Starting or expanding your business is a huge step for you and your company. With everything being done step by step, are you sure that you’ve checked off everything on your list? Is your company registered? If no, you are missing a huge box. Getting your company registered will provide you the opportunity to manage it and operate it quite effectively. This box that should be ticked off soon comes with numerous benefits. Continue reading to see what they are.
Less tax liability
Whether you are an individual or a business you will have to face the liability of taxes. There is no escaping that. But, many countries offer a benefit if your business is registered as a company. That is, the tax rate for businesses, big or small, is quite lower than the tax rate charged on an individual. If your company is not registered, it will be facing for the same tax rates as an individual, which is a certain loss. In addition, companies and small businesses will be facing for certain privileges when it comes to advertising, training, repairing, maintaining and more. There will be certain tax deductions on these charges. You can simply get your company registered through a registered service in your country. If you are from Singapore, simply search for company registration Singapore.
Limited personal liability
If you are an individual, you will be legally facing for all the debts and losses of your company. If you are to face any issue, you will be liable personally. This can turn into a huge loss and affect your personal life greatly. Keeping your business life and home life separately is very important. Registering your company is the first and the most important step to do so. That way, the company will be a separate legal entity and you won’t have to worry about losing personal properties when your company faces for any debts or losses.
If you are not the only founder of your company, there is a higher chance that you will be facing for certain disagreements with your partners in the future. To avoid such issues, you must register your company. A registered company determined its owners with the number of shares purchased. So each partner will be able to have a more clear understanding of their investment.
Getting your company registered immediately will benefit you in so many ways. Other than the above mentioned privileges you will be eligible to expand your company’s image and improve the bonds with your customers or clients and suppliers. Thereby this is a must do for your company’s benefit as well as yourself.