Starting and Setting up Business in Singapore

Plan

(Ref: http://www.enterpriseone.gov.sg/en/Business%20Stages/Plan.aspx) Are you ready to be an entrepreneur? Understand the challenges of starting a business and develop a plan to help you decide if it has a realistic chance of success. Starting A Business - Are You Ready? Starting your own business is a huge step it can be rewarding but it is also full of challenges. Do you have the attitude, skills and finances to transform your business idea into reality? What are your strengths and weaknesses? Read on to decide if you are ready to start and run a business. Business Start-Up Checklist Here is a checklist of the basic areas you should cover before starting a business. The list is not exhaustive; you also may not necessarily complete the items in the sequence shown. Common Reasons For Starting A Business Being aware of your own motivations for starting a business is critical to your journey. Spotting Opportunities In The Market You have assessed that you are ready for entrepreneurship. What business should you go into? Conducting Market Research By gathering and analysing consumer and economic data, you can understand the market you are planning to enter. Developing Your Business Idea

Gauge the feasibility of your idea by researching the market, taking stock of the competitive landscape and testing the idea with customers. Writing Your Business Plan Your business plan is your blueprint for the future. It documents what your business is all about. It is also an essential requirement for obtaining external funding. Planning Your Finances Do you have the crucial Vitamin M? Choosing the right type of financing is critical to the ongoing success of your business. Planning For Success Businesses of all sizes can benefit from careful planning. Here are 5 steps to consider before starting your business. Get Help With Planning The entrepreneurial journey can be a lonely one. Do not be afraid to seek help and advice. The Government provides a wide range of information and support, from how to register your business to funding assistance. Other Areas To Consider Funding Your Business You have a number of options when it comes to financing your business. It is essential to choose the right ones for your needs. Applying For Licences & Permits A very important part of setting up your business is ensuring you comply with all the laws and regulations. Part of this compliance is having the right licences and permits required to conduct business in your chosen industry. Complying With Laws & Regulations When starting up, it is important to understand your legal obligations as a business. There are specific areas you might want to take note of so you do not fall foul of the law. Protecting Your Assets Every business has intellectual property (IP) that can be protected. This includes new business ideas, creations, designs and processes.

(Ref: http://www.enterpriseone.gov.sg/Business%20Stages/Start.aspx) Take care of the basics first register your business, obtain funding and secure a business premise. Before you start operating, ensure you have complied with the licences and laws related to your business. You may also want to plan for staff hires, tax payments at the end of your financial year, and asset protection. Choosing A Business Structure Learn more about each business structure and choose one that is most suitable for your business. Registering Your Business (Local/Foreigners) Registering your business with the Government is one of the first steps you need to take once you have decided to start your business. Funding Your Business You have a number of options when it comes to financing your business. It is essential to choose the right ones for your needs. Finding A Business Premise Choose from a range of Government-managed premises to house your new business , and take note of

Start

approvals required for certain industries. Applying For Licences & Permits A very important part of setting up your business is ensuring you comply with all the laws and regulations. Part of this compliance is having the right licences and permits required to conduct business in your chosen industry. Complying With Laws & Regulations When starting up, it is important to understand your legal obligations as a business. There are specific areas you might want to take note of so you do not fall foul of the law. Hiring Employees Hiring people and expanding your business is one of the most critical processes of starting and growing a business. People are at the core of your business and should be considered an important investment in the future of your business. Paying Your Taxes (Local/Foreigners) Understand the key tax issues relevant to start-ups. Protecting Your Assets Every business has intellectual property (IP) that can be protected. This includes new business ideas, creations, designs and processes. Get Help With Starting Starting and building your business will be a rewarding but challenging time - you have to wear many hats and learn about the various areas of business fast. Tap on existing networks and Government support to help you with your business. Other Areas To Consider Expanding Your Business Growth happens differently for every business. While most businesses find themselves growing naturally by producing quality goods/services that satisfy their customers, some may expand because they want to reach new markets or obtain more funding. Building Your Team Teamwork is essential no matter what kind of business you run. Strong teams not only drive profits, they motivate employees to work , learn and grow with your business. Improving Business Processes Business processes can keep your operation lean and mean by maximising output while keeping costs as low as possible. Branding & Marketing Branding and marketing are both crucial to your business' success. While marketing sells your brand to the world, branding presents the package that is your business. Getting More Investors Or Funding Funding is likely to be the biggest obstacle to growing your business. From marketing and machinery to stock and salaries, they all have one thing in common money. Developing Long-Term Strategies Long-term strategies look at the goals, main activities and resources of your business. They often take years to play out and are used to plan for future success.

Grow

(Ref: http://www.enterpriseone.gov.sg/Business%20Stages/Grow.aspx)

When your business is stable and becomes profitable, consider long-term strategies to take it to the next level e.g. expanding the business, growing and nurturing your team, improving processes, getting more investors, improving branding and marketing. Expanding Your Business Growth happens differently for every business. While most businesses find themselves growing naturally by producing quality goods/services that satisfy their customers, some may expand because they want to reach new markets or obtain more funding. Building Your Team Teamwork is essential no matter what kind of business you run. Strong teams not only drive profits, they motivate employees to work , learn and grow with your business. Improving Business Processes Business processes can keep your operation lean and mean by maximising output while keeping costs as low as possible. Branding & Marketing Branding and marketing are both crucial to your business' success. While marketing sells your brand to the world, branding presents the package that is your business. Getting More Investors Or Funding Funding is likely to be the biggest obstacle to growing your business. From marketing and machinery to stock and salaries, they all have one thing in common money. Developing Long-Term Strategies Long-term strategies look at the goals, main activities and resources of your business. They often take years to play out and are used to plan for future success. Get Help With Growing Speak to a business consultant about exporting goods, implementing standards or increasing productivity. Find partners to learn from or work with. Read up on venturing overseas. Whatever your growing needs are, we are here to point you in the right direction.

PR, Citizen

http://www.enterpriseone.gov.sg SME PR, Citizen SME Small & Median Enterprise

 PR, Citizen http://www.enterpriseone.gov.sg Start, Plan, Grow Busiess Grants Job Opportunity, Job Creation Innovative business ComCare Enterprice Fund % ideas.inc Business Challenge Technology Enterprise .. Business Plan Patient, Trademark RP, Citizen .. Business Plan

 .. ( Government Grants )