Answer first the question, “Why in Singapore?”
Among the industrialzied countries, many new and growing businesses nowadays chose Singapore primarily because of its reputation and stability in terms of economic and facility. Other needs to reposition their office in a competitive trading nation for added sales and reliability.” These are credible based on facts and figures. As per our own study, I was able to get some reasons and statistical reports:
- Singapore is strategically located near ASEAN manufacturing countries and are considered the center of commodity trading in the world
- Singapore bridge the gap in commodity trading
- Efficient Facility
- Better Air and Sea ports.
- SMRT complements workforce and business establishments
- Comfortable living
- Nice recreation for our guest is awesome
- And a lot more which is enough reason to get the respect of both partners and investors, in and out of Singapore
According to World Bank, “Singapore is the cheapest place to start a business in Asia.”
“The 2nd most profitable place for investors,” according to Global 2003, BERI
As for start-up firms or aspiring foreign entrepreneurs, he/she must first formulate a viable business plan to pass the approval of concerned Singapore government agency to obtain the licesence and permits needed. In relation to the requirement, work permit/working Visa for himself and his immediate family is one of the initial most important requirements.
Funds are granted by a number of concerned government agencies but proponents have to qualify to their standards and criteria. Most of them has standard format on business plan, you just have to download their template through their websites. Nonetheless, below is the basic outline in your business plan:
I. Executive Summary
II. The Business
The Business Model and Value Proposition
- Business Name
Market Structure and Analysis
- Target market and customer base
- Market size and potential
- Competitor analysis
- Competitive analysis
Marketing and Distribution
- Marketing and communication
Production process and development
- The supplier and raw materials
- Company structure and management
- Planning and strategy
- S.W.O.T. Analysis
- Price breakdown of products/services
- Investment Plan
- Source of Plan
III. The Financial Plan
IV. The Development Impact
Others: You may also need to include the expansion plan and Risk management plan. To be on tract of what Singapore wants, please study further what has been provided in its web sites.
This business can expand in the near future, depending on how effective management in administering the business. Having the right invesment/investors and partners is one of the key components.
To avoid waste of time and money, I recommend two crucial partners for the effective registration and setting-up of standards:
1. Rikvin Consultancy Singapore (permits and documentation processing, including initial setting up related to office, business plan polishing, etc.)
2. SAP International/Singapore (setting up of effective and globally competitive systems and procedure)
Most of the tips and outline are also adoptable if you wish to do business in other countries.