Right now, there are many other thousands of people just like you who are thinking about setting up their own business either in their own country or in another one. You have been working for the man for many years now and so you have decided to step out on your own and try to make a success of a new business endeavour. There is a lot that you need to learn about being a business owner and one of the most important ones is what you do at the beginning. Many people choose to remain as a sole trader because that’s just the natural progression of things and how most people start off. What you don’t hear about are the horror stories about sole traders losing everything including the shirt on their backs because they didn’t properly register their business. You do not want to be one of these statistics and so it makes so much sense to register your company immediately.
Nobody knows what lies around the next corner and so you have to prepare yourself for what might happen. This is why registering a new company in Singapore is the right move because it will provide you and your business with the financial protection that it needs. It is important that your personal assets remain protected and you do not want to be going through this life with no roof over your head and no car to drive in. If you still don’t have an appreciation of the importance of registering your business, then maybe the following can help to convince you otherwise.
* It helps for business bank accounts – The reality is that if your business isn’t properly registered then it’s very likely that any financial institution will want to do business with you at all. They need your company registration number so that they can have confidence in your business and this same rule applies when dealing with wholesalers or other businesses around you. Everyone wants to be able to trust you and so they want you to provide some kind of credibility that they can rely upon with the knowledge that you are paying business tax. You definitely need to set up a bank account for your business and so it just makes sound financial sense to have your company registered from the outset.
* It helps with financial assistance – It might happen that your business is incredibly successful and so you will want to expand, but you won’t have the necessary cash in order to do so. On the other side of the coin, your business may have gone off to a slow start and so you might have to borrow money just until you get over the next business hump. Whatever your circumstances, you’re going to need some kind of business loan and the whole procedure is made a whole lot easier if your business is registered. You will have all of the necessary papers needed by the lending institution and this will also allow you to get a business credit card. Many financial institutions will not even let you make an appointment until they can actually see your registration paperwork. It is just that simple and there is lots of free help available from the local government.
As you can see, registering your company provides these two benefits and there are many more. To get your business enterprise off to a strong start be sure to follow this advice and then everything should move along smoothly.