Guide in starting your home-based business in Singapore
June 10, 2021
Table of Contents
Singapore is home to the biggest corporations in the world as it is one of the most stable and successful economies in the world. It is relatively easy to conduct business transactions here because it has the best set of policies and regulations for all kinds of businesses. It welcomes all companies regardless of their size and industry. In fact, it houses almost all kinds of companies that offer various goods and services. It ranges from healthcare to mining, and even engineering industries. It has one of the most diverse economies in the world because it is easy to incorporate company in Singapore.
As we are hit by the pandemic, a lot of changes have to be made when it comes to our way of living. This includes the way people do business transactions. There are more entrepreneurs that set up company in Singapore at home because of the pandemic. It is now more advisable to set up businesses in the comforts of your home since physical interaction in brick-and-mortar stores is still not possible. There are also a lot of perks when you incorporate company in Singapore that is home-based. If you are planning to set up company in Singapore in the near future, here is a simple guide on how to do so.
Research the market
In any kind of business, you will have to research the market first before you set up company in Singapore. It is best to research in all kinds of markets and industries and not just the one you’re interested in. It is advisable to look for other products that are closely related to the one you are planning to sell. This way, you can have a comprehensive overview of how things work and affect the product you have chosen.
Singapore is an already too crowded economy that is why competition will be tight in all industries. This makes researching before you incorporate company in Singapore more valuable. You can gauge the kind of market that you are entering and you can weigh your marketing options and other vital aspects of businesses.
Prepare a business plan
When you already know everything that you need, you can now prepare a comprehensive business plan. This is a document that contains the detailed plan that you want to happen in your business when you set up company in Singapore. This will serve as a blueprint that can guide you in making decisions for your business. When you incorporate company in Singapore, the government would be needing many kinds of documents and information from you. These kinds of information can be settled and decided on when you make a comprehensive business plan. Aside from the basic detail, you should also indicate the amount of capital you are willing to invest in your new business to be able to plan future direction properly.
Incorporate company in Singapore
The next step is to incorporate company in Singapore. Singapore has one of the easiest processes when setting up a business that is why there are many business entities here. First, you have to check the availability of the company name that you want. This can be done by visiting ACRA’s online website and check if there are already existing names similar to your company name. When you want to set up company in Singapore, it is also important to remember that Singapore requires every business to have an office that will be open for at least 6 hours during office hours. In this case, you can opt to have your house address as the office address.
Set up an eCommerce website
When you incorporate company in Singapore that is based at home, it is best to have an eCommerce website to reach more customers. Nowadays, this is one of the best marketing strategies that business owners can apply to make their business more profitable. This allows all kinds of consumers from all over the world to access your goods and services. Since you will set up company in Singapore in the comforts of your home, there would be limited customers. Having an eCommerce website allows you to reach clients that are located halfway across the globe. You would also be able to provide better customer service to your clients.
If you need help when you incorporate company in Singapore, there are many service providers that offer affordable packages. They can help you set up a home-based business. WLP Group is one of the most reliable and efficient service providers in Singapore. Check out our site today to know more about our services.