search slide
search slide
pages bottom
Currently Browsing: Business

How to Start a Business in Singapore

Are you thinking of setting up a business in Singapore? Worry not, because it is easy to set up a business whether you are a citizen or a foreigner. Singapore is a good place for entrepreneurs because it has good enforcement of intellectual property laws, has several free trade agreements, and even double taxation avoidance agreements.

Here are the important requirements you must fulfill.

Business registration

Once you have the funds for the business, you will need to register it. Fortunately, there is an option to file in electronically at the Accounting and Corporate Regulatory Authority (ACRA) website. If you are a foreign entrepreneur, you will need to contact legal services, Monetary Authority of Singapore, and Enterprise Singapore depending on the type of business you have in mind.

You cannot register the company on your own because you will also need a bank account at a bank based in the country. However, if you are going to operate the business in Singapore from abroad, you will only need appoint a local employee or head. For those who want to move into the country, you will need an EntrePass.

Complete the company setup

To fulfill all the requirements for a business registration, you must also have the following already set up: name of the company that is approved by ACRA, names of all the shareholders, name of the director/s, name of the corporate secretary (who must be a Singapore resident), the registered physical office address, and the paid-up capital of at least S$1.

When you register, you will receive your registration number, registration date, and other details. This information can be used for permits and licenses and for bank accounts.

Look for a business location and hire employees

Next, you need to find a suitable location for your business or office. To make the selection easier, look up the list of business and industrial parks available for entrepreneurs. Looking for manpower is also easy if you partner with legitimate recruitment agencies.

There are also some guidelines for hiring and training as well as for recruiting foreign employees. Make sure to look up the different work visas available, EntrePass, and eligibility requirements for foreigners.

Post-registration requirements

Once the incorporation process has been completed, you will also need to fulfill the following: complete all necessary licenses and permits (this will depend on your type of business), registration number, registered office hours, goods and services tax registration, customs registration (for import and/or export), and CPF registration (pension fund scheme if employer is Singapore resident).

The office hours refer to the set hours of the operation of your business, which must be at least 3 hours per weekday. If your business’ annual taxable revenue is above S$1 million annually, you will need to register for the GST.

The 5 Benefits of a Trademark Registration

Do you want to protect your brand from copycats and impostors? Here is why you should apply for a trademark registration in Singapore.

Deterrent

If you register trademark in Singapore, it will decrease the likelihood of other people claiming that you are using the same brand or logo. The trademark owner is recognized as the original and sole owner of the brand, forcing the other party to provide incontestable proof that they are the true owner. If another party has made a similar mark, whether intentional or not, they can be sued for infringement. It is your right to get compensation for any similar or confusingly similar mark, whether it was done through ignorance or not. Your registered mark will appear in journals that publish recognized trademarks so that the public can be alerted about its use.

Exclusive Use

Applying for a trademark registration means you are applying for intellectual property protection in a specific territory, so if you apply to register TM in Singapore, it means that the registered mark is only protected in Singapore. Legal exclusivity of use of the trademark is granted to you, which means you are able to guard business brand name from possible copycats and imitators. However, this protection is covered only nationwide. If you want to protect you brand overseas, you will need to apply for trademark registration at IPOS by designating another country. If you already registered your trademark in Singapore, however, it increases the chances of successfully applying for a registration in other territories.

Security and Property

A registered mark is an intangible property recognized by the law. A merchandise with a recognized and trusted logo attached to it guarantees that the customer is getting an authentic and quality product from the original company. Brand loyalty is not new among customers; that is why if you register trademark, you’re also investing on the image of your name. A registered mark can also be used to secure loans for your business and treated the same way as any immovable property.

Licensing and Assignment

As the sole and exclusive owner of the registered trademark, you get to enjoy all of its benefits. You also have the right to license other parties to use the trademark or transfer or assign it to a different owner along with your business. Only those you have signed an agreement with, however, can use the trademark in Singapore. The licenses granted to other parties will also allow you to enjoy other possible sources of revenue and to expand your business ventures.

Remedies

The owner of the registered trademark can enjoy the damages and fees from infringement procedures, because they are recognized as the valid and sole owner. Filing a dispute is much easier even when the proof infringement is found on the Internet, because intellectual property rights also protect owner in digital platforms, not just physical evidence. This protection can be enjoyed for 10 years once you have received the certificate of registration and is renewable for another 10 years.

Selecting an IT Support for Your Business

Choosing an information technology support for your company can be a strenuous task. Your chosen support company can directly affect your business’ flexibility, productivity and even the business’ bottom line. Technologies such as mobile phones, laptops, emails and instant messengers play an essential role in communicating with your prospect clienteles. But what if your email malfunctions? Or you can’t collect some important data from clients because of internet connection problems? These are just some of the reasons why businesses need reliable IT support who can lessen the possibilities of such problems.

cpu_health

The IT Partner and the IT Vendor

The two may sound the same, but an IT company like www.dynatech.com.sg from Singapore that agrees to be your IT support partner has real difference from an IT vendor that’s plainly marketing their services and applications to your company for the sake of their own profit. When calling an issue in an IT vendor, most likely you will get a response 5 hours later, expressing that they can’t come today because their staffs are currently working on a system problem in one of their major clients. To this vendor, your firm is just one of those small fishes in the sea.

To an IT support partner in Singapore, it doesn’t matter how big or small your company is. They take time in analysing and understanding the nuts and bolts of your business. They know what’s best for your system and will suggest ways on how to efficiently use the equipment for the betterment of your company.

Signs of Dependable IT Support Company

When looking for a network and computer support company, be keen to some essential signs whether the potential partner is a perfect choice for your business. Ask these following questions to help you pick the right one.

IT Support Team

• Will I be given one person who will be my company’s primary IT specialist?

If the IT company says No, then there are bigger chances of chaotic consultations every time you consult for a computer or network issue. If there are multiple consultants assigned to your account, chances are your issues can slip easily to blame game – “I thought John will be the one to come over for the computer repair.”

• What if my company’s consultant is not available, what solutions can you offer?

Another important matter businesses in Singapore should know is the capability of the company to cope up with emergency situations. There are some network and computer issues that have to be solved immediately, and if the assigned IT consultant is not available, you have to know what their emergency measures are to ensure immediate solution of your company’s issues.

Use Your Instincts

First conversations with your potential partners will give you a glimpse of how they work. If your queries cause them to be uneasy, or they answer you as if they are hassled and hurried and, expect the same attitude when you choose them as your IT partner. An IT company who focuses on partnership will certainly have good results in achieving the company’s goals.

cloud-it-support