Useful Tips For Singapore Business Start Up

Singapore is one of the leading Asian countries for business and commerce and has been rated as one of the best business environments in Asia Pacific. It’s no wonder that small and medium sized businesses and even business conglomerates from across the globe surge to this tiny nation.

If you are planning on starting a business in Singapore here are some useful tips that can help you in the Singapore business incorporation process.

Singapore Companies Act

To begin business formation in Singapore you must be familiar with the Singapore Companies Act (SCA). Singapore companies are primarily governed by the Singapore Companies Act, but it must be noted that companies may fall under regulations of other statutes based on the type of business they are into.

Requirements for Singapore business set up

• The law states that the in order to set up a company in Singapore, the company must have a minimum of 1 Shareholder + 1 Director + 1 Company Secretary

The director:

The director of the Singapore business setup must be a citizen or permanent resident of Singapore. He/she may also be Singapore Employment Pass holder. The director of the company must be above 18 years of age and must not be bankrupt nor have prior record of malpractice.

The shareholder

The law allows a maximum of 50 shareholders for a Singapore business setup. The share holders may be individuals or a corporate entity. The said director can be the shareholder as well or they can be separate individuals. 100% local or foreign shareholding is permitted.

The company secretary

According to the SCA, a Singapore business set up must have a company secretary. The company secretary needs to be appointed within six months of company incorporation and he/she must be a resident of Singapore.

• The company must also have a minimum initial paid-up share capital is S$1

The minimum paid-up capital for registration of a Singapore company is S$1 unless if you are an EntrePass holder in which case the paid-up capital will be S$50,000.

• The Singapore company setup must have a Singapore registered office address. The office address must be a Singapore registered address and addresses with a PO Box are not allowed.

Singapore business formation is made much simpler with the help of a professional business start up service. A professional service provider can aid you in the process of business incorporation in Singapore. A professional service provider will not only assist you in registering a company in Singapore but will also assist you throughout the entire process of business incorporation.

Professional business incorporation services ensure that you have the right information, documentation and get the right resources for setting up a business in Singapore.

Business incorporation services advise you on the relevant licensing requirements specific to your line of business and you can also avail useful business concierge services that can help you find a suitable location for your office, develop your IT and networking infrastructure etc.

You can also avail several supporting services such as taxation services, bookkeeping services and business accounting services.

Start Generating Ideas

An idea can take you places. Never ignore a thought shaping in your mind to generate a constructive idea. Always remember that no idea is big or small. One cannot ascertain when an idea can take shape in your mind or pass as a fleeting image. The essence is to capture the idea instantly.

1. Put down your thoughts on paper:

Immediately jot down your idea. It is a good idea to carry a notepad that you can slip into your purse or pocket. Some other alternative options are using a digital diary or the “Make Notes” option on your cell phone. The point is to put down your thoughts in writing as soon as you get an idea.

2. Brainstorm with family and friends

Two heads are better than one, the more the merrier. Brainstorming ideas with family and friends is a great way to generate ideas. However silly the viewpoint may be, listening to it and jotting down points give you an insight into thoughts different from yours or thoughts that you may not even have thought about.

3. Read relevant scientific or subject based books or magazines

Systematic research on a topic is possible if you target the right literary material; books, magazines or journals.

4. Browse the internet

It is a great idea to browse subject specific websites from authority .org sites preferably from accredited institutions, universities and government organizations. Use the search option to target specific topic related searches for recent relevant information.

5. Healthy timely eating habits, regular sleep and exercise

Discipline and order in your life with regular timely eating habits, sleep patterns and exercise are essential. A positive mindset and proactive thinking can generate constructive thoughts and ideas which when used can give positive returns.

6. Practice meditation, yoga for positive mind management

Emotional health in influenced by mind management techniques in the form of meditation, yoga, positive thinking. Positive mental health gives clarity, focus and better results. This enables great constructive ideas to be generated. 

It’s the Right Time to Start a New Business

Business Opportunities

2020 has been a different year for everyone. The pandemic has impacted jobs and businesses all over the world. The world has updated itself, and you need to make use of this. This is a difficult time for everyone, but this is also the best time to provide you with ample business opportunities.

The influx of internet users has opened up a whole new dimension of small businesses that you can try yourself. People have been locked in their homes, which has offered you the chance to make the most out of it. Home services and remote businesses have become massively popular, and it is not very difficult to get started.

You can make use of the internet and social media to turn your knack into a profession. For example, if you are good at cleaning, you can start a home cleaning service, or if you are a good writer, then get started by working as a freelance writer. These businesses are not entirely new ideas, but the market is booming at the present moment.

