Look Before Your Leap!

In the second of a six-part series on starting your own business, LEONG PIK YIN shows what you need to arm yourself with, besides your vision.


It takes more than just dreams to set up your a business. There are many details to iron out. According to the Registry of Companies & Businesses (RCB), an average of 2,000 new businesses and 700 new companies were registered every month this year.

If you are raring to go, but are clueless on how to start, here's a roadmap to show you the way:

1 Do your homework

Whether you're thinking of selling popiah skins or starting a dot.com, ask if your idea will work.

Conduct market research, and get feedback from friends, to confirm if your idea is a viable one.

Know what and who you are up against, and plan how to position your product or service against your competitors. It helps if your idea is for an industry that you are familiar with.

Then of course the all-important factor - money. You will need ample funds to set up your business and to sustain it.

Besides digging into your own pockets, there are other sources, like business angels, venture capitalists, and brokerage firms. Find out more at http://www.techsingapore.com.sg

Also, know the difference between a business and a company. For information, check out the Registry of Companies & Businesses (RCB) website at http://www.gov.sg/rcb

2 Prepare a business plan

After doing all your homework, a business plan summarises what you hope to achieve and how you will achieve it. This will come in handy, especially if you plan to approach potential investors for funding.

If you need help with creating a comprehensive and professional business plan, you can purchase Business Planner, a software package that provides you with sample plans and templates. For details, contact CCH Asia Pte Limited at Tel: 323 3313.

3 Register your business

Choose a name for your business, and check the RCB database at http://www.gov.sg/rcb/information/ to make sure it is not already being used. See http://www.ecitizen.gov.sg for some guidelines on choosing a name.

Pay a $15 fee (per name), and register your new business at RCB. The waiting time is usually one working day. When you collect your certificate, a $105 fee is required. Check with RCB if you also need to obtain licences from relevant authorities for your business activities.

To register your business as a "dot.sg", visit the Singapore Network Information Centre at http://www.sgnic.net.sg. To register your domain name as a "dot.com" go to http://www.Register.com.

4 Get a location

Technopreneurs who want to work from home can apply to the Economic Development Board (EDB) for approval.

The Housing & Development Board (HDB) has both commercial and industrial property available for tender. Go to http://www.hdb.gov.sg for information. You can also turn to the Jurong Town Corporation (JTC) for rental or purchase of industrial property. Visit http://www.jtc.gov.sg for details. Remember to get approval for all renovation works.

5 Hire staff

You will need to familiarise yourself with employment laws and regulations. A useful website to check out is http://www.employmenttown.gov.sg/. It also provides a list of online job banks where you can advertise job vacancies.

6 Handy resources and websites


Find out about registering trademarks at the Intellectual Property Office of Singapore at http://www.ipos.gov.sg. It is not compulsory, but it may be beneficial, as you will have exclusive right to it.

For details on the country's tax regulations, go to http://www.iras.gov.sg.

If consumers or suppliers owe you money and do not pay up, you can file a claim with the Small Claims Tribunal at the Subordinate Courts. Go to http://www.smallclaims.gov.sg.

Technopreneurship Singapore - http://www.techsingapore.com.sg - a website supported by EDB, has plenty of useful tips.

Government agencies offer a number of assistance schemes, from financial incentives to manpower upgrading programmes. Find out more at http://www.ecitizen.gov.sg/hp/business/