Job Security

The truth is, starting your own business is the scariest thing you can do. Most folks go without insurance plans, retirement plans, salaries, and vacations during the start-up phases of a company. Long hours and no pay can take a toll very quickly. Start-up can last two years (it did with my business) where the only thing that keeps you going is the belief that you are on the right track.

Even after the business gets off the ground, the market for your product or service can change at any time. As the owner, you are usually the first one to cut back on your pay or vacation to help keep the businesses bills paid. Once you have employees, your responsibilities will be for their salaries first, yours second.

Things to Consider

Start out part-time ? this may be your best bet if you don?t have the savings to last the "winter" of the business. Keep your insurance plans, salary, and vacation time in order to keep your stability. Once the business is established, go full-time.

Develop a freelance relationship ? the beginning of a business is often about learning the craft or market. If you develop a freelance agreement with a larger firm that has already made it in your line of work, you can learn the ropes while knowing that they will send you a certain amount of work.

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