Singapore is one of the best startup hubs in the world. It has a business-friendly economy, excellent market, and skilled labor. Everything about the island state is supportive of business. However, this does not stop many beginners from failing. According to business-related studies, the biggest failure results from the lack of appropriate information, which leads to making costly mistakes. If you are planning to start a business in Singapore, we have you covered. Below are the common mistakes to avoid when starting a business in Singapore.
Having No Goals
No matter how good your business plan might look, it has a high chance of failing if there are no solid goals. Singapore has a competitive business environment due to a large number of businesses and achievable goals that encourage entrepreneurs to strive to succeed. As a beginner, both short and long-term goals and even strategies to achieve them should be clear. A business expert can help you to establish them and even walk you through the strategies.
Having No Source of Funds
Every business requires capital to start and stay operational. Some beginners might have less funds than required, which is a recipe for problems in new business. Singapore has various business startup funding plans that are available for both local and foreign investors. Take advantage of this as you also look for other ways to fully fund your business until it is stable. Failure to do this will cause you to lose your business.
Lack of Permits and Legal Documents
Any business in Singapore should have the appropriate legal documents. If the incorporation process does not go through, you should not operate the business. Likewise, you, as a foreign investor, should have the right work visa to operate in Singapore. As such, you must seek the help of a Singapore visa service agent to facilitate this in an easy way. Generally, make sure that any legal requirement is fulfilled before the business starts. Otherwise, the authorities will close your business and prosecute you.
Failure to Ask for Help
A new business is exposed to numerous uncertainties. Things could turn from bad to worse very quickly even when you think that you are doing the right thing. The best approach is to have an expert take you through sensitive areas. Common areas that require help include financial matters, recruiting, tax remittance, and marketing among other things. The consultant might ask for a commission, but their help will boost the business’s success greatly.
Failure to Pay Taxes
Singapore requires every business to pay all taxes without fail. Some foreign businesses are exempted from paying taxes or are subjected to reduced taxes if their country has a bilateral agreement with Singapore. Always check this before you start filing tax returns. Actually, the best thing is to have an accountant who understands this. Failing to pay taxes or remitting them incorrectly can cost you the business and end up leading to jail time.
Now that you know the mistakes to avoid when starting a business in Singapore as a foreign investor, it is time to do the right thing. Taking this direction will help your business to stabilize quickly and succeed within a short time.