Starting a small business of your own is exciting yet a challenging job. You are quite aware of the many risks that are part and parcel of such start-up companies. But you have your own goals to achieve. Before starting the business, you must assess the amount of capital you can invest. You should also think about the economic strain that might result from a complete dissolution of the company. After evaluating your situation, you can either opt for registering or incorporating.
Registering the Business
Your first choice will be trying for the singapore business registration. The process is extremely simple, and you can enjoy a few perks like special wholesale discounts or credit cards for businesspeople. You can quickly obtain credits from banks once you are registered. But the main problem with this type is that there is no liability protection. In case of any financial downfall, you will be liable for the entire debt even if that involves parting with your assets. There are a few tax benefits if you have done registration, but there is no protection of brand name. So you have to take help from the services to establish copyright.
Incorporation of the business
The more expensive and complicated process is the company incorporation in Singapore. Once the incorporation of your small business is successful, you are legally safe from any debts or claims which might arise in the future due to the loss incurred. Similarly, if you are bankrupt or going through hard financial times, your business will not be affected as the capital inflow will be from the higher corporation. You can save yourself from personal tax payments of higher amounts as the company will have separate taxation. Even if you want to transfer or sale of the ownership, there will be the least complications involved in the process.