How to Start a Business in Singapore (7 Steps)

 When it comes to business, it takes a solid foundation to ensure that the correct marketing strategy is laid down and implemented. And hence, Intracorp is your golden guide for how to register a company in Singapore. With this document in place, you can promote your company as well as its products legally within Singapore.

The process of Singapore company registration is not for the weak-hearted. To be successful, one has to put in the right workforce and gather the right details. The company registration process in Singapore starts from materializing your plan on a piece of paper all the way to registering your business and plunging into work.

1. Put down the plan on paper

When getting down to how to register a new company in Singapore, it is important to let your mind relax and get productive. As a result of this, starting with a mug of coffee helps you relax and get things flowing. Before getting serious about the project, you should give yourself ample time to sit comfortably and make yourself some coffee. Beginning writing or drawing anything that comes to your mind immediately before it’s gone can help you generate ideas for new business proposals that could generate more money than they are expected to spend.

It is not hard to get the information you need to build your business. Google search, social media, and even personal connections can be used effectively to get answers for almost anything you want. While building your online presence, make sure you cut off any unnecessary overheads to save money and keep your business up and running smoothly.

2. Get the correct address

Getting a business registered in Singapore can be time-consuming and confusing. You will have to present the real, local Singapore address of where you intend to rent for your company. This address is quite important, as it will be used to locate your company. All requisite documentation or deliveries will be sent to this address only, and your online customers will use it to find you. You need to get an agreement from Urban Redevelopment Authority (URA) before applying for approval for the use of premises for commercial activities

3. Determine the business structure

In Singapore, you can record your business formation in one of the following entities: Partnership (registration number: OC32), Joint Venture (registration number: OC33), Sole Proprietorship (registration number: OC34), Company Limited by Guarantee (registration number: OC35), and Public Company Limited by Shares (registration number: OC36). Note that the options provided to you exist solely for your convenience; you don’t randomly choose any entity you feel is appealing to you but choose according to your business formation, which impacts various aspects of your business.

4. Select a business name

The Singaporean government recommends a name with a theme that represents the philosophy of your business, is not too similar to other business companies, and is not obscene. Usually, the Singaporean government will reject any trademark names that are similar to its own registered trademarks or names that have been used for other products. As such, if you have already applied for another trademark in Singapore, your application may be rejected if you apply for another company name that sounds similar to one of these existing brands.

5. Make inquiries about the business licenses

While it can be time-consuming, a good business license will help you create a strong legal structure to support your business activities. There are different licenses that a company needs to have in order to operate legally in Singapore. With them, you will have the freedom to open doors to new opportunities and better serve your customers.

6. The hiring processes

The government of Singapore is working hard to provide a healthy workforce in the country. The Workforce Development Agency has been around for quite some time, but it’s been receiving more attention lately. Singapore’s talent landscape is constantly changing, but in order to stay competitive, we need to bring in new skill sets. In fact, the Workforce Development Agency wants professionals who will help businesses grow and be at their best!

7. Promote the business

Your business is not even born, and you already have to start promoting. But first, you need to register your business, rent the premises, hire employees and start a venture. That is when you can start marketing your products the legal way, describing the location and achievements as well. In Singapore, all businesses are entitled to fair participation, competition and advertisement, provided it is not downgraded to others nor promotes illegal products and activities.

Wrapping Up

Registering and opening an account for your business is one of the most important things for you to do. IntraCorp will take care of how to register a company in Singapore for you easily.