A guide on how can foreigner setup their business in SIngapore


Singapore is among the top strategic locations where foreign companies can start to operate their businesses. With their sound financial system as well as stable political environment, the country offers excellent springboard that will help you start your business.

How can foreigner set up their business in Singapore?

When setting a business in Singapore, you must follow the procedure that will help you get your business running. Here is a guide on how a foreigner can set up a business in Singapore:

Registering your business

You can register your business easily, including your foreign branch offices at Bizfile online by the Accounting & Corporate Regulatory Authority. They are the body mandated with the responsibility of registering these companies operated by foreigners in Singapore.

Foreign businesses that would like to set up representative offices in Singapore can also approach any of these government agencies:

Through the process, you will learn the procedure on how to register your business easily before you can be in a position to begin operating it in Singapore.

Finding the business premises

Singapore offers a wide range of premises for new businesses. When you do your research well, you will definitely know the best location where you start your business in Singapore. If you want to start it at a civic district or near a suburban estate, a modern house with luxury, a flatted factory or businesses that are assured of good infrastructure and premium facilities.

Nominee Director (For foreign-owned companies in Singapore)

All foreign-owned companies are required to have a nominee director (local resident director) before they are able to establish their company in Singapore. You can always contact a local nominee services provider like Director Plus – http://www.nomineedirectorservices.com.sg/ to assist in setting up your company while meeting all the legal requirements.

Recruiting manpower

Singapore attracts many businesses with a strong pool of international talent. After starting your business in Singapore, you will find employees through head-hunting agencies and online recruitment portals. You as the business owner must learn to the labor market and information available on hiring and training located at SMEPortal.sg. It is important that you explore training programs offered by the EDB in partnership with many other corporations. You will be able to recruit the best team that will help you grow your business in Singapore.

Get the necessary licenses and business permits

You can never start operating a business in Singapore without the licenses and permits. This will give you the freedom to start operating the business in the market. These licenses and permits are:

  • Business License
  • Fire Department Permit
  • Air and Water Pollution Control Permit
  • State Licenses
  • Sales Tax License
  • Health Department Permits

You should ensure that you have the above permits and licenses when you want to operate within the Singapore market as a foreigner. Market your business for potential customers Singapore has a strong media that you can use as a form of marketing depending on the kind of business that you will do in Singapore. You can always choose the best as per your marketing budget if you want to grow your business after its launch in Singapore as a foreigner. Assistance from the government agencies

Singapore is known for a smooth-running bureaucracy that sees the inter-agency co-operation and working seamlessly to assist businesses to grow.

You can always contact these government agencies to understand the business environment in Singapore before you start to operate. These are:

  • Economic Development Board or EDB: this EDB will provide a comprehensive investor support by ensuring the pro-business environment is available in Singapore.
  • Standards, Productivity, and Innovation Board: SPRING is an agency from the Ministry of Trade & Industry to help you operate your business freely in Singapore. The agency will help your business in financing, capabilities & management development, access to markets and technology and innovations
  • Accounting & Corporate Regulatory Authority: ACRA will oversee registration as well as regulation of business accountants and business entities thus helping in compliance requirements, and practices of corporate governance.

What are the Laws and regulations? You should have information on the statutes when running a business in Singapore. Some of the statutes you should know include:

  • National Environment Agency ( the Miscellaneous Amendments) Act of 2016- New Subsidiary Legislation force
  • National Environment Agency (the Miscellaneous Amendments) Act of 2016 (Commencement) Notification 2016

When you have information on the rules and regulations, you will never have problems with the legal authorities thus giving you time to run and grow your business in Singapore.

In conclusion, the above information should help you as a foreigner set up a business in Singapore thus assisting you to grow it easily.

