Ready, Set, Launch: The practical Guide to starting a Business in Singapore

Singapore’s robust economy, supportive government policies, and strategic location create an ideal environment for entrepreneurship. If you’re thinking of starting a business in Singapore, the journey can feel both exciting and daunting.

This guide will take you through the essential steps of starting your own business in Singapore. From developing your business ideas to setting up a company, marketing and eventually scaling your business.  Learn about the key information you need to thrive in this competitive landscape.

Develop Your Business Plan

Your business plan is the cornerstone of your entrepreneurial journey. It's a comprehensive roadmap that outlines your concept, vision, strategies, and financial projections, serving as a blueprint for success when setting up a company in Singapore.

• Business Concept: Clearly define your product or service, target audience, and unique value proposition. What problem are you solving, and how will your business stand out?
• Market Research: Analyse competitors, identify trends, and understand customer needs to validate your idea. Is there a demand for your offering in the Singapore market?
• Operations Plan: Detail your daily operations, staffing needs, and supply chain logistics. How will you manage inventory, fulfill orders, and ensure smooth operations?
• Financial Projections: Estimate your startup costs, revenue projections, and profitability timeline. This is crucial for managing finances and securing funding, even if you're exploring how to start a business in Singapore with no capital.

Register a Business in Singapore

Once your business plan is in place, it's time to make it official. Registering a business in Singapore involves:

• Choosing a Business Structure: Decide whether you'll be a sole proprietor, partnership, or limited liability company (LLC). Each has its own legal and tax implications, so research thoroughly or consult with a professional.
• Check if Your Business Name is Available: Decide on a name for your business, then check its availability on the BizFile portal by entering it in the search bar and clicking the “search” button. Ensure your chosen name is not identical to any existing registered entities and refer to ACRA’s guide on identical names.
• Registering Your Business Name: Ensure your chosen name is available and register it with the Accounting and Corporate Regulatory Authority (ACRA). Visit BizFile, ACRA’s business filing portal, to register your business.
• Submitting Your Application and Paying the Registration Fee: Prepare your supporting documents (business address and particulars of business owners or representatives) and submit your application. The registration fee varies depending on the business structure (S$100 for a sole proprietorship or limited partnership and S$300 for an LLC or Private Limited Company).
• Receiving Confirmation and Business Profile: After approval, you will receive a Business Profile and Unique Entity Number (UEN) from ACRA, confirming your business registration. The Business Profile serves as the official certificate of incorporation in Singapore.
• Obtaining Necessary Licenses and Permits: Depending on your industry, you may need specific licenses or permits to operate legally. 

How to Start a Business: Financing and Funding Your Business

Funding is necessary for launching and growing your business. Here are some ways you can get the capital to start a small or online business in Singapore:

• Bootstrapping: Self-funding through personal savings or early revenue.
• Loans: Business loans are a crucial source of funding for new businesses. As a startup, renting a shop or office space is usually the most practical option to keep initial costs low. Once your business is stable and generating steady revenue, you can consider purchasing your own property. With options like the CIMB BizProp to help you finance a shop or office space, you could potentially lower your monthly expenses, as the property loan installment might be less than what you’re currently paying in rent.
• Government Grants: Take advantage of industry-specific grants and startup support programmes offered by the Singapore government to foster entrepreneurship in Singapore.
• As part of your financial strategy, consider opening a business bank account like the CIMB SME Account with the following benefits:
  • No initial deposit and no minimum average balance requirements: Making it easy to start managing your business finances.
  • No fall-below fees and no minimum balance requirements: Helping you avoid unnecessary costs as your business grows.
  • Free PayNow/FAST/GIRO transactions and E-Alerts: Providing efficient and cost-effective payment processing and account management.

A business bank account not only helps you keep your personal and business finances separate, simplifying accounting and taxes, but also provides a professional image, access to business banking services, and efficient payment processing for your customers.

Market and Grow Your Business