Singapore Company Registration: Find the Right Partner

Do you really think all the individuals with the entrepreneurial bend of mind execute their ideas? No! A large majority of them do not even consider Singapore company registration to test its worth. Many of them do not have the experience, resources, or the market penetration and network to let the idea bloom.

The entrepreneurs having an idea that can make a difference are advised to opt for a company registration in Singapore. It offers the legal protection to their business idea. Sometimes the availability of the resources & market situation forces them to take stock of the situation. It is time for them to decide whether they could do it the complete justice.

Will Your Idea Flourish Under a Partnership?

Many of them strike partnership with the right kind of partner to promote their products and services. However, it is a double-edged sword. On the one hand, a complimenting partner can buoy a new Singapore company registration and help you make it a successful enterprise. On the other hand, an incompetent one can drag it down to its doom.

Observe Carefully & Select Your Partner

You just cannot go and pick your brother or an intimate, a close friend, or someone from your social circle as the partner. Don’t let your emotions cloud perceptions. List out the criteria; you want your partner to fulfill. And stick to it.

When you find someone eligible, try to find out what the individual will bring to the table. Know how the individual can complement your skills, experience, knowledge. If you decide to go ahead and be partners, document your promises, obligations, responsibilities, remuneration or profit sharing, and commitment for the resources.

Know Your Partner Thoroughly

You need to choose your partner carefully. It is assumed that you already know the individual for as long as you need to judge his or her competence. Before you start negotiating for it, you should be sure that this is the partner you can trust to stand by your side in all circumstances.

Know How Your Partner’s Mind Tick

You need to know how your potential partner thinks. While making business decisions, you constantly come across harsh realities of life. It is no place for guesses. The decisions need to be data-driven and carefully weighed. You want your partner to understand it and also practice it wholeheartedly.

Teamwork is Important

Teamwork is another area which your partner should be able to understand. It should come naturally to him then only both of you will be able to make solid decisions for your new company registration in Singapore.

Choose Someone with Complimentary Skills

Your ideal partner should complement your skills. If you are well-versed with the production, then your partner should be an efficient in selling. The added skillset should be more than what each of you possesses. It will be really useful to the growth of your new Singapore company registration.

Even after carefully selecting your partner and doing everything to make things work, you may think that something is missing. If you are thinking of ending the partnership, well, go ahead and do it. Keeping it alive and carrying it on is not going to make your Singapore company registration a success.

Contact Info:
SBS Consulting Pte Ltd
Visit: https://www.sbsgroup.com.sg/
High Street Center,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: +65–6536 0036
Email: info@sbsgroup.com.sg

Fast Facts about Formalities to be Done After Company Incorporation Singapore

The onus of fulfilling legal formalities does not end with the process of company incorporation Singapore. The real game begins afterward only. Yes, you heard it right. The task of company incorporation in Singapore is not as easy and simple as you have assumed. The job of running the business can be little tricky and challenging if you are not fully aware of the post-incorporation formalities.

The good news is that all your burden and worries could be outsourced to some incorporation services Singapore. The professionals of the firms assist their clients right from the start to finish of the incorporation process. Fortunately, the good firms offer all allied services related to business. So, if you hire a good incorporation specialist, you will be in peace of mind knowing that your post-incorporation formalities are being carried out perfectly. Nevertheless, it is always wise to be aware of all aspects related to your business.

Following are the post-incorporation formalities that you must meet to sustain your company in the local jurisdiction:

• Upon company incorporation Singapore, your registered office must be kept open and accessible to the public for at least three hours per day between 9 am to 5 pm on business days.
• It is mandatory to appoint an auditor within three months of company incorporation unless your company falls under the concept of “Small Company.”

