Setting Up a Business in Singapore
- Posted by admin
- 26 July 2013
Although to set up your Singapore business is a fairly straightforward process in theory, the actual process of setting up your company can be a trickier affair.
You’ve probably already done your market research and have a good idea of the kind of business you’ll be doing. However, in a saturated, highly-competitive market like Singapore, it’s sometimes necessary to err on the side of caution. This means either doing extensive fieldwork before investing in your business, or speaking to experts who’ve been on the ground extensively and have first-hand knowledge of the business environment in Singapore.
Sandhurst Consultancy can help you prepare yourself through our business plan consulting services, incorporating the following crucial elements into your business:
1. Advising you on setup costs, including hidden costs.
Like anywhere else in the world, the business culture in Singapore comes with its own set of rules and norms. Factors like rental deposits, upfront payments, and even utilities deposits are things you may not necessarily have taken into account.
For example, office space rental in Singapore typically demands upfront payment of the first month’s rent, along with a variable deposit amount depending on the length of your lease (1 month’s deposit for a 1-year lease, 2 months for 2 years, and so on). This excludes possible agent fees, stamp duties and other administrative charges. On the other hand, if you want to rent a shop, you need bear in mind a different set of costs, e.g., shopping malls will take a commission of your sales, or a more hefty deposit.
2. Advising you on legal matters.
In the course of your business, you’ll need to deal with various legal issues such as employment and contracts. And while business contracts do not generally vary greatly from country to country, employment terms and agreements do. You’ll need to be aware of matters particular to Singapore like CPF contributions, employee rights and the relevant government bodies in charge of labour and employment.
3. Projecting your potential growth.
Because it’s our job to trace the economic conditions in Singapore, we’ll be able to provide you with relevant details such as past years’ inflation rates, changes in the cost of living, and other factors that may potentially affect your business.
By taking into account all these changes, you’ll be able to make more accurate forecasts on your profits, growth and expansion.
4. Formulating Realistic Marketing Strategies
From small business marketing to large-scale advertising options, you’ll need to know the most efficient, cost-effective routes in Singapore business marketing. Our marketing services will familiarize you with commonly used marketing channels in Singapore, which may not necessarily be utilized in other parts of the world.
For example, with a high internet penetration rate, many traditional companies may need to explore internet marketing as an alternative to costly print marketing. On the other hand, because business trust does not come easily in Singapore, companies dealing with niche, technical or B2B products may need to know how to meet relevant partners whom they can form strong relationships with.