Singapore is often ranked as one of the easiest places in the world to start a business and for good reason. Thanks to its stable political system, strong legal infrastructure, efficient registration process, Singapore has became a startup-friendly environment. So it’s no surprise that both first-time founders and seasoned professionals see Singapore as a top choice to launch their ventures.
However, starting a business in Singapore is more than just filling out forms and opening shops. Even in an advantageous environment , your success still depends on preparation, planning, and decision-making. If you’re wondering how to be an entrepreneur in Singapore, here are some key things to understand before you begin your journey.
How to be Entrepreneur in Singapore Summerised:
- Get to Know the Business Landscape
Before launching, learn and understand Singapore’s market dynamics. Identify gaps, study competitors, and know your target audience, tech-savvy consumers who value speed, quality, and brand reputation.
- Register Your Business Properly
Register your company (commonly as a Private Limited) through ACRA’s BizFile+ system. Ensure you meet basic requirements like having a local director and registered business address.
- Make Sure You Meet Legal and Licensing Requirements
Check for industry-specific licenses via the GoBusiness Licensing Portal. Ensure your contracts, HR policies, and business practices comply with Singapore’s laws.
- Tap Into Government Grants and Support
Leverage funding and support schemes such as Startup SG Founder, PSG, and EDG to reduce risk, boost innovation, and grow with government backing.
- Build the Right Support Network
Engage with local startup communities, attend events, and seek mentorship. Networking in co-working spaces or workshops can provide valuable guidance and collaboration.
- Grow with Sustainability in Mind
Focus on long-term growth by improving product-market fit, customer loyalty and building a strong team. Maintaining authentic, socially responsible branding will also help the growth of your company.
- Think Beyond Singapore
With a small domestic market, plan for regional expansion early. Explore ASEAN countries and use Singapore’s strong logistics and trade agreements as a launchpad.
1. Get to Know the Business Landscape
Becoming an entrepreneur is an exciting time, but before jumping in, take time to understand Singapore’s market dynamics. Certain industries like fintech, logistics, healthcare, F&B, and tech are highly active but also highly competitive.
Look closely at what’s already out there. Is there a gap you can fill? Is your product or service offering something different or more efficient? At the same time, it’s important to know your audience. In Singapore, customers are typically tech-savvy, brand-aware, and value both speed and quality.
Picking the right direction and starting off on the right foot, can save you time and a world of hurt in your journey. But don’t expect to win on the first try, like a lot of things in this world, success is not guaranteed. Learn to fail successfully, so that you can recover and try again.
2. Register Your Business Properly
Setting up a business in Singapore is known for being quick and straightforward. Most entrepreneurs choose to register a Private Limited Company with ACRA (Accounting and Corporate Regulatory Authority).
This can be done online via BizFile+, and if your documents are in order, it usually takes less than a day. Just make sure you meet the basic requirements, including having at least one local resident director and a Singapore-registered business address.
Make sure that you are doing your registration through the proper channels. So that you avoid getting into legal trouble with the local administration
3. Make Sure You Meet Legal and Licensing Requirements
Depending on what industry you’re entering, some businesses require specific licenses. For example:
Running an F&B outlet like Fu Kang Coffee Shop? You’ll need a food shop license. Or opening an education centre like Busy Bees Learning Centre? You might need approval from the Ministry of Education.
You can check what’s required for your business via the GoBusiness Licensing Portal. On top of that, make sure your contracts, employee agreements, and privacy policies comply with Singapore’s legal framework.
4. Tap Into Government Grants and Support
Singapore offers strong support to entrepreneurs and small business owners. Agencies like Enterprise Singapore, Startup SG, and IMDA offer a range of funding and development programmes.
Here are a few worth knowing:
- Startup SG Founder Grant – for first-time founders
- Productivity Solutions Grant (PSG) – to adopt digital tools
- Enterprise Development Grant (EDG) – to upgrade capabilities or expand abroad
These schemes are designed to help entrepreneurs and business owners to grow their businesses within Singapore. So you can utilize these schemes to help reduce your financial risk, support innovation, and help you scale faster.
5. Build the Right Support Network
Entrepreneurship doesn’t have and shouldn’t be a solo journey, having connections will be very advantageous . In Singapore, you can find plenty of startup communities, networking events, and co-working spaces. Attending these events can make it easier to meet others walking the same path.
Organisations regularly host workshops, demo days, and mentorship programmes. Surrounding yourself with experienced people can make a big difference, especially when you’re navigating early-stage challenges.
6. Grow with Sustainability in Mind
Many startups starts out aiming to scale fast, but long-term success means building a solid foundation. That means refining your product or service, investing in customer retention, and growing a capable, reliable team to aim for long term growth and gains.
Branding matters too. Singaporeans usually respond well to businesses that are authentic, socially responsible, and consistent in quality.
7. Think Beyond Singapore
Singapore is a small country, so local startups often grow with an international mindset. ASEAN markets like Malaysia, Indonesia, and Vietnam offer great expansion opportunities. Especially with Singapore’s free trade agreements and strong logistics network in the region.
If you’re thinking long-term, it helps to understand different cultures, business laws, and distribution channels from the start. One way to accelerate expansion is to hire workers from the targeted country and let them help you to smooth out expansion operations overseas.
Final Thoughts
Being an entrepreneur in Singapore is both exciting and challenging. Even though the country offers a business-friendly environment, strong government support, and access to global markets. You still need grit, creativity, and a clear plan to stand out among the competition.
Whether you’re launching your first startup or looking to expand into Southeast Asia, understanding how does the ecosystem of businesses works, will give you a much stronger foundation to build something that lasts.
