The Many Benefits Of Registering Your New Business | Starting out on your own can be a difficult proposition and so you need all of the help that you can get at the very beginning. The most difficult part of any new business venture is the beginning and this is when you run into most of your obstacles. The reality is that you’re expected to come up with your rent no matter how good or bad business is and it is something that you have committed yourself to for a minimum of 12 months because you signed on the dotted line. You need to do all that you can to protect your business interests and many people wrongfully assume that if they remain as a sole trader that they will have the protection that they need. The opposite is actually true and you are leaving yourself open to all kinds of problems by doing so. Your home and your personal possessions can be in jeopardy if you don’t register your business.
Registering a new company in Singapore is possible when using the right service provider to do all of the work for you. It is their job to assist you and to make the registering of your company a very straightforward thing to do which it should be. People think that having to register your company is just read tape and its local government making life more difficult for them but the opposite is true. Registering your company helps to provide you with the protection that you need and you get to enjoy all of the other benefits as well. Other way to establish your operations reducing the risk is through PEO services. These services allow companies outsource hiring, recruitment, payroll and start operations in countries without an Entity.
* Limited personal liability – It’s great that you want to go into business by yourself but there is no need to jeopardise everything that you have worked hard for up until this moment in time. You have probably purchased your first home and have accumulated some personal possessions like your car and maybe even a motorcycle as well. These are things that you don’t want to lose in the unlikely event that business doesn’t go as well as you planned. By registering your company which is a smart move for a startup, you’re taking the necessary steps to protect your personal assets. This is not the time when you want your stress levels to be going through the roof and your company will be regarded as a separate legal entity which has its own debts which you are not personally responsible for.
* You pay less tax – This is contrary to what everyone believes and they just assume that because you are a big enterprise and you are now registered, that you’re going to be paying a lot more tax. The opposite is actually true and registered companies pay less tax than sole traders and those who are involved in partnerships. Registered businesses enjoy a lower tax rate than individuals do and you will also get to experience the many tax deductions that are currently available to your business. Any money that is spent on marketing, staff training and anything else associated with your company are all tax deductible.
As you can see, registering your company is a very smart financial move indeed and it helps to protect what is yours with regards to the business. Registering a business allows wholesalers and other sellers to do business with you and it also makes an application to the bank a whole lot easier. Many lending institutions will not even talk to you until you get your company registration number and that applies to potential customers as well. Customers need to be confident that you are here to stay and they don’t want to be buying products or services from a business that is not protected.
