How to start a consulting business in Singapore?

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It is a costly affair when you want to hire a consultant. Businesses hire consultants and consulting agencies for very specific reasons.  Why do we need a consultant?  a consultant that has specific knowledge of their domain and its services.  If you have a consulting business you sell the knowledge about your domain or niche.

For instance, if offering consultation for a business is your preferred domain of working then strategic consulting is something that you should focus on. You can develop various strategies for various clients on

  • Revenue generation
  • Global expansion
  • Mergers and acquisitions, and more.

Essentially, you advise your clients about the next best step they can take to reach their goals.  The niche you focus on defines the type of consulting you can provide. If you choose management consultation you would apply strategies to improve business operations and supply chain management.

As a result of these strategies, the organizational structure of the company may change significantly. One would ask why do we need consultation business?  The answer is a fresh perspective of an outsider may not be there with the inside team. This is the reason why a consulting business is a thriving business.

What is a consulting business?

As we saw previously a consultant provides his expertise to clients who require these services. Consultants are able to work on a huge range of domains like marketing, business, law, Finance, management, etc. If you are in Singapore planning to start a consulting business, then give a deep thought on the domain you want to work in.

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A businessman goes to a consultant in a situation where they are unable to solve a problem by themselves. A consultant runs deep research before thinking about a solution to a problem. The research could be qualitative or quantitative, which depends on the kind of problem the consultant faces.

After research, the consultant defines a well-planned strategy to tackle and prevent the problem from happening in the future. This is where domains fall differently. Every business is different; therefore, every strategy is different.

Additionally, consultation services also change. Some consultants may just devise a solution, while others are concerned with the solution implementation. Some consultants offer both solutions and their implementation. While starting the business out, it is better to take things you can deal with.

Taking more than you can chew can land you in trouble of not being able to keep it up with the clients’ requirements. Once you start picking up some traction in the business, you can expand your services and offerings.

The process of business registration:

Firstly, it is important to decide the domain you want to work on before the Singapore company registration can happen. In Singapore, FinTech is the best domain to work with. Once you define the domain of your consultancy, you can take the next step. This is where company incorporation is required.

As per the laws in Singapore, you have to officially register your business with ACRA. ACRA stands for Accounting and Corporate Regulatory Authority of Singapore. You have to keep the necessary documents ready. We have 3E Account experts who can help you with this documentation.

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You can file and register the documents with BizFile, ACRA’s website. This way the process becomes simplified. You have to enlist all the details of the shareholders and directors of the company. If you are a foreign entrepreneur, you need to provide a copy of your passport and residence proof.

As you receive the incorporation certificate, you will have to get a GST (Goods and Services Tax) registration. You also have to plan the finances to begin your business successfully. It is important to have enough financial stability so that you can sustain your business up to 12 months without a profit.

Your business also needs funding until it is in a very early-stage. With our incorporation experts, you will be guided at every step of the process.

License and the Permits:

Depending on the domain you choose, you will have to see which licenses and permits you will need. For instance, if you want to get into the finance industry, you need a permit from Singapore Chartered Accountants. We are an industry leader as a corporate service provider in Singapore. We are the right choice for you.

The process is pretty simple if you have all the paperwork and documentation ready with you. We are a company incorporation services provider and a popular name in the industry. Trust us with all your procedures.

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