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

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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.

6 Ways to Save Money on Your Startup

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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

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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.

Technology Altering The Food Packaging Industry

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StrategyDriven Tactical Execution Article |Food Packaging Industry|Technology Altering The Food Packaging IndustryWe have come a long way from packaging our food in leaves and skins, but in many ways, we have created more problems than solutions. The packaging industry is responsible for a great deal of pollution and waste. Many of the technologies listed in this article have been developed in order to directly challenge this status quo. Here are some of the most important recent developments in food packaging technology.

On-Site Nitrogen Generation

Nitrogen is an essential component in the packaging of perishable foods. Oxygen is an extremely reactive element, and many chemicals react readily to it. This makes the presence of oxygen in food packaging incredibly damaging. Food quickly spoils in oxygen-rich environments. Nitrogen, on the other hand, is colorless, tasteless, odorless, and almost entirely inert. For many years now, food packaging has involved the displacement of oxygen with nitrogen in order to preserve freshness. In the past, nitrogen was shipped into facilities in tankers. This nitrogen was in liquid form, which was then converted into a gas for use. The conversion process was an expensive and labor-intensive one.

On-site nitrogen generators, introduced recently, have proven to be far more efficient for companies working in the packaging industry; a nitrogen generator does not actually produce the gas from scratch. Instead, they purify nitrogen that is present in the air – stripping it of other gasses. Nitrogen accounts for around 78 percent of the Earth’s atmosphere.


Edible Packaging

Food packaging accounts for a great deal of the world’s waste, so the development of a safe edible packaging is an idea that could do the environment a big favor. Although things like rice paper have been available for a long time, truly tasty and protective materials are only just being developed. Professor David Edwards and his team at Harvard University have recently developed a membrane inspired by the skin surrounding the flesh of apples and oranges. Their invention – wikicells – is a kind of packaging made up of statically charged edible membranes. According to these scientists, the future of packaging is edible.

Smart Packaging

Smart packaging is perhaps the most ‘Tomorrow’s World’ of all the innovations on this list. The idea behind smart packaging is simple: the packaging warns consumers if a product has spoilt. Sensors embedded in the packaging will detect the telltale signs of spoilage and let a consumer know if they should eat the food contained within. This could lead to the end of sell-by dates – which are seen by many as being completely unrepresentative of the actual shelf life of food items. Items could last longer on average if people know exactly when the food has gone off.

Water Soluble Packaging

What if you could simply make packaging waste disappear? Several companies have developed packaging that dissolves in water. This could reduce household waste by a huge quantity, although the packaging will need to be made very affordable to food manufacturers in order to truly take off. No material ever truly disappears, which could mean that water in which packaging is dissolved is still relatively damaging to the environment.

High Court Enforcement Officers Explained

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StrategyDriven Risk Management Article |High Court Enforcement Officers|High Court Enforcement Officers ExplainedWhen it comes to dealing with business debts, there are two high courts. They are the County Court and the High Court. The County Court deals with smaller claims, while the focus on the High Court is to deal with bigger debts. If a debt is greater than £50,000, it will be issued to the High Court.

A judgement made in the County Court can be sent up to the High Court if necessary. High Court Enforcement Officers are officers that have been authorised specifically by the High Court, and these officers have more power than that of a standard bailiff or enforcement officer. High Court Enforcement officers are bound by a code of practice and have agreed to abide by the High Court Enforcement Officer’s Association’s code of professional conduct. If you are faced with the threat of one of these offices, you” have to pay high court enforcement fees.

Bailiffs vs HCEOs

There are some key differences between bailiffs and high court enforcement services. Bailiffs, also known as simply ‘enforcement officers’ have the legal ability to collect debts for the county court and may take goods as part of that process. These officers are often employed by civil enforcement agencies, but it is also possible for them to work with the court directly. they do not have the same powers as HCEOs, however.

Bailiffs have the job of obtaining payment from debtors. They can do this either by collecting the payment directly, or through what’s known as a controlled goods agreement. If the debtor refuses to pay, bailiffs can visit their business to seize goods. The bailiff must give seven days notice before visiting a business premises. They do not have automatic right of entry. Anyone who is visited by a bailiff should ask for proof of ID from them. Debt collecting agencies often have their workers pose as bailiffs, when they are simply agency employees who do not have the same legal powers.


What Does a HCEO Have The Power to Do?

If a HCEO comes to a business’ premises, they can look to see if there are any goods that can be seized. They must obtain “permission to attend” from the courts before visiting, and must also give sufficient notice. Once at the property, the HCEO will give the debtor the opportunity to pay the debt or enter into a controlled goods agreement. If the debtor does not agree to do either of these things, the HCEO has the right to seize goods immediately, for the purposes of paying the debt.

The HCEO is permitted to take business furniture, stock, machinery, vehicles, financial assets such as shares and bonds, and money. They may also take goods that are on finance, however, the finance company must first agree to the sale of those goods.

The HCEO can only take things belonging to the business. They can’t take personal items. They’re also not permitted to remove:

  • Perishable goods
  • Goods leased or hired
  • Assets under third-party ownership
  • Tools, up to a value of £1,350, required by the debtor to conduct their trade

The HCEO can’t force entry into a secured premises, nor can they take goods from a third party unless they have a good reason to believe the business was storing their goods there. Anything taken by the HCEO will usually be sold at public auction, either through a general auction house or the officer’s own auctions. If the goods are not suitable for public auction, the HCEO may apply for permission to conduct a private sale. The debtor will be liable for any fees incurred during the process of removing and selling any items owned by the business.