Registering Your Company Is In Place To Protect Your Interests
If you have grown tired of working for the man and you want to get out there and start creating your own success, then it’s going to involve setting up your own business and dealing with everything that it entails. It can be a daunting thing at first, but once you get started you will wonder why you never made this decision before now. There might be a product or a particular service that you can offer that no one else does as good as you, and so you want to take advantage of your talents and reward yourself with the high profits that you can see coming from this business endeavour. You have a number of important decisions to make with regard to what kind of legal business structure that you want to choose and many people choose to be a sole trader at the beginning until they find their feet. This is the first big mistake and they are leaving themselves open to many issues.
This is why you should be thinking of registering a new company in Singapore because by doing so, you are protecting yourself and your family financially. The liability begins and ends with the business and so none of your personal items are ever in jeopardy if your business doesn’t go to plan. There are so many advantages to be enjoyed when you register your new company and here are just a couple of them to pique your interest.
Other possible option is establishing your operations without an entity thanks to the help of a PEO company with the enough experience to guide you through the process. Through his services you can outsource the hiring, recruitment and payroll saving costs.
You Can Hire & Fire
It’s important that you surround yourself with the right people when you are starting off and once you hire them, you have to provide them with a working wage and the various government mandated benefits that they can enjoy. You can do any of this until you set up a registered company because then you will get the relevant identification number and this will allow you to pay your employees taxes and to make various other deductions from the salaries. This means that you will be staying within the legal framework of the country that you base your business in and you won’t run into any issues further down the line.
It Helps With Business Bank Accounts
As a registered business, you are of course going to be able to generate profits and so you need somewhere to keep this money safe and also be generating interest for you as well. None of this can happen if your business isn’t properly registered and banks won’t even talk with you until you have the necessary government paperwork in hand. This offers you the opportunity to separate your personal money from your business money and it allows wholesalers and other suppliers to take your business serious and to offer you lines of credit. Without a company bank account, your business cannot hope to succeed. There is additional assistance to help you set up a local company.
If it is your hope to expand later on, then you may not have the necessary finances at that time and so you will need to turn to some kind of lending institution for the money. You will not be able to do this unless your company is registered and everything is above board legally or otherwise.