How to Set Up An Online Business in Singapore
We have been asked these questions thousands of times by friends and our ardent readers. While we have been in this Blogging scene for about 10 years, (our photography blog) we believe that it is not impossible to start an Online Business in Singapore….just very difficult.
However, there are many Full-time Bloggers as well as E-Commerce business owners we met that have been successful in their Online Business. It is such a lucrative business or a side income that the Inland Revenue Authority of Singapore (IRAS) have sent out letters requiring them to clarify their income sources, which include products or services received via their websites.
According to the IRAS:
Payments in exchange for services performed by social media influencers such as bloggers,
YouTubers, etc. can take the form of money, goods or services. All monetary and non-monetary payments / benefits-in-kind are taxable if they are given in return for services rendered or to be rendered by you. Any benefits whether monetary or in-kind provided to your family and friends will be taxable in your name.
We believe that setting up an Online Business is the easiest part of all. The difficult part is sustaining it which we will probably explore another time.
Here are my 5 tips on “How to Set Up An Online Business in Singapore?”
1. Have a Business Plan
All businesses have a plan and you should too. You can’t set up and run any business not knowing your plans, finances, cash flow, pricing and etc.
Try to be detailed as possible and let this be your guide on how you are going to profitable and sustainable. You can even use the Business Plan to sell your ideas and plans to investors or Mom & Dad’s Bank. 😛
2. Register Your Business
If you are really serious about becoming a Blogger or an Online Business Entrepreneur in Singapore, then you should first take yourself seriously before anyone will.
Registering a Business is a very easy process in Singapore. Everything can be done online and it takes less than an hour to set up.
As you are probably a small startup, a Sole Proprietorship would be sufficient.
Costs:
Name Application Fee $15
Business Registration Fee (1-year) $100
Business Registration Fee (3-year) $160
Head to ACRA’s website. Follow the guidelines and you can have your own registered company in less time it takes to travel from Pasir Ris to Jurong.
3. Set Up Your Business Banking Account
After registering your company, you might receive a welcome pack from the Government and in it, there will be information on how to Set Up Your Business Bank Account.
If you do not receive it, you can head to any of the banks in Singapore to inquire about setting up.
We truly believe that setting up a Business Banking Account is a vital aspect of any business. From our experience, many big businesses, as well as small ones, would not engage any professional services if the provider does not have a Business Account as they cannot make payments to a personal bank account.
Wondering why you didn’t clinch that big project? This might be your answer.
4. Have a website with a Professional Domain & Hosting
While startups are always strapped for cash, we believe that investing in a website with a professional domain name and hosting is very important. Your website gives the impression that your company is legit (kept hearing this from the millennials) and ready for business.
Avoid those free websites and go for .com or .sg domains with your online business name.
We highly recommend using WordPress with Hostgator for your website or Blog. Read more on how to set up your Domain Name, Hosting and WordPress installation from the link below.
- Check out: How To Start A WordPress Blog on HostGator
There are Youtube videos too on how to set it up. If you are really a noob, hire someone to do it for you. Trust us, this is one hell of a good investment to make on your adventure as an Online Business Entrepreneur.
5. Have A Professional Email Address
Since you already bought a domain name and hosting, make sure you create a professional email name as well. This might be tricky to some but like I said earlier, there are loads of tutorials on Youtube.
And if you are planning to hire a website designer, inquire from them to include the email set up as well. Nothing seems more legit than a professionally done website and email address.
So here are my 5 top tips on how to Set Up An Online Business in Singapore. Follow these guidelines and you are set up and ready to go on your adventure as an Entrepreneur.
If you do have any questions, you can drop us a comment below.
We will try our best to answer your queries.
This article first appeared on www.flashpixs.com. It is edited to fit in the current context of our article. Check out our article on How to Set up a Photography Business in Singapore.
