Wondering if you should register your home business or web-based company? If you’re running your venture in the Lion City, the answer is a big YES. There are business owners running such types of business, though, who don’t find the need to register their venture, let alone hire company incorporation services in Singapore to do so for quite a number of reasons.
For one, most of them feel theirs is not a legitimate business that has all the trimmings of a true company: a physical office, employees, etc. Second, there are those that run a business on an on-demand basis, which means they don’t regularly profit from the business they run.
It may also be a case of they don’t exactly know where their type of business falls and the requirements needed to make it a legitimate operation. Lastly, some feel that having their business registered would only be too time-consuming or too complicated to accomplish.
Unfortunately, these reasons are not an excuse to forego business registration when in a Singapore company setup. Section 5 of the Business Names Registration Act (BNRA) stipulates that every business carrying out an activity continuously for the purpose of gain or profit must register with the Accounting and Corporate Regulatory Authority (ACRA).
This means if you run an online and home business that regularly earns income from the activities you conduct, you are required to incorporate as a company in Singapore. You are given the option to choose your business structure, whether as a sole proprietorship, a partnership, or a company, amongst the many other legal entities being offered.
There are exceptions to the rule, of course. Taxi drivers, farmers, pond keepers, craftsmen, and licensed hawkers, as well as charitable organisations, are exempted from registering with ACRA.
If you are none of those, it is better to have your business registered with ACRA to make your venture a legitimate operation and avoid being fined for failure to register. Aside from avoiding legal implications, you benefit from the advantages of company incorporation in Singapore, which are quite plenty for small businesses like you.
Why you should consider the company incorporation
Small and medium enterprises or SMEs make up 99% of all businesses registered in the Lion City. It is for this reason that the Singaporean government continues to come up with benefits to serve this particular sector.
For one, you can take advantage of the development grants that can improve your business operation.
You also benefit from tax reliefs that are available specifically to those running a small- or medium-sized business.
The best part is that the Singaporean government has made it quite easy to register your business. To make the process more efficient, however, consider hiring a company incorporation service in Singapore.
How company incorporation services in Singapore can help in business registration
The early stages of setting up your company are crucial in the survival of your business. As a small business, you need to make sure that you’re laying a solid foundation for your venture.
You need all the help you can get to ensure that your business operation will run smoothly. Hiring a company incorporation service in Singapore is the best business decision you will ever make.
A professional services provider who is experienced in providing company registration service in Singapore is just what you need to make the process of business registration hassle-free. This firm can provide you with highly trained specialists who have years of experience in handling business registration and incorporating companies.
As a company incorporation service in Singapore handles your registration requirements, you can make sure that you completely and timely comply with all your requirements. You need not worry about spending a lot of time and effort in doing the paperwork as the firm handles all of these for you.
A company registration service in Singapore is not just about company incorporation. It can also help you efficiently manage your business operation by offering business financial solutions like accounting and taxation and company secretarial services. By taking advantage of these solutions, you can free up your time so you can focus better on increasing your income.
Moreover, a company registration service in Singapore can help improve how you run your business. As it has years of experience in the field, you can gain from the valuable insights it can share to ensure that your business runs efficiently.
All these and more are what you can benefit from hiring a company incorporation service in Singapore. Once you partner with one, you can ask for a Singapore incorporation package that suits your business needs.
So, make sure to register your business to become a legitimate company in the Lion City and make the process easier with a company registration service in Singapore. Get yourself a head start to ensure your place in Singapore’s competitive business environment.