Starting a Business in Singapore - A Complete Guide to Costs Involved

By Ashutosh Jha → Last Updated on Tuesday, August 11, 2020
Thinking of starting a business in Asia? If so, Singapore is a perfect choice. It features low taxes, government support, and quality infrastructure. However, without relevant guidance and support, Singapore company registration can be challenging. Below is a complete guide on how to start a business in Singapore plus the cost.

Starting A Business in Singapore - Steps

Company Registration

Singapore company registration is the first and most important step before starting your operations. Every aspect of your business has to be registered with the Accounting and Corporate Regulatory Authority of Singapore (ACRA). The national agency expects you to report your company name, the board of directors, and business activity type, among other vital details.

In this country, no company name matches another. For instance, if the core nouns of your company name match an existing one, adding a word like incorporation won’t make it unique. So find a unique word combination. Your legal business name and its trading name can, however, be different. Ensure that the trading name doesn’t have trademark or copyright issues.

When starting a business, chances are you already have an idea of how you’ll be running your operations. ACRA requires you to choose and present an SSIC code. It specifies your field of services.

For a complete registration process, you must assemble and submit your team of shareholders and directors. If you are foreign, Law doesn’t allow you to have more than 50 shareholders. You can have as many directors as you wish, but one or more must be local.

Once your registration procedure is successful, you can start hiring employees and obtaining the required business permits. To make work easier, seek advice on how to register a company in Singapore from a reputable and reliable incorporation service provider.

Permits, Office and Employees

It’s illegal to run a business in Singapore without the necessary permits. You have to follow all rules and regulations set up by the government. Research widely to gather information on the licenses related to your business. The process is extensive, but you can alleviate it by involving business experts. Incorporation and accounting service providers will guide you through the entire process.

Set up your business office in a strategic location. Unlike other countries, opening an office in Singapore is easy. The government has profoundly invested in business parks in different parts of the country. These parks can be an ideal space for your startup.

Prepare a reliable team of employees early enough who will help your run your business smoothly. If you are a foreigner, you can hire some staff from your country after procuring valid work passes for them. Familiarize yourself with the responsibilities of a Singaporean employer to avoid a clash with the government. For instance, you are supposed to offer your employees medical insurance coverage, rest days, and medical leaves.

Finances and Accounting

Prepare a budget to have an idea of how much money you will need to start your business. Preparing a list of everything required is the right place to start. Investing in company registration fees, property leases, enter pass, permits and insurance might be mandatory.

Consider your business operation cost for the next 1 to 2 years. The operation cost includes employee salaries, rent, salary, and travel expenses, among others. Plan your finances wisely to cover all aspects related to starting and running your company.

Choosing an ideal accounting system guarantees business success and growth. Luckily in Singapore, there are numerous third-party accounting service providers. Invest in these accounting services when your business is small to boost its growth and maximize profits. When your business grows, your workforce might be in a better position to prepare a budget, do market research, and set prices and rates.

Double taxation is not a cause for alarm when starting a business in Singapore. The government has made a deal with many countries on its avoidance. Singapore also provides unilateral tax credit with other nations. Ensure that you file relevant taxes on time to avoid penalties and tax debt. You can hire tax consultants to handle the burden professionally and on time.

Promote your Business

When you are done with the basics, it’s high time you think of promoting your business. Develop a website and create content that promotes the goods and services you offer. Upload positive and genuine reviews from customers on your website and other social media platforms.

Invest in media coverage and provide sufficient information related to your company. Remember to remain active on your social media pages so that more people can trust your business.

Before starting a business, you should prepare a business plan to transform the concept into reality. A well-formulated plan highlights everything that you need and the cost involved. You also need a rough idea of the profits you expect to generate from the business before you start the registration process.

Also, if you're working with some consultants make sure to erase data you don't need or make sure the data is not exposed to anyone.

Legal matters involved can be complicated. The good news is that you can acquire company incorporation services Singapore from a reputable firm when you feel overwhelmed.
Ashutosh Jha

Ashutosh Jha is a professional blogger, Blog and IT Consultant. He writes about Blogging, SEO, Making Money, Internet Marketing and Web Design.
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