How Age Affects Your Plan

What is your life plan? Take a look at where you are now and decide how long you want to run this business. Will you sell once you reach a certain gross sales number or once you reach a certain number of years in business? Maybe you want to pass this business down to your children. What ever your plan, start the business with this in mind.

If you want to retire in a few years, can you grow the business in order to be ready for retirement? What will the business sell for, and will this be your main source of retirement? Maybe bringing in a partner will help the business reach this point by the time you want to retire. Maybe the partner will buy you out and continue on his/her own.

If you have a long time until retirement, time may not be as much of a factor. Consider what else you want to do in life. Do you want to start a family or have more children? Who will run the business while you care for a new baby? Could your husband be relocated? How will this affect your business?

Usually, the younger you are the better the chance that you can recover from a business loss. Many entrepreneurs suffer one or more business failures before achieving a business success.

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