As you may have already realized, the two examples mentioned above do not require much investment and just a small amount of effort to reach out to potential customers. So if you are looking for business opportunities, this is the perfect time for that.

Easy to Start a New Business

The internet has already widened our horizons, and anything can be turned into a business easily now more than ever. You can turn your YouTube or Facebook page into a business account with a simple click. There are endless opportunities for turning your services and talent into a full-scale profession.

If you are good with editing videos and content, you can easily get hired as a freelance editor for different content creators. Considering the sheer amount of content creators on social media, that is not a bad prospect at all. These are some common examples; if you spend some time on the internet and social media, you might have realized that practically anything can be turned into a small business now. So if you have always wanted to start a new business, this is the year to do so.

Small Businesses

The idea that you need established foundations and sources to start your own business is obsolete now. Small businesses are getting more attention than some of the established ones. People are more inclined towards new businesses for variety and attention to customer satisfaction. This is a very encouraging scenario, especially if you have the means to get started with your own business.

Small businesses are the best option for your career right now. There has been a paradigm shift in the population worldwide, and self-controlled ventures and enterprises are being given more importance to promote innovations and creativity. The timing is perfect as the internet helps you out with practically any information you need. So do not hesitate anymore to start your entrepreneurship journey.

Small Business Opportunity: The Top 7 Reasons to Start a Painting Business

House painting is a skill that most people can pick up quite easily. It is one of those rare home based business opportunities that actually work and it is very possible to make $30- $50 an hour without much effort.

Here are the top 7 reasons why anyone with basic painting skills should consider starting a painting business of their own.

1. Residential and Commercial Painting is a 22.5 Billion Dollar a Year Industry!

Every day homeowners across the country (and around the world) spend millions of dollars to have a living room, bedroom, kitchen etc painted. This is an industry that indeed has an unlimited amount of work available.

There is far more work then there are painters. Listed in the top 10 businesses in 2006 and predicted to grow into the foreseeable feature, there has never been a better time to start a painting business then right now.

2. Basic Painting Skills Are Easy to Learn.

It doesn’t take much time at all to develop basic painting skills. Just about anyone can do it. Most painters who learn through “On the job training” pick it up in just a few weeks. All it takes is a little practice.

3. Very Low Start-Up Costs

A painting business is one of the best businesses because it doesn’t require a lot of money to start. For under $250.00 (depending on where you live) you can get a painting business up and running and earning money.

With start up costs this low it doesn’t take long to become profitable and if you target small high paying jobs your overhead costs are next to nothing.

4. No Expensive Advertising Needed

Unlike most other business, a painting business doesn’t require a huge monthly advertising budget. In fact it is completely possible to build a profitable painting business without any traditional advertising at all.

Smart painting business owners spend time building relationships with people who “know people” that can refer them jobs.

5. Earn Professional Income Working Part Time Hours.

Many successful painting business owners earn $60,000 – $100,000 per year working less then 35 hours per week. Once you develop your skills and become proficient, it is not uncommon to make $300-$500 per day working just 4-6 hours.

It is possible to earn more in one day then most painting employees make working a 40 hour week. Every day painters sell their valuable skills to a boss for a measly $12-$15 when they could be earning top dollar running their own painting business.

6. Freedom, Lifestyle and Security.

The best thing a house painter can do to secure their future is to start a painting business of their own.

The potential to earn an above average income working part time hours is one of the biggest benefits of owning a successful painting business.

Many painters are making a great living running their own painting business. They drive nice vehicles, live in nice homes and have the time and money to do the things they love.

7. Outstanding Tax Benefits

Running a small painting business out of your home offers many outstanding advantages like high profit potential and low over head. Expenses like gas, tools and your vehicle may be write offs. (Be sure to check with your accountant) But the tax benefits of owning a small business are wonderful.

As you can see the sky is the limit for painters. Unlimited work and top pay draw a lot of people to the painting trade every year.

How to Start Home Based Travel Businesses

Home based travel businesses are no longer the wave of the future. Home travel businesses are the hot trend right now. So if you’re considering becoming a travel agent, this brief guide will provide you with information you need to know.

First, there are generally two types of home travel businesses:

  • Referral agencies
  • Booking and selling agencies

Home based travel businesses that fall into the referral agency category do just that: they refer people to a travel agency. They may have several agencies they refer people to, but most generally have one travel agency that they work with on a regular basis. In return for the referrals from a home based business travel agent, the travel agency pays a referral fee or commission percentage on what the travel agency receives from the supplier. Part-time referral agents can earn up to $500 on each sale, and sometimes even more.

The home based travel businesses that fall into the booking and selling agencies category usually work with one travel agency. These booking and selling travel agencies actually do the booking and planning involved in making all the necessary arrangements for great trips.

