must be there. A shareholder can be an individual or corporate.

3. One registered office address should be there. Any commercial or residential address can be applied. However, P.O. Box address is not accepted.

4. The minimum paid-up capital should be S$1.

5. Appointment of a company secretary is mandatory. (it should be done within six months of company incorporation).

Document required:

a. A copy of passport, residential address proof & KYC documents including business/personal profile, bank reference letter. (for foreigners)

b. Copy of Singapore identity card (for locals)

c. A copy of Certificate of Incorporation & Memorandum and Article of Associations of the overseas company. (for corporate entity)

You may file for the company incorporation application with authority upon fulfilling these requirements. The registration method involves two simple steps- company name approval and company registration. The entire procedure should not take much time unless the application is forwarded to approval authority.

Make Plan for Marketing and Brand-Awareness Programs:

Plan for marketing and brand-aware campaigns should be done well before you launch your business off the ground. Start pouring ideas to create out-of-the-box both online and offline marketing plans. Since penetration of social media is increasingly growing in Singapore, you must consider online presence as one of the key aspects of your marketing strategy.

Design and create business pages on all popular social media platform such as Facebook, Twitter, Google+, LinkedIn, and Pinterest. Also, consider offline marketing campaign such as business cards, brochure, pamphlets, trade-show participation and so on. All communications should have a cohesive feel for the prospective clients.

In addition, make sure to set up a proper accounting system at the very initial days of company registration Singapore. Or else, you may end up making a costly mistake to the newly incorporated business. Also, be sure to keep the tasks such as payroll, inventory management updated on a regular basis. Lastly, make a habit to continuously set goals in order to keep the business running on the right track. You are advised to consider all of these factors before you set up a company in Singapore.

 

About the contributor
SBS Consulting is one of the established and renowned company registration firms in Singapore. It delivers a range of services to all types of industry. Since, inception in 2010, the firm has been associated with many domestic and international clienteles intend to set a company in Singapore. Apart from registration services, it also provides excellent services related to accounting, corporate secretarial, GST registration and filing, payroll, and other allied services.

 

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SBS Consulting

SBS Consulting is one of the most trusted accounting firms in Singapore that offers a set of comprehensive accounting services to their clients. The firm is best known for its high-quality accounting services including XBRL filing, Director’s Report, GST, Bookkeeping, and Payroll.
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