Those intending to open new businesses can choose several destinations. Singapore is a great a great option because it has favorable conditions like protection from double taxation. The numerous agreements that encourage free trade make it an attractive adds to such benefitsand very strong laws on the intellectual property thus your innovations will be well guarded. For easy registration and starting of business in the country, a business person may use the services of reputable companies to assist in that. One Visa is one of such well-reputed companies. Here are some key steps to follow when starting a business here.
Analyzing the business ideas and writing a business plan
Any business starts as an idea in the mind of its founder. The idea is usually very vague and needs to be thought out and given shape. The business person conceptualizes the idea and looks at its possibility of yielding any value by considering if it will yield more cash more than what will be spent on it. The idea has to be put down into a business plan. The founder also considers what goods or services may be needed within the area he or she intends to set up the business. The entrepreneur at this stage also thinks of possible investors and staff who will help to implement the idea.
Business structure selection
Before any further progress, an entrepreneur has to choose one option among sole proprietorship, partnership, or private companies with limited liabilities. Singapore offers chances to have any of the business structures. The entrepreneurhas to consider pros and cons of each of the structures before settling on whichever he or she chooses.
Settling on the business address and name
Choosing the name of the business is mandatory. The name chosen must be unique and not similar to another existing one. It must also represent what the business stands for and must not be obscene. The business founder may need to employ the services of an agency to have the name search done faster and to avoid any issues in future. A valid address within the countrywill enable the company toany premises. All official correspondences are also sent to such an address thus its importance cannot be emphasized enough.
Licenses and visas
There are some mandatory licenses to operate certain businesses in Singapore. Prior knowledge of what the law requires for some licenses to be issued is crucial as licenses are issued upon completion of registration of business. Failure to acquaint oneself with the requirements may put one in problems with the law enforcers in future. Visas must also be obtained for all the employees to be brought on board in the business to be started.
Registration of the business
Business registration is a culmination of all the above processes and can be done directly by the owner or the founder of the business, or hire the services of a service provider in that field.