Starting a business is a smart way to spend your money. It’s not as easy as it sounds, however. You need to consider different factor to increase the chances of your business to thrive. Location, for example, is a vital aspect of opening a business as it can influence the growth of your venture and maximise your business loan as the capital.
If you’re planning to open a global business, Singapore is an ideal location for your headquarters. It offers strong trade and investment, making it the most competitive Asian country and an ideal place for business.
Why Start a Business in Singapore?
Singapore provides business-friendly taxes as it has the lowest effective tax rate worldwide. It avoids double taxing its business stakeholders through the single-tier income tax rates system. Taxes on the chargeable incomes are the last task companies have to pay for since all dividends distributed to shareholders are tax exempted.
The city-state has also remained to be a top financial centre. It’s one of the largest financial hubs, offering global firms competitively priced trade financing, refined risk management and superior insurance service options for enterprises.
You will also have many financing options because commercial banks in Singapore offers competitive product offerings and international reach. Over a hundred banks are operating in Singapore, and most them have bases covering the primary trading partners of the nation, such as China, the US, India, Indonesia, and the Philippines, among others.
The government of Singapore is also supportive of small business owners. The Singapore International Arbitration Centre (SIAC), for example, actively handles trade-related cases and improves business clauses that handle smooth operations of businesses.
Starting your Business in Singapore
Like in any territories, you need to comply with certain policies before starting a business in Singapore. First, you need to register your business, whether you’re a local or foreign branch, to the Accounting and Corporate Regulatory Authority. If you have a foreign businessman who wants to set up a representative office in the country, you need to approach these government agencies
- Monetary Authority of Singapore (banking, finance and insurance industries)
- Legal Services Regulatory Authority (legal industry)
- Enterprise Singapore (other industries)
Once you have registered your business, you need to find the premises of your business. Singapore has an array of premises so you’ll have premium facilities and infrastructure, whether you’re in the heart of the civic district or a suburban estate.
After finding your premise, you may start recruiting your manpower. Singapore has a strong pool of local and international talent, making it easier for you to find employees, be it through recruitment agencies or online recruitment portals.
Opening a business is a rewarding yet risky investment. You need to plan your moves carefully to increase your chances of succeeding. Although Singapore offers great opportunities to business owners, you need to create a strong business plan to stand out over the competition. Use all the resources available wisely to keep your venture growing. Familiar yourself with all the laws and regulations in the country, especially if you’re a foreigner, to avoid legal disputes.