How to be an effective entrepreneur in Singapore

Dr Biz • August 17, 2020

An entrepreneur in Singapore will enjoy one of the world’s most nurturing environments for start-up talent. The city-state’s pro-business government makes it easy for both locals and foreigners to set up a company, while a pool of top tech talent and accessible investment and funding are other attractions. In-fact, Singapore has been ranked one of the world’s top destinations for start-ups, while it is the top city in Asia for female entrepreneurs.

However, as encouraging as any business environment might be, launching a business is never easy. There are any number of factors to consider; from whether there is truly a market for your product or service, to finding the right operational and tech models, to staffing and maintaining growth. To help aspiring entrepreneurs navigate these obstacles, Dr Biz has compiled a few top tips on how to make bright ideas an everyday reality here in Singapore.

Explore the competition

One of the biggest potential pitfalls for any entrepreneur in Singapore is overestimating the marketplace. Understanding where your business might fit in the economic landscape is essential, particularly if the sector you want to get into is crowded. Around 40 percent of restaurants in Singapore close every year due to a lack of demand, for example, making food and beverage one of the toughest nuts to crack for start-ups in the region.

Typically, the best new businesses are those that answer an unmet need: that solve a problem that no other business or product has yet solved. Recently launched Singapore start-up Gill Masks, which is producing high quality reusable face masks that can help to prevent the spread of Covid-19 while also reducing waste and preserving the natural environment, is a great example of this.

How will it work?

Often, entrepreneurs will leave the finer details of a business plan until last, assuming that operations can be worked out later. In some cases, this may be true, and certainly it is better for an entrepreneur in Singapore to do thorough market research before anything else. However, those businesses that do think about operations early on will likely have a big head start on those that don’t.

As technology is a fundamental part of any modern business, it may be helpful to first consider what type of systems you need and perhaps the staff required to build and maintain them. Singapore is blessed with a wealth of technology experts, whether you need crack-coders of social media gurus. The Startup SG network, backed by Enterprise Singapore, runs a number of programmes and initiatives that can help entrepreneurs and start-ups to find the right tech talent for their business ambitions.

Find funding

An entrepreneur in Singapore is also blessed with a well established pool of investment and funding opportunities. Not only are there a plethora of grants and loans available from the government through Enterprise Singapore, but there are a number of investment and venture capitalist funds that specialise in providing funding to early stage businesses, particularly in the cutting-edge technology field.

These include Golden Gate Ventures, a venture capital firm investing in internet and mobile startups across Southeast Asia. Those with a taste for competition can also consider Slingshot 2020, an Asian deep-tech startup contest now in its fourth year where 500 start-ups can compete for cash prizes of up to S$200,000. Eligible sectors include health, manufacturing, energy, food and consumer technology and, new this year: ‘Creating the New Normal’, for start-ups helping businesses and society adapt in the post-COVID world.

Get the paperwork in order

As mentioned earlier, Singapore has some of the world’s most favourable conditions for starting a business. It can take less than a few days to incorporate your company and open a business bank account, with much lower administrative costs than in many other countries. An entrepreneur in Singapore can also quickly recruit staff, pay suppliers and invoice all over the world.

However, while it’s easier here than in many other countries, there are still things to look out for when starting a business in Singapore. For example, you will only be granted a working visa if your business can hire Singaporeans. Moreover, all firms in the state are required to appoint a company secretary within six months of opening. With these and other small details to look out for, consider hiring a local partner like Dr Biz to help you navigate the process.

Singapore is, undeniably, a start-up hotspot, Entrepreneurs here enjoy some of the best access to funding, talent and administration in the world, all combined with a pro-business government keen to foster talent at home and abroad. Still, to ensure your dreams become a reality, make sure to do your research and, crucially, find the right local support to power your start-up into the future.

At Dr Biz, we provide tailored and comprehensive solutions for our client's business needs. From incorporation to accountancy, tax and payroll, to professional advisory services, we help businesses in Singapore assess potential risks and become more cost effective and efficient.

To find out more, please feel free to contact us.

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