Starting a company is an exciting venture. However, it comes with many challenges. One of the most significant is determining how to finance the company. You may decide to raise funds through a bank business loan, look for financial backers, or even apply for grants from organisations like Enterprise Singapore. Regardless of the route you take, it is important to plan for the startup costs and draw up a budget.
The next step is to identify who will be the shareholders of your company. You must also choose a business structure and name. Most businesses in Singapore are incorporated as private limited companies. This is because it offers a flexible ownership structure and scaleable operations.
After deciding on a business name and determining who will be the shareholders, you must then determine how much capital you need to set up your company. Once you know this, you can start looking for a business location. Depending on your type of business, you might want to choose a prime spot such as Marina Bay or Orchard Road.
It is advisable to hire a professional firm to help you register your company in Singapore. They will be able to advise you on the different requirements, and ensure that your company is compliant with all of the relevant regulations. They will also be able to provide you with nominee directors and company secretaries if necessary. In addition, they can advise you on the best way to structure your company and the various tax implications of each option. how to start a company in Singapore