A small company is referred to a company it meets any two of the below-stated conditions:

• The number of employee is not more than 50;
• Your revenue is below S$10 million; and
• The asset values of your company are below S$10 million.
• Every company must appoint a company secretary within six months from its incorporation. He has to be an ordinary resident of Singapore (Citizen, PR or holder of Employment Pass). The person must be well versed with the rules and regulations of the local jurisdiction.
• Opening a corporate bank account in any of the major banks in Singapore is mandatory after company incorporation in Singapore. You may take the assistance of incorporation services for handling the bank account opening activities.
• It is a statutory requirement to print the company registration number (UEN) on all official documents such as company letterheads, invoices, official notices, publications, etc.
• The common seal of your company must be kept under the safe custody of the corporate secretary. It is mandatory requirement to have a common seal of the company.
• Your company may require obtaining business license or permits based on the industry you will operate in. It is better to take the advice of the professionals or experts in his concern.
• GST registration is compulsory as long as your expected annual turnover exceeds the threshold of SGD 1 Million. The current rate of GST (Goods & Services Tax) Singapore is 7%.
• Obtaining the CPF submission number is required. Every employer must contribute an amount to CPF board on behalf of every local Singaporean employee of his organization.

Make sure to follow the statutory obligations of the authority to avoid any legal issue in the very nascent stage of your company incorporation Singapore.

Contact Info:

SBS Consulting Pte Ltd

Visit: https://www.sbsgroup.com.sg/

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg

Singapore Company Incorporation: How to Start the business on a Shoestring Budget?

Have you dreamed of running your own business in Singapore for a long time? Do you have some solid business ideas? If yes, it is the time to capitalize on the best business idea to fulfill your dream of Singapore company incorporation. If you do not have an adequate capital fund to invest in any of the business ideas, it is not a big deal. Do not let the shortage of money be the key reason for not trying to incorporate a company in Singapore turn your dream into reality. It is the new age of technology and aspiring entrepreneur like you have endless opportunities to build your business even on a shoestring budget.

Rather than spending time on knowing how to do everything on your own, you can outsource the tasks of Singapore business incorporation to specialists like SBS Consulting. The outsourcing firm sets you free to focus on marketing and advertising of the product or services. Such firms also provide guidance and advice to their clients on various aspects. You will know how to combat the ever-rising competition among the aspirants.

Singapore Company Incorporation with Professionals

As mentioned above, the task of company incorporation become far easier and fast under the guidance of the professionals of the third-party firm. They streamline the process in a better way. Do not bother about the fee structure of incorporation. Many firms are offering competitive prices along with freebies which makes the total incorporation cost less expensive. Moreover, you would have a great experience.

Let Your Home be the Business Location

As per the local jurisdiction of Singapore, there has to be one local registered office address. It can be a commercial or residential address. For using your home as registered office address, you need to take prior permission from the concerned authority. Apart from being the registered office address of the business, your home can also be the place of business operation. You may start earning from home without having to spend on rented office space.

Go for a Low Budget Business Plan

It would not be worth to invest in a business where you require inventory on hand. Buying products from other vendors for reselling may eat up a large chunk of money from your limited budget. You can build your hobby into the business. Let your passion be the key ingredient of your business. It ensures a high return on your shoestring budget.

Use Free or Low-cost Web-based Software

There are many free software solutions available over the internet. You may also opt for cost-effective web-based software from the trusted vendors. More often than not, these software solutions are easy to use, intuitive and highly competitive. Any novice person can operate the software. Moreover, you do not need to take the assistance of any IT staff for maintaining the software.

Web Presence of Your Business

When you incorporate a company in Singapore, be sure to have the web presence of your business by building a website. There are many cost-effective web hosting deals available in online platforms. Get the domain registered and aesthetically design the website. You must ensure to build the website while keeping the tactics of SEO (Search Engine Optimization). It helps you to spot on the top ranking of the SERP (Search Engine Result Page). It is crucial in today’s online marketing era.

Tap Into Social Media Marketing Strategy

Your website marketing can easily be done through social media platforms. Thanks to platforms like LinkedIn, YouTube, Twitter, Facebook, Pinterest, etc. You can access a global audience for a free or very minimal cost. Surprisingly, the marketing campaign of social media is much more effective than offline paid advertising. Do not delegate the task to digital marketing experts until your business is generating revenue.

