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For an entrepreneur, having a world changing creative idea is a great thing. But it is equally important to find a way to execute and turn that idea into a viable business. In Singapore, a corporate entity is the most common vehicle for an entrepreneur to launch and execute his or her idea. In order for the new venture to be successful, an entrepreneur must ensure that the corporate entity is set up properly and in a timely manner.
One of the first decisions you need to make as an entrepreneur is to decide the type of business structure (i.e. legal entity) for your business. Your decision can affect how much you pay in taxes, the image and perception of your business that you portray to your clients and suppliers, the amount of paperwork your business is required to do, the personal liability you face, and your ability to borrow money and expand your business.
As a new startup, you may choose between a Limited Liability Company (“company” to be short), a Limited Liability Partnership, or a Sole Proprietorship. Of the three choices, a Limited Liability Company is the most advanced, flexible, and scalable structure in Singapore. It is also the preferred form of Singapore business entity for serious entrepreneurs. Some of the key advantages of this structure include:
There are many other benefits to setting up a limited liability company as your startup structure. To find out more about other incorporation options, see the incorporation choices in Singapore guide.
Once you have decided on the type of business structure for your startup, you should proceed with its incorporation at the earliest. There are several advantages to such early action:
Increasing numbers of entrepreneurs, corporations and ventures of all sizes across the world are using Singapore as the incorporation jurisdiction for their business. Their reasons for choosing Singapore are manifold and include:
However, one thing to note about incorporating is that you will need to complete some essential paperwork. Specifically, you will need to complete annual meeting minutes, file an annual report with the state and keep your corporate records in order. Fortunately, the task of setting up the company and its on-going compliance can be outsourced to a professional company such as Hawksford To learn more about the requirements and procedure for incorporation, please refer to Singapore company incorporation.
Have a look at the various service packages available for you:
Let our experts guide you.
Hawksford's experienced and professional staff will be able to guide you through moving or setting-up your business in Singapore.
With our expertise, we can assist you in setting-up your business structure right the first time.Reach out to Hawksford today
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