Singapore as a great place to start your small business

Singapore as a great place to start your small business

There is practically no unemployment in this state, but there are no benefits either. Although the development of business here is uncontrollable (by the state), the personal life of every citizen of Singapore is under strict control. How to start a small business in Singapore from scratch, tell many foreign affairs experts and heads of existing companies that have conquered their niches in the global market. Earlier, when Lee Kuan Yew was at the head of the state, he followed the principle of attracting investment from transnational corporations of the West solely to develop the Singapore economy. Now this state is a successful platform for developing both small and large businesses, which can be built not only by residents but also by foreigners.

It has long been no secret to anyone that Singapore is the best place to do business. This state is rightfully considered the most convenient and profitable for investment and development of various business projects.

Small business opportunity in Singapore. In this country, many people strive to take positions in the civil service, even if we consider that running your own business in Singapore is extremely simple, interesting, and profitable. The interest in public service is due solely to psychological reasons:

  • less risk
  • fewer problems
  • minimal responsibility
  • standardized work schedule.

Speaking of Singapore, one should not compare this state with paradise; it is a mirror of the Eastern society, which feels like a single nation and extremely safe and secure. These are the best conditions for starting a small business in Singapore, step by step.

Here, business development takes place with almost a minimum percentage of risk. In addition, it is known that the Singapore dollar is the strongest and most reliable currency; it practically does not know fluctuations even when the US dollar and the euro show either falls or rises.

The average income for a small business opportunity in Singapore is about 300-350 thousand Singapore dollars. It is also worth clarifying that the state monitors each of its residents, but this is unobtrusive surveillance and an additional opportunity for citizens to feel more protected. It is these conditions that are most favorable for starting a small business in Singapore.

The most demanded areas for starting a business in Singapore are:

  • services sector
  • IT companies
  • tourism.

Everything in Singapore is regulated; there is state capitalism, even private business is state-owned. Any businessman has a safety cushion. Singapore is ranked seventh in the corruption ranking not because bribery is developed here (it is not present here). It is all about the Asian dollar market. Capitals from neighboring states flock to this market, and it is almost impossible to identify exactly where the financial influences come from. But now, this market is practically liquidated, and Singapore is completely free from corruption.

how to start small business Singapore

How to start a small business in Singapore?

 The main business here is IT technology. Singapore ranks second in the world in innovative research. A biological corporation is fully developing here, in which the best minds of the USA, Canada, Germany, and other countries of the world work.

If you decide to start a small business in Singapore, you do not even need to look for a local resident to put at the head of the company and register a company in their name. A resident of any country can become a small business owner. Here the scheme is also simple, the application is submitted at the beginning of the day, and at the end of the day, you are already the founder of a new company. The corresponding scheme applies to all areas of business, except IT technologies. Everything is a little more complicated here.

How to start a small business in Singapore

  • Get a business visa. First of all, you should get a business visa. It is a gateway to a world of great opportunities, the level of which is virtually limitless in Singapore. You can expect this visa within eight months; however, all doors are open when it is in the hands of a potential entrepreneur in Singapore. 
  • Apply for a new company formation. An appropriate visa is needed to head the company yourself. Suppose a potential businessperson values their time and immediately wants a small business opportunity in Singapore. In that case, you can follow a more simplified scheme and put a person who has citizenship in Singapore at the head of the company. In this case, the scheme for starting a small business in Singapore is extremely simple. You apply for the creation of a new company in the morning. You can already do a full-fledged job in the evening since your application will be approved within a few hours. 
  • Choose a niche for your business. All large companies in Singapore are opened exclusively with the state’s approval; the percentage of state participation in such enterprises is very high. Accordingly, local residents do not have the opportunity to create an exclusive private business; if we are talking about a large enterprise, in this case, the activities of such a company will be peremptorily controlled by government services. Frequent big business in Singapore is only one percent. To date, such companies, whose activities the state does not interfere with, are exclusively engaged in developing high technologies (innovative developments). In this context, we note that the most important thing for developing large businesses in this state is providing a clear and reasoned business plan, written down to the smallest detail. In addition, entrepreneurs start making profits from business opportunities in Singapore and opening large companies much later than those who decide to be content with starting a small business.

Key points to consider when starting a business in Singapore:

  • register a company 
  • obtain a bank loan to open a private company (basically, all credit loans for business activities are issued from the side of the Asian dollar market).

Conditions for starting a business for foreigners. On the territory of this country, the ultimate freedom in terms of starting a small business in Singapore is economic freedom; however, the behavior and personal life of every citizen and businessman is strictly under control.

