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How to Run a Successful Business in Singapore

February 3, 2015 | Sharon Cheong

Singapore is often voted best city for business by various financial organizations. Almost any type of business, if set up and run properly, can become prosperous and successful there. The city is a popular global tourist destination and contains many of the iconic buildings that everyone is familiar with seeing in photographs. In addition, there is a great diversity of restaurants, housing and shopping. All this explains why Singapore is still a favorite world city for business people and travelers.

A Stable Economy

If you have a great idea for a business, then Singapore is the perfect place to build your legacy. The city is very business-friendly and an excellent place for investors to earn a good return. With a strong forex market, highly skilled labor, and a stable financial structure, entrepreneurs can feel confident about starting a new business there. Many of the world's largest companies, such as Microsoft, Apple, DBS Bank, and Google currently have offices in Singapore.

Business Options

Choosing a business type and then developing a sound business plan are the first steps. Since tourism provides a large part of the economy, any type of business that caters to tourists would be a good idea. A business that could provide services to the larger corporations there would also be a winner. Spend some time researching the markets and learn about the types of goods and services that sell the best. Business entertainment is a huge industry in Singapore and millions of dollars are spent each year on this sector.

Work Visas

The Global Investment Programme was designed to help foreigners cut through the red tape and get their business set up easily. The Entrepass is a type of work visa that allows you and your immediate family to come to Singapore and stay for up to two years to build your company. It is renewable as long as you continue to operate a business in the country. There are other visas available for those who simply want to come and check out the financial opportunities.

The Singapore government's website offers quite a wide array of information about registering your business, paying taxes, and hiring employees. Special licenses are required for some business types such as insurance and banking. Finding the right location for your company is also very important and there are spaces available all around the city for various budgets.  Find the space that is most appropriate for your category of business. Space is available in the financial district, the industrial parks and manufacturing locations.

Travel and Tourism

Singapore has a low crime rate, amazing exotic plants and animals, and many historic sites and over 11,000,000 tourists come each year. If you think you might be interested in moving to Singapore for business or personal reasons, the Singapore Tourism Board offers a great deal of information. Visiting first is a good way to get a feel for the cultural diversity.

Saving Money on Your Start-Up

One option that many new business owners choose is selecting a serviced or virtual office space. Servcorp Serviced Offices has business space available in the most prestigious locations around Singapore.  You can get a prominent address for your company at a fraction of the cost of renting regular office space. In addition, you won't have the expenditures for phones, internet and office personnel. All that can be provided for one low cost each month. Servcorp Serviced and Virtual offices are available for any type of business with whatever options you desire. All furnishings and services are of highest quality. Call to learn more