Is it that you want to be your boss but are not sure whether you have the skill-set to be a successful entrepreneur? Starting a business is not an easy feat to accomplish, especially when you have very little or no idea about the aspects related to company incorporation and entrepreneurship. In this line, the first thing you need to consider is the place of your business operation. If you are interested in exploring Southeast Asian Market, Singapore could be the best bet. Before taking the plunge into company incorporation Singapore, you must be aware of certain traits of entrepreneurship essential for successful business. Unlock and ignite your entrepreneurial spirit and take the baby steps to jumpstart your own business.
This blog will outline the essential qualities of entrepreneurs you must possess to drive the success. Also, the excerpt will highlight a few aspects of Singapore business environment and its start-up ecosystem.
Essential Qualities of Entrepreneurs to Embark on Company Incorporation in Singapore
Ready to Delegate Tasks:
New or small entrepreneurs tend to wear many hats to reduce the cost of operation. Some feel afraid to delegate tasks to experienced professionals. In really, if they keep adding more responsibilities to their shoulder, things will eventually get collapsed and in the end, growth will be sluggish. It is always a better idea to delegate the tasks to professionals who have the proficiency to accomplish the job. When you incorporate a company in Singapore, you might be concerned over the rising cost of manpower over there. To combat this problem, you can outsource or hire resources from your native land.
Not Being Afraid of Taking Risks:
When you are bootstrapping your business, you must be ready to dive deeper into the world of risk and uncertainty. There are plenty of examples where we can see that significant risks taken by a businessperson have paid off in a big way. It does not mean that risk always brings prosperity and success to the business. You must be ready to face the adverse side of risk as well. Essentially, you have to be an optimistic and confident person who have a desire to win and ability to deal with the baffling situations.
Interested to Build Relationship:
Relationship building is another trait you must possess when you intend to open a company in Singapore. Be open to building new and diversified business network. Try to learn and understand the local social landscape of Singapore business environment and nurture mutually- beneficial links. Join the forums, and participate in the business conference to expand your reach.
Manage Your Time Effectively:
Manage your time based on the priority of the tasks. Keep the top priority tasks and lower priority tasks separate. Prepare a "to-do" list and stick to it. Never be in a hurry to do everything at once. You must have the ability to handle new urgent tasks while managing earlier works. Do not let the new list of work interrupt your focus. Hence, proper time management is as extremely essential for entrepreneurs who want to excel in business after their Singapore company registration.
Be Passionate about Your Business:
The personal passion of an entrepreneur adds fuel to the vision and goal of business. Ideally, every successful entrepreneur must have a passion that drives them to success – a motivation that keeps them moving on, their passion and beliefs may differ based on their individual interest and love for what they do. If you love what you do for your business, you would like to explore in-depth to keep your business running and flourishing. And, eventually, help boost your business. On the other hand, if you do not love your work, it will add stress on your mind and at the end, business will collapse.
Apart from these traits mentioned above, there are many other traits which an entrepreneur must possess to move his business forward. Now, let us take a sneak peek at the Singapore company incorporation scenario.
Glimpses of Company Incorporation Singapore Facts:
Each company in Singapore has to register with company registrar i.e. ACRA (Accounting & Corporate Regulatory Authority).
Singapore Company Registration process can be completed online using BizFile+ portal of ACRA.
There are only two steps of company incorporation in Singapore.
Company Name Approval is the first step that needs to be undertaken by every applicant. It can be completed within an hour.
There are minimum requirements such as one local director, one shareholder, paid-up capital of SGD1, local registered address, etc.
Required documents such as business plan, identity proof, address proof, etc. have to submit at the time of registration.
The company registration process takes 1-3 days to complete unless the application needs a review of external authorities.
ACRA sent an email notification to the applicant after successful registration.
The company incorporation Singapore process is simple, easy and straightforward as long as you fulfill all requirements of ACRA. Once you have registered your company in Singapore, you are entitled to gain benefits and support of government through various policies and schemes. The government provides financial support to the start-up companies through various cash grants, equity funds, and incubator schemes. The assistance of venture capitalists and angel investors are also worth to mention. There is a full tax exemption scheme for start-up companies that succor the budding entrepreneurs to tackle their teething problems.
All in all, the vibrant start-up ecosystem of Singapore supports the new and young entrepreneurs to move to the next level of success. On top of that, if you are well equipped with the aforesaid essential traits, a bright and promising future is awaiting for you.