6 Factors of Company Incorporation Singapore
Incorporating a company in Singapore and being the boss could probably be most satisfying for many of business aspirants. Nevertheless, company incorporation Singapore is not as easy as it sounds, especially for those budding entrepreneurs who are from foreign soils. Afterwards, they can make it big only if they determine to build their business on the bedrock of in-depth planning and preparation. Prior to taking the leap into entrepreneurship, you need a methodical skill to undertake careful planning, research of target market and make a solid business plan to avoid business-busting mistakes.
Not everyone can manage to get into Singapore company incorporation as easily as they should, and to be fair, it is because of overlooking few essential factors to be considered. This blog will outline those factors that you must take into account before embarking on a Singapore company registration.
1 Business Idea:
A breakthrough business idea is what essentially needed at the initial phase of business planning. It is the robust business idea that can help you to carve out a path to success. For every good idea you have, there are thousands of people who have the same idea like you. It is difficult to get a completely unique idea out there. However, you can give a twist to it by discovering the better and unique angle of the idea. Pursue the concept of uniqueness in business, let it grow and rejoice the success.
2 Target Market:
Conducting market research to figure out demography of potential customers and the degree of demand for your products or services among targeted audience is highly essential. Online research, networking, physical survey, questionnaire and other do-it-yourself methods can often do the wonders. Keep the potential customers interested in your products and services by fostering a relation with them through social media and other platforms.
3 Size up the Competition:
It makes sense to know your competitors and their marketing strategies well in advance as it helps you in creating the effective business strategies. Your aim is 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 Decide on Business Funding:
“Can you finance your start-up company?”, or, “Should look for an angel investor of venture capital?”, or, “You need a small business loan?” These are the common questions often comes in mind when you think of bootstrapping. Money plays a vital role when an entrepreneur thinks of starting a business. However, when you incorporate a company in Singapore. You can leverage the range of government’s cash grants, schemes and initiatives meant for the start-up business. This is one of the many perks of Singapore company incorporation.
5 Pick a Company Name:
Choosing a right name in the business is crucial for both legal and marketing issues. ACRA (Accounting & Corporate Regulatory Authority) suggests that the business name must be decent, meaningful and unique. Avoid using the similar name that is used by existing companies. It may cause copyright issues and at the very least, customers may get confused and patronize your competition. You better keep it short and easy to pronounce. Be consistent as its brand image should last the test of time. The name approval of Singapore company subjects to ACRA’s approval.
6 Online Presence:
Today, customers regardless of age prefer to use the internet, especially the tech-savvy users. Hence, it is essential for you to put your business in the web world. For niche businesses, the online presence of your business offers chances to reach the global community. When you would have a website for your business, it will allow you to be available for customers 24 hours a day. It enhances the visibility and credibility of your business among the customer base. Your business is no longer confined to the customers from the neighborhood. In fact, company incorporation process in Singapore is fully managed by an online portal called BizFile.
Getting your ducks in a row before Singapore company incorporation is crucial to the success of the business. Taking into account these factors and covering all the basics of Singapore company registration, you can finally take the leap of faith.