These are people who enjoy attending to all the little details. They serve, more or less, as facilitators between their clients and a travel agency. Booking and selling home based travel business agents earn a lot higher percentage of the overall commission-but they DO do a great deal more work. A full-timer at this, however, can earn $50,000 or more a year.

Some things you want to consider before you decide to open your own home based travel business are:

  • Do I need any special training or education?
  • Should I pursue this part-time or full-time?
  • Is my family supportive of my decision?
  • Do I have a room in my home where I can set up an office?
  • Should I get an extra phone line?
  • What sort of office equipment do I need?
  • What will I do about accounting?
  • How do I manage my tax needs?
  • Is this a job I will love?
  • How much money do I want to make?
  • Should I do any advertising?
  • Do I have the contacts I need to pursue this business opportunity?
  • If I don’t, how do I make the contacts I need?
  • Am I willing to put the necessary effort into this business?
  • Does my state require me to have a business license?

Once you’ve answered all or at least most of these questions, you will need to make a business plan, outlining the steps you’ll have to take to achieve your goal of having your own home based travel business. And a plan just isn’t any good unless you follow it.

You also need to make sure your business plan is realistic. If you have to take a course to run the type of travel agent home business you want to have, deciding to open up shop next week isn’t reasonable. By being realistic in your business plan, you will save yourself an untold amount of frustration as you start and grow your business.

And starting your own business, whether it’s a cruise travel home business or a European vacation home travel business, can be frustrating. Be prepared for obstacles to raise their ugly little heads when you least expect them to, and roll with them as much as you can.

Your goal is to offer superior, professional travel services. Don’t let a cranky client get to you. Always keep a pleasant, cheerful demeanor. You can scream later. Better yet, you have a laugh or two over it with friends, while sipping a glass of fine wine that you bought with the money you’ve earned as a home based business travel agent.

Indian Medical Device Start Ups

Indian medical device industry is fragmented, price-sensitive and bogged down by infrastructure constraints like erratic power supply, low doctor-patient ratio and shortage of trained personnel to handle complex processes. These are pain points that Indian start-ups are trying to tide over to achieve market acceptance, stated Vishnu Bhat, managing director, BlueNeem Medical Devices.

Nevertheless, Indian companies are developing products for the domestic markets. When combined with enhanced service quality and after-sales support, it is seen to go a long way in positioning Indian start-ups against competition from multinational companies, he added.

The government has created a favourable eco-system through the ‘Make in India’ and the Medical Devices Rules 2017, which came into effect from January 1, 2018. While the former gives an impetus to produce quality products cost effectively, the latter prevents import dependence, Bhat told Pharmabiz in an email.

As Indian companies are predominantly in the services sector, accessing niche product development talent for specialized medical devices manufacturing has been a challenge. A lot of product development skills and hardware talent moved to services sector for better remuneration. Apart from a shortage of product designers, India poses several challenges for med-tech design and manufacturing, he noted.

Currently, though the Indian medical devices industry is on a growth trajectory and is viewed as a sunrise sector, venture capitalists and private equity firms do not see much of business potential in these companies. The sector is largely ignored, with shorter investment cycles for PE or VC firms who look to exit quickly for quick ROI (return on investment) and for the fact that Indian companies do not offer a varied product portfolio to scale-up and the segment being highly capital intensive with long gestation periods. The large R& D budgets of international companies are major deterrent for small domestic players to succeed. Moreover, VCs and PEs traditionally invest in mid-sized companies on the growth trajectory and have been reluctant to in investing in early stage medical device companies. However the outlook is quite positive, because Indian companies are aggressively pursuing innovation and we expect significant investments in the future, said Bhat.

Import dependent medical devices sector is expected to spur manufacturing through the 3 medical devices parks at Andhra Pradesh, Maharashtra and Gujarat. Additionally, local consumption coupled with strong exports demand will drive domestic demand.

Going by the import dependency and existing manufacturing capabilities, it is the diagnostic imaging in-vitro diagnostics, orthopedic prosthetics and consumables that indicate promising growth prospects. Quoting a recent report, he said India’s medical-device industry is growing at 15%, which is more than double of the global growth rate of 4-6%, and is expected to become a $25-30 billion industry in India by 2025. Currently, the imports account for over 75% of the estimated US$ 5.2 billion med-tech sector.

The new medical device rules raises the credibility of Indian companies on a global platform. The industry will take centre stage, as start-ups and small medium enterprises market specialty surgical devices like stents, catheters and high-end devices used in interventional radiology, said Bhat who added that even Blue Neem is moving towards disruptive innovation from incremental innovation

Exit mobile version