How to Start Small Business in Singapore

Posted by Paul Hype Page & Co on January 15th, 2021

The business opportunity is ample in Singapore. There are always new businesses coming up. If you have a great business idea, you might consider transforming it into reality. Singapore is a land of opportunity with a supportive startup ecosystem, who knows you might end up becoming a successful entrepreneur if you give yourself a chance.

Starting a small business in Singapore is straightforward. As long as you have the will, you can easily step into the game by kick-starting a small business in Singapore.

Checklist before you start a small business in Singapore

1. A solid business plan
To start a small business in Singapore, you must have a business plan to get started. The objective of the business and the financial sources of your business must be indicated in the business plan, so you have an idea how to structure, launch and grow your business. You should also include the local market and target audience's analysis in the business plan. A proper business plan does not have to be complex. As long as you include the key elements in the business plan, it can help you to make well-informed decisions as you move forward with your business.

2. Capital and finances
Capital is everything for any business. All business owners should have enough capital to ensure the business to be fully operational. Starting a business can be intimidating if your budget is tight. To successfully start a small business, you must know how to source your funds. Some popular start-up funds are loans and personal savings.

3. Business name
Having a sound business name is crucial for any business, there is no exception for small businesses. As a business owner, you have to make sure your chosen business name is in-line with the company’s goods, products, services offered. A unique or memorable business name can help your customers to remember you easily and differentiate you from the competitors. However, bear in mind that Accounting and Corporate Regulatory Authority (ACRA) will not approve business names that seem offensive, obscene, or vulgar.

4. Consider e-business
E-commerce is rising in popularity. If you are planning to start a small business in Singapore, securing a domain name for your company is a promising idea. Having an online presence will help in diversifying your customer base as well as improve your sales and profits. Your domain name should correspond to your business name.

5. Type of business

Business entity is another key component that business owner should take into consideration. When you want to launch a small business in Singapore, you should have a basic understanding of business structures of the nation. The following are the recommended businesses structure if you to start a small business in Singapore:

• Sole proprietorship
• Partnerships
• Limited liability

6. Tax obligations
Compliance with legal requirements is an essential process for anyone who wants to start a small business in Singapore. If you fail to comply with all the legal procedures, you might render your business illegal or lead you to penalties and fines. Therefore, you need to educate and equip yourself with all the necessary tax requirements and obligations.

7. Register your business
The first step to start any small business in Singapore is to register your business with ACRA. You can either incorporate your business by yourself or seek the assistance of a professional service provider. Paul Hype Page can help you to register your business of any business entity at a relatively lower price. 100% certainty of successful business registration. If you need helps with tax filing and tax obligations, Paul Hype Page will be able to help as well. Check out our website for further details.

8. Have a registered office address
A registered office address is necessary for anyone who wants to register a small business in Singapore. If you do not have one, talk to one of the incorporation specialists from Paul Hype Page, they will be able to solve your problem.

9. Licensing and permits
Obtaining licenses and permits from relevant authorities is a must for any businesses that want to operate in Singapore. The type of licensing and permits you required for your business depends on the type of business and the industry you are in.

10. Bank Account Opening
You will also need a business account to start a small business in Singapore. Paul Hype Page’s preferred Neobank partner – Aspire, might be a desirable choice for you. Aspire is perfect for small businesses, especially if you are doing a lot of business activity online. When you sign up for an Aspire business account, you can get cashback for all your expenses on “online marketing” (e.g., Facebook Advertising) and “software as a service” (e.g., Mailchimp).

With Aspire, you, as the business owner, can have fast and simple access to financial services for your business operations anywhere and at any time through your mobile phones. What is more, it is also free to open an Aspire Business Account. There are no monthly fees, fall below fees, or FAST transfer fees, and no minimum deposit is required as well.

If you are keen, the account can be opened entirely online with Paul Hype Page. Check out more Aspire features on www.aspireapp.com.

Feasible small business ideas in Singapore

If you want to venture into the Singapore market, here are some feasible small businesses ideas for you to consider:

Accountancy: There are abundant opportunities for accountants in Singapore because all Singapore businesses need accountants to help them with tax obligations and finances.

Consultant: The demand for consultation services is on the rise with the increasing number of potential investors in Singapore. If you have consultation skills, can provide financial advice and investment insights, this might be a good option for you.

Other in-demand small business ideas in Singapore are boat cleaning, bicycle repair, dog breeder, cleaning services, computer repair, and business planning services.

Conclusion

The process of starting a small business in Singapore is simple and straight forward if you do it right. Whether your business will succeed is depend on your preparedness and planning. You must have a contingency plan to ensure success in your small business. Apart from that, steps like incorporation and securing funds are also vital when you want to start a business in Singapore.

To get comprehensive information on this topic, please refer to Start a small business in Singapore article.

Paul Hype Page & Co, established in 2008, is a Full Practicing Member of the Institute of Certified Public Accountants of Singapore (ICPAS). Paul Hype Page also registered as a Public Accounting Firm with Accounting and Corporate Regulatory Authority (ACRA), offering consultancy services relating to Singapore Company Incorporation, Accounting, Auditing, Taxation, Immigration, and related compliance services.