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Starting Your Own Business: What Are the Things to Look Out For?

Starting your very own business is a good idea. You do not need to be an employee your whole life. You can be your own boss, too, if you will start your own business.

Moreover, having your own business will increase the possibility of you earning more since you will be the one managing the company and making plans for it.

However, before you go out there and incorporate a Singapore company, what are the things that you should be looking out for?

1. Specific Business Type and Location

If you are looking to start your own business, it is just sensible for you to sit down and think about what specific business type you want to start. Do you want to be selling products? Do you want to sell your services?

Alternatively, do you want to incorporate products and services?

You have to determine this first in order for you to properly set up your business structure.

You have to understand what you do best and what the market wants or needs at the same time also considering your capital.

Next, you should decide where your business will be located. This is crucial so
you should take your time in searching for the right place. The business contribute a lot to your potential sales and clientele build up.

Business Registration

This is one of the initial things that you should look forward to doing – registering your business.

This is very important wherever you want to start your business in. You must never ever start your business without dealing with this as your business might just close down if it is running illegally or if it is unregistered.

This might seem a tedious task to do, but it will be all worth it. In order to register your business, you must research about the requirements that you will be asked to submit so you can prepare them beforehand.

In addition, you must decide what type of business you want to start up. Is this for Sole Proprietorship, Limited Liability Partnership (LLP), Partnership, Limited Partnership (LP), or Company? Then, once you have settled that, you must research if the name you want for your company is still available.

Special Business Requirements



Again, depending on the place where you want to setup your business, there might be special business requirements that you may need to fulfill. Make sure to learn about these and prepare them ahead of time. Take for example here in Singapore, you will need an EntrePass if you want to start a business – this is a type of visa.

Now, this requirement also has its own set of requirements such as the business structure of choice, and minimum paid up capital. You have to know if you will be needing any or such type of special requirement so your registration or business startup will flow smoothly.

Be Prepared For Taxes

You are not new to taxes since employees get taxed, too. However, if you are to start your own business, you must know that taxes will be hugely different from the usual employee tax that you know of. These taxes might differ from place to place.

For instance, in Singapore, there is the GST or the Goods and Services Tax.

The GST is imposed on the importing of goods that may be used for your product or business. Other taxes may include, but are not limited to withholding tax, property tax, and stamp duty. In this light, you will have to make sure to contact or get in touch with a professional for accounting questions.

Don't be the product, buy the product!

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