Marcus Richards
Singapore is one of the world’s business hotspots and it is regarded by many to be Asia’s gateway. It is a place where foreign businesses can go to set themselves up in thriving Asian markets. Unless you have experience in Singaporean business you will no doubt encounter difficulties setting yourself up there.
Unless you conduct extensive research before traveling there to start your business you could make mistakes; mistakes can impede your business’s performance and future success.
This post will tell you the steps you need to take to launch your new tech venture in Singapore:
Acquiring Funding
How do you plan on funding your new business venture? Most people’s funding comes from their own savings. One alternative to this is a loan. You can get an SME business loan in Singapore with reasonable repayment rates. Before applying for a loan you will first need to ensure that your credit is good. There are a multitude of services offering free credit checks online, so finding out what your score is shouldn’t be difficult.
One alternative to borrowing money from a bank or lender is to ask friends and family. You should only ever borrow from loved ones if you are confident in your ability to repay them, however. Not repaying debts to family and friends can put a strain on your relationships with them, causing arguments and disputes.
Registering Business
Until your business has been registered you cannot legally operate in Singapore. The process of registering a business is relatively straightforward and does not require much explanation. If you are a complete novice in all things business then rather than attempting to navigate the registration process yourself experts recommend hiring an agency to do it for you. There are many different agencies in Singapore that offer registration services.
Part of the registration process will be choosing a name for your company. This is something that you should put a lot of thought into; a good name can distinguish you from your competitors. A lot of businesses rush the naming process but it is something that requires careful deliberation and weeks of planning.
Digital Marketing
Marketing is important wherever you are, be it Singapore or the United Kingdom. In today’s world digital marketing is your best option; consumers are less likely to turn to directories in search of businesses than they are to load a search engine and begin looking for keywords relevant to their interests.
Digital marketing is highly complex and requires years of experience before it can be mastered. Because of this, it is probably not something you will be able to do on your own. Many aspects of digital marketing are highly technical and hard even for experts to understand. As Singapore is Asia’s business hub, it should not come as a surprise to learn that there are an endless number of marketing businesses operating there. Hiring one is the best way to ensure you achieve success.
Finding Office
Unless you are a resident of Singapore and have family there, find an office to work from. Most hostels and rental apartments will not permit residents to start and operate businesses from them. An office will give you somewhere private to focus on running your business with no distractions. As Singapore is one of the world’s most bustling city-states there is a shortage of affordable office space and accommodation; experts recommend using a shared office until your organization earns enough money to justify you renting a private office or even buying a building for yourself to work from.
Shared offices have risen in popularity not just in Singapore but also in other parts of the world. If you have never heard of shared offices before then they are large buildings where hundreds of different businesses base themselves. Each business has its own desk or cubicle. Inside these buildings, renters are given access to the latest technology, security lockers, and a receptionist who can field their calls and pass messages to them. Shared office spaces are a much more affordable alternative to renting your own dedicated space. You can find them all over Singapore and Asia.
Industry Networking
What’s the point in basing yourself in a shared office if you are not going to make the most of the networking opportunities made available there? In shared offices, you can get to know all of the other businesses on your floor. Many of these businesses will be tech startups themselves. Singapore is an immensely popular place for tech startups interested in cornering the Asian market to turn. Most of these startups do not have enough money to buy their own office either, which is why they turn to shared office spaces. In them, you can make friends, learn about new products, and build connections that you can use in the future.
Networking is without a shadow of a doubt one of the best things you can do as an entrepreneur. The more people you know, the more help you’ll be able to get when you encounter problems or difficulties. If you are able to make friends with Singaporean nationals then they may even be able to assist you with getting your citizenship. Citizenship in Singapore can be hard to arrange. The Singaporean authorities make it very difficult for individuals with no tangible connection to the nation to get a passport there. Business visas on the other hand are a walk in the park.
Bank Account
If you are running a business in Singapore then you will be expected to pay taxes there, too. Singapore’s tax rates are very reasonable, especially for organizations that are not making a lot of money. To become tax compliant you will need to open an account with a Singaporean bank. This should not be difficult for you to do at all. You can temporarily run your business without holding one of these accounts but it’s best to get one as quickly as you can to save future hassle. You do not need to live in Singapore to register an account there, so you can sort yours out before booking flights or even arranging your visa.
People don’t just travel for fun and adventure anymore; they travel for business. If you are somebody who’s determined to make a success of yourself then why not take a trip to Singapore, Asia’s business hub? Success can be found there as long as you know where to look and are motivated.
