Before thinking of registering your business in Singapore, it is important that you get ready to do business first. Only when you are ready to begin and have completed all your preparations should you register so that you can start doing business straight away. All businesses operate within the framework of a social environment and the factors that go into making your business successful are things like government policies, education levels, the percentage of women in the workforce and so on. The Parliamentary democracy system in Singapore creates an orderly and stable political environment in which to run your business. The system ensures that your business can be run free of red tape and bureaucratic hassles while the government has created policies favorable for business growth through liberal tax laws and avenues for business funding. Singapore has consistently been treated one of the best places in the world in which to do business.
While planning what kind of business you are going to start, you should first determine how the people in Singapore are going to react to your particular product or service. For instance, many people say that the national pastimes of Singapore are shopping and eating so it is quite likely that a new restaurant or a new shopping outlet is going to meet with a favorable reception. Parents in Singapore constantly worried about the level of education for their children so that good quality tuition delivered from quality tuition centers are always in demand. Similarly, the high levels of working women in the workforce mean that anything to do with childcare such as crèches or child-care centers could be a highly viable business. The advent of technology and telecommunications has meant that there is a high level of demand for cell phones and cell phone accessories. Singapore is regarded as the third most wired country in the world so Internet penetration is high and online marketing and online businesses have a bright future.
Having decided on your product or your service, the next stage is to create a business plan to act as your roadmap. Define your objective (which is what you want to achieve) and the strategies (which is how you are going to achieve your objective). All the essential elements of your business such as your competitive analysis, your marketing plan and your financial plan should be detailed in your business plan. The virtue of a good business plan is that it forces you to think in a logical and reasoned manner. It also provides you with a document to establish the viability of your business and to attract investors as well as sources of debt.
Having established your funding, it is now time to think of what kind of vehicle you are going to establish for your business. You can choose from a variety of entities such as a sole proprietorship, a partnership or a limited company depending on the specific business objectives you have in mind. You are now ready to register your business which is a pre-legal prerequisite in Singapore before you can start. So proprietorships and partnerships must be registered under the Business Registration Act while Inc companies and foreign companies must be registered under the Companies Act. Both Acts are administered by the Accounting & Corporate Regulatory Authority (formerly the Registry of Companies and Businesses), which regulates companies, businesses and public accountants in Singapore.