One good way to achieve financial success (i.e. make lots of money) is to do business. This is a view shared by one of the (few) millionaire forummers at Salary.sg Forums:
“– If I want to be rich, what’s your advice for me?
It seems to me that the only way to be rich for most who aren’t suitable for the corporate ladder is a business…”
Kudos to the government, it’s extremely simple to register for a small business in Singapore.
It’s extremely cheap too.
If you think you can offer certain products and services that can generate money for you, you should consider setting up a sole proprietorship.
Yes, you can also be a freelancer, but you will be limiting yourself to smaller projects. Customers and suppliers may also insist on dealing with registered businesses and ask for official invoices, POs and such.
The guides are good, but I would summarize and extend the info with the following recommended steps:
- Get a new gmail account. It’s free and offers lots of space. Why use your personal email for your business when you can have a new and dedicated one?
- Get a new prepaid mobile number. It costs about $10 and you get to keep your personal number, well, personal.
- Get a Virtual Office address. For as low as $100/yr, you can “rent” a virtual office address space from one of several VO providers such as www.virtualoffice.com.sg and www.smartvirtualoffice.com.sg. All business communications will be sent to the rented address and you can either ask them to forward the mail to you or self-collect at their premises. By having a VO, you avoid paying hefty rents for an actual shop or office space.
- Login with your SingPass at BizFile and register a for a sole proprietorship. You need to provide a proposed business name, start date, description of activities, a business address (use the VO address you rented in step 3), and some personal details. Costs are $15 for “name approval” and a further $50 for the actual business registration.
- Open a current account with a bank. I recommend using DBS. As almost everyone here has either a DBS or POSB account, you can easily collect payment via DBS funds transfer, which is effected immediately (other interbank transfers take at least a day).