Will I Accumulate Personal Wealth... ... Or Is Working at McDonalds Better?

Are you starting this business because you want to retire early? Take big trips? Make $1,000,000 by age 35? Whatever your plans are, make sure you have them in writing when you start the business. It is called "Starting with the End in Mind", and it is very important. Your business decisions will be driven by this plan. You are also more likely to reach your plan if you have one. There are certain risks you will have to take to grow a business to the point that you can sell it within 10 years. You will have to hire a great self-motivated staff if you want a number of vacations a year.

Bringing home a salary of $40,000 might be reasonable after a year or more of hard work and no pay. Will this be an improvement over your current situation? Have you considered what health insurance costs ($200 to $400+ a month)? A retirement plan? Are you still coming out ahead? Maybe the flexible hours will make up for this change in take-home pay.

I will share a little secret with you. During the second year of my business, I made less than if I had worked full time at the local McDonalds. I worked 40 - 50 hours a week on my business. Was it worth it? Yes, because I learned many important lessons. Now that stage is over and better things are coming my way. It took a lot of faith!

Back to Business Start-Up Quiz.

Check out our various resources and articles on Singapore business incorporation, Singapore business formation, Singapore company formation, accounting outsourcing, auditing, bookkeeping outsourcing,corporate secretarial, internal udit, liquidation, tax compliance, tax planning, payroll outsourcing and other financial advisory services in Singapore.

At a Glance

• Excellent tax benefits from small-to-midsize companies: 0% taxes on 100K annual profits (first 3 years), approx. 9% tax on annual profits up-to 300K
• Low overall tax rate of 18% on profits above 300K
• Zero taxes on capital gains in general
• We can incorporate a Singapore company in one day
  (after incorporation documents are signed by you)
• 100% foreign shareholding allowed
• Minimum paid-up capital of $1 only
• Singapore rated as #1 in ease of doing business in the world
• Singapore rated as the best place to work and live in Asia
• Immigration visa (entrepreneur pass) available for company owners wishing to relocate to Singapore to run their new Singapore company

Procedure and timeline for Singapore Company Registration

The basic steps are as below:

• Get company name approval
• Prepare registration documents
• Client to sign company registration documents
• Register company
• Open bank account