The Basics of Your Business Plan in Singapore
Singapore is a truly spectacular nation. Despite its comparatively small size it has consistently produced outstanding economic output and made itself a giant in Southeast Asia.
Often considered the Switzerland of the East, Singapore has plenty to offer to someone looking for the perfect location for a startup. Singaporeans can proudly boast about their high academic rankings, high standard of living, and amazing GDP per capita. This is exactly what you expect from a country when its workforce offers everything from electronics manufacturing to medical tourism. Even better, Singapore invites foreign investment and startups. If you are willing to give Singapore a chance, your business can enjoy its prosperity.
In this Article we will talk about items of knowledge which will both help you understand what things should be mentioned in your Singapore business plan (to show recipients you have done your homework as a founder) as well as reveal what comes after you have written your business plan.
Steps to Take After You Prepared Your Singapore Business Plan
Obviously you will need to register your business. The Accounting and Corporate Regulatory Authority allows you to do this online. Once you have registered your business, the next step you take depends on the type of business you want to start. If your business involves finance or banking you will need to contact the Monetary Authority of Singapore to register an office representing your company in Singapore. The Legal Services Regulatory Authority of Singapore handles anything legal, and International Enterprise Singapore handles all business outside of those two domains.
Setting up Shop and Finding Help for Your Singapore Startup
After you have registered your business you will want to set up shop and staff your facility. Fortunately, Singapore has prepared special industrial and business parks for foreign startups. You can choose from both public and private options like Soilbuild and Ascendas. Regardless of what you choose, the six industrial parks offer something for every business type. Definitely include your intent to work within these programs in your business plan for your Singapore Startup, should you qualify!
Singapore Business Planning: Cash Assistance
Once you have selected a location, you are going to need the appropriate personnel to handle your business’ daily activities. When you conduct business in Singapore, you can easily find all the help you need. Singapore’s bureaucracy is smooth and provides assistance with financing and other aspects of your business planning. The government of Singapore offers assistance to new businesses in the form of cash grants and equity financing.
Among those are the Technology Enterprise Commercialization scheme, the ACE Start-ups scheme, and the iSprint grant. These usually award cash in excess of S$100k to new ventures. Regardless of your business plan, Singapore can also provide additional funding. SPRING and the Business Angels scheme offer equity financing as well.
A quick note before we go on: A good way to get started quickly, efficiently and professionally is to hire business plan writers to write your business development plan. At BrainHive, we offer professional business planning services. If you want to know how much a business plan costs, we can also help you out, being one of the most affordable and yet professional business plan consulting firms in the market. Don’t hesitate to reach out to us anytime if you want to learn more about us or get an individual quote for your business plan project. It is perhaps also worthwhile to not that we can also assist you with help writing your business plan, as well as prepare just the financial plan for your business plan. This way, you can rest assured that you will receive a custom-tailored business planning service that fits your exact need at the best price imaginable.
Business Prospects in Singapore to Include in Your Business Plan
If you consider the size of its population, the economy of Singapore is one of the most successful in the world. Business for foreign startups in Singapore is booming, thanks to Singapore’s thriving foreign exchange industry and export of goods such as electronics and gold. Everything from international finance to food generates an economy so large, more than 3.000 multinational corporations conduct business in the tiny island nation. In fact multinational corporations account for more than two-thirds of all manufacturing output in Singapore. Given the highly skilled labor force and advanced infrastructure this should not come as a surprise.
Singapore Business Planning: The Right Business Choice
Singapore is a popular choice for international business for a reason. The lack of corruption, the strong emphasis on education, and wealth of natural resources creates a perfect backdrop for new ventures. The people of Singapore welcome foreign businesses with open arms and financial incentives few countries will match. When you decide to start a business in Singapore, success is almost certain. When you reach that success the low tax rates and warmth towards the free market guarantee you will enjoy it as well. No matter your business plan, Singapore is right for you.
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