There are many businesses starting off right now all across the country and they all want to make a profit so that they don’t have to return to their 9-to-5 jobs anymore. People have grown continually tired of putting all their efforts into a job and the only reward that they get is the small salary that they receive at the end of the month. That type of job doesn’t offer them any kind of work life balance and the possibilities of promotion and salary increases, diminishes every year. In order to be able to make changes in their lives for the better, they decide to set up their own business and the upside of this is that they will get to enjoy all of the spoils if the business is successful, but they will get to experience the downsides if the business doesn’t go as planned. They are still prepared to take the risk and they are to be commended for that.
If you are one such person and you are thinking of setting up your own business then there are a great number of things that you need to consider and while you are pondering over those, there is one thing that you really should be doing and that is getting the registration company in Singapore. This is incredibly important because it will provide you with the protection that you need and it will make conducting business so much easier. The following are some of the reasons why every company should get registered.
– For your business bank account – Walking into any lending institution and asking for a business bank account to be set up for you is normally quite a straightforward procedure, but when it comes to business, there is no inclusion and equality for your business if your company does not have a registration number. They will not entertain the thought of setting up a business account for you to make deposits and payments, and without a business bank account your business can’t really do very much. In all likelihood you will want to apply for some kind of business loan further down the line to expand your business and again, your bank cannot lend you the money unless your business is registered.
– For your employees – It’s highly likely that you want to hire some employees and so in order to be able to do that you must be able to register them with the relevant government departments and you must also be able to deduct tax and other government payments from the salaries. You also need to be able to pay them in the first place and in order to receive your tax number so that you can make these necessary adjustments, you need to have a business registration number. It’s going to make life incredibly difficult for you and your employees if you do not take this necessary step to get your business off to the best possible start and you can approach lending institutions as well.
It’s all about protecting yourself and your employees and at least if your business is registered, then it will be treated as a separate legal entity and so your personal belongings are not at risk. In the event that your business plan doesn’t go as you would hope to and you need to close your doors, at least you have the peace of mind knowing that the courts won’t be forcing you to sell your home.
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