If you are an aspiring business owner who is looking to sell products or services, then you have come to the right place. There are 5 simplifying steps for setting up a Company.
We’ll discuss each below and also give you the link on how to go about it.
Step 1: Popular Business Entities
Sole proprietorship is the simplest and cheapest form of business structure in Singapore. However, as it does not constitute a separate legal entity with its owner and therefore it has a higher risk than any other business entities. The business owner is personally accountable for all liabilities incurred during the course of the business.
The private limited company is the most popular business entity in Singapore. Unlike business entities such as a sole proprietorship and limited liability partnership.
New start-up companies pay zero tax on the first S$100,000 of chargeable income (profits) for the first three consecutive years. A further 50 percent exemption is given on the next S$200,000 of chargeable income (profits)
Your choice of business entity depend on your product and services that you are offering. Number of owners will be a critical factor too. Once you have decided the type of business entity, you may proceed to set up your business.
Read more: The information required to set up a business in 24 hours
Step 2: Type of Office
For business that needs big storage place, you may like to source for cheap and big warehousing in industrial estate. There are also many self-storage company that offer a room for your purchases.
Read more: Setting up the Serviced office
Read more : Setting up the Virtual office
Step 3: Website
A website is available to our customers 24 hours, providing them with the convenience of reviewing your products and services when your store or office is closed, especially when you are start-up company. With today’s busy lifestyles, this is a great selling point when making a purchase decision.
If you want to build an online store for yourself, a CMS is your easiest and cheapest option. Although building a website used to be only for expert, today’s it can be done by someone who has the basic technologies know-how in a few hours.
Read more :Setting up a professional website
Step 4: Accounting Software
Read more: Free Cloud Accounting Software
Step 5: Open your bank account
Read more: DBS Entrepreneur's Account for Start-Ups