Setting Up Your Own Home Business in Singapore

October 8, 2012 (Powerhomebiz.com) A glance at business publications around the world shows that the Asian economy continues to strengthen, especially when contrasted with the lingering woes of the U.S. and Europe. The rise of China as the world’s next economic superpower has been well documented for the past decade, but there have also been plenty of other bright spots throughout the region.

One particular Asian country that has continued to shine like a star is the city-state of Singapore, which has emerged as the region’s business and financial hub. Singapore features everything, and for everyone. Its various attractions and integrated casino entertainment resorts attract tourists in droves. Its high quality of life, in addition to significantly cleaner air compared to other major regional hubs such as Hong Kong and Shanghai, is a major factor for families looking to migrate to a better life.

For those living in Singapore, one great option of earning income and exercising your entrepreneurial spirit is to set up a home business in Singapore. As you have already read on this website, there are many benefits to setting up a home-based business.

Why set up a home business in Singapore?

What separates Singapore from most other cities worldwide is its attractiveness to those looking to do business. The government continues to create policies to encourage ease of doing business. As a result, Singapore has earned praise from organizations such as the World Economic Forum (WEF) and the World Trade Organization (WTO) for its open and competitive economy.

This open economy and ease of doing business is exactly why Singapore is perfect to set up a home-based business. You are able to get things done quickly without the usual red-tape and hassles found in other countries, and you can easily scale up or down depending on how your venture goes.

You will also save big on overhead costs because you will not have to allocate a large chunk of capital towards the rent and maintenance of a shop/office. This money can instead go into the continuing improvement of your home business. If you are setting up a sole proprietorship or partnership home business, and if you meet other qualifications, you may also be able to deduct a portion of your home’s expenses against your business income.

Lastly, Singapore is a great place simply because of the endless marketing possibilities. It is a culturally-diverse country featuring people from all walks of life. In addition, its strategic location within Southeast Asia puts you just hours away from China, India, and many of Asia’s emerging markets.

Putting it all together

Before you begin the process of setting up and registering for a home business in Singapore, the first thing you will need to make sure is that you are the owner, tenant, authorized occupier, or approved subtenant of the property. In addition, the property must remain a place of residence and the business should remain secondary to the home’s residential status.

Next, you will need to register your business in Singapore. Since you will be running a small, home-based business, your type of business entity will either be a sole proprietorship, a partnership, or a private limited company.

Singapore’s Urban Redevelopment Authority (URA) provides a list of the performance criteria guidelines, as well as a set of terms and conditions, to make sure that you stay well within the requirements for this type of business.

Once you have registered your business, you will then need to acquire the proper home business license with the housing authorities. For private homes and executive condominiums, you will need to apply with URA. If you are living in a Housing & Development Board (HDB) flat, you will need to apply with HDB for the license.

When you have successfully registered online and paid for the administration fee, you will receive an acknowledgement message. After that, you are all set and ready to run your Singapore home business!

Author: Jacqueline Low, Chief Operating Officer, Janus Corporate Solutions.
Janus Corporate Solutions is a leading Singapore-based firm that provides a comprehensive range of company registration, accounting, immigration and statutory administration services to business professionals and entities. To learn more, visit their website at www.GuideMeSingapore.com .