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For entrepreneurs looking to launch a new venture or expand their existing company, Singapore may be the right place to start a small business. With its strategic location and excellent infrastructure, it is one of the best places in Southeast Asia to bring ideas to life.
There are also government incentives available that give entrepreneurs and startups access to funding and grants, offering support for those passionate about setting up a company in Singapore. If you're dreaming of pursuing your entrepreneurship goals in the Lion City, this comprehensive guide will equip you with the essential knowledge on how to start a business, so you can turn your vision into reality.
For starters, you will need to choose any one of the following business structures under the Accounting and Corporate Regulatory Authority (ACRA) of Singapore:
Your choice of business structure will ultimately depend on a number of factors. This includes your capital budget, the number of business owners and the responsibilities required of them, as well as the risks and long-term goals involved in your operations.
Once you have decided on your company structure, you can proceed to register your new business under ACRA. Be sure to have the below compliance requirements confirmed on your end:
You will also need to set aside at least $315 for the incorporation process1. This is roughly how much it will cost to apply for a business name and register your company. You will receive a Certificate of Incorporation if you have successfully completed your company registration with ACRA.
Depending on the nature of your business, you may need to obtain specific business permits and licenses to operate legally in Singapore2. These licenses and permits ensure compliance with industry regulations and safety standards. For instance, businesses intending to export or import food into Singapore need to obtain an Export Health Certificate.
You can find detailed information about specific licenses and permits needed to start a business on the GoBusiness website, a central information hub for business owners in Singapore, or the websites of relevant government agencies, such as the Singapore Food Authority (SFA).
Finally, make sure to keep your personal and company finances separate by creating a corporate bank account for business purposes. It also adds credibility to your business and facilitates financial management. To establish your small business and start taking in orders, you can manage your expenses through either a local or international bank. When choosing a bank, consider factors like:
With your business registered and your bank account set up, it's time to establish your operations. This may involve:
Leverage technology to streamline your operations and improve efficiency. Cloud-based solutions, online accounting software, and digital communication tools can all help you manage your business effectively.
Understanding Singapore's tax system is crucial for business owners. Key taxes to be aware of include:
Stay informed about the latest tax regulations and utilize resources like the Inland Revenue Authority of Singapore (IRAS) website to ensure compliance.
Singapore has comprehensive employment laws and regulations to protect the rights of employees. Key areas to be aware of include:
Protecting your intellectual property (IP) is crucial for safeguarding your business's competitive advantage. Singapore has a robust IP framework that allows you to register trademarks, patents, and copyrights. Registering your IP with the Intellectual Property Office of Singapore (IPOS) can help prevent others from using your brand, inventions, or creative works without your permission.
The Personal Data Protection Act (PDPA) governs the collection, use, and disclosure of personal data in Singapore. Businesses handling customer data must comply with PDPA requirements to protect customer privacy and avoid penalties. This includes obtaining consent for data collection, implementing data security measures, and providing customers with access to their personal data. Non-compliance with the PDPA can result in significant financial penalties.
A major benefit of starting a business in Singapore is the variety of government support and incentives to encourage entrepreneurship and business growth, such as:
More information can be found on Enterprise Singapore’s website.
Singapore has a vibrant business community with numerous networking opportunities. Take advantage of these opportunities to build relationships, learn from others, and stay informed about industry trends. Attend industry events, join business associations, and connect with other entrepreneurs to share knowledge, explore partnerships, and expand your reach.
Digitalization in Singapore is rapidly transforming the business landscape. Embrace e-commerce and digital technologies to reach a wider audience, streamline your operations, and enhance customer experience. Singapore offers a thriving e-commerce ecosystem with various platforms, payment gateways, and logistics solutions to support online businesses.
To truly achieve success in Singapore, every type of startup – offline and online – can benefit from having a reputable logistics company to provide a variety of solutions ranging from order supplies to delivery services. With your time, money and energy on the line, it can pay off having a reliable partner to depend on for anything related to order fulfillment.
As a leading provider of international logistics solutions and international shipping solutions, DHL Express is dedicated to supporting businesses of all sizes in Singapore. Here's how we can help you achieve your business goals:
In fact, DHL Express has helped local brands like Maison 21G reach out to a global audience with the assurance of smooth and quick delivery. This has allowed Maison 21G to build lasting connections with customers who are now fans of theirs around the world. Another local brand that’s broken into the international stage with DHL Express’ support is Delugs, with DHL’s global reach enabling them to provide reliable delivery services even in new markets.
Singapore's pro-business environment, coupled with the comprehensive support and resources available, makes it an ideal location to launch and grow your business. With DHL Express as your trusted logistics partner, you can confidently navigate the complexities of international trade and logistics and focus on achieving your business aspirations.
Enjoy the extensive benefits of shipping with DHL Express, including attractive shipping rates, and set the stage for success and start growing your business.