Anyone of us, can decide to set up a new business venture, and remove ourselves from the mundane 9-to-5 job that we currently have. There is lots of help out there regarding setting up your own company, and if you have an excellent product or service that you feel the public would be interested in, then it makes sense to try to profit from that. There are a number of requirements needed in order to be able to conduct business, and there are rules and regulations to be followed. However, you don’t necessarily have to register your business in order to make money and turn a profit.
However, if you don’t do a company registration in Singapore, then you are definitely missing out on all of the benefits that come with registering your business. The smart entrepreneurs out there, know that it is the right move, and there are a number of legal and marketing advantages to be gained when you register your company name. The following are just some of the many benefits of doing so.
- Hiring new employees – When your company is registered, you can then begin to hire the full-time employees that you will need, and then you are able to pay them their salaries, in accordance with the laws in Singapore. When you register your company, you will get an identification number, and that allows you to pay your employees taxes. Workforce planning can be quite difficult, and so if you need some assistance, there is help out there.
- Setting up a business bank account – When you are setting up a company, you also need to set up a bank account to handle the money. In order to do this, your business must be properly registered with the Singapore authorities. It is essential that you are able to open a business bank account, so that you can separate your personal finances from your business ones. It also looks much more professional, when you ask your client to make a payment to your company’s name, rather than your own personal name.
- Getting business loans – If your business is in some difficulty, or you want to expand, then you’re going to need to be able to get a small business loan, to help you with this. In order to get a business loan, you need to prove that you actually have a business, and so the lending institution will ask for your company registration, before they can approve you for a loan. The same applies, if you are applying for a business credit card.
In order to be a legal company, and to make sure that all of your business transactions are above board, you need to be able to pay your taxes, and you if you don’t register your company, then you won’t get a tax ID number. Registering your business, means that you are taking steps to comply with the rules, and this protects your employees as well. Your customers also need to be able to trust that you are a legitimate business, and one way to do this, is to get your company properly registered with the relevant authorities.