Incorporation of Company
For new businesses and start ups, the first and most basic requirement will be to start with incorporation of your company.
Types of companies that you can incorporate in Singapore will be Private Limited, Partnership, Limited Partnership, Limited Liability Partnership or Sole Proprietor. However, Private Limited (Pte Ltd) is usually the preferred choice and we see them around all the time. This process can easily be outsourced to an experienced registered filing agent who will be able to help and advise you to get your company started very quickly.
As rental and sales of industrial properties are usually subject to Goods and Services Tax (GST), you may also consider renting or purchasing through your GST registered company. It is also possible for your company to voluntarily be GST registered.
Sourcing for Suitable Industrial Units
The sourcing process can be tedious especially if you are unsure exactly where to start. However, if you already have some operational requirements in mind such as the ideal unit size, ceiling height, floor loading, power supply, price range and how your business will operate it will be much easier to narrow down and shortlist suitable properties for your final consideration.
Fitting Out Works
Just like buying a home, it is also important to do your sums before getting started on the fitting out or renovation works for your industrial unit. Once you have a design idea and layout in mind, you may consult your renovation contractors, interior designers or consultants on how you can proceed further with the fitting out works based on your preferred design and layout and whether the ideas are feasible and in line with the authorities or building guidelines.
If you are purchasing the industrial property for investment or rental yield, you may also lease the property in its as is where is condition.
Handover of Keys
Handing over of the keys to your warehouse or factory unit usually happens prior to your lease commencement date if you are leasing an industrial space. This is because for most industrial properties, units are in original bare condition. Because of this reason, fitting out period may be provided by the landlord so that your company has some time to fit out or renovate the premises before you are able to commence your business operations proper.