6 Essential Factors of Company Incorporation Singapore
IOpting for company incorporation in Singapore and being the boss really appeals to many business aspirants. However, if you are a foreigner, the procedure for company incorporation Singapore may appear to you as not an easy one.
And you could not be more wrong.
The procedure for Singapore company incorporation has only 2 steps, and they are easy to tackle. Yes, even for foreigners.
Once they have tackled company incorporation, they can build their business on the bedrock of an innovative business idea, in-depth planning, and preparation. To take the leap into entrepreneurship, you need to adopt a methodical approach to research the market, target customers, and competitors. You also need to invest in product research, value addition to the product, and a solid business plan.
Entrepreneurship is not everyone’s pie. It goes beyond mere company incorporation, and unless you have the command of its essentials, it can turn sour on you. This blog will outline these essential factors that an entrepreneur must take into account before embarking on the journey.
1 Validate Your Business Idea:
A breakthrough innovative business idea is what you essentially need at the initial phase of business planning. It is a robust business idea that can help you in carving out a path to success. For every good idea you have, there are hundreds of people who are on the verge of stumbling on the same idea.
It is granted that it is difficult for every business owner to fish out a brand new or unique idea out there. However, you can take a successful one and give it a twist and present it through a better and unique angle. As far as possible, pursue the concept of uniqueness in business and let it grow to be successful.
2 Research the Target Market:
For a business owner, it is highly essential to conduct market research to figure out the demography of potential customers and the demand potential of your products or services among the targeted audience.
Online research, networking, on-the-field market survey, deeply researched questionnaire, and other do-it-yourself methods can often do the wonders in revealing essential facts of a market.
You can use these to keep the potential customers interested in your products and services and to foster a long-lasting relationship with them through social media and other platforms.
3 Learn From Your Competitors:
It makes sense to know your competitors and their marketing strategies well in advance as it helps you in creating effective counter-strategies. Aim to comprehend what and how well your competitor is doing, so that, you can do it much better than them.
Study your competitors and find the loopholes where your business can get a competitive edge. For that, you can use different approaches to analyzing the competitors’ activities.
4 Evaluate Different Funding Options:
“Should I finance my startup company using my saved up money?”, or, “Should I look for an angel investor or venture capital or crowdfund it?”, or, “Would a small business loan serve me well?” These are the common questions that often come to mind when you are thinking of funding your business.
The availability of capital plays a vital role when an entrepreneur thinks of starting a business. However, incorporating a company in Singapore gives you certain advantages.
The government is keen on supporting startups and offers a range of cash grants, schemes, and initiatives to buoy them in their initial days. This is one of the many perks of Singapore company incorporation. You could also search for suitable Incubator or Accelerator programs to take your business to the next level.
5 Pick the Catchy Company Name:
Choosing the right name for the proposed company is crucial from both legal and marketing point of view. The Company Registrar of Singapore, i.e., ACRA (Accounting & Corporate Regulatory Authority), has a few suggestions on this matter.
The business name must be decent, meaningful, and unique. Avoid using a similar name that is used by existing companies. It may cause copyright issues and, at the very least, may confuse your customers and investors and may cause them to patronize your competition instead of you.
You better keep it short and easy to pronounce. It should be consistent and relate to your business activities. Such a name is good for establishing a brand image and often survives the test of time.
Do remember that the approval of the company name is subject to ACRA’s perception.
6 Establish Your Online Presence:
Today customers, especially the tech-savvy ones, prefer to use the internet to make their decisions. Hence, it is essential for you to put your business on the web.
For niche businesses, the online presence of your business means improving the chances of reaching out to the global community. Your business website will allow you to be available for customers 24 hours a day.
At the time of company incorporation in Singapore, search for and register a suitable domain name for your website.
Getting your ducks in a row before Singapore company incorporation is crucial to the good start for your business. So, take into account the essential factors mentioned in this blog. Try to cover all the bases when it comes to the hassle-free Singapore company registration before taking the leap of faith.