Having money will help you start a business. Using that money wisely will keep your business going.
Open New Company in Singapore
With escalating costs in rental, labour and other expenditures, cost-saving measures are can be life-saving, so to speak, for your new company, and they go a long way when it comes to controling your startup budget, and conserving your capital and resources for business development. A quick recap of the many costs involved in starting a business might be timely before deciding where and how to cut cost:
- Incorporation Fees
- Permits and Licences
- Logo Design
- Website Design
- Brochure and Business Card Printing
- Down Payment on Rental Property
- Premise Improvements
- Legal Services
- Loan Payments
- Insurance Payments
- Marketing Costs
- Computers and Other Tech Equipment
- Office Equipment
- Office Furniture
As a full-suite corporate services provider, VentureHaven has many years of experience working with SMEs, especially start-ups, and would like to offer the following tips to help budget-conscious new companies run and grow successfully.
1. Value-added Singapore Company Registration Services
Right off the bat when you open new company in Singapore, find and engage Singapore Company Registration Services that bundle other corporate services in value-for-dollar incorporation packages that serve your company’s needs in the near future, for example, 12-18 months of company secretary services, first-year bookkeeping and annual filings, etc. By doing so, you save money taking care of the cost involved in company registration, as well some of the expenditures down the road. Also, look for business affiliations your corporate services provider might have whose services you are likely to require for your startup company, for example, IT Security and Support, Website Design and Maintenance, Employment and Immigration Consultation, etc. You will likely get a better deal or more dedicated service, all of which will save you money on the long run.
2. Avoid paying for what you don’t need currently
Look for Incorporation or Other Services Packages that are “just right” for your company, or flexible and customisable to your specific and often small-scale need, so you don’t pay for what you really don’t need. Big-name services providers may seem more proficient and reliable, but the two or three fold price you have to pay for their “upscaled” staff and “supersized” packages and job delivery may not be what you need at this formative stage of your business. In fact, mid-size Singapore Company Registration Services with many years of Small Business Experience may be a much deal when it comes to cost and efficiency. Working with SME clients in a much more personalised manner and over a long period of time, these providers know much better the hurdles and challenges faced by SMEs, and therefore will spare an earnest thought for your financial limitations.
3. Minimise non-essential in-house employees
For a start-up, minimising employees who perform what can be considered non-core functions, such as accounting, taxation, audit and payroll, can save the company a substantial amount of money on the run. Housing employees means adding salaries, allowances, insurance, training cost, office space, etc, to your monthly expenditure, which can add up to something quite staggering. The money saved can definitely be channel to your reserve fund for rent, marketing and business development. The lower-cost alternative is Outsourcing. As mentioned, Singapore Company Registration Services more often than not offer attractive packages in bookkeeping and tax reporting, among many others, and you should definitely take advantage of their such bundling of related corporate services. In fact, professionals who have the know-how and experience can ensure better security and efficiency in delivery of the tasks outsourced.
4. Government Grants and Support Schemes
Singapore’s pro-business administration, which has been for years proactively nurturing entrepreneurs and business start-ups, provides a wide range of Grants and Incentives catering especially to SMEs. The new annual Budget sees the addition of new grants and the expansion of existing ones to improve the capabilities, manpower and internationalisation efforts of businesses based in Singapore, and to encourage investments in innovation, research, and developments. Both local residents and foreign investors are eligible to apply for many of these funds, so it is a worthwhile effort to do a survey of the latest available to leverage on such support to boost your development or ease your financial restraints. Some Singapore Company Registration Services offer resources and free consultation on Grant Eligibility and Application as a value-added service to clients and business owners in general.