Singapore Business Tips For SMEs
If you are from Singapore and you want to form a Singapore company, it will not be extremely difficult. Basically, what you will have to do is getting an approval from the Accounting and Corporate Regulatory Authority in Singapore (and this also includes paying for the S$65 registration fee).
However, if you are a foreigner, things are more complicated when it comes to business registration. First, you will have to get a visa that is suitable for starting a business in Singapore. Then, you will have to make sure that you meet all the requirement of setting up a business there. Further on, you will have to actually register your business (as a branch of a foreign company, as a representative banking and insurance office or as a representative of other industries).
Setting up a business in Singapore may actually be the easiest part of the entire story. The hardest part will be maintaining yourself on the market as a SME (Small to Medium Sized Enterprise) and making profit. To make sure that you form a Singapore company that will be actually successful, try to apply the following tips.
First of all, do not be an “all-action” kind of entrepreneur. Plan ahead every detail of your business and make sure that everything is in order. Furthermore, always remind yourself to make a SWOT (Strengths-Weaknesses-Opportunities-Threats) analysis. Do it both for yourself as an entrepreneur and for your business. Moreover, do it for your competitors as well, and analyze which are the gaps they are leaving in the market and which are the points on which you can do better than them.
Secondly, accept the fact that business environments change and that the Singapore one makes no exception to the rule. It may seem difficult to comply with the changes of the Singaporean Government, but keeping yourself focused can help you achieve your goals.
Thirdly, pay a lot of attention to your cash-flow. This is one of the most important aspects of any business and it could literally make or break it in a short amount of time. Be careful with your credit policies and try to do everything to receive payments on time (and this also includes taking into consideration the fact that large enterprises need more time to process invoices, which could mean a late payment for you). Also, stick to your promises when it comes to deliveries and do not try to take in more than you could handle (since this will eventually mean that you will be late with a delivery and that could also mean that you will not receive your invoice).
Furthermore, try to stretch your own payments as much as possible, since this can actually be considered to be a form of interest-free credit. Also, make sure that your stock does not exceed your demands and bear in mind the fact that leasing is always better for SMEs (because it can help your cash-flow and it can be considered to be tax-deductible as a business expense).
Last, but definitely not least, keep your employees happy. You may not be able to give them the highest salaries possible, but compensate this with various types of benefits, with treating them respectfully and with constantly reminding them how important they are for the company.
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