How to Start an Online Business in Singapore in 7 Easy Steps?

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How to Start an Online Business in Singapore in 7
Easy Steps
Bestar Services Pte. Ltd
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How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore

• Many individuals dream of starting an online
  business, be it the youth studying in university
  and doing post-graduation in business management,
  employees working in a corporate setup, and even
  established offline businesses.
• With people spending almost one hour on social
  media platforms and doing online shopping, it
  makes the online business a better option for
  starting your business. People find online
  shopping convenient, and they can effortlessly
  surf through the products to buy one or more
  according to their tastes preferences.

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How to Start an Online Business in Singapore in 7
Easy Steps?
Tax Planning While Being In Singapore

• Online Business is pretty straightforward to
  commence. You dont need any sky-high rental
  prices required, neither low occupancy rates like
  a shopping mall nor expenditure for offline store
  maintenance and staff salary. You can run an
  online business from home, have flexible
  operating/working hours, scale it whenever you
  feel like it, and more such benefits.
• In this blog, we will walk you through seven
  steps of starting an online business in Singapore.

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How to Start an Online Business in Singapore in 7
Easy Steps?
Tax Planning While Being In Singapore

1. Business Idea

• The first foremost thing that you must have for
  starting an online business is an Idea.
  Currently, there are millions of online
  businesses in the market, and you must try to
  find your niche to differentiate yourself from
  your competitors. To find a business idea, you
  must
• Look for an issue to solve with your
  product/service offerings by pondering over tasks
  that you find challenging. Successful brands have
  found success because of solving a specific
  problem.
• Leverage your strengths by listing down your
  skills strengths. Do brainstorm the best
  possible business ideas that stand out from your
  competitors.
• Think about the target audience you wish to cater
  to instead of thinking about the product/service
  offering to create. Put yourself into customers
  shoes, and you will be able to determine your
  target audience.

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How to Start an Online Business in Singapore in 7
Easy Steps?
Tax Planning While Being In Singapore
2. Market Research

• After finding business ideas, you must funnel
  them down to one by assessing the most potential
  profitable one by doing your market research.
  It will help you validate your business idea,
  pricing, and demand.
• You will be able to determine the profitability,
  competitiveness, and depth of your business idea.
  For the market research, you need the following

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How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore

• Analyse Search Engine Research Pages (SERPs) to
  check out variations of your product/service
  offering keywords by paying attention to
  top-ranked keywords for getting organic traffic.
• Along with keyword ranking analysis, pay
  attention to your close competitors to comprehend
  their marketing strategies.
• Keep tabs on high-performing keywords that change
  according to the seasons and customers demands.
  Focus on keywords relevant to your niche by using
  free tools like Google Trends Google Keyword
  Planner.

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How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
3. Business Plan

• Once you have found your business idea, gather
  them into a comprehensive business plan to
  determine the funding required, identify
  potential bottlenecks, and work out the
  businesss future growth profitability.
• An effective business plan helps identify your
  target market, clarify your goals, and help in
  decision-making processes for determining
  business success or failure.

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How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
4. Marketing Strategy

• Determine a marketing strategy for spreading the
  work of your brand. You can use email marketing,
  search engine optimization (SEO), content
  marketing, paid advertising on Google, YouTube
  Ads, Social Media platforms, and Social Media
  post creation.

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How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
5. Business Structure

• After deciding on the business idea and plan
  formulation, you must decide on your business
  structure. You can select from four primary types
  of business structures in Singapore according to
  your goals funding requirements for capital.
• You can choose Sole Proprietorship, Limited
  Liability Company (Ltd), Limited Liability
  Partnership, or a Partnership Firm.
• Each business structure has various tax
  liability benefits for both owners
  shareholders. The business structure will affect
  everything from your businesss daily operations,
  paperwork required, personal assets, taxes, and
  more.

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How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
6. Incorporate your Business

• Incorporate your business through the following
  steps
• Step 1 Get your company name approved. Search on
  ACRA regarding name availability. Ensure that
  your business name is not identical to an
  existing trademark or name.
• Step 2 Prepare the relevant documents, including
  the Company Constitution, Consent from each
  company director company secretary, and
  Declaration of the companys controllers.

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How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore

• Step 3 Submit your application to ACRA, and
  there is an S300 fee.
• It is recommended to consult a business advisor
  who will make the incorporation process plain
  sailing for you by helping you gather the
  required documentation and do the paperwork.
• At Bestar Services, we provide incorporation
  registration services. We have helped 100s of
  businesses in Singapore with Incorporation
  Registration process.

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How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
7. Set the Foundation

• Instead of hiring human resources for different
  tasks, it is advisable to outsource the tasks
  related to accounts and bookkeeping, financial
  audit, and taxation so that you can concentrate
  on your core business tasks.
• At Bestar Services, we provide accounts
  booking, financial audit, and taxation services.
  Outsource them to us, and utilize the free time
  in your core business activities.

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How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
Conclusion

• After reading the blog, you will have a
  comprehensive idea of starting an online business
  in Singapore. However, if you have questions or
  need assistance, contact us for a consultation.
  We are available via call at 65 62994730 and
  email admin_at_bestar.asia
• Hire Bestar Services, and we will take care of
  everything with our services from incorporation
  registration to accounting bookkeeping,
  financial audit, and taxation. Start your
  business with ease with Bestar Services.

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