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Starting out your Business in Singapore

24th August 2011
By jaydenchu in Business Law
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So you want to start out a business in Singapore? That is a very wise choice indeed. Singapore has been known for their diverse and well-developed economical structure. Every year, Singapore has been seen with an increasing economy in terms of GDP and PPP (that would be Gross Domestic Product and Purchasing Power Parity). Hence, it is quite the obvious choice to put up your own business in this city-state for the possibility of achieving financial success.

However, putting up a business here without taking due diligence in the proper procedures is just inviting a lot of trouble. Business owners that does not follow the necessary steps when they put up their company or firm gets the chance to win a one way ticket to their business' downfall.

So what are the things needed to start up a business in Singapore?

First thing first, you have to choose from a variety of business structures that would best suit you on how you can run you business. These business structures are:

Sole ownership
Business partnership
Cooperative or "co-op"
Corporation

Choose wisely from these structures. You may start and run the business by yourself if you think you can handle all the necessary procedures in doing so. However, if you think it is too much to handle by your own two hands then you might need assistance. Remember that two (or more) heads can be better than one BUT also remember that too many chefs spoil the broth. Keep these two sayings in mind before making a move.

After choosing which type of business structure fits you (or your business accomplices), the next step is to register the name of the business. In Singapore, there are special licenses that are required when the business is in the field of finance, food, banking, and the manufacturing controlled items (i.e. beer and cigarettes). The process for getting the license can take to a maximum of two months before the application can be determined if it is approved or denied. After it has been approved, you need to pay the amount for the registration fee of the name of your business. Most companies that are of sole proprietorship have been seen to pay $50 for the registration and another $15 for the approval fee.

Once the business has been initiated and the establishment has been put up, you now need to think of a way to reel in clients and customers. Marketing strategies like lead generation and appointment setting have been seen to be the most appropriate choice for such endeavors. There are many other strategies for you to choose from, but these two are deemed to be two of the most effective plans of action.

With the marketing strategy of your choice has been picked, it is time to implement the right marketing medium. Many companies in Singapore, whether old or new, prefer outsourcing to a telemarketing company for their marketing endeavors. For one thing, Singapore is a very large city-state is composed of five districts. So if you plan to visit each of these five districts for your marketing tactic then expect a large hole to appear in your wallet.

Telemarketing in Singapore is highly recommended as it can reduce the total costs that are used for travel. A prospect can be contacted through a phone call which, is pretty much obvious, much cheaper than gasoline or air fare.

Frankly speaking, there are other beneficial traits of telemarketing that makes it a highly recommended approach to generating income for your business. Just listen or read from those who have tried it, you might chance your mind about this medium if you are skeptical about it.

Once these things are all said and done, you can now enjoy the great possibilities of running a business in Singapore can bring.

Jayden Chu helps companies in Singapore and in other Asia Pacific countries increase their business revenue through lead generation and appointment setting services. He is a professional consultant for telemarketing services. To find out how you can increase your business revenue, go to http://www.callbox.com.sg
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