 

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 Different Crowdsourcing Platforms Startup Companies can approach for Fundings

crowdsourcing

Are you an entrepreneur looking for a platform to raise funds, ideas or content for your company? Look no further; crowdsourcing will provide you with multiple platforms that will see you meet the financial needs of your company. The crowdsourcing concept operates through the social media expertise to help companies improve their services and have a wider consumer market. With the availability of the internet, crowdfunding has been made easier in the recent past. Listed below are crowdsourcing platforms that startup companies can approach for findings;

1. Kickstarter

kickstarterDo you need funds to advance your company? Kickstarter is a platform meant for you by crowdfunding to help you in the fundraising process based on your goal. Kickstarter performs two important purposes in helping the startup companies to see their ideas flourish into success. First of all, as an entrepreneur, you will be able to let the public know the ideas you have to share. Secondly, you also get an opportunity to fundraise cash to support your ideas. Whether you have a small or a big company the Kickstarter fundraising platform provided is equal to everyone. If you have the correct idea Kickstarter is the way to go to make it flourish.

2. Kiva

KivaKiva works for those business people seeking for loans to advance their businesses to the next level. In short, Kiva connects borrowers and lenders in the business sector. Hundreds of entrepreneurs have seen their small businesses grow to large scale businesses by receiving loans from Kiva. Kiva provides a platform for people who want to support entrepreneurs through loans and get refunded later. The lenders give out the specified amount of money to the borrower and then after the borrower succeeds in their business they refund back the money they had borrowed. However if you are a borrower with a bad credit history you may not be able to get a lender because they will not trust you in regard to your past credit history.

3. Indiegogo

indiegogoOn this Indiegogo crowdsourcing platform, you will be able to fund your dream idea and reach your desired goal. It allows you to make your fundraising choice that matches your intended goals; the goal can be fixed or flexible. First of all, you need to share out and market your idea on Indiegogo to attract an audience. After marketing your idea you can now start a campaign to solicit funds from your audience. If you are an entrepreneur with a creative project you can be sure that Indiegogo is the right place for you to walk into an incredible entrepreneurial adventure. Moreover starting a campaign with Indiegogo is free so you can begin fundraising immediately!

4. Profounder

profounderAre you running a small company that needs some financial support? The more profound fundraising platform comes in place to support the small businesses to help them grow. This site will help you fundraise money for your startup company as well as give you great entrepreneurial ideas that will blossom the business. The entrepreneurs are also given an opportunity to share their revenues with investors for an exchange with investments. If lack of capital is what has been keeping your company from growing Profounder is here to make a change.

5. Helper’s Unite

Helper’s UniteThe Helper’s Unite gives a platform for creative and entrepreneurial crowdsourcing to support increase awareness and solicit funds for ideas that you share. The Helper’s Unite operates with the concept that united we can change the whole world. The startup entrepreneurial companies that want their businesses to grow into another level can use this site to get the needed funds and make a remarkable difference in the society.

6. GreenUnite

GreenUniteIs your company dealing with products that will contribute to making a more sustainable world for the human kind? GreenUnite comes in place to support such companies to make the world a better place. This platform supports the brilliant entrepreneurs who have ideas that can make a difference in our current world. When fundraising from GreenUnite they give you the opportunity to donate the acquired funds to the Green US based charities. Contributing to charity events is more advantageous since it brings the chance to get better donations.

With the above-given platforms, you will be able to take your startup company to a higher productivity hence meeting your customer needs effectively. Visit any of these sites today and begin your online fundraising immediately!

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Guide to Start a Business with Minimal Fund

Funding for Startup

Many entrepreneurs fail to kick off their great business ideas for the simple fact that there is not enough capital. Most believe that it is impossible to start their business with no money which may have some truth to an extent. However, money is not the foundation of business but rather what the business is supposed to generate. Regardless of the amount of money you have, success will require deep insights and knowledge before venturing. Do you have the ideas? There is no cause for worry. You can start a business with minimal funds and grow it to a multi-million enterprise. However, you will spend more time working extra hours, learning and perfecting with limited sleep and stressful moments sometimes almost giving up. Nonetheless, those who seek business success diligently with little to no money are often ready for the extra input. Here are a few insights into starting a business with minimal funding:

1. Build the business around your skill set

This is very simple to understand, build your business around what you already know how to do. Rather than spending the little, you have in outside territories, use your skills and knowledge to build something you can manage on your own. It will not only help you cut down the expenses on consultants and outsourcing certain skills but also give you ease and peace of mind. It is generally advisable to have the personal expertise and it can be the key element in adding plunge into your enterprise.

