Being an entrepreneur is not easy and not everyone can be a successful business owner. However, the process of starting up a business in Singapore has been made less painful with the various business-friendly policies in this city state.
To help aspiring entrepreneurs up to speed on Singapore laws, regulations, taxes and government assistance schemes, Enterprise One (a government agency tasked to promote local business) has prepared a simple checklist:
1) Sign up for EnterpriseOne Digest, a monthly newsletter tracking the latest updates on the laws and regulations. You can log on to Enterprise One website to sign up.
2) Ensure your business premises (office, shop, factory) can be used to carry out your business. For example, applicants who wish to use their HDB residential flats for home office are required to seek prior approval from HDB.
4) Familiarize yourself with various tax incentives and Government assistance schemes.
5) Register your business with Central Provident Fund (CPF) before hiring your first worker.
6) Register your business with Accounting and Corporate Regulatory Authority (ACRA) and comply with post-registration requirements.