15 Important things to know to run a business in Singapore.

business consultants Singapore

Managing a business in Singapore can be exciting as it is challenging. Especially if you’re unaware of the nitty gritty of the Singapore business market. Let us walk you through everything you need to know about starting a business in Singapore from scratch.

The first step

The first thing that you have to do before starting a business is to understand the importance of a strong business foundation. Steps like registering your company and keeping in tow with the legalities of the business world are crucial and for that, you need to seek out company incorporation services to get professional guidance on business registration, and corporate structuring to ensure a smooth start to your entrepreneurial journey.

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Securing the right land

Securing the right kind of commercial land is an important step towards building a company, before buying or leasing a piece of land make sure to find out what can and can not be done on that particular space so you do not have to face legal issues down the road.

Keeping your finances in check.

The second most important step while starting a business in Singapore is to keep your books in order but, that can be a daunting task while you simultaneously focus on growing your business so why not hire an accounting agency? 

An accounting agency will help you keep your finances up to date with tailor-made accounting services that best suit your company’s needs, they can help you with bookkeeping, financial statement preparation, and ensuring compliance with accounting standards. So while you prepare to nurture your business an accounting agency will handle all the money matters on your behalf.

Complying with regulations

Filing annual returns and maintaining statutory records- these legal terms may seem difficult but they are as important as you having to wash your socks every two days, literally. To ensure that your company adheres to legal requirements in Singapore you need assistance from a company secretary. 

Professional company secretarial services ensure that your business stays compliant and avoids any potential penalties and risks, so while you enjoy the picturesque parks in Singapore the company secretarial services will handle all the legal work for you.

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Navigating tax obligations

As you navigate through the business world in Singapore you’ll find out about a lot of minute things that hold immense value while starting a business. The goods and services tax is one of those things, the GST is a tax that is levied on most goods and services that are sold in Singapore so hiring a team of GST experts is crucial to provide you with professional guidance about GST to avoid any risks and errors down the road.

Opening a corporate bank account

Opening a bank account that is solely for your business will help you keep your business transactions and personal transactions separate, and will also help you monitor your business expenses and cash flows and file tax returns.

Mastering the art of GST

While striking up a conversation with a store owner you get to know about his secret weapon: GST experts. The GST advisors will offer comprehensive guidance on GST matters and help you navigate the complexities of the GST system in Singapore.

Recommended post: Navigating Goods & Services Tax (GST) in Singapore

Securing permits and licenses

Before opening the doors for your customers you need to get some necessary business licenses and permits, yes, just registering your business isn’t the only piece of cake you’ll have to eat. 

The nature of your business is the key factor that decides what licenses it needs for example, if you have a trading business you’ll need to activate your company account with Singapore customs and receive an approval letter before you begin any kind of trading or, if you have a pharmaceutical business you need a license from the health science authority to operate. 

So, getting in touch with a professional business consultant as soon as possible will ensure a smooth journey for your business in Singapore.

Protecting your business

To ensure that your business achieves a competitive advantage in the market and prevent any copyright or infringement issues you need to protect your assets by applying for patents and registering for trademarks to protect your brand and your unique business ideas.

Filing your taxes the right way

To take full advantage of all the tax incentives the Singapore government has to offer you need to keep your taxes and tax returns in check, to do that you’ll need assistance from a tax advisor. The income tax filing services in Singapore will make sure that you pay your taxes on time and prevent any kind of penalties to your business.

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Employment regulations

An important part of any business is its workforce so hiring the right staff is part of building a strong foundation for your business. Singapore has pretty straightforward employment regulations that require you to adhere to fair employment practices and labor laws. Also, maintaining proper documentation while complying with employment regulations will help you build a productive and expert team for your business.

Ensuring cybersecurity

In the advanced era of technology hacking and stealing sensitive data isn’t difficult so prioritizing cybersecurity for your data and the customer accounts is paramount. The unbreakable security measure, regular audits, and training of our employees to handle sensitive data will help your business build a safe and secure reputation and safeguard your relationship with the customers and stakeholders.

Government initiatives and grants

The Singapore government actively supports businesses through various incentives so make sure you stay up to date with information about grants such as the Productivity and innovation credit scheme (PIC) which will help you gain funding to grow your business and drive innovation.

Recommended post: 10 Tax deductions that every taxpayer in Singapore should know about

The power of technology

One thing you need to do to grow your business is to harness the power of technology. Purchasing a domain to set up a company website so people know about your brand’s existence, making online transactions possible for people who like to shop online while also handling data analytics and inventory management to make your entrepreneurial journey easy.

Embracing different cultures and ethnicities

Singapore is a city of different cultures and traditions so embracing those unique cultures and taking part in local festivities will help you build a network of like-minded people that will help you grow as an entrepreneur and an individual.


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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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