5 Mistakes to Avoid Post Singapore Company Registration
Opting for a Singapore company registration is like signing in on an adventurous trip. There are prospects of finding riches, recognition, & success. It is also full of risk of losing your investment.
After successfully conducting a Singapore company registration, you would think that there is not a thing to worry about. And you would actually believe in it if you are a first-timer. If it is the case, you should go ahead and read the following info as there are a few things that you should know about.
You may already have started to think of dashing to this or that client and landing a big order, hiring new employees, or meet a promising investor for funds. Your brain may be going at it at the break-neck speed finding a perfect excuse for the missed due date of an important filing such as your company's annual filing.
1: Forgetting to File with the Regulating Authorities
Forgetting to be on top of your paperwork can harm your new company registration Singapore in many ways. The authorities may summon you to explain away the circumstances and the lapse. You may also lose your brand image putting your company in bad standing and hampering your future prospects.
As a business owner operating in Singapore, you should never forget to do your administrative and legal work to secure your statutory compliance. Or you will be lucky to get away with a hefty fine or warning.
2: Mixing Your Personal & Business Finances
Mixing your personal and business' finance is never recommended even if you are an owner of a sole proprietorship. It only lands you in problems. After a time, you cannot honestly tell if you are not robbing your business or if it is not dipping its hands in your pocket too often.
After your Singapore company registration or choosing to upgrade your sole proprietorship or LLP to a private limited company in Singapore, you should open a corporate bank account. It is an obligation. However, it is a beneficial one. Using it for your business' financial transactions automatically keeps its earnings and expenses separate from yours. The bank statements also give you accurate records.
3: Neglecting to Pay for Local Registered Office Address
The business owners hire agents for their company registration in Singapore. They also pay them for the local registered office address services. Usually, the foreigners opting for company registration need it. The regulating agencies use this address to communicate with you.
However, the passage of time and the daily struggle of selling your products and services to stay afloat can make the detail slip from your memory. Consequently, you end up with the discontinued service and no registered office address. There is no way for the official letters to reach you. They automatically get returned to the sender. The laps of attention land you in an unnecessary legal hassle.
4: Failing to Use Business Name on the Business Contracts
Singapore authorities are strict about businesses having unique names. The goal is to avoid confusion in the minds of investors. After the company registration in Singapore, you must use it correctly on all of your business documents, letters, contracts, and agreements.
You have to ensure that you use the correct company name and Unique Entity Number (UEN) on all of your business documents and official forms. Using the wrong form of your company name can land you in problems.
5: Failing to Acquire Business Permits and Licenses
Before starting your business activities, you must inquire if you need any business licenses or permits. There are a few business domains in Singapore where you will need them.
When it is time for expanding your business to some other country, you need to consult an expert and see if you need the permission from local authorities. Doing business in a foreign country may not be as simple as you think, You may need to start a new company there so as to be compliant with the local laws while doing business.
After your Singapore company registration, you will be a very busy person. It is a time when all you need to focus all your efforts on generating revenue and profit. However, you need to always keep in mind that you also must to pay attention to your statutory compliance.
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