There are many things that require your attention when starting your own business, and one of the initial things that you should decide on is to set the legal structure of your business. There are three main legal structures you can choose for your business, such as sole proprietorship, a partnership, or a private limited company.
If you are looking to get started on setting up your business, then seeking out an accounting services firm like Ackenting Group can ensure that you have the tools, knowledge and experience to get started. We offer a wide range of valuable services, such as SME accounting services as well as incorporation services in Singapore to ensure that your business can be up-and-running as quickly as possible. We have aided many SMEs and medium-sized businesses to incorporate successfully in Singapore, and we’re here to ensure your business achieves the same.
Below are 3 main reasons why it is beneficial for you to start your business as a private limited company in Singapore.
1. Efficient Incorporation and Operation
In Singapore, the procedure to incorporate your company is simple, efficient and straightforward. What this means is that your company can simply be incorporated in less than a day, ensuring that you can get your business up-and-running straight away. This is partially due to Singapore’s bureaucracy-free regulatory framework, which makes the ease of doing business simple and devoid of any complicated or unnecessary paperwork.
At Ackenting Group, our professional accountants can get you started immediately on ensuring that your business is incorporated with no hassle. We provide effective and quick set ups with no delays so that you can get started with your business here in Singapore. As the one-stop solution for any and all accounting needs, we are ready to help you tackle your business financial matters.
2. Better Financial Support for Startups
In Singapore, there are many financial and assistance schemes given to start-ups and SMEs that are incorporated as a private limited company. As such, we can see that the Singapore government adopts these pro-growth and innovation-friendly practices and policies so that new businesses are able to grow and expand. Over the past decade, Singapore has continued to nurture SMEs and other businesses through venture funding, becoming one of the best countries in Asia to incorporate your business. With proper financial support, your company will have the tools and requirements needed to flourish and achieve success in Singapore.
3. Ease of Expansion
Everything that is central to your business and company is capital, which is tied to expansion and growth. This means that unlike being a sole proprietor, you are able to benefit from raising capital through business financing, venture funds, and many others. With private limited companies, investors are more likely to place their funds and investments into a company when they are able to distinct between personal and business assets. One such example we can see in general is how banks are much more willing to lend funds to private limited companies than a sole proprietorship or a partnership.
Conclusion
Setting up a private limited company has much to offer. Should you seek to get your business started today, Ackenting Group has the experience and knowledge to ensure that your business is able to incorporate successfully in Singapore. With our company incorporation services, but we are also able to aid you in switching from a sole proprietorship company to a private limited company too. We provide other business solutions as well including tax, GST, audit and payroll services to meet your business needs.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