Three Tips For Starting A Business In Singapore with Venturehaven!Dean
With an incredible mix of incentives and policies, Singapore is the ideal hub for offshore companies, startups, and entrepreneurs. The government has maintained flexible rules and regulations, which are neither confusing nor extensive in nature. If you are planning to start a company here, VentureHaven brings a set of tips that will come handy in the long run.
- Do the basic research. It’s not enough to have a business idea, unless you have tested it enough. Try to find more about the prospects, including growth rate and other market factors of the concerned sector. Secondly, you need to understand the possible scope for profits and how you can make enough money to sustain the company. At VentureHaven, we try to help entrepreneurs with their ideas and requirements by offering professional consultancy services, which also extends to financial consulting.
- Understand the setup that works for your idea. If you are an offshore investor, you can either have a subsidiary company, a branch office or a representative office in Singapore. A branch office is not separate from the parent company, and when you submit the audited reports, you must submit the parent company’s reports, as well. A representative office is ideal for short term arrangements for a period of three years, after which you need to upgrade it into a subsidiary or a branch office. The best idea is to go for a subsidiary company, which is like a local enterprise that will be treated as a separate entity. Also, you can have 100% shareholding in the concerned company.
- Get help. Once you have decided the basic aspects, you must find a company that can handle the registration process and bookkeeping Singapore. With VentureHaven, you can expect all of these services, and we have some of the most convenient packages for different requirements related to company setup. We will help you with the name selection and other steps required for submit the application, and our consultants will be around to advise you on all matters related to the first steps for setting the business.
Finally, you need to ensure that the paperwork is completed in detail, after which it can take around 2 months (at the maximum) to get the required documents and UEN. Unless there is a need for additional licenses and approvals from other government agencies, you can start your business right away. For more on the matter, call VentureHaven right away.