For the purpose of running a profitable business, Singapore has to be one of the best locations among South-East Asian countries. The nation provides a good environment for businesses to thrive, which has led to the growth and development of various sectors of the economy. One such profitable sector is the consulting industry, which is not only accessible to citizens but also open to foreigners looking to start up or expand their consulting business in Singapore.
As one of the most well-developed environments for both local and foreign investments, it is no surprise that Singapore attracts investors and entrepreneurs from various parts of the world. If you’re looking to start a consulting business in Singapore, here’s a detailed guide to get you started.
What Does A Consulting Business Entail?
A business consultant provides professional advice and solutions to the problems faced by other businesses and establishments. The services of a business consultant can be useful to a wide array of industries including real estate, engineering, management, law, finance, and many more.
Even the best companies and establishments are bound to fall into problems that may require the services of a business consultant who is familiar with their field. This is what makes a consulting business profitable. However, before thinking in terms of profits, there are certain guidelines to be followed and criteria to be met before one can start a consulting business in Singapore.
What Are The Skills Required To Be A Business Consultant?
Becoming a business consultant takes much more than just wishful thinking. There are certain not-so-basic skills you’re required to possess. Before proceeding to an in-depth breakdown of the requirements for starting a consulting business in Singapore, let us first take a look at three must-have skills.
Creative And Innovative Thinking
Creativity and innovation involve much more than the creation of art and the exploration of new ideas. This is a very important skill for problem-solving, which every business consultant must have in order to proffer innovative and creative solutions to their clients.
Good Communication Skills
A business consultant must be able to communicate properly with clients. Good communication skills comprise the ability to listen and understand a problem. He can then go on to utilise this understanding to discern the impact of the problem on the business and employees. When solutions are found, good communication skills ensure the business owners and administrators understand such solutions so they can implement them.
Good Time Management And Organisational Skills
A business consultant must have good organisational skills and be able to manage time properly. Solving the problems of a business or organisation usually requires a series of meetings to discuss the situation and come up with the most effective solutions. A business consultant must be able to achieve this without disrupting the normal operation of the business or taking more time than necessary.
How To Start A Consulting Business In Singapore
The consulting industry is broad and competitive, especially in an economically sound environment like Singapore. If you’re going to stand out from the others, you must ensure that you meet all the requirements. Here’s a guide to starting a consulting business in Singapore.
Get The Required Skills And Expertise
As a business consultant whose goal is to help other organisations stay above their problems, you and your team must develop the necessary skills for the job. These have been adequately discussed above. Another important differentiating factor is expertise. Good experience in the industry will always give you an edge over other business consultants.
Determine The Niche You Want To Operate In
What sector do you want to base your consulting business on? The answer to this question will help streamline your options and allow you to focus on your strengths. A good way to choose a sector is to examine your qualifications and expertise objectively. You’re better able to consult in a sector where you have the most experience and qualifications. More often than not, attempting to break into a sector where you lack experience and training will see you struggle and impede your own business growth and expansion.
Draw Up A Business And Marketing Plan
Every good and successful business has usually been well planned out before it is launched. Drawing up a business plan helps you identify possible loopholes and how to address them to avoid problems when the business is in operation. It would help if you also drew up a marketing plan highlighting how to approach clients and other marketing goals.
Register Your Business
Registering a business in Singapore is a straightforward process. There are no special requirements for registering a consulting business in Singapore. However, foreigners are expected first to obtain a residence visa or have at least one business partner who is a citizen or permanent resident to help register their business in Singapore. To this end, you can follow these steps to register a consulting business in Singapore.
Choose A Business Name
The first step in registering your business is to choose a business name. Before settling on a name for your business, it is important to ensure that another business or organisation has not already chosen the same name. If the name is available, you can proceed to register it with the Accounting and Corporate Regulatory Authority (ACRA).
Incorporate Your Business
The next step is to incorporate your business. Before you can incorporate a business in Singapore, certain criteria must be met. These include:
- getting your company name approved and registered by the ACRA
- obtaining a registered address in Singapore for your company,
- ensuring that your company has at least one director who is either a citizen or permanent resident of Singapore,
- ensuring that your business has at least one shareholder (In Singapore, a company director can also be a shareholder),
- ensuring that your business has a company secretary who is a resident of Singapore, and
- having a paid-up capital for your business must be of at least S$1.
To incorporate your consulting business in Singapore, you must provide the following documents:
- Company name, approved by ACRA
- Detailed information on the company secretary
- Detailed information on shareholders
- Detailed information on directors
- Registered company address
- Operational documents
- Constitution of the business
Registering A Consulting Business In Singapore
The stipulated body for business registration in Singapore is ACRA, and the business registration process is completely digital, with a total sum of S$315 paid to the authorities for their services. The process of registering and incorporating a business can be completed within days, after which the company can purchase a Business Profile from ARCA.
The Business Profile is necessary for applying for a business license or opening a business bank account in Singapore. The following details are contained in a Business Profile:
- Date of registrationInformation on shareholders, directors, business owners, and partners.
- Business registration number or Unique Entity Number (UEN)
- Business activities
The truth remains that every business requires professional help occasionally to weather the storms that come with running a business. As more companies begin to understand the need for business consultants to keep their businesses afloat, more opportunities will open up to business consultants, thus making theirs a very profitable industry.
With a positive business environment in Singapore and a service that is in high demand, starting a consulting business can be a very profitable move. However, you don’t have to do it alone. You can contact professional services with good knowledge of business incorporation and registration in Singapore to get your consulting business off to a good start.