How to Launch a Startup in Singapore
21st, February 2019 - Sponsored
There is a big difference between registering a business and having it launch successfully. According to research, most businesses die in the first six months. Those that succeed in this stage are likely to grow gradually over time. If you are planning to start your business in Singapore, there are several stages that you have to follow to incorporate it successfully. For this article, we will focus on the best tips to launch a successful business in Singapore. The tips will also come in handy for experienced entrepreneurs willing to open a branch in the country.
Incorporating the Business
Incorporating the business is the first step of launching it. Singapore requires all local and foreign businesses to be registered in the correct category. After selecting the type of business that you want, you should choose the agent that you would like to help you in registering it. Most people choose those who have enough experience and excellent reviews for completing business registration.
Just to let you know, you must have the names of the directors, business address, local secretary and minimum capital before incorporating a business. The agent will offer guidance about any other requirement to be prepared before the process starts. If this step succeeds, the business will be ready to launch as soon as the procedures below are set.
Recruiting the First Staff Members
Singapore is known for skilled labor. Singaporeans have a high level of literacy, which makes it easier to recruit the best team for your business. The country also allows businesses to recruit from abroad if you require special skills. Thus, you will have to help the foreign employees to process their immigration documents.
No other agency does it better than one-visa.com. They are experienced in the fast processing of work passes and permits in Singapore. If you are a foreigner looking forward to starting a business in Singapore, you can also get an EntrePass from them.
Understanding the Taxation Procedures
While in Singapore, your business startup will be taxed on the profit it generates. However, you may want to check if you qualify for any exceptions depending on your country of origin and the bilateral agreements signed between the two countries. Generally, the overall tax payable is about 8.5 percent after the exemptions. Complying with the taxation procedures is mandatory in Singapore. Thus, it is crucial to make arrangements if you do not want to steer your new business into problems.
Source of Raw Materials and Goods
If you are in the business of selling goods, ensure that you have a reliable source of the goods whether local or foreign. Importation procedures are straightforward, and complying will help your business to succeed with ease. Raw materials for industries should be consistent to allow smooth operations at all times. Better planning for raw materials and goods that are to be sold later should be the goal of the entrepreneur and the management that has been recruited.
From the above points, it is clear that Singapore has welcomed all people to invest in the country. You can launch a business with ease, but you have to comply with all the procedures that they have set.
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