Choosing to go into business for yourself indicates that you have the qualities of a leader and the determination to see your vision through. You have made the bold decision to move forward with your plan—you got an EP in Singapore and want to register your business, but before you do, there are several vital steps in the process that you should ponder. This article shall give an overview of the four most important considerations before registering your business.
1. Business Structure
Firstly, it’s crucial to determine the best organisational structure or legal entity for your business payroll in Singapore. The specifics of your industry and business strategy will be the primary factors here.
Sole proprietorships are a good option if your business is low-risk and unlikely to generate legal claims—and you plan to launch modestly before expanding. Additionally, it is possible to register a business as a partnership if you intend to run it with a partner rather than on your own. Registration is cheap and easy to comply with annually; the only downside is that it shall have taxes at your regular rate. The biggest problem with these entities is that they offer no protection, so any judgments or settlements will be attached to the owner’s assets, and they will be personally liable for any debts or corporate tax in Singapore.
2. Location of Official Operations
You’ll need to provide a physical address in the area when you sign up. Only mail sent to this address will be considered official. The property’s commercial use requires authorisation by the Urban Redevelopment Authority (URA).
3. The Trademark of a Company
The company registrar must agree that the name you’ve chosen is both distinctive and appropriate. Pick something that sounds good and is not offensive. It can’t be too similar to another business’ name or infringe on anyone else’s trademark. If the proposed name contains restricted words from regulated and strategic sectors like banking, law, media, payroll in Singapore, etc., the relevant government agency or authority must review it. It may cause a delay of a few days in the approval process.
4. Business Permits and Licences
There are a few categories of businesses that can’t launch without first obtaining the appropriate licensing for accounting services and legalities in Singapore. Business registration with the Accounting and Corporate Regulatory Authority (ACRA) is a prerequisite to applying for licences and permits, but you should still study the relevant regulations in advance. You won’t have to worry about breaking any laws if you do this.
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