If you thought setting up your first business in your country of origin was quite difficult then think about the complexities of doing it in another country other than your own. It is certainly somewhat of a minefield out there if you don’t know exactly what you’re doing and the last thing that you want to experience is getting on the wrong side of business law in a brand-new country. If you want your business to be a complete success and you want it to hit the ground running as soon as possible then you really do need to reach out to the professionals who know what they’re doing.

The first thing that you need to do is to register business in Singapore because by doing this you are putting the proper protection into place to not only protect you but to protect your suppliers and customers as well. It is crucial that you get your new business enterprise registered as soon as possible so that you can then enjoy the following benefits.

  • For your business bank account – There are many anti-money-laundering laws in Singapore and so they are incredibly careful when it comes to any business enterprise opening of a new business bank account. They want to ensure that everything is above board and that you are in the country for the long haul and so getting your business registered as soon as possible lets the bank know that you are serious. You will be provided with certain pieces of paperwork that are essential before you even approach any lending institution.
  • For that all important business loan – The hope is that your new business will expand quickly and you will start employing more people. In order for any business to grow, it needs cash because cash is king. It’s highly likely that all of your money will be tied up in stock and so you will need to approach a lending institution to find out that they will entertain you with a business loan. In order for that to begin, they will want to see your business registration number and you get this when you register your business.
  • For the hiring of new staff – As your business continues to grow and become more profitable, you will want to hire more people and so your business needs to be registered so that you can submit the relevant taxes and deductions that need to be taken out of your staff salaries. Your business needs to be completely legitimate in order to make life easier for yourself and for your employees as well. You do not want to be getting audited by any government entity and so this keeps them away from the door.

It seems logical then that you would get your business registered as soon as possible once you set up in Singapore. This is a brand-new venture in a new country and in order for it to work, it makes sense to follow the business rules.

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