Setting up one’s own business is a popular trend in recent years. But before one sets up a business, he/she needs to evaluate how conducive the country of interest is to set up a business. Factors include ease of operations, processing duration, safety, etc. One of the popular startup locations in Asia is Singapore, also widely rated as the commercial hub of Asia.
One reason that is relevant in today’s technology-driven world is the use of automation software. In Singapore, many companies are running their operations using software, which reduces their costs if the work were to be done manually. One example is in a company’s accounts. Software to automate the auditing of a company’s accounts are aplenty, and if one does not take up such software their business loses out. One example is Systems, Applications, and Products (SAP) software, of which there are many vendors in Singapore.
One such SAP provider is Hitachi ICT. They provide SAP services and have over 2,000 consultants to highlight and narrow down what kind of software your company needs. They also liaise with your team regularly, so you can be assured that adopting new software is safe and secure. Do check out their website here for more.
Next, there are several reasons why Singapore has attained this height when it comes to business growth and commercial prosperity.
One major reason is their market-oriented economy that has rapidly grown and developed in the past few decades. Another major reason is the stable government in Singapore. With a stable government and no political turmoil, one would feel safe to start his or her business in Singapore. The government in Singapore is the seventh least corrupted one in the world. This is indeed a great feat for Singapore. Finally, the last but in no way the least, the reason for the business growth in Singapore is their tax policy. A robust tax policy has made Singapore have the highest per capita income.
The highly urbanised society of Singapore is very conducive for business to grow. It is true that infrastructural costs are a bit high in Singapore but with ERP software like SAP Business One in Singapore costs can be greatly reduced. One can have all the departments’ data stored in one platform and not worry about having a big office with many departments and hiring many employees to perform various tasks. Thus a compact software suite like SAP Business One in Singapore is indeed like a great boon.
Entrepreneurs in Singapore:
As Singapore is suitable for business, it attracts many entrepreneurs and being an SAP partner can make one more competitive in terms of infrastructure. Both MNCs and small and medium-sized businesses open their offices in Singapore. Currently, some of the sectors that are thriving and attracting new businesses in Singapore are food business, electronics manufacturing and retailing business, transportation business, biotechnology business, digital marketing and advertising business, financial services business and even content writing business. While there are many benefits to being a partner with sap, the implementation process is meticulous and requires integration on many levels.
However, there are a few guidelines that entrepreneurs must follow in order to have a hassle-free beginning in Singapore, followed by a smooth running of their business in the future. First and foremost before starting any kind of work in Singapore, ensure you apply for an employment pass at the Ministry of Manpower. Also for you to apply for EntrPass, some of the guidelines to be followed are that the business must not have illegal dealings and the company should be a Private Limited Company.
In short, setting up a business in Singapore needs some research and planning beforehand. Once you have the type of business decided, what automation software to use, and you meet the guidelines to set up a business, you are ready to set up. Enjoy the process of being an entrepreneur in Singapore!