Singapore is one of the most affluent countries in the world simply because they give so many opportunities to businesses and entrepreneurs that are interested in creating their own companies. With the ability to start a dream career and become your own boss, you’ll want to know all of the necessary steps to take to start your own business in Singapore.
Step 1: Keeping Track of Your Ideas:
You never know which one of your ideas will be the multimillion dollar one that can secure your future. Make sure that you write down everything that you think of on a piece of paper. This can range from what products or services you want to sell, the name of your business, the logo, your target audience, and more.
Step 2: Registering the Business:
Once you’re really ready to make the step to establish yourself as a business entity, make sure that you register with the secretary of state office in your area. The registration fees can vary depending on where you live, typically they’re between $40 and $500. There are different pieces of information that you’ll need including your business type and name (LLC, partnership, non-profit, corporation). You’ll then want to get an Employer Identification Number (EIN) through IRS.gov, which is essential for taxes.
Step 3: Preparing Your Banking:
It’s imperative that you start thinking about how you’re going to collect monetary funds from your customers and now is the time to open a business bank account. With this method you’ll be able to keep your business and personal funds separate. In most cases you’ll need a copy of your EIN and business registration as well as finding a bank that will give you the most benefits. Depending on the branch that you choose it can take up to 10 days to get a banking card with your company’s name on it.
Step 4: Creating a Brand Identity:
The next step is essential, especially if you want to attract more customers than you ever thought. You’re going to need to work on your brand identity either by creating your own company website, making social media accounts, or considering other methods of promotion. Using the internet is one of the most cost effective ways to get information about your company out into the public’s eye.
Step 5: Getting Help When You Need It:
Although we like to assume that we’re capable of handling anything on our own, remember, you’ve never been a business owner before and it’s okay to ask for help. Consider talking to a small business mentor or a company that gives you advice along the way. You can attend workshops for learning about marketing, accounting, managing, and relatively any other aspect of owning your own business.
Step 6: Permits and Licensing:
Depending on the type of business that you’re running there may be the need to sign up for different permits and licenses. Consider if you want to trademark your logo, product names, or anything else that you have to offer. This is when you’ll need to develop a business plan and investment portfolio if you intend on working with investors. This part can be relatively tedious but it can also help you to make more out of your time.
About the Author: Morris Edwards is a content writer at Singapore Company Incorporation Consultants Pte Ltd, he writes different articles related to Singapore Businesses and all topics related to Singapore company registration.
