Is it not the pride of something that you are making is in demand from the market a most satisfying feeling? That is what the entrepreneurs cherish most; at least the creative ones. That brings up the question, “How experienced you should be before you could opt for a company incorporation Singapore?”
Young Entrepreneurs Wanting to Incorporate Company in Singapore
It is an important issue to tackle as the creativity, or the innovativeness is not bound by the age, education or experience. Remember Bill Gates; he was only 17 when he formed his first company before completing his graduation. And certainly, he was not all that experienced. It is a good example for someone who want to start out as a young entrepreneur by committing to a Singapore company registration.
Select Your Trade Carefully
Before opting to incorporate a company in Singapore for the purpose of carrying out import-expert activities, you must know that the country is a trading hub. It serves as an entrepot and bridges the East and West. If you are interested in the import-export of certain goods, you must take care to know the real situation. It is necessary for you to find out how much of it is imported in Singapore and locally consumed.
Food Industry in Singapore?
You must also be aware that the population of Singapore is about 5.69 million and accordingly arrive with a business plan. The country has no natural resources and imports almost 90% of its food items. If you are planning to enter in this field, you must be ready for stiff competition. However, it is a fact that every individual has to eat three times a day. There is no lack of opportunity in this field.
Invest in Thorough Market Research and Surveys
Before entering any market, it is needed for an entrepreneur to know as much about the local market as possible. Singapore in it owns right a low taxation regime. The corporate tax ranges between 0% – 17% which is considerably lower than the other jurisdictions. It is a single-tier tax and the dividends paid out by the Singapore companies to their shareholders are not taxed. It is a good proposition for the company owners as well as the investors. It is one of the main reasons why business owners prefer Singapore company incorporation.
Know Your Market
On the front of providing your services and products to your clients, you first need to find them and concentrate your initial efforts on them. For this, you need to conduct extensive market surveys to determine your potential customers. The surveys will also reveal to you the local pockets where you can launch your newly setup company in Singapore and initiate your business activities with the reasonable amount of success.
Find Your Competitors Weak Points
For a start-up owner, it is important for you to investigate your competitors and the quality of service they are offering to the customers. Your surveying activity must accommodate this factor to reveal the truth about your competitors’ market penetration. Because it is relatively easy to secure a foothold and launch your products where your competitors are lagging behind, and the consumers are unsatisfied.
Rely on Data-Driven Business Plan
Product-wise, you also need to offer something more to your customers than what is available. It is enough to match your competitors; you will have to do more to make your stand and rise as a brand name. The data collected during the market research and surveys will ultimately help you in coming up with a business plan. A data-driven plan is a very effective tool in the hands of business owners to achieve their goals.
You must have a business plan as it is also required at the time of applying to ACRA (Accounting and Corporate Regulatory Authority), the Company Registrar of Singapore. To an entrepreneur wishing to start a new business, “How to register a company in Singapore?” is not a big issue. These individuals can always take the assistance of Singapore incorporation services. In the normal circumstances, the process takes only 1 – 3 days.
You must not forget that ‘The Knowledge is Power.’ You need to know enough about the competitive marketplace like Singapore before entering it. You need to succeed with your company incorporation Singapore, before, you start dreaming about the unprecedented success and abundance of wealth.
About Us: SBS Consulting is one of the leading corporate services provider in Singapore. It specializes in Company Incorporation, accounting services Singapore, Preparation of director’s report, Taxation, GST, Payroll, XBRL Filing, IT software development and maintenance, etc.