As one of the world’s most active business hubs, as well as one of the most powerful economies in Asia, Singapore has become an incredibly popular country of choice for companies and businesses looking to either start or expand their operations and trade. In recent years, many businesses have gravitated towards Singapore, especially with their much simpler and quicker business registration processes.
However, the rapid increase of businesses taking root in Singapore risks the oversaturation in certain industries, with businesses potentially struggling to stand out and differentiate themselves from their competitors. This could prompt companies to adopt more creative strategies to help them gain attention and increase brand awareness among their target demographic, and one very popular way that this can be done is through events.
When executed properly, an event can help catapult a business or brand into the spotlight and attract and maintain positive attention from both media and their target audience, while also attracting new customers. However, this might be hard to do alone as Singapore’s first-world quality of living could raise expectations entirely too high to be met without a little help.
With businesses looking for more creative ways to curate a very specific experience for their customers, while also expanding the reach and influence of their brand, now a great time to start an events management company in Singapore.
How to Start an Events Management Company in Singapore
Step 1: Register Your Company
The first step to starting any business in Singapore is to register it with the Accounting and Corporate Regulatory Authority (ACRA) of Singapore. Before you begin doing this, prepare the following requirements to ensure a smooth application process:
- Company name
- At least one resident director
- At least one shareholder
- A qualified resident company secretary
- At least SGD 1 in capital
- Registered address of the company in Singapore
- Brief description of business activities
You can register your company easily through ACRA’s online portal BizFile+. Once you’ve submitted your application, it’ll take one to three days for ACRA to process all your documents should there be no errors or complications. Once your company has been successfully registered, you’ll receive an email notification with your company’s registration number.
Step 2: Choose an Office Location
Depending on your available funds and capital, it may be best to choose an urbanized location, such as in the center of the city, in order to get as much attention as possible. Choosing the right location may also help surrounding companies and businesses take notice of your new company, which can lead to more leads and inquiries for your services.
Step 3: Hire Employees
Perhaps one of the most important steps of starting an event management agency is the recruitment and hiring of your employees. The employees of your company will not only be the ones reaching out to and coordinating with prospective clients, but they will also be involved in the execution of your events that will ultimately represent your company.
Because of these, you should prioritize hiring quality talents either by screening applicants yourself or reaching out to an employment agency.
Step 4: Promote Your Company
After setting up a small team to start with, it’s time to get the word out about your new company and the services that you offer. Explore different promotional avenues and media in order to maximize the reach of your efforts, and make sure that any lead generation efforts are accompanied with a comprehensive list of your services and rates.
Step 5: Procure Additional Licenses and Requirements
When you’ve successfully closed your first event with a business, you must now apply for at least one relevant license or permit depending on the types of events and activities you want to organize and handle. These licenses or permits are only valid for the duration of the event. Below are some of the licenses that you can apply for:
Each license and permit requires the submission of an application form, as well as additional materials, documents and the payment of a required fee, before they are processed and issued by the designated authoritative body.
Starting A Company Without the Trouble
Launching a company involves a lot of moving parts that require your undivided attention, which means that you may no longer have the time to handle the forms and applications needed to incorporate and register your company. With WealthBridge, you can focus on making your company the best that it can be and leave the administration and paperwork to us.
With corporate services that start from company incorporation all the way to day to day functions, our team is more than happy to help you with the technicalities so that you can spend time on the things that truly matter.
Visit our website to learn more!