Small business ideas Singapore

Small business opportunity ideas in Singapore

In this country, many people strive to take positions in the civil service, even if we consider that running your own business in Singapore is extremely simple, interesting, and profitable. The interest in public service is due solely to psychological reasons:

  1. fewer problems
  2. less risk
  3. minimal responsibility
  4. standardized work schedule.

Here are some ideas for your business in this country:

Fresh bar. It is one of small business opportunities in Singapore. Healthy eating is in the mainstream today, and the fashion for it has reached even the conservative Central Asia. 

But this is not surprising, because everyone is interested in being healthy, beautiful, young and slim. It should be said that opening such an establishment will not cost more than opening a classic bar. But, if there are enough classic establishments in Central Asia, then those serving smoothies and fresh juices, as well as healthy and tasty food, are really in short supply.

Pet hairdressing salon. People are gradually beginning to understand that their pet is not just a home guard or a mouse catcher, but also a full-fledged family member who also needs a beautiful hairstyle and a well-groomed look. It is worth saying that in a hairdressing salon for animals, there is an aesthetic need and a purely practical one. For example, cutting a cat’s claws will allow you to keep upholstered furniture in the house, and brushing a dog’s teeth will get rid of parasites and bacteria in the microflora of the dog’s oral cavity is safer for the child to play with it.

Manicure studio. The fashion for a professional manicure is becoming increasingly firmly established among the country’s female population and is becoming an everyday norm. As a result of this trend, the number of specialized nail salons is growing with start small businesses, which allows you to do manicures quickly, efficiently, and for any budget.

  1. The good thing about the manicure business is that a very small investment of about $ 3,000 – $ 5,000 is required to start with a small manicure office. Of these, $ 1,500 will be spent on purchasing furniture, up to $ 1,000 will have to be spent on purchasing equipment, and $ 500 on consumables (nail polish, cream, cosmetics, towels). In addition, a small amount will have to be paid for renting the premises. 
  2. For a nail salon, in principle, any location is suitable. If you have little money, then it is better to work in a densely populated residential area. If you have enough money, you can open a nail salon in the central areas where the richer clientele is concentrated. 
  3. Any room is suitable for a manicure studio, so you can save money by starting a home business. 
  4. The competition among nail studios is very high, so it is imperative to hire qualified nail artists. The owner of a manicure studio needs to follow trends in the beauty industry regularly and invest in staff development and advertising for their salon. Also, a modern nail salon needs to have an active Instagram account to attract customers.

Salt room. Salt rooms or salt caves began to appear in large numbers in the cities of the country several years ago, and the process of their reproduction has not yet subsided. On average, there are two salt caves for every 100-120 thousand population of large cities. The reasons for the popularity of this business are very simple; it does not require a lot of experience, any special knowledge, permission from the authorities, and serious investments.

  1. The bottom line start a small business is simple, with the help of a specialized construction company, you make repairs in a small room in which a design is created in the form of a cave of salt. 
  2. Visitors come to breathe in the air saturated with salts, improving their health and calming their nerves. Of course, the cave must be beautifully decorated for guests to come to you and give you money for air with a calm soul. 
  3. The cost of installing a salt room with an area of 30 sq.m. can be up to $ 10,000, including design and installation costs. 
  4. The best location for a salt room is sleeping areas since the target audience for such a business is mothers with young children. The salt room should not be far from the kindergarten school. 
  5. The average payback period for a salt room is about 4-6 months, depending on the size of the investment. To increase profits, you can sell oxygen cocktails to customers and offer visitors massage chairs and a steam capsule for a fee.

As you can see, you can start a small business with a simple idea and develop it further in Singapore. Look for those options that are closest to you and do not be afraid to start a business in this country.

FAQ

Is it necessary to appoint employees other than directors when setting up a small firm in Singapore?

In addition to the director, the only employee of the firm who, in accordance with the law, must be appointed without fail is the firm secretary. Any firm must have a qualified secretarial officer. The firm secretary must be a resident of Singapore.

Do I need to come to Singapore in person to establish a small lfirm?

No, this is not necessary. We can send you corporate documents of the firm for approval and signing. Upon receipt of the documents signed by the client, we submit them to the relevant departments and complete the registration procedures.
However, you may need to visit Singapore in person to open a bank account.

Which banks can I use to open a corporate account in Singapore?

The Republic of Singapore has an excellent selection of reputable local and international banks where you can open a corporate account. For example:

– Overseas Chinese Banking Corporation (OCBC)
– Standard Chartered Bank
– Hong Kong and Shanghai Banking Corporation (HSBC)
– Citibank
– Development Bank of Singapore (DBS)

How long does it take to open a bank account in Singapore?

Depending on the bank, opening a bank account can take from one day to several weeks. Also, one of the factors affecting the speed of opening an account is the participation of the responsible person in the procedure for opening an account directly.

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