A Singapore company setup offers many advantages to business owners world-wide. However, there are a few things to know before you relocate or start a new business. Here are some things that you will need to do before you make the move.
Choosing the Type of Business to Start
If you are not simply relocating a company, you will need an idea of what type of business that you wish to setup in Singapore. Some may decide to go with a tried and true type of business.
However, competition may be intense in popular markets. You may decide that you have a product or service that will do well in the Asian market, but you need to be certain.
Researching the Market
Before your company setup in Singapore, it is important to know if you have the right product for the right customer base. This also goes for services.
If it is a new product, you will need to check patents and make sure that it is not currently being manufactured by someone else.
For market research, you may start with opinions of those that you know. However, a larger amount of people will also be needed. You may perform test marketing and sell the product or service in small amounts and smaller markets.
If you want to know how your business will do on a larger scale, you may need professional help. The money that you spend with a professional market research company will be a good investment. It may save you a great deal of money, time, and work.
Naming Your Company
One of the first things you will need to setup a company in Singapore, is a name for your company. Make sure that it is not already in use.
It also must not infringe upon another company name. Also, make sure that you do not include the country of Singapore in the name.
Types of Companies
Most business setups in Singapore are limited liability companies. However, this will depend on the type of business that you are starting.
Check to see if you require special permits of fees, also. Sound legal advice will help a great deal in your decision.
Business and Marketing Plan
If you intend to apply for financial assistance, you will need a well-written plan for business and marketing. It may be best to seek professional assistance with your plan.
Your plan should be direct and to the point. It should also state your marketing plans and your goals for the business.
You may not be able to startup your Singapore business without the necessary capital. You should be aware of the different types of loans that are available.
You may also qualify for other programs like business grants. Someone in the banking industry should be able to answer your questions.
Place of Business
Do you plan to buy land and build a manufacturing site? Perhaps you intend to acquire a building that is not currently in use. You may be planning to rent business space. Perhaps it is something that can be run from the home. This should be included in your business plan.
In summary, as part of setting up your Singapore company you will need to consider a few things. What are you going to sell? Make sure that you have done extensive research and you know what your company name will be. You may choose to open a limited liability company, but know what the differences are. Have a business and marketing plan written up. Check into all the possibilities of financing and know if you are renting or buying your place of business.