It’s true that plenty of companies are popping out daily in the global market. But it is also true that there are many such entrepreneurs who fail to set up their business in a successful note.
Do you know why? Not because they didn’t manage to have a perfect business strategy or marketing plans. But because they fail to abide by some important aspects that are required for a company formation in Singapore.
Often an entrepreneur opting for his company incorporation faces a lot of challenges. Introducing a company to the market seems to be easy but the truth is beyond the expectation.
For incorporating a company, there are certain things that every entrepreneur should remember. You may ask any successful marketer about this. They have experienced a lot in this ground.
So, are you planning to set up a company and design your future as the owner? Don’t worry. We will help you to guide on this.
3 Fundamental tips to learn before opting for company incorporation in Singapore
- Be prompt with your regulatory filings: It is the basic mandatory rule of Singapore governing authorities to send an organized document of the company’s activities to them. These are technically known as regulatory filings.
Are you ready with your regulatory filings? Well, the process might be a bit tedious and complicated but missing out this will be washing your hand from setting up a successful brand in the market.
However, we have a solution for you to get rid of this “annoying” process. Several financial institutes are available in the market who are highlighted for providing business-related free advice and company incorporation services Singapore.
Hire the best financial service providing company to deal with your regulatory filings. After all, they are highly professional in this ground and will help you in no time. Just you need to make some investment.
- Be ready with your financial statements: Next, is the financial statement. According to Singapore governing authority rules, you need to file your financial statement at the end of every financial year.
Yes, the task is a bit tricky! It needs enough time and should be done with complete accuracy. A single mistake in your financial statement will leave no way out for you.
To get rid of such unexpected risks marketers are now making use of different accounting based software such as Bookkeeping to carry on with their work. You may even try one out.
This allows the user to handle all your financial statements, producing every business transaction or activity that has been done throughout the year.
However, in this context, the accounting service providing companies are even helpful. They have professional ideas and an expert strategy to build an accurate financial statement for their clients.
No matter what you choose – an expert or your own skills, you must not forget to click the submit button before the financial year ends.
- Don’t miss out the taxes: A company formation in Singapore is not so easy. You have to take every step very carefully and fight every moment to succeed. Other than this, you must abide by the rules that are meant by the governing authorities.
Now, when it comes to taxes, things become more and more complicated. Often we find marketers are performing multiple jobs just to avoid taxes. They look for different tax-saving policies to wipe out the burden of paying tax. Is it really needed? Surely not in Singapore.
Companies that are recently formed on the Singapore corporate land are very lucky when it comes to paying taxes. How?
Suppose a company’s yearly revenue is S$100000 then it would be redeemed of corporate taxes for the first three consecutive years. Those whose annual earnings are in between S$100001 – S$300000, they will have to pay 8.5 % of his income as tax. And the rest with income above S$300000 have to pay 17% of tax.
So as you see, there is tax leverage for the start-up companies. Which one do you belong to?
Additionally, if you talk about Singapore taxes you will find there are so many benefits associated with it. Unlike the tax system of other countries, Singapore governing authorities do not ask for any other taxes except the corporate tax.
Once you have paid your corporate tax, you are independent to distribute your dividend or capital gain among your shareholders. Don’t worry these capital gains will not be considered under the tax!
How to feel free?
Tensed? Not to worry. There are certain professional company incorporation services Singapore who excel in delivering smart and effective business solutions to their clients. Why don’t you join them? Hiring such services will reduce all your extra headaches and you can initiate your business with full energy and expectation.
Look for a reliable expert and get some expert advice. We guess these will contribute a lot to your successful business formation in Singapore.