Singapore is known for all good reasons, but that does not mean that there are no challenges. Doing business here is not a bed of roses since it has some challenges that need appropriate strategies to overcome. If you are an investor looking forward to starting a business here, you need to go through these challenges before starting the process with Visa Express Incorporation.
Benefits of knowing these challenges are that you will be able to plan for solutions early. Better still, an entrepreneur can hire experts to anticipate these challenges and offer solutions to them.
Business Starting Procedure
Although incorporating a business in Singapore is a straightforward procedure, people find it challenging if they do not meet all the qualifications. For instance, you could start with the name search only to find that it already exists. In this case, you have to go back to the drawing board.
There are numerous criteria one has to meet before getting the certificate of incorporation. The procedure should be conducted online or through a qualified agent.
Property Acquisition
Entrepreneurs need to acquire property either through buying, renting or leasing. Generally, getting a business premise in Singapore is hard then you can think because of demand. Additionally, the primary challenge that can face you is getting an affordable premise at a location that is not favorable for your business.
If you want to construct, there are several permits that you need to get. Sometimes, the regulatory authorities may deny you the licenses of your favorable location if the construction will affect the environment.
Taxation
Singapore is strict when it comes to remittance of tax. Although the tax rates are favorable for both foreigners and local entrepreneurs, one must practice caution not to miss any detail. It will, therefore, need you to hire an accountant who is conversant with Singapore taxation procedures.
Failure to remit tax either intentionally or unintentionally can lead to the closure of your business or hefty fines. Previously, some foreign businesses have suffered due to wrong tax calculations or failure to understand how the system works.
Cultural Challenges
Singapore is a multi-cultural state with people from all over the world. However, every business that operates here faces some challenges here and there. Some areas are heavily dominated by the Indians and that means you cannot run a chines themed business without a challenge.
Likewise to those businesses that are near the China town or areas dominated by the Europeans. However, shopping malls have come to dilute this influence in an excellent. Another aspect that is a challenge to business is the work culture of different ethnic groups you are likely to employ in your business.
Getting Resources
Resources in business include human resources, raw material, and finances among others. Without proper planning, getting these resources can be a big challenge. Singapore has plenty of agencies that help in consolidating all the resources a business want but at a fee. Businesses that are on a tight budget can find it challenging to access such resources. With the knowledge of these challenges, an entrepreneur will be in a position to make better plans.