Entrepreneurs'GuidetoPlanning,StartingandRunningaBusinessinSingaporeSeptember2005Publisher:InformationServicesDivision,NationalLibraryBoard,SingaporeEditor:CheangCheeYewResearchers:AnasuyaBalamuruganandJoyceAdelaideTuiningDesign&Layout:KohLayTinContributors:CentralProvidentFundBoard,DepartmentofStatistics,Housing&DevelopmentBoard,IntellectualPropertyOfficeofSingapore,InlandRevenueAuthorityofSingapore,JurongTownCorporation,MinistryofLaw,MinistryofManpower,Accounting&CorporateRegulatoryAuthority(formerlyRegistryofCompaniesandBusinesses),UrbanRedevelopmentAuthority.Formoreinformationongovernment-to-businesscontentsande-services,pleasevisit::InformationServicesDivisionNationalLibraryBoardTel:+6563323255Fax:+6563390432Email:cis@nlb.gov.sgCopyright:Thisguideisintendedforindividualuseonly.Thecopyrightonthisguidewillbeinfringedbyanyunauthorisedcopyingorreproductionformasscirculation.Disclaimer:ByusingthisEntrepreneurs'Guide,youacknowledgethatallregulatoryinformation,advice,materialanddataarecorrectatthetimeofpublishing.Alllegaladviceandprofessionalassuranceonalllegalgroundsforsettingupbusinessesandcompaniesshouldbeconsultedthroughlawyers.ThisguideincludeslinkstootherresourcesandInternetWebsites,solelyasaconveniencetoyou.NLBdoesnotcontrolandisnotresponsibleforanyofthesesitesortheircontent.Anyconcernsregardingsuchexternallinksshouldbedirectedtotheirrespectivesiteadministratorsorwebmasters.Thisguideisupdatedon13September2005.Forupdatestovariouscontentscontainedinthisguide,pleasevisit@mti.gov.sg.CONTENTSPAGEReaders’TestimoniesiAStartupRoadmapii1.PlanningaBusiness11.1TheBusinessEnvironment21.2TheBusinessPlan61.3ContactsandInformationResources141.4UsefulBusinessResources152.StartingaBusiness182.1TheBusinessEntity192.2BusinessRegistration/CompanyIncorporation222.3LicencesandPermits272.4BusinessPremises282.5IntellectualProperty332.6UsefulBusinessResources403.RunningaBusiness463.1Employment473.2TaxationMatters513.3FinanceManagement623.4DisputeManagement653.5BusinessExpansion673.6UsefulBusinessResources71Summary76Whatsomereaderssaidaboutthisguide…1.Overall,Ifindthisguidehelpful.JimmySoh,ExecutiveDirector,ChyeChoonFoodsPteLtd2.Greatjob…welldone…Asatrainer,Iwasdelightedtoseesuchacomprehensiveandvaluableresourcemadefreelyavailable.Itprovidesabasicguideforanentrepreneurtosourceinformationinoneeasytouseguide.ThismeansthattrainerslikemecanconcentrateonhelpingSingaporeanstodevelopthatnecessarymindsetofbecominganentrepreneur.”RichardByronThomas,Consultant,INOVISConsultancyServices3.Thisisdefinitelyagoodguideforthosewhowanttoknowmoreaboutsettingupabusiness/companyinSingapore.Easytoreadandmanyreferencesprovidedtosaveunnecessaryeffortswastedbyturningtothewrongchannels.DaveSioh,BusinessExecutive,AsiaPowerCorpLtd4.Theguideprovidesagoodhelicopterviewofhowtostartupabusiness.DianaPhee,Manager,DragonflyBusinessEnterprise5.Theinformationisveryusefulandithelpsmeinmyresearchformytwo-yearoldbusiness.MohammedIsmailbinAbuBakar,Al-Kauthar6.IamanonSingaporeancitizenbutaPR.ReadingandusingthisfreeguidehasmademeveryproudofSingapore.TheguideledmetofindingoutaboutSingPass,whichIthinkisfantastic.ItissousefulthatItendtoreaditnowandthenincasethereissomethingImissed.Itisadreamguideforbuddingentrepreneurslikemyself.JudithMQuinzon,Proprietor,AnicaQ7.Averyhelpfulguideespeciallyforstartups.JoeKoh,Director,IntersystPteLtd8.Veryuseful.AlmostlikehandholdingbuddingentrepreneursfromA-Z.ElimChew,ManagingDirector,77thStreet9.Itisagreatbook!It'sverycomprehensiveandinformative.Iwouldrecommendittoanybuddingentrepreneur.Congratulationstotheteamforalltheeffortsincompilingthisreferencebook.WishedthereweresuchaguidebookwhenIwasstartingout.MsJocelynChng,ManagingDirector,SinHwaDeeFoodstuffIndustriesPteLtdiAStartupRoadmapPlanningaBusinessStartingaBusinessBusinessRegistration/CompanyIncorporation:Registeryourbusiness!RunningaBusinessWhatyouneedtoknow…TheBusinessPlaniiTheBusinessEnvironmentTheBusinessEntity:BusinessorCompany?Thinkaboutit!TaxationMattersEmploymentFinanceManagementBusinessExpansionLicencesandPermits:Gettherelevantlicencesandpermits!DisputeManagementBusinessPremises:Knowthetypesofbusinesspremises!ContactsandInformationResourcesIntellectualProperty:Knowyourintellectualpropertyrights!ENTREPRENEURS'GUIDEChapter1PlanningaBusinessPage1of76ThispublicationispartofBusiness.gov.sg,apropertyoftheMinistryofTradeandIndustry.ENTREPRENEURS'GUIDEPlanningaBusinessTheBusinessEnvironmentKeyLearningPointsLearnaboutthecomplexenvironmentaffectingbusinessessuchasthepolitical,economic,social,technological,legalandecologicalenvironments.Nomanisanisland.Likewise,businessesoperateinacomplexenvironment.Itisessentialthatyoustudythebusinessenvironmentthatyouoperateinasitaffectstheoutcomeofyourdecisions.Theyincludethepolitical,economic,social,technological,legalandecologicalenvironments.Studyingtheseenableabusinessmantogetacompre