Procrastinating? Get on with Your Company Incorporation Singaporeby Creative Ideas Business Consulting Still, procrastinating about your company incorporation Singapore? If your eyes take on a special shine when there is a talk about business and your fingers, start twitching when the discussion comes to the bottom line, why to wait. Let your business idea speak for itself.
Yes, you have heard it right. Singapore is one of the most startup entrepreneur-friendly countries in the world. However, there are a few things that even a local entrepreneur must know before taking the final step to the Singapore company registration.
Give a Hard-Thought to the Type of Business You Want
For the business persons opting for a company incorporation Singapore, it is vital to have a few facts handy. The most preferred business structure in Singapore is that of Private Limited Company. It is a legal person and has its own separate identity from its owners (shareholders). It can take on 1 - 50 shareholders and is chosen for its scalability; ability to accommodate the growth of the business.
The business owner may get tempted to register a Sole Proprietorship. Legally, it is easy to register. However, it is treated as a business firm and not as an incorporated company. You will have to do some hard thinking before taking this option as it puts your personal assets at risk. A sole proprietorship has no separate identity from its owner who is responsible for its losses and debts.
Funding Your Startup Singapore Business
It is easy to incorporate company in Singapore. It takes only 1 – 3 days and you do not have to wade your way through the red-tapism and graft minded bureaucracy. However, when it comes to finding funding for your business you have to connect and deal with the real world.
You may succeed in enticing a private investor or a venture capital firm to back your business plan. However if you are a run-of-the-mill entrepreneur, you will have to dip in your personal funds to get your newbie company incorporation Singapore going. Bootstrapping a business in its intitial days is a great challange to the entrepreneur. It gives you an opportunity to be on the spot in whatever you do, economize and do your best.
This is where, opting to set up company in Singapore becomes useful. Singapore has a lot of faith in its startups small businesses. It has floated a number of schems like Business Angel Scheme, Sector Specific Accelerator Programme, SPRING Start-up Enterprise Development Scheme, and Technology Enterprise Commercialisation Scheme to support them.
Spring Singapore, a government initiative, is specially tasked with supporting creative ideas presented by the young and innovative individuals. The idea is that an innovative idea should not go waste for the lack of funding. It also supports businesses in going global.
Home Office Scheme
Establishing an office in singapore is costly even for the established businesses. However under the Home Office scheme, you can use your apartment address for your startup. You need to take permission from the concerned authorities to do so.
Networking with the wheelers and dealers in your field of business gives a startup company incorporation Singapore an advantage. Do not forget that striking deals with the establised entities opens many channels and doors for you. Convincing them about your credibility or usefulness will be a hard task, but, if you are looking for easy pickings you should not be an entrepreneur.
SBS Consulting Pte Ltd
High Street Centre,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: (65) 6536 0036
Created on Dec 31st 1969 18:00. Viewed 0 times.
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