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3 Tips to New Business owners about company incorporation

Building a business is one of the most fulfilling things to do as it gives one so much freedom. When you want to build a business, there are many things to consider to make sure that it will be successful. One of the things that one must consider is the location. The business location is a vital aspect of building a business since it determines many things in the business. A strategic business location can ensure a lot of profit and make a business more successful. The characteristics of a business location are important when choosing your location when starting a company. Company incorporation Singapore services is a sought after services nowadays by business owners since Singapore is a business haven to all.

Singapore has the best set of laws and regulations when it comes to company activities. That is why there are many individuals who want to set up company in Singapore. Singaporean laws make it easier for all kinds of business entities to start a company here. It was even named as the most pro-business country in the world back in 2020, which is one of the reasons for many people to set up company in Singapore. The laws that cover the company formation Singapore process to the operations make Singapore one of the most strategic locations for a business. If you are planning to set up company in Singapore, here are some tips to make the process easier for you.

#1 Determine your business structure before company incorporation

When you want to start a company in Singapore there are many things that you have to consider. Aside from a strategic location, documents and other legal requirements for the company formation Singapore procedure should be accomplished as well. This is to make sure that the company formation Singapore procedure would be smooth. The company formation Singapore process requires you to determine the kind of business structure that your business would be having. This would determine the next steps for the company formation Singapore process. In Singapore, there are three types of business structures. These structures are Sole Proprietorship, Partnership, and Limited Liability Partnership (LLP). Let us talk more about the characteristics of these structures to help you set up company in Singapore.

Sole proprietorship

The sole proprietorship business structure means that there would only be one owner of the business. This means that all legal responsibilities and other matters in the business are shouldered and handled by one person. In Singaporean laws, the sole proprietor is not a separate legal entity from the company. This means that the owner and his or her assets would be at the line when this business structure is used during the company formation Singapore procedure.

Partnership

This structure is handled by two or more entities that have come together to form or set up company in Singapore. This kind of structure can have two to twenty owners as this is what the Singaporean government allows. The members of this entity would need to pay personal income tax on the income received from the business.

Limited Liability Partnership (LLP)

This business structure is composed of many shareholders and board members as it is considered to be one of the biggest structures. That is why the company formation Singapore procedure for this kind of structure is more complicated than the other structures.

#2 Secure a unique company name and office address

When you want to set up company in Singapore you will also have to secure a unique company name. This is to make sure that all companies in Singapore can easily be tracked by looking up its name. This is part of the company formation Singapore process that you have to go through when you want to build a business here. You can check the availability of the company name that you want through the online website. You will also have an office address that is open for 6 consecutive hours during regular office hours.

#3 Hire a third-party firm

To set up company in Singapore will involve a lot of processes involved when you. That is why it is advisable to hire a third-party firm that can help you with the company permission Singapore process. These service providers can help you submit and settle requirements for a smooth company formation Singapore procedure. This way you can focus on other things that can help you build a company faster.

Need help with company incorporation?

Even if Singapore is one of the easiest countries to build or start a business in, being new to this kind of venture can be complicated. There are many service providers that can help you make sure that you are on an indirect path. WLP Group is one of the most trusted and efficient service providers when it comes to these kinds of services. You can visit our website to avail of our help and services.

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