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Want to Start Your Business in Singapore? 5 Key Areas You Must Get Right!

If you want to start a business in Singapore the RIGHT way, you have to get it right from the start. <br><br>In these slides, you'll find the 5 key areas you must get right at the beginning of your business: the government bodies, business laws, preliminary procedures, pitfalls to avoid, and most of important of all, where to get help. <br><br>Remember: getting it right at the beginning means smooth sailing for your business as it grows later on. If 'U' need help getting started with your own business, talk to us at U Ventures, today.<br>#uventures #accounting #accountingsingapore #businessincorporationsingapore<br><br>

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Want to Start Your Business in Singapore? 5 Key Areas You Must Get Right!

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  1. Talk about what you read together - even if Chinese isn’t your first language By Dudu in Singapore? 5 Key Areas You Must Get Right! Want to Start Your Business By U Ventures Copyright © 2018 Commontown Pte. Ltd. All Rights Reserved Copyright © 2019 VENTURES PTE. LTD. All Rights Reserved

  2. When you set up your business the right way, you set up your business for long-term success. Singapore Company Registration can get complicated without someone showing you the ropes. Copyright © 2019 VENTURES PTE. LTD. All Rights Reserved

  3. Talk about what you read together - even if Chinese isn’t your first language By Dudu you start your business right. Here are five ways of making sure Copyright © 2018 Commontown Pte. Ltd. All Rights Reserved Copyright © 2019 VENTURES PTE. LTD. All Rights Reserved

  4. 1. Know the government bodies you’ll have to deal with. ACRA or the Accounting and Corporate Regulatory Authority:  regulates Singapore’s businesses, public accountants and corporate service providers IRAS or the Inland Revenue Authority of Singapore: in charge of tax collection Copyright © 2019 VENTURES PTE. LTD. All Rights Reserved

  5. More Government Bodies: MAS or the Monetary Authority of Singapore: the go- to for setting up businesses in the banking, finance and insurance industries Legal Services Regulatory Authority: where you apply for your new entity licence or registration if you’re looking to put up a law firm   MOM  or the Ministry of Manpower: where you get your EntrePass if you are a foreigner who wants to start and operate a new business in Singapore Copyright © 2018 Commontown Pte. Ltd. All Rights Reserved Copyright © 2018 VENTURES PTE. LTD. All Rights Reserved

  6. 2. Learn the laws that govern businesses in Singapore. GST; Once your business generates annual taxable revenue of over SGD1 million a year, you need to register for the Goods and Services Tax   CPF: Employers, Singapore citizens and permanent residents are required to set aside a percentage of their monthly salaries for their Central Provident Fund pensions Copyright © 2018 VENTURES PTE. LTD. All Rights Reserved

  7. More Business Laws: Manpower: When you start hiring employees for your new business, be aware that there are laws in place for their protection, as well as regulations covering foreign workers   Registration number: Your ACRA-issued business registration number needs to be on all of your official business communications   Customs:  If you are involved in import-export activities, you need to register with Singapore Customs Copyright © 2018 VENTURES PTE. LTD. All Rights Reserved

  8. 3. Take it one step at a time. Choose your  business structure: Will you be a sole proprietorship, a partnership or a company? Check whether you have all the eligibility requirements: These vary according to the business structure you have chosen Copyright © 2018 VENTURES PTE. LTD. All Rights Reserved

  9. More Steps to be Taken: Name your business according to the government’s rules: Your name must express what your business is all about, and doesn’t sound like an existing business’ name Open your business bank account: You can do this at a locally incorporated bank or an offshore bank Copyright © 2018 VENTURES PTE. LTD. All Rights Reserved

  10. Get the special licences and permits your business needs, particularly if it is one of or is similar to any of the following: Bank Childcare centre Financial advisor Importer Liquor distributor or retailer Moneylender Private school Travel agency Video company Wholesaler Copyright © 2018 Commontown Pte. Ltd. All Rights Reserved Copyright © 2018 VENTURES PTE. LTD. All Rights Reserved

  11. 4. Keep an eye out for these pitfalls. Choosing the wrong business structure: The structure you choose will determine the benefits your business can receive and the requirements you will have to meet   Dilly-dallying over your registration: By taking prompt, decisive action when starting your business, you save yourself stress as well as time Copyright © 2018 VENTURES PTE. LTD. All Rights Reserved

  12. More Pitfalls to Look Out For: Skipping steps and glossing over requirements: Miss one document or skip one step, and you’ll be looking at a fine at best or even imprisonment, at worst.   Missing out on tax incentives: Being aware of the benefits you are entitled to can help your business save   Choosing a bad business name: If you change your mind and want to change your business name, know that it involves a long and drawn out process Copyright © 2018 VENTURES PTE. LTD. All Rights Reserved

  13. 5. Get help from the pro’s. Perhaps the most common pitfall you can come across when starting your business in Singapore is striking out on your own. The entire process could be so much simpler when you have the guidance and the advice of a corporate services provider with the requisite experience and expertise. Copyright © 2018 Commontown Pte. Ltd. All Rights Reserved Copyright © 2018 VENTURES PTE. LTD. All Rights Reserved

  14. Talk about what you read together - even if Chinese isn’t your first language By Dudu We use our localised knowledge to help clients set up in the most effective and efficient manner. We’ve started our own businesses here in Singapore, and we’ve helped other business owners like you get started, too. Find out how U Ventures can help you start your business right, today. U Ventures Pte. Ltd. 6001 Beach Road #22-01 Golden Mile Tower Singapore 199589 Operating hours: Mon-Friday 9.30am to 6pm Tel: (65) 6735 8135 Fax: (65) 6296 0363 info@uventures.com.sg www.uventures.com.sg Copyright © 2018 Commontown Pte. Ltd. All Rights Reserved Copyright © 2019 VENTURES PTE. LTD. All Rights Reserved

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