6 Decisions That Could Impact the Success of Your Startup in Singapore

/in /by

StrategyDriven Starting Your Business Article |Startup in Singapore|6 Decisions That Could Impact the Success of Your Startup in SingaporeFew countries can claim to be as business-friendly as Singapore, especially when it comes to tech startups. With the city-state having almost nonexistent corruption, high political stability, and world-leading innovation ecosystem, startups could hardly find a better country to base their operations.

That said, there are still plenty of things startup founders need to consider when setting up a business in Singapore. Here are just 6 of the decisions you’ll need to make that will directly impact your startup’s success in the country.

1. Your Business Structure

When locating your enterprise in Singapore, one of the first things to consider is the company structure you want to adopt. The Singapore Economic Development Board (EDB) offers guidelines for foreign investors opening a company in Singapore.

Startups generally have the following options for their corporate structure:

  • Sole proprietorship
  • Partnership
  • Limited partnership
  • Limited liability partnership
  • Public or private company
  • Variable capital company

Each of these business types carries its own funding structures, requirements, and liabilities. You may want to explore the website of the Singapore Accounting and Corporate Regulatory Authority (ACRA) to learn more about the nature of these different business structures, including the licensing requirements of each.

2. Extent of Presence in Singapore

If you do not want your startup to be headquartered in Singapore, you do have other options, including setting up a local office. While this may keep your startup from enjoying a full range of benefits from locating in Singapore, it can be a good way to test the local market.

Another option is to set up a representative office. This will allow your startup to have a presence in Singapore, with the drawback of being unable to solicit business or raise funds.

If you are already established elsewhere, there is an option to transfer your foreign-based startup’s registration to Singapore in an increasingly popular process called “inward re-domiciliation”. This effectively turns your foreign startup into a Singapore-based entity. There are some caveats, but notably, inward re-domiciliation does not affect the obligations, liabilities, or property rights of foreign startups.

3. Visa and Residency Options for Staff

If you are planning to locate non-Singaporean employees in the country, you will want to consider the visa and residency options available to them.

Singapore offers special visas and passes to foreign investors, entrepreneurs, and technical experts that are intended to encourage their entry into the country. Exceptional tech experts and entrepreneurs with a proven track record may apply for the EntrePass, a special pass specifically intended to attract the world’s best minds in tech by offering them simplified access as well as support and funding.

Entrepreneurs and qualified tech experts also have the option to apply for Singapore Permanent Residence (PR) under the Global Investor Programme, popularly known as the Tech.Pass visa programme. Other experienced professionals may apply for a Personalised Employment Pass (PEP).

For other staff members, there are generally two basic options. Skilled foreign workers may qualify for the Employment Pass. Semi-skilled foreign workers such as domestic helpers may obtain a Work Permit.


4. Which Government Incentives to Use

The Singaporean government is widely considered to be remarkably hands-off when it comes to businesses. But that is not exactly true. The Economic Development Board and other Singaporean government organizations offer a wide range of incentives for businesses. Most of these incentives are aimed at businesses engaged in industries deemed strategic for the country’s long-term growth.

Thankfully, virtually all startups qualify for some kind of government incentive. For example, qualified tech startups may be able to benefit from the Tech@SG programme as well as the Tech.Pass visa programme. Most startups may also benefit from grants and incentives related to carbon emissions reduction, the use of domestic financial services, and the application of emerging technologies.

There may be some trade-offs when opting in for some incentives, so it’s important to discuss matters with a qualified legal expert before committing to any specific government grant or scheme.

5. Legal and Tax Compliance

The country has a rather reasonable corporate income tax rate, which is fixed at 17% for all Singapore-based companies, including tax residents, non-tax residents, and components of foreign businesses that are based in Singapore.

It’s worth noting that startups are eligible for various tax exemptions, including ones that may be based primarily in other countries. For this reason, it’s important to hire qualified legal corporate tax and law experts when you build your startup in Singapore. While the professional fees may add up, you may be losing out so much more if you do not apply for the different tax exemptions available to startups.