2. Inform everyone in your circle (friends, family, everyone you know)

You must make it a personal mission to inform everyone you know about this new business you have started. Inform your family, friends, contacts, social media friends and everyone about the business. It is the word of mouth that spreads the word out there and informing as many people as possible one of the powerful forms of grass-root marketing. Send emails and text messages as well as past business contacts. This can help you introduce your brand to a large number of people including professional contacts. Alternatively, you can also consider crowdsourcing for the source of fundings for your invention.

3. Avoid any unnecessary expenses

Since you already have minimal funds to start with, it is only logical to be wise with your expenditure. Avoid overspending and be frugal without compromising the business. For instance, you may decide on the “cool looking” metal business cards which could cost around $1,000 for 500 pieces. Or you could spend $10 for 500 traditional business cards. It is important to weigh out the necessity of every expense and identify why you have to spend more on something that can be bought for much less.

4. Use revenue to finance rather than credit card debts

When starting a new business, it is easy to get buried in the credit card debts without even knowing. Investments in office computers and furniture, as well as supplies, may quickly add up and many failed startups show heavy debts accumulated within the first few months. Rather than purchasing everything at once, just start the business and then use its revenue to slowly finance various aspects without going deep into debt. It is obvious that constant stress and worries about debt will prevent you from creating a successful business.

5. Think out your payment policies first

Many people fail to achieve success in their startups simply because they based their receivable on what the customers would love to have rather than what makes the business operational. If you are starting a retail business, then receivables policy will not quite affect your operations. However, those planning to offer services (like consulting) or giving retailers products must think of the payment policy. Should you go for Net 30 or Net 15? When choosing a business policy, it is your business that comes first. Of course, you want to keep the consumer needs in mind but this should not compromise your operations and profit making potential.

6. Make sure you build your sweat equity

So you are starting a new business, spending long hours with limited sleep, stressing and working yourself out to make ends meet. You are basically adding value to the business and establishing the foundations of what is projected to grow and flourish into something you might probably sell part of or decide to take a partner. This should not be for anything. It is the sweat equity you will be remunerated should you consider those options (taking a partner or selling part of the equity).

7. Take advantage of the internet’s free advertising

One thing you must learn to accept is that effective business buzz can be the difference between success and failure. There are various ways to generate free press and business buzz for your enterprise. Utilize internet platforms such as social media and advertise your business in whatever ways possible without breaking your bank. You can also reach out to local media and submit to a couple of their requests and terms. This may lead to you being branded as the local powerhouse and giving you an edge over the competition.

8. Prepare to work very hard (Hustle)

Hard work is the absolute necessity if you are going to succeed starting a business with minimal funds. You will be required to handle the cold calls, offer customer support, venture into the market to fetch supplies, handle billing and accounting and every other aspect of the business. You are going to spend long hours of dedication and diligent focus to make the business a success. You cannot afford to waste any more time and leave other ends. You will probably wear many hats which require strength, energy, patience and time.

Conclusion

Minimal funds should not be the reason you fail to start a business that you have all the ideas for. It is generally advisable to read testimonials and stories about other people who have started their business with sweat equity alone and learn from their experiences. Starting a business with little funding can be quite stressful, in fact, almost overwhelming. However, you must gather the strength and determination to pull through. This is why you should build the business around your personal expertise, probably something you are passionate about. What’s more, learn and gather sufficient insights about the business before you begin marketing it.

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