Young Entrepreneur: How Can Teenagers Start a Small Business in Singapore?
How To Start A Startup In Singapore For Teenagers? Some might say teenage is not the right time to start a business house. But the truth is regardless of your age; you might still consider having your own corporation if you have the right idea and necessary skills. And you don’t always need a business that will help your worth reach seven figures in a month. Being young, you have more than enough time to start small and slowly turn your business into something huge, as you go on learning about things. And to start doing that, all you need is some tips and the information about incorporating a company in Singapore. Here is how teenagers start a small business in Singapore.
Make sure that you put your hands into something that you have a clear idea of. Your company should be focused on selling products or services that you are very familiar with. Many teenagers start a small business in Singapore after analyzing the market, and that is what you have to do as well. It is mandatory that you know about the needs of people in the market. After that, know your competitors then try to provide something unique from what everyone else sells. Also, a clear marketing strategy and enough information about fetching and managing funds.
Incorporation of a Company in Singapore
Now that you have the right idea, it is time for you to register your company. First of all, you will need to know about the type of your business.
This means the company is solely yours and every liabilities are your duties.
This is similar to Sole Proprietorship, but instead of an individual, there are multiple owners of the business, with each one having financial rights.
Private Limited Company
A private limited company will let your company stand as a separate legal entity. There are owners, the board of directors, offices, branches, e.t.c. in this type of company.
Then, you should advance to registering your company with the Accounting and Regulatory Authority (ACRA). You can easily do it online at Bizfile (bizfile.gov.sg). You will also need to propose a name for your company, and it shouldn’t be vulgar or promoting any bad behavior. Also, make sure your business complies with the law.
If the steps were not clear, you might click on this link for the step by step procedure for registering a company in Singapore.
Once you register your business in Singapore, you will need to acquire all the necessary permits you will need. This depends on the type of your business. Don’t forget that getting a business license is a crucial thing to do and you can’t miss one if you don’t want uninvited troubles in the future. So, you could take help from a local lawyer to make sure that you have every legal permit needed to operate your business.
Open a Corporate Bank Account
Here is the next thing you do. You will need a place to store the money you will make from your business, don’t you? Among the various banks in Singapore, choose one with the packages befitting your needs.
I hope this article helped you understand how teenagers can start a business in Singapore. If it did, I am sincerely glad.