Should Entrepreneurs Launch their Startups in Singapore 2021?

Is this the right time to opt for a Singapore company incorporation?

"Covid 19 pandemic caught businesses with their pants down" is an understatement. It caught us all in this embarrassing situation. It wiped the business for the airlines, travel, and tourism industry on a global scale.

The Covid 19 disruption made a few promising startups see their almost-done funding deals go down the drains. It also did a few businesses retire from their core business activities and switch their focus to other lucrative business areas.

Silver Lining to Covid 19

The disruption has created uncertainty in the minds of newbie entrepreneurs. If you are wondering whether or not to go for Singapore company registration in 2021, then you are right to be sceptical. You are right to be worried about your capital, efforts, and emotional investment.

However, it won't solve your problem. You need to look for the silver lining.

Yes, every adversity has a silver lining to it—the positive side of the adverse situation. In the case of the Covid pandemic, the businesses are affected. What you need to know is, “By what degree?” Analysing the industry-wise statistical data will reveal the degree of impact to you.

On the other hand, the pandemic gave a tremendous boost to businesses in certain industries. The companies manufacturing masks, electronic health monitoring systems, sanitary products, and pharmaceutical drugs saw an increase in the demand for their products. Are you looking to offer any of these products?

Businesses Doing Well in Covid 19

As the lock-downs were implemented globally to prevent the spread of Covid 19, it put enormous restrictions on the movements of people. It created a huge opportunity for companies in the field of Edtech, Videoconferencing, Entertainment, Streaming, E-grocery, E-medicine, etc.

The lock-downs, which also gave a boost to Work-From-Home culture, proved to be a golden opportunity for businesses offering:

• Computer hardware
• Home office equipment
• Remote working tools and software
• Communication software
• Data protection software
• Online shopping
• Electronic transfers
• Contactless technology
• Online courses
• TV Channels
• Virtual reality (VR)
• Freelancing/gig economy
• Logistics

Singapore Company Registration in 2021

If you want to start your business in Singapore today, you should take a cue from the businesses and industries doing well. Being sceptical about your chances is okay, but ignoring an opportunity could make you lose your chance.

Before you start your business activities, you should register your business. Initiate Singapore company incorporation process with ACRA, the Company Registrar. You can simplify the task by appointing a registered filing agent. Firstly, they will register your company name with ACRA by paying the required fees.

Secondly, they will apply to ACRA to register your company. The process is swift and online, and you will need to wait only 1-3 days for Singapore company registration in 2021.

Your agent generally assigns a manager to you to advise and assist you with the finer points of the process, like incorporation and KYC documents. These professionals can really streamline the incorporation of a new Singapore company for you even if you are a foreigner and new to this jurisdiction.