When it comes to business, it’s not only the initial entrepreneurial idea that matters – held together by a two-year plan but also the operational practicalities as well, with location being the topmost priority. A trading glossary should help understand some of the commonly used business terms.
Fortunately, Singapore is an excellent springboard to jumpstart a company in Asia,with its business-centric charisma, advanced infrastructure, attractive corporate tax rates, availability of funding and supportive immigration policies for expatriates, being just some among the many benefits. However, there are some things that can be lest ignored by start-ups, when foraying into the world of business. What do you need to know before starting-up a business in this part of the world?
Registering a business
Whether you’re an individual or a corporation, local or a foreigner, you must abide by the rules, regulations and protocols associated with doing business in your country of choice.
In Singapore, for instance, all companies must be registered with the Accounting and Corporate Regulatory Authority (ACRA) – the national regulator of business entities and public accountants.
If you’re a foreign company looking to set up branch in Singapore or starting a new business from scratch, you must appoint two local agents to act on your behalf. These agents should be citizens of Singapore, permanent residents or foreigners with employment or dependent passes.
All businesses registered in Singapore are governed by the Companies Act (CA) and special licenses are needed for some business sectors including stock broking, banking and insurance.
Named the easiest place to do business by the World Bank, Singapore certainly is an attractive destination due to the wide variety and availability of commercial premises for start-ups.
No matter what the size of your organisation is, you’re likely to find an affordable workspace that meets your needs – be it in the heart of Singapore’s financial and business district, Marina Bay Financial Centre, or the suburban Jurong Lake District.
You’ll find a wealth of information online about the major industrial space developers in Singapore with commercial/industrial properties to rent or buy. You shouldn’t have problems finding a physical space.
What’s more, if you want to add respectability to a company registration but don’t want to sign a long-term tenancy – or simply don’t want the hassle of occupying an actual working environment full-time – virtual offices could meet your exact requirements.
Offering a wide array of services including live phone answering, automated phone answering machines, multilingual receptionist and more, this is yet another option start-ups can consider, when getting your company off the ground.
One problem many new companies face is that of funding. Shortage of cash can pose a real problem for budding entrepreneurs, keen to translate their ideas to action. However, with the launch of a successful invoice crowdfunding platform by Capital Springboard, it’s now easier than ever before to get business ventures off the ground.
With this new trading model, accredited investors are given the opportunity to buy yet-to-be-paid invoices and earn an attractive return, when these invoices are paid. The higher the risk, the more money the investor will receive. This, in turn, benefits small to medium enterprises, who have outstanding invoices but are short on cash flow. Thus, helping them to retain clients and keep everyone happy.
As Singapore increasingly establishes itself as one of the world’s most fruitful financial hubs, setting up business here could certainly be a good move.
Author credit: Jessica Foreman is a Durham University graduate specialising in business and lifestyle based writing. She has developed her skills on projects around, The British Broadcasting Company (BBC), and running a print and online based magazine whilst at the university. She is currently keen on pursuing ‘Masters in Mobile and Personal Communications,’ while broadening her horizons through travelling.
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