It is worth noting that not all startup business ideas can be converted & Singapore business incorporation executed in this way, so you better pick the idea that suits this technique well. Whatever be your pick, do it systematically. Nothing will be done unless you take the step. There is never an ideal time to incorporate a company in Singapore. It is advisable to start as early as possible when it comes to Singapore company incorporation.

About Us:

SBS Consulting is a Company incorporation firm based in Singapore. The firm offers comprehensive incorporation and consulting services to budding entrepreneurs and aspirants.

Contact Info:

SBS Consulting Pte Ltd

Visit: https://www.sbsgroup.com.sg/

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg

6 Surefire Ways to Improve Your Business after Company Registration Singapore

“OK!” You have registered your company with the governing authority ACRA (Accounting & Corporate Regulatory Authority). “Now, what is your next move?” A true entrepreneur thrives on the experience of learning. As the popular adage says "An entrepreneur should never stop learning in his life." Entrepreneurship is not simply a career choice. It is rather a way of life. To become a successful entrepreneur in Singapore, you must keep on learning to make your business a huge success. Upon the completion of company registration Singapore process, you must continually look for the ways to improve your business.

Believe it or not, many successful entrepreneurs continued to learn new business tactics and find ways to improve their business till the last day of their career. Every entrepreneur must follow that lead before embarking on Singapore company registration. Precisely, learning helps you gain an edge over the competition.

This blog excerpt is outlining a few surefire ways to improve your business right after the process of company registration.

Review & Restructure Your Business Plan
Review your ongoing business plan. Once you prepare the business plan and put it into practice, you must make sure to keep a regular tab on it to figure out how far the objectives have been achieved and how the business has taken shape. Depending on your current requirements and status, you may even consider it to restructure it. It makes sense that a lot of factors likely to change- starting from business priorities to product line since the inception of your business (company registration Singapore). Take all theses changes into consideration while assessing the discretion of your business.

Tap into Technology to Upgrade Your Operations
Technology has taken over our life, virtually in every aspect. Although the use of technology can be sometimes be intimidating, especially for the non-savvy IT person, it has simplified the day-to-day operation of the businesses. You may install a web-based software like accounting and payroll to automate the mundane job of number crunching and payroll computation respectively. Similarly, for email marketing campaign, there are several automated tools wherein you can send plenty of emails in one go. There are so many ways to embrace the technology to streamline various processes of your business.

Keep Your Books of Account Neat and Healthy
Keeping numbers in order or books of account organized can be a tricky job for a business owner unless he is an expert in the accounting field. Nevertheless, it is crucial for your business to know your latest numbers. You have to be on top of accounting of books. Otherwise, you may find it hard to take the business into next level of success.

Take out some time from your busy schedule to evaluate the financial performance of your business. You may Do-It-Yourself or outsource the task to a third-party firm. Try to figure out the section where your business is lagging behind and sort it out. Even a small weaker portion may lead your business to a downward position. So, ensure that every section of your accounting book is updated. It lets you know about the exact state of your financial condition.

Stay Informed about New/ Amended  Rules & Regulations
The governing authorities in Singapore such as ACRA, IRAS, MOM, etc., keep on changing or implementing new rules and regulations, whenever needed. Every company must strictly follow and meet the regulations at any cost. A defaulter may face severe penalties/ hefty fines for not being complying with the laws. It adversely affects the business in several ways. So, you must ensure to keep pace with the updated rules and regulations and fulfill them before the specified deadlines.

Leverage the Power of Digital Marketing
The higher penetration of internet and smartphone into the life of an ordinary man has resulted in accelerating demand for implementing digital marketing among the businesses. Building brand image and online presence of your business become easy with digital marketing. You may leverage all the effective tools of digital marketing such as social media, email marketing, organic & paid SEO , paid-advertisement, content marketing, etc.

