If you are an ambitious entrepreneur who has selected the fertile market of Singapore to establish your business and reap the many unparalleled benefits off its flourishing state, then this article is for you. The Singaporean market conditions are extremely conducive for startups and at times, it offers bigger and better opportunities than financial hubs of the world such as Hong Kog or the Silicon Valley. In this article, we will be looking intothree things that any organization must do when starting off in this marketplace and eventually reaching the top of the corporate ladder.
Determine your business structure
The structure of your trade must be well suited to your own requirements as an entrepreneur, the vision and mission of the company and other factors such as legal exposure, attitude of creditors towards the business and the ability to borrow money in order to expand operations in the future. When establishing your enterprise as a private limited company, which is the most ideal business model for a startup in Singapore because of its high flexibility, sustainability and continuity, the government will look favorably on you and provide you with a wide range of incentives and tax discounts to make your life easier. You can get the company registered with a minimum of one shareholder and one director, which you can expand in the future.
Naming the business
This is an important step that must be followed with a high level of care. The rules here are simple, the name you select must not sound too similar to any existing business names which might cause confusion in the minds of stakeholders and the name must be related to the purpose of the company. By going through a directory of registered company names in Singapore, you will be able to make sure no issues arise later in the registration process. It is also important to safeguard your enterprise’s name and logo by gaining the proper legal recognition with the help of a trademark lawyer Singapore has to offer. This way, if someone attempts to steal or copy your identity in order to gain a competitive advantage or to bring harm to your reputation, necessary legal measures can be taken in order to protect your unique identity.
Visa for the employees
One of the best thing about Singapore that has made it the attraction of thousands of investors around the world is the eased policies on entrance visa to the country. An organization that must deal with company registration and the preparation of visa for the migration of their foreign employees must deal with a lot of paperwork and incur several major costs to ensure both the operations are carried out properly. However, in Singapore, executive employees can arrive in the country and stay there for a period of 1-2 years on an employment pass, a much more efficient