Business Startup Kit

It All Starts With The Right Name

The first step in setting up a business is to choose a good name and, equally important, a good domain so that you can create an identity and build your brand in both the physical and online world.

Step 1: Decide on the ownership structure

A business can be a sole proprietorship, partnership, limited partnership, a limited liability partnership (LLP) or a company (private limited).

  • A sole proprietorship, partnership or limited partnership is easy to set up and administer. Registration cost is minimal and registration can be renewed for one or three years.
  • An LLP also has relatively few procedures to comply with, and only has to lodge an annual declaration of solvency or insolvency.
  • A company is more costly to set up and maintain. It has to comply with statutory requirements for a company secretary, general meetings, directors and share allotment. Annual tax returns also have to be filed.

Regardless of the business ownership structure, it is critical that you come up with a suitable and unique business name and domain which will differentiate you in a sea of competition.

Step 2: Incorporate the business

Once you have chosen a business name, you have to apply for approval via ACRA’s BizFile web site.

Proceed to incorporate the business online on BizFile once the name has been approved.

For a company (private limited), you will need to have a corporate secretary. This function can be fulfilled in-house or outsourced.

You also need to open a business bank account.

Step 3: Set up your business web site

Your web site is the online storefront for your business. It enables you to reach out to potentially millions of Internet users, build up your business reputation, generate leads and carry out e-commerce or other transactions – all at a low startup cost.
To set up your web site,

Step 3: Set up your business web site

Your web site is the online storefront for your business. It enables you to reach out to potentially millions of Internet users, build up your business reputation, generate leads and carry out e-commerce or other transactions – all at a low startup cost.

To set up your web site,

1) Register your domain name

This will be your “business address” on the Internet.

  • – Think of a name that is related to your business and is easy to remember.
  • – Select the type of domain name that you want (for example: .sg, .com, .org, .net etc).
  • – Check domain name availability using the search function on Webvisions’ new domain page.
  • – Proceed to register your domain name if it is available.

Domain decisions!

Should you register a .sg or a .com? A .sg domain name may be more trusted because you have to be a registered business entity to apply for one, whereas anyone can apply for .com. However, a .com domain name may have a more global appeal if you want to reach out to an international market.

Should you purchase both domains (or even more)? There is a good business reason for doing this. Purchasing multiple domain names helps you to avoid cybersquatting or other domain-related issues in the future, especially when you expand your business.

For example, if your domain name is “mydomain”, you may want to purchase www.mydomain.com.sg, www.mydomain.sg, www.mydomain.com and www.mydomain.org to prevent potential competitors from taking those names.

You may also want to purchase other related domain names if you are looking to expand or create a niche for your business. For example, if you are a florist, you may want to secure other flower-related domains such as “tulip”, “roses” and “orchids”.

2) Build your website

You can opt for a DIY or turnkey approach. For example, you can build your website using

  • – open-source content management systems such as WordPress (with the help of online tutorials on Google or YouTube)

Builder beware!

If you are opting for the DIY approach using open-source content management systems (CMSs), there are some potential pitfalls that you should watch out for:

  • • Security – Security vulnerabilities on the CMS could impact your website, so you have to ensure that you update and patch the CMS regularly.
  • • Underestimating the time and effort involved – The CMS is not likely to meet all your needs out-of-the-box, so building a website that closely matches your needs will require some technical expertise.
  • • Compatibility (or lack of) with 3rd-party plugins – Looking for compatible 3rd-party functionalities for your website will also take time and effort, if you can find them at all.

3) Select a hosting plan

A hosting plan provides you with the IT resources you need to put your website online.

  • • Basic Web Hosting
    • – Reliable business hosting with an uptime commitment
    • – Suitable for small business websites
  • • Virtual Private Server (VPS)
    • – Secure high-performance hosting for high-traffic or resource-intensive websites and databases
    • – Suitable for application development
  • • Dedicated Hosting
    • – Dedicated servers to meet the unique requirements of your business
    • – Suitable for mission-critical applications with high-security requirements
  • • Cloud Hosting
    • – On-demand access to compute, memory and storage resources for greater business agility.
    • – Suitable for dynamic or unpredictable IT resource requirements

Step 4: Set up your business email

The use of business emails which incorporate your domain name helps strengthen your branding on the Internet and build trust amongst customers.

To set up your business email, you can opt for

  • – A Standard Mailbox which provides reliable hosted email with your business domain name

The flip side of “free”

Today, there are many free web-based email options that may seem attractive at first glance, but often fall short when it comes to meeting business requirements. For example:

  • • The use of the email service provider’s domain instead of your own business domain hinders the building of trust and corporate branding
  • • Your emails are vulnerable to security threats in the absence of effective anti-malware and anti-spam filtering capabilities
  • • Important business emails cannot be archived efficiently to meet business and regulatory requirements
  • • It is difficult to manage email accounts efficiently across the organisation with no central control over account creation, maintenance and deletion

Step 5: Get your business operations moving with productivity and business tools

Instill a culture of productivity and efficiency and create a competitive advantage from the get-go with the use of the right business applications and tools.

Productivity tools

Office 365 incorporates productivity tools such as Word, Excel and Powerpoint which enable your employees to work more efficiently, whether in the office or out in the field. Office 365 also enables teams to collaborate more effectively through a shared calendar and contacts and the ability to save and share attachments using OneDrive.

Analytics tools

Our Business Intelligence-as-a-Service enables your business to derive actionable insights from data, improve business forecasts and reduce uncertainty in decision-making in order to sharpen your competitive positioning amongst your competitors. Some of the analytics tools we provide include the ClayOPS C-ANALYSISTM performance management tool and Microsoft Power BITM.

Business applications

Business applications such as enterprise resource planning (ERP), customer relationship management (CRM) and human resource (HR) systems help automate processes and provide timely information so that your employees can focus more effectively on business-critical tasks. Our Human Resource-as-a-Service iWV-Rymnet, for example, enables you to take advantage of a full range of HR capabilities without having to install and manage any software in-house.

Any Question?

Get in touch and we are glad to help!

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