Today, almost all the businesses are virtually present in the web world due to the numerous advantages it has to offer. A well-drafted digital marketing campaign can help the business reach the maximum target audiences and build an impressive brand image. So, you must boost your digital marketing efforts right after company registration Singapore.

Keep Your Employees Happy & Productive
If you want to grow your business in a consistent manner, make sure to keep your employees happy.

A happy employee= productive resource= high ROI

Try to know the salaries that are consistent in your area of interest and maintain the standards to attract a pool of right talents. Please note that a happy employee is not only committed to performing better, but he is also the key driving force behind your business's growth.

Besides these six sure-shot ways, also consider gaining timely advice and guidance from the business experts. The experts can guide you to lead your business activities on the right track. Running a business is more like a riding in a roller coaster. So, be ready to deal with its downside by learning new ways to triumph over it. Singapore company registration could be the best thing you have done in your entrepreneurial journey if you ensure to apply these ways to improve your business.

Invest in Business Model Before Company Registration Singapore

The old, as well as new investors, love to know about the new company registration Singapore. Their interests are not only academic but monetary too. Who would not like to ride an upcoming startup and benefit from its success? Would you miss out on such an opportunity?

Singapore offers a well-boosted startup ecosystem. The entrepreneurs and corporate come to the island nation for their company registration Singapore. They have dreams regarding their company registration and hopes to make it big. They are well supported by the incorporation services that offer affordable company registration packages to them.

However, opting to register company Singapore and guiding it to the road to success is a tough call. Still, a few make through all the difficulties. They become the talk of town like Singapore that is interested in the rise and fall of startups. There are a few things that the newbie startup owners must keep in their mind.

Be Ready to Update Your Business Model

A company is not a finished product, rather, it is an evolving entity. The strategies and the business model that worked for it when it started out may not work for it after it grows. The entrepreneurs opting for a Singapore company registration need to watch out for the market forces. They must align their company with them for its continual existence and growth. It is part of their and company's development process.

Focus On the Paying Customers

The business owners need to be cautious about what they start with even before they register company Singapore. They need to validate their business model even before implementing it. They have to make sure that it is focused on their paying customers. The owners need to know the cost of acquiring new customers and the budget they would need to survive the initial days of entrepreneurship. In short, they need to plan their company registration carefully.

Find Customers' Wants and Needs

The fortune of a new Singapore company registration depends on its ability to sell products and services. It can only happen if the owner invests resources in finding out the wants and needs of the target customers.

To this end, they need to conduct market surveys and research in order to separate their clients' needs and wants. A statement like, "I want to ride the spaceship to Mars!," gives what a customer want. They may not necessarily make it their goal and pursue it wholeheartedly. On the other hand, "I need a fuel-efficient bike or car to go to the office!" expresses the need. It is a thing that a majority of us need and buy.

Conduct Market Research to Find Target Audience

Researching the needs of your target customers gives you an opportunity to fine-tune your products and services to fit their current needs. Such value added products give a business the much-needed leg up in a new market. It gives the new company registration Singapore a competitive edge enabling it to make a stand in the face of competition from the existing market players.

You need to be careful if you want to target all the demographic, because only a general product can appeal to them all. However, by introducing value added products, you can target and fulfill the urgent demands and create the sales funnel for your business. It will give you initial customers and will confirm your business model.

Digital and Social Marketing

A new company registration Singapore must also invest in digital marketing to promote its products. After successful Singapore company registration, the owner should come up with a website to promote the new business online. It is a media where the owners could market their products, publish customers reviews, conduct online surveys, and offer deals on their product.

A new startup should also benefit from promoting itself on the social media. It is an essential and cost-friendly strategy for a newbie company registration Singapore to reach out to the internet users. It is bound to reap benefits in a market like Singapore where the majority of internet users use smartphones to stay connected with the world.

Government Grants for Successful Company Registration Singapore

Are you going to take a leap of faith and launch your startup business opting for company registration Singapore? But, you have no spare money to fund the business. That does not mean that you have to drop your idea of bootstrapping. Singapore government has pumped tons of money into grants and schemes to provide succor to startup entrepreneurs. The country is perhaps one of the most proactive government who nourishes young and new entrepreneurs to strengthen its economy.

Despite the availability of various cash grants and programs, you might face a hard time figure out and secure the right one for your business. A professional firm can help you fit into any one of the grants offered by the government. Or you may also devote some time to make some effort to find and secure a grant yourself prior to registration of the company.

Before jumping in too deep, let us discuss Singapore company registration in brief.

Company Registration Singapore

The Accounting & Corporate Regulatory Authority (ACRA) is the national regulator who oversees the process of company registration in Singapore. The process must be followed as per the Singapore Companies Act, Cap 50. There are few requirements which must be met before filing the application for Singapore company registration with ACRA.

1. Minimum one resident director of 18 years or above. He must be a citizen, PR or holder of Employment or Entrepreneur Pass in Singapore. 
2. The number of shareholders must ranges between 1 to 50. 100% foreign shareholder is allowed. An individual or a corporate can act as a shareholder. 
3. A registered office address must be lodged at the time of registration. It must be physical one (residential or corporate space). P.O. Box address cannot be entertained.
4. The minimum paid-up value is $1. 
5. Appointment of a company secretary within six months of company incorporation is a must. The applicant must undergo two simple steps to accomplish the process. 1) company name approval and 2) company registration. The proposed company name has to be unique, meaningful and decent. The approval of the name is subject to availability with ACRA.

Once your company name got approved, you must submit the application form and required documents with the authorities. The entire process does not take much time provided your application does not require review by the approval authority. You will be notified by ACRA through an email regarding your successful incorporation. The email contains the incorporation certificate along with the company registration number.

How to Find a grant for your startup in Singapore?

Follow the below-mentioned points to secure government-backed funding in Singapore.

Conduct a research on available grants: Find out which are the grants available for start-up businesses and suits your industry type. The best source to find the data is the official websites of various government-backed agencies such as SPRING. There are good numbers of cash grants, equity programs and incubator schemes available for startups in Singapore.

Compile a list of grants related to your business: Make a list of the grants related to your business plan and idea. It makes sense as businesses often face fierce competition in obtaining grants during their days of company registration. Nevertheless, your hard work will be paid off, if you succeed to secure the grant. Many other new entrants want a grant for the very same reason you do. It is better to cast your net wide by applying for different grants. This way, you are more likely to get the funding of your desire.

Prepare a grant proposal: Write a grant proposal and fill up the application form. When writing the grant proposal, make sure to use standard business language (avoid flowery and slang language). The proposal must include a financial plan (details of existing funding) and how the fund will be used in the course of business operation. You may consider hiring a corporate firm to write the proposal on your behalf. It will give it a more professional look. This works great especially when you are new to grant proposal writing.

Learn from the rejection: It is evident that majority of grant applications got rejected. That is the hard truth of government-backed grant world. But, do not let down your spirit after the rejection. You can learn from the rejection of a grant. In the case of rejection, you have the right to know the reason behind it. If the reason is not made clear in the rejection letter, the applicant may call the agencies to provide more feedback. You may re-apply for the grant while searching for more grants and options. You may also consider applying for a business loan while waiting for government' approval for grants.

The top start-up grants available in Singapore are ACE Startup Grant, ComCare Enterprise Fund, Technology Enterprise Commercialisation Scheme (TECS), Ideas. Inc Business Challenge, SPRING Startup Enterprise Development Scheme (SPRING SEEDS), Early-Stage Venture Funding Scheme (EVFS) and so on. The tactics mentioned above may help you secure funding for your dream venture. Meanwhile, make sure to get acquainted with the process of company registration to give your start-up a strong start.