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In an effort to attract foreign and local businessmen and companies, the government has passed several laws to make it relatively easy to start a Singapore company.

However, having a potentially profitable idea is not the end-all and be-all of venturing in to a business.  Most professionals would agree that raising money for the start-up capital, attracting potential clients, and competing with other businesses are the most challenging aspects for budding entrepreneurs.

Fortunately, there are simple tips on how to start a Singapore company and become successful in business:

1. Save up even if the business plan is not yet concreteEven if a person has not yet decided on what business to establish, it would be a good idea if he would save up and allocate a portion of his day-job salary which he can use when the time comes he already has a concrete idea on what company he should build.

   For many people, saving up is hard especially when there are many factors that trigger them to spend (holiday, bombardment of ads, etc.).  With this, it is important to save a “fixed” amount of money every month so that they can practice more discipline in their finances.

2. Continue learningEmployment gives people the opportunity to grow and learn new things, which is why some businessmen were first employees before becoming successful in their field.  Aside from employment, learning can also happen outside the office through enrolling in different courses, reading books, and joining in seminars.
3. Use customers’ complaints to create a business planMany businessmen have become successful because of their previous employers’ inability to meet the needs of their customers.  As the saying goes, a good entrepreneur learns from his mistake, but a great entrepreneur learns from the mistakes of others.
4. Build a good reputation and avoid “burning bridges”As much as possible, people should not be “burning bridges” as they might use these for their own advantages in the future.  For example, a person may find his co-worker as a potential business partner for the company he is planning to start.

   Meanwhile, having a good reputation also plays an important role in business, especially when it comes to attracting angel investors and “silent” partners because these people need someone whom they can trust their money.

5. Hire a business registration firmIn some cases, hiring a business registration firm is helpful especially if a person wants to make sure that he will be able to meet all the statutory requirements and compliance matters stated under the Singapore Companies Act.

Asiabizservices is a leading corporate services firm that assists entrepreneurs and investors with the processes required to Start a Singapore Company along with a range of other corporate services. The firm provides tailored solutions to meet entrepreneurs business objectives and manages the entire process of Singapore company set up. More information on How to Form a Singapore Company.