Why Start a Telecommunications Company in Singapore?
As a hub for technological advancements and innovations, Singapore’s telecommunications industry is a booming field that is currently led by giants such as Singtel, StarHub, TPG, and M1. Despite the highly-competitive market, there are opportunities for telecommunication startups in the country as consumers look for faster data services.
The major hurdle in opening a telecommunications company, however, boils down to finances. Telecommunications requires a monumental capital investment to put up the technology and infrastructure needed to operate the business. Besides the massive infrastructures, telecommunications companies need to have ample land to build these signal towers.
Starting a telecommunications company in Singapore is no small feat. In this article, we’ll take you through the step-by-step process in opening and operating a telecommunications business, and what it takes to start one in Singapore.
How to Start a Telecommunications Company in Singapore
Step 1: Research the Market
Starting a telecommunications business requires extensive knowledge of tech-driven trends in the industry. From cloud computing and mobile technologies to data security and management, it is essential to understand the technological research that is required to keep up with the rapidly-advancing innovations.
Additionally, it is equally important to research the market, and the demand for an alternative to the existing telecommunications options. Consumers are less likely to switch service providers if the new company does not offer the benefits and features that their current company does, so research the market to find the factors that consumers prioritize the most when it comes to their service providers.
Step 2: Register the Business
The next step is to register the company with the Accounting and Corporate Regulatory Authority (ACRA) through their online portal BizFile+, and submit the required documents for approvals. Reserve the business name, pay the fees, and incorporate the business to register.
Step 3: Obtain Permits
All telecommunications companies must have a Telecommunications Licence to operate in Singapore. This is applied and approved through the Infocomm Media Development Authority (IMDA), and will determine the types of telecommunication services that the company can provide.
Step 4: Purchase the Necessary Technology and Infrastructure
This next step is where the majority of the investment capital comes in. Telecommunications companies typically have several servers, computers, switches, and routers that will pile up in costs. Not to mention the network operation centers (NOCs) to house the equipment, and the cell towers that need to be erected to provide signals to various areas.
The equipment needed in the company will also depend on the type of services provided by the network. These are where the majority of the initial startup costs will come from, especially as the company will need to purchase the most advanced equipment possible to provide better services to consumers.
Step 5: Hire Employees
Employees will run the facilities and equipment in the company, so they must have the knowledge and experience handling these technologies. The equipment involved in operating the NOCs are highly-advanced, and are costly, so the company will need to hire employees with a specialty in operating these machines.
Besides tech professionals and developers, the company will also need to hire administrative employees, operations managers, janitorial crews, accounting and finance departments, as well as for other roles. A marketing team is a must as well, since the company will have to market itself as a better option for consumers, as noted in the next section.
Step 6: Market the Company
Marketing the company can be a challenge as telecommunication is often led by only a handful of pioneers in the industry. However, it is not an impossible task. The market research conducted earlier may come in handy, but in this fast-paced industry, it is essential to conduct a consistent survey of the market to find out what promotional tactic works for the company.
Step 7: Establish a Network
One of the key ways a new telecommunications company can break into the market is through establishing a network. This network is composed of internet service providers, vendors, and other telecommunications companies that will expand your network. This will help your company reach a wider audience.
Step 8: Secure Data
As with any tech business, it is top priority to secure the data of your subscribers. Consumers generally have mistrust with new companies, particularly when it comes to handing over sensitive information such as passwords, names, addresses, and more. Secure the data storage and management of your company.
Step 9: Ensure Compliance
Lastly, ensure that the company complies with the rules and regulations of Singapore’s telecommunications authorities to keep the business running smoothly. This will not only increase the level of trust with consumers, but will also establish the business as a competitor in the market.
Connect with Us
Before you connect consumers through your business, connect with us at WealthBridge to make the incorporation process in Singapore easier. Focus on building your network, securing your data, and updating yourself with the latest tech trends while we take care of the paperwork!
Connect with us through our official website to get started!