Successfully setting up business in Singapore is only the first step when it comes to running a business. As a corporation that is new to the local market, it is important to build brand recognition so that one can earn sales. If one were to gain reliable working projects, a feasible solution would be to seek out contract opportunities.
Government Contracts and Tenders
Tender requests are formal structured invitations to other potential business partners. Issued to encourage bidding for product or service supplying, these requests often require official fees to secure the engagement. These processes are required to provide details by law so that they can be certified to be open and fair. Therefore, most of the tender requests are published by governing sectors through a tender service.
If the business owner is capable of supplying goods and services after setting up business in Singapore, they are recommended to read through requirements before bidding.
Small Value Purchases
Small value purchases are purchases where the Government buys the products or services directly from compatible suppliers. Small value purchases can also be done for off the shelf product purchases with the condition that the assembled prices reflect fair market value. These purchases are usually made through verbal or written quotations.
Invitation to Quote
Purchases that are ranged from $3000 to $70000 are usually made after the appropriate supplier is chosen through a bidding process. The government typically publishes quotations to invite quotations. Interested business owners can submit their quotations along with supporting documents after their company formation in Singapore.
Invitation To Tender
In order to tender for projects, business owners must register as a GeBIZ Trading Partner. ACRA-registered suppliers will usually be approved immediately. There are three types of Government tenders that business owners should pay attention to- Open tender invitations are catered to all interested qualifying parties. Selective tender invitations are introduced as pre-qualification exercises to shortlist applicants. Limited tender invitations, on the other hand, are exclusively by invitation only. These tenders usually involve national security or are considered impractical to be open tenders.
To begin quote submission, business owners will need to choose the quotation they want to bid for through the list of the quotation notices available. It is highly recommended for all bidders to take the time to read through the notice so that they can ensure that all requirements can be met. Once that is accomplished, business owners can proceed to confirm their decision to bit by selecting the bid button option.
When tendering contracts, business owners can enter bids on their own capacity or choose to form a consortium of suppliers for the bid submission. After doing so, they will log in and click on the tender to bring up instructions for subsequent actions. Once accomplished, business owners can submit the bid by attaching other supporting documents and receive response numbers.
By relying on bidding, startups are able to earn opportunities after setting up business in Singapore, thereby increasing exposure and credibility.