4 Proven Tips To Sky Rocket your Business Success in Singapore
If you have just started your business operations in Singapore, then you may come to realize that managing a business in the city may be one of the toughest things to do. But the rewards for putting in the effort can be limitless since a business which has succeeded in Singapore will easily be able to expand into other lucrative markets in the region.
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And below, we take a look at four tips to help you grow and manage your business in Singapore.
Government Assistance
The government runs many assistance programs that can prove to be a huge help to you, whether you are running a company, partnership, or any other business structure. Three important governmental bodies that are known to provide businesses with help include the Accounting and Corporate Regulatory Authority (ACRA), Economic Development Board (EDB), and the Standards, Productivity and Innovation Board (SPRING). Keep track of the programs run by them, and you will likely find out schemes that can you can utilize to expand your business and get an edge over your competitors.
Know The Culture
Make sure that you have a basic knowledge of the culture of Singapore. In fact, you need to understand that Singapore is not one culture, but an amalgamation of cultures. The place primarily has three main groups – Malays, Chinese, and Indians. Though most of the way of life will be the same between the three of them, there are differences you need to take into account. For example, know that most Malays in Singapore are Muslims. As such, it would be better to avoid setting up meetings on Friday afternoons. Similarly, though Indians and Malays are pretty comfortable with informal designations and you can call them by their first names, the Chinese are likelier to expect you to address them as Mr. or Ms. Knowing about such little cultural differences will help you a great deal in making a good impression among your business contacts in Singapore.
Visa Regulations
To make sure that your business gets the best talent possible in order to make it grow exponentially, you may think of bringing professionals from abroad. As such, you should take the initiative to know about the country’s employment Visa regulations fully. Singapore allows foreign employees under their ‘Employment Pass’ program. This Visa will be issued for a period of about a year or two, after which it has to be renewed. And as long as the employees meet the requirements of business laws of Singapore, arranging a new Visa or renewing an existing Visa for any employee should not be much of a problem.
Get A Good Accounting Consultant
Finally, hire a good service to manage the accounting side of your business. It would be ideal to hire a service which is already established in Singapore since they will have the full know-how of the region’s business laws and practices. As such, they will definitely be in a better position to manage your accounts than any outside consultants you bring.
And if you have trouble finding a good accounting service in Singapore, be sure to check out Sandhurst Consultancy. They have been managing the accounts of numerous businesses in the region for past several years and will be the perfect choice to handle your business accounts as well.
