Things to consider are type of product, customer base,
pricing and licensing. You need to do the ground work, determine the business
structure and choose a business name.
1.Choose a
Business Name
To find a business name use the search tool to find a
befitting name. You could register the business yourself use a lawyer or
incorporation Service Company. Make sure the name reflects the type of business
you offer.
2. Locate the
Business
The business location depends on many factors. Primary
factors include customer base, source of raw material, utility and
transportation costs.
If you deal with bulky raw materials the best location is
close to the source. However the reverse is appropriate for heavy finished
products.
3. Register the
Business
The type of business determines the registration or
license. The different types include business name, Limited Liability Company
or partnership.
Others are cooperatives, conglomerates, public listed
companies or private partnership. A good place to start is to apply online to
bizfile.gov.sg.
Financial institutions such as commercial banks or
community banks require special licensing from the central bank. However most
businesses are registered as limited liability companies while registering a
sole proprietorship could cost about $75.
- Business name
- Limited Liability Company
- Partnership
4. Funding Sources
There are many ways to fund your business from scratch.
You could target save or borrow from friends and family. Another effective
method is bootstrapping or acquiring small loans.
You could leverage on angel investors, partnership
arrangement or find seed funding. If you plan to borrow make sure you have a
good business plan, collateral and repayment strategy.
- target savings
- borrow from friends and family
- bootstrapping
- small loans
- angel investors
- partnership arrangement
- seed funding
- crowd sourcing
5. Purchase a Host
Plan
Most businesses have online presence and websites. Purchase
a host plan and domain name and hire a website developer to build a good site.
There are lots of host providers such as Godaddy, BlueHost and HostGator.
6. Write a Business
Plan
You need to write a business plan and carry out a
feasibility study. The plan should cover product, marketing, supplies and labor
costs. Other parameters are equipment, location, company branding and
licensing.
Foreign Investors foreign investors looking to start a
business in Singapore need to fulfill certain conditions. The major requirement
is to appoint two local agents or major shareholders of the company.
How
to Start a Business in Singapore
- Write a business plan
- Choose a product
- Develop a business structure
- Register the business
- Hire qualified professionals
- Find funds
- Locate the business
- Market the business
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