Singapore is one of the best business hubs to set up a new business. The authorities here have made it easy for the small, startups, SMEs, MNCs and to do business here. The lower tax rates also make it affordable for business owners.
The process for company incorporation in Singapore is a 2 step process. It is streamlined, free of red-tape, and bureaucratic hurdles. However, those who are new to the task, make mistakes in forming their business.
Sooner or later, the business owners have to take remedial steps to rectify their incorporation mistakes. Doing so wastes their time, money, and efforts. The experts from Singapore company incorporation services can assist you in making the right decisions. It is better to start on the right foot.
Choosing the Wrong Business Structure
SBS Consulting is a Singapore company incorporation services provider. Our experts advise you on how to choose a business structure to suit your business needs. It is a vital decision that you have to take before initiating the process to register your business.
You need to know, "Will your chosen structure scale with your business? "Will it limit your liability?".
Entering a Market Without Research
Before incorporating a business, one is required to do a market survey and decide on the target market that they want. Otherwise, the incorporation process will be a waste of time because the business is likely to crash as soon as it is launched. One thing to remember is that customers are the blood of business, and without them, it cannot run.
You enter a market well prepared. Before your company incorporation in Singapore or right after it, you should conduct thorough market research to locate your target customers in it. You need to understand what they need, the products they use, and if they will pay for more functionality. You need to sale what they want, not what you have or developed. They may not like it.
Trying to Register a Business by Yourself
You need to appoint an experienced provider of Singapore company incorporation services for the task. It is especially true if you are a foreigner. Singapore does not permit foreigners to self-register a company.
These firms employ experts who are very familiar with the incorporation process and know what hurdles you may need to overcome. They advise you on the process, documents, and post-incorporation tasks you need to accomplish before starting your business activities.
Making a Mistake with Company Name
First, you need to apply to the Company Registrar of Singapore (ACRA) to register a company name for your use. Give our expert a list of 3-5 names who will verify it. Choose the names carefully.
Your company name cannot be malicious, black-listed, or vulgar. It cannot also be similar to the name of any existing company. Such names are rejected. It can delay the registration of your business. Choose a name that reflects what your business intends to do.
Getting Launching of Your Business Wrong
Your priority is to accomplish your company incorporation in Singapore without any delays. You should then go on and get all business permits and licenses, open corporate account, and do rest of the post-incorporation tasks.
It will put you in the right position to launch your business. At this point, you should not start to entertain second thought; rather, you should go ahead and launch your business. If you need it, hire a business consultant or find a mentor to guide you.
Spending Too Much Before the Launch
The market research, marketing campaign, registering your company, business permits and licenses, office space, and utility costs. You have to have a budget for all these.
It would help if you also kept your expenses in check before launching your business. Allocate a budget for each eventuality and stick with it. You have a few other tasks to perform after the launch. And it would help if you spent on that too.
Hiring Wrong Employees
A startup business owner should postpone the hiring of employees as long as possible. It will give you an opportunity if you are a newbie, to get your hands dirty. However, you cannot escape hiring a local secretary and director.
Appoint qualified individuals. You don't have time or money to undo their mistakes. Think about appointing a corporate services provider for the task. They will cost you, but you will get to benefit from their expertise.
Yes, anyone can make a mistake. However, when you are opting for company incorporation in Singapore, you should do your best to avoid them. SBS is a registered filing agent in Singapore. If you have any queries, contact us on +65-6536 0036 or email us at info@sbsgroup.com.sg for answers.
SBS Consulting is one of the leading corporate services provider in Singapore. It specializes in Company Incorporation, Accounting, Preparation of director's report, Taxation, GST, Payroll, XBRL, IT software development and maintenance and other value added business services for residents and non-residents of Singapore.