The Story Of Starting A Business In Singapore

Singapore Company Incorporation

Are you a business-minded person who is sick and tired of the daily 8-to-5 work shift– attending to endless mundane office tasks while beating rush hour traffic to and from? What would you do if you won the lottery and then all of a sudden there’s a threat of retrenchment in your department or your company will be forced to downsize immediately?

Your first thought might be to emigrate somewhere warm, clean, and picturesque, with more-than-decent internet connection –and start your own business, be your own boss, and rule the world at your own pace and style.

Good thing to know that you can do exactly that in Singapore! But just like everything else that needs a kick start, it would be quite difficult to proceed without quite a bit of legwork, and a lot of right moves.

The risks of setting up a new company in a foreign country

Starting a business in a foreign country is definitely not a walk in the park.

Whether you are a small business owner desiring to immerse yourself in competitive sectors such as manufacturing and the service industry or a global business wanting to tap an emerging market, putting up your own company abroad has risks involved which can either make or break your business end goals.

  • You need to find out about its political climate and property rights. It’s best to choose a jurisdiction with minimal political risk but with maximum profit at marginal cost.
  • You need to identify economic factors that can help you form a profitable business: low unemployment rate, low debt-to-GDO ratios, and strong consumer spending, among many others.
  • Although this one’s a no-brainer, it is essential to assess your expertise in the specific industry you’re trying to get yourself involved in with – something that will play a crucial role in your success.
  • Just because you have the money doesn’t mean you just proceed head-on with your business plans. Much time and effort must be spent on market research so you can protect your capital investment.
  • It’s not much of an issue, but a thorough knowledge of the local language will make your business launch easier, quicker, and much more straightforward.
  • One of the most important aspects of your business venture is the company inc orporation process. But we’ll talk more about it later.

The benefits outweigh all fears and doubts

“If you were smart in 1807 you moved to London, if you were smart in 1907 you moved to New York City, and if you are smart in 2007 you move to Asia… Singapore 40 years ago was a swamp with a half a million people. Singapore now, 40 years later, is the country with the largest foreign currency reserve per capita of any country in the world…. It’s got the best education in the world, the best health care in the world. It’s astonishing to come to Singapore and see that everything works…. Singapore is going to be the financial center of Southeast Asia, probably Asia, and likely one of the top financial centers of the world.”

This brilliant assessment comes from investing legend Jim Rogers, co-founder of the Quantum Fund with George Soros, currently a commodities guru who is living and loving his life in Singapore.

While it’s an encouraging thought and an inspiring tale to consider, it doesn’t diminish the fact that may business owners don’t even make it past doing a first draft of a business plan just at the mere sight of a payroll. Why is that?

Fear.

But before you start to fumble and walk quietly back home, think of all the good reasons why starting a business in another place far away from your home and comfort zone it can bring you.

And if it is Singapore you’ve set your sight on, you can never go wrong. Why?

  1. Its strategic location within the heart of Southeast Asia, providing you access to a more than 3 billion potential consumers and loyal customers – all within a few hours’ flight away.
  2. Its fast company incorporation system by combining business registration and tax registration on a single online form application and processing.
  3. Its outstanding tax system – low personal tax rate as well as low corporate tax rate; has one of the lowest GST (Goods and Services Tax) rates in the world; no capital gains taxes!
  4. It’s high ranking on ease of doing business index that requires minimum ‘red tape’ and open immigration plan.
  5. The best of both worlds is here – all the heartwarming feelings of a small town but with all comforts, privileges, and luxuries of a big city, according to former CD Baby founder and entrepreneur Derek Sivers.

And those are just for starters! If you’re one of those business-mixed-with-pleasure individuals who wouldn’t mind letting personal satisfaction overlap and interplay with business agenda, you would love Singapore for its culture, food, history, celebrations, and technological advancements.

Finding your inner determination to do it

Now, all you need is the right attitude, good decision-making skills, and an intense passion to get your business started.

Everyone has different motivations to do so, but here are some excellent reasons to get your inner determination put you on the right track, stay there, and be successful in Singapore.

  • It’s about time you get out of your comfort zone!

Who says business life should always be hassle-free and seen through rose-colored glass? Now is the best time to start a new venture and manage it somewhere you’re not familiar with – because it gives you the continuous drive to grow, expand, and thrive!

  • It provides you with a new take and fresher perspective on life as a whole

Your entrepreneurial spirit might be stuck in a rut right now, especially if you’re faced with all-too-familiar decisions, routines, challenges, and solutions. Moving to a different country and starting a business there can be particularly daunting but it can be the best wellspring of creativity, resourcefulness, and vision – something that can give you the edge in your business even if you’re starting amidst well-known and established companies around you.

  • It lets you enjoy the country!

Relocating abroad – particularly in Singapore – doesn’t have to be taken from a business point of view but it can be a lifestyle choice as well. And sometimes when there are many opportunities laid down before you, it can do your business good and help you stand out even from a competitive industry you choose to get involved in with.

Deciding which type of business to start

Now that we have established the fact that Singapore is an excellent business hub even for foreign investors big or small, with all its financial stability, free market economy, strategic geographical advantages, corruption-free system, and advanced and efficient infrastructure, among many others, the big question is:

Do not know what is the best type of investment to get involved in with? Read this article to find out the Top 5 Hottest Business Sectors right now in Singapore.

Getting help with all your Company Incorporation needs

What’s next for you?

Like what was mentioned earlier, the process of company incorporation is one of the hurdles you have to face if you want to start your own business in Singapore. Good thing there is Corporate Services Singapore to provide you with just the thing you need.

What is it all about?

Corporate Services Singapore offers both local enterprises and multinational corporations the essential guide and assistance that is need to go through all the stages of a business life-cycle – from setting up the right business structure and incorporating a company as well as dealing with financial matters and providing the necessary support services such as advisory, payroll, tax, secretarial, among many others.

Why does it matter?

All the legal intricacies, financial hurdles, and costly business mistakes can be minimized or completely avoided if you have a trusted business support provider partnering with you all throughout your journey of creating, building, and managing your dream company. Let Corporate Services Singapore lead the way towards a thriving business and successful lifestyle. Contact us today.

 

Posted in Taxation Right.