6. Your Singapore Team

The business culture in Singapore, while exceedingly vibrant and accommodating, is still fundamentally rooted in Asian values. Westerners often assume, because Singapore is a successful and wealthy English-speaking capitalist society, that all locals share common Western values such as individualism. This is definitely not the case.

Sticking with such assumptions often set up foreign startup founders for failure, as they may find it difficult to make headway in Singapore if they maintain a west-facing attitude. Growing a startup or any other venture in Singapore successfully often means doing away with all your assumptions about the country.

If you’re going to be doing business within Singapore, it’s important to hire people who can navigate the ins and outs of the country’s culture. This means that you will want to consider hiring locals or expats who have experience handling business matters in Singapore. This is especially important for sales teams and administrators, as they will be facing locals regularly.

By being deliberate with your business structure, hiring decisions, incentive choices, and legal compliance, you will not only maximise your startup’s odds of success in Singapore. And by succeeding in Singapore, you’ll also give your startup a fair shot at achieving a truly global presence as well.

Choosing the Right Bank

/in /by

StrategyDriven Managing Your Finances Article | Choosing the Right BankChoosing the right bank to help manage your finances can be difficult. With so many local and national bank chains, the options from which to choose can be seemingly endless. However, with just a few simple steps, you can be much closer to choosing the right bank for you.

Step 1: Decide What Account Type(s) You Need

The first thing you should decide is what type of accounts you need. Perhaps you simply need a checking account for depositing your paychecks or a savings account to start building your emergency fund. If this is the case, then you can be sure almost any bank you choose will meet your needs.

However, if you are looking for more advanced options such as credit card lines, personal loans and wealth management, you will find your pool of options begins to get smaller.

Step 2: Find Banks Local to You 

While online banking largely eliminates the need to regularly visit the bank in person, it may still be important to visit the bank directly on certain occasions, and depending on where you are located, certain chains may be more or less available. For example, if located in Massachusetts, Kevin Cohee OneUnited Bank could be a great option, but if you are in North Carolina, Well’s Fargo may be more readily accessible.

It is important to note that it is possible to maintain accounts without a local branch, so if you do not care to have a face-to-face option, then finding local banks may not be a priority for you.


Step 3: Consider the Benefits

Depending on the accounts you choose to open, you may enjoy any number of complimentary benefits. Two of the most popular benefits to look for in choosing a bank are access to a mobile app and not having to pay an annual fee.

Large chains such as PNC or Kevin Cohee OneUnited Bank will offer instant access to all your banking needs, but smaller, local banks may not. In addition, many banks may charge an annual fee to bank with them or may charge a fee for low balances or over-drafting your account. Look for banks that take measures to help you avoid these fees with features such as offering free, customizable account alerts.

At the end of the day, there is no perfect bank, and there is not just one bank that will work for you. So consider these steps to help you make an informed decision, but know that you can always change banks if you find the bank you initially choose ends up not being right for you.

6 Ways to Save Money on Your Startup

/in /by

StrategyDriven Starting Your Business Article |Save money on your startup|6 Ways to Save Money on Your StartupStarting a business is hard enough – but trying to do it on a shoestring budget can seem impossible. Fortunately, there are many ways to save money on your startup without sacrificing quality or cutting corners. This blog post will discuss six of the best ways to save money on your startup. Keep reading for more helpful tips!

A Mobile Office is Key

If you’re working on a startup, chances are you don’t have the luxury of traditional office space – and that’s okay! A mobile office is vital for any startup trying to save money. Using your laptop, phone, and tablet for all your work needs can avoid costly overhead expenses like rent, utilities, and furniture. Plus, you can work from anywhere – whether you’re at a coffee shop, the library, or even at home.

Outsource When You Can

When it comes to your startup, there are some tasks that you can’t do yourself – and that’s where outsourcing comes in. Outsourcing can be a great way to save money on your startup, as it allows you to delegate tasks to professionals who can do them more efficiently and affordably than you could. Not sure where to start? Many online outsourcing platforms can connect you with talented freelancers from around the world, like Upwork and Fiverr.

Use Technology to Your Advantage

Technology can be a powerful tool for any startup – and it can also help you save money. Many free or low-cost software programs and apps can help you with everything from accounting to marketing. And, if you’re unsure how to use a particular piece of technology, there are plenty of online tutorials and how-to guides that can help you get up to speed.


Go Green with Your Workplace Initiatives

One of the best ways to save money on your startup is to incorporate green workplace initiatives. Implementing green practices like energy-efficient lighting, recycling, and using recycled materials can help reduce your operating costs and make your business more sustainable. Plus, green initiatives are great for the environment and can help you attract eco-conscious customers and employees.

Think Outside the Office

Don’t forget to think outside the office when saving money on your startup. There are many creative ways to save money on office expenses like rent, utilities, and furniture. For example, you could sublet a portion of your home or look for coworking spaces that offer discounts to startups. And, if you’re tight on cash, you could even start a virtual office where all your employees work remotely.

BYOD Policy

Bring your device (BYOD) policies are becoming increasingly popular in the business world – and for a good reason. BYOD policies can save your startup money by eliminating the need to purchase expensive office equipment like laptops, printers, and scanners. Plus, employees who use their own devices are often more productive and satisfied with their work setups. So, if you’re looking for a way to save money on your startup, consider implementing a BYOD policy.

Saving money on your startup doesn’t have to be complicated – there are many simple and effective ways to cut costs without sacrificing quality or compromising your business. By following the tips in this blog post, you’ll be well on saving money on your startup.

Google Ads: 5 Mistakes Beginners Often Make

/in /by

StrategyDriven Online Marketing and Website Development Article |Google Ads|Google Ads: 5 Mistakes Beginners Often MakeUsing Google ads for the first time can be a bit of a baptism of fire. Mistakes can be very costly and leave a large hole in your marketing budget for very little return.

The rewards are there if you know how to get them. Using a Google ads specialist, for instance, will ensure that you don’t make any rookie errors and get the best return on your investment in terms of driving traffic to your site and winning new customers.

Here is a look at some of the classic mistakes that are often made when you are unfamiliar with how to get the best out of Google ads.

Understand how to set your budget correctly

The way that Google works seems straightforward when it comes to setting a daily and monthly budget spend but it can be all too easy to overspend.

The confusion comes from the fact that you enter a daily limit for your marketing budget but could end up almost doubling that figure. The reason for this is down to the fact that Google averages out your spending over 30 days.

A good way of budgeting accurately would be to use an account spending limit. That way you know that you will have a better chance of avoiding an overspend scenario.

Learn about pinning

A lot of Google ads newbies tend to pin every headline and description response. The problem with that is it does not give Google the flexibility it needs to combine your assets in a variety of different ways.

Aim to only pin the most important descriptions and headlines that you want to be included in your ad copy.


Make sure you exclude display network

When you are setting up your search campaign it is essential that you omit the Display Network option and opt for a separate Display Campaign instead.

The reason for doing this is that it gives you much better attribution. This allows you to get more informative insights into the effectiveness of each campaign.

Don’t be tempted by auto-applied recommendations

Google Ads has started selling its ad performance recommendations. These operate without human intervention and do not give you the results and performance you might be expecting.

The best approach is to opt out of this and navigate your way around the recommendation tab within Google Ads to choose the recommendations manually. Once you know which ones are best for you it is then possible to manipulate the auto-recommendations to your preferences.

Check your conversion settings

It is vital that you set up your conversions accurately. If you don’t, you will suffer the consequences of inaccurate or broken conversion tracking. Your decisions could also be based on incorrect assumptions and data.

A good housekeeping strategy would be to review the conversion setting on a regular basis. That gives you the opportunity to pause any conversions that are no longer required. This will make tracking easier and more effective.

It is perfectly possible to create a Google Ad campaign that really hits the spot and delivers great results. You just need to have the know-how to be able to use the system and settings to your best advantage.