How Do I Register a Business in Singapore

Most entrepreneurs, when they opt for a Singapore business registration, start a private limited company. However, depending on your business needs, the risk involved, and the liability you are ready to commit to, you can also use other business structures.

Choose the Right Legal Structure

In addition to a private limited company, you can also form your business as a Sole Proprietorship or Limited Liability Partnership (LLP). You need to be careful here, as your choice can impact your liability and tax amount. It can also affect a business’ tax amount, branding, credibility, and fundraising ability.

Singapore government helps new businesses in their initial days. The government offers them various grants and tax incentive and help them take roots. The low corporate tax rate lowers their overhead costs. This support gives them a breathing space to find a foothold or a niche to cling to.

You can claim these benefits for your business only if it is a locally registered private limited company. You also need to maintain their management in Singapore.

How to Register a Private Limited Company

You need to apply to the Company Registrar of Singapore to register your company. A government agency named Accounting and Corporate Regulatory Authority (ACRA) acts in this capacity.

For your Singapore business registration, a company or a business firm like a sole proprietorship or an LLP, you need to apply to ACRA. If you are a foreigner, you can appoint a Singapore business registration services provider to take care of the task.

The process for Singapore company registration is streamlined and has only two procedures.

Get company name approved from ACRA
Apply to ACRA for your company registration
1# Get Company Name Approved from ACRA

You need to choose a unique, meaningful, and decent company name. It will improve the chance of getting it approved by the ACRA. If you have appointed an agent to form your business, send them a list of 3-7 company names.

Their experts will check the names for availability on the ACRA’s website. They will register the available company name by paying an official fee of S$15.

2# Apply for Singapore Company Registration

ACRA acts as the Company Registrar of Singapore. And you need to apply to ACRA to register your business. You must submit all incorporation and KYC documents along with your application. You also must pay an official fee of S$300 in processing fee.

ACRA may take 1-3 days to process your application. After the successful Singapore business registration, ACRA sends you an email. You can use it as an Incorporation Certificate in Singapore. It contains details of your newly registered company like; Unique Entity Number (UEN), business profile, Etc.

If ACRA forwards your application to a Ministry, it may delay the approval by up to 2 months.

Pre-Incorporation Requirements

Before you decide to initiate the Singapore business registration process, you must fulfill a few of the pre-incorporation criteria. They are as listed below:

Company Shareholders

You need at least one shareholder to start your private limited company. It can have up to 50 shareholders. A shareholder in a company can also be its director.

An individual, a company, or a trust can be a shareholder in a Singapore company. If you are the sole foreign shareholder, then Singapore allows you 100% shareholding in your company.

Local or Resident Director

You need to appoint at least one resident director who is ordinarily a resident of Singapore. You can appoint a Singaporean citizen, permanent resident, or an entrepreneur or employment pass holder.

You must also see that the appointee is over 18 years of age and is not bankrupt or has a criminal history.

Company Secretary

As per the Company Act, you must appoint at least one company secretary within six months of the formation of your company. You need to select a qualified and experienced individual who knows the Company’s Law and is ordinarily a resident of Singapore.

You can appoint a Singaporean or permanent resident or a holder of employment, entrepreneur, S, or a dependent pass. A sole director of a company cannot be its company secretary.

Minimum Initial Paid-Up Capital

You need S$1 in the minimum initial paid-up capital for your Singapore business registration. You can increase the company’s capital at any point in time after the formation of your company.

Local Registered Address

You must provide a registered physical address in Singapore for your company office. It has to be an address of a residential or commercial place. P.O. box address is not valid.

Simplify Your Singapore Business Registration

Many local business owners appoint a Singapore business registration services provider for the task. Many a time, they choose a registered filing agent.

These agents are authorized to interact with government agencies, submit documents, and pay the official charges. They have incorporation experts to advise you on your business formation and simplify it.

If you do not have a local director, your provider can arrange a nominee director. You can also pay these firms for a local registered address or a company secretary. They may also assist you in opening a corporate bank account for your new company.

Singapore is a great business hub to start your new business. It ranks in 2nd place for the ‘Ease of Doing Business.’ It is the reason why Singapore business registration is popular. It is a fast process, and you need only 1-3 days to form a new business in Singapore.

How to Build an Effective Service Or Product Marketing Strategy – 5 Best Strategies

Developing an effective strategy to continuously improve your product or service needs to be number one on your business action plan. Why? Because without an effective, and evolving, product marketing strategy (or service delivery strategy), your business will struggle to succeed.

Strategy development can be intense and complex; and the cost of time, resources and money for the development of every element of your marketing strategy for brands can be high.

Most small business owners invest in up-front development of products or services strategies and, once they are launched, they do little to develop that strategy and do little to build it into their overall marketing and business strategy. In fact, the new product or service is often launched, and then expected to ‘take off’ on its own. When the launch fails or sales don’t hit targets, the blame for failure is often pointed to the sales or operations group, or the economy. I’ve even heard the customer being blamed for failing to buy the goods or services being offered.

Product Marketing Strategy: 5 Best Strategies (note: service delivery strategy is used interchangeably)

What many small businesses fail to do is to ensure that their product strategies are continuously enhanced and adapted for market conditions; as well as being adapted as the goods or services move through their product life cycle. A newly launched service (or good) needs marketing strategies that capitalize on the introduction, growth, maturity and declining stages of its life cycle. A positioning strategy that takes into account the product life cycle stage is effective and much more likely to succeed. In the introduction stage of a new product launch, you need to consider pricing, promotion, and distribution strategies. Are you entering a market with similar goods or services, or a new market entirely? For example, pricing strategies for goods with lots of competition might include a market penetration price strategy or a promotional price strategy. Whereas, a pricing strategy for entry into a highly technical field with few competitors could more successfully use a price skimming or market skimming strategy.
As much as pricing strategies need to be closely aligned to product and to product life cycle, consideration must also be given to differentiation strategies. Are features and benefits easily copied or imitated or bettered by competitors? If the answer is yes, you must be able to find another point of differentiation (for example, an outstanding and unmatched warranty program or same day/no charge shipping). Often the goods you launch are unique and differentiated at the beginning of their life cycle, but competitors catch up quickly and can often pass you in the race to win the buyers heart, mind and dollars. Differentiation strategies must be built to keep evolving and to make it difficult for competitors to copy you.
Is the promotional program you developed for your launch, appropriate for the ongoing evolution of the goods or services? For example, do you need more personal selling now? Or will direct marketing mail campaigns help you to establish brand recognition and build demand?
Do you need to re-look the distribution strategy for your goods or services? Is the distribution channel working effectively? Do you need additional merchants or retailers or affiliates? Review and analyze your sales history. Ensure that you have a clear understanding of where your product or service is selling, who is doing the selling, how it is being sold, what the sales lead time is, and all other distribution data. Find where the sales are growing and where they are not. Fix the problems. Test new distribution techniques. Monitor and measure your efforts and try to build a program that will help you not only with one product or service, but with many.
Consider diversification of your goods or services as a strategy for brand growth. Through diversification you can support and build your existing business while spreading the costs over other goods and services; some might be related, but other goods could be unrelated to the existing product line. The best diversification strategy ensures that you focus on brands that have limited competition, add minimal incremental cost to your operation, and that your customers want!
Your product marketing strategy must be continuously improving, and must have an effective brand management focus to move forward; ahead of your competition and ahead of your market. Building, growing and protecting your goods or services sales must be at the center of your strategy. Your purpose in building a strong brand marketing strategy is to grow your sales and to grow your share of the market. Focusing on your marketing mix strategy and strategic planning, and then acting on your plans, will move your business forward.

Bad Credit Commercial Loans – Give Your Vision A Reality

Usually, bad credit commercial loans pass on purposely to the assistance of loans to entrepreneurs having adverse credit history for their existing or planned businesses. Most typically, bad credit commercial loans are done through a bank or some other major high street lenders. Many commercial institutions offer small business loans that are especially designed to fit the needs of a variety of the borrowers at their businesses.

Although borrowers having bad credit history get negative response applying for any sort of loans, coming of bad credit commercial loans has solved the borrowers’ borrowing problems. There are two types of bad credit commercial loans i.e., secured and unsecured. The former forms of bad credit commercial loans contain collateral placing as of borrowers’ securities in the future, whereas pledging placing do not matter regarding these forms of bad credit commercial loans.

There are many lenders available online and offline for bad credit commercial loans. Candidates i.e., bankrupts, arrears, defaulters, IVAs, and CCJs, need to carry with them their current credit scores. Reviewing the current credit scores, the lending authority see through the borrowers’ financial capability and repayment capacity. After, lenders bestow the borrowers with bad credit commercial loans to the borrowers.

If you decide that you want to finance business through bad credit commercial loans, ensure that you visit a number of different lenders, such as commercial institutions and high street lenders. Review your options carefully so that you can choose the lending option that is best suited for your business and for your current financial situation.

In the recent past, the provision of bad credit commercial loans online has given the processing of bad credit commercial loans a good speed. Now, borrowers have to fill in a simple application forms, and rest they have to search out a lender. That many lenders are present online borrowers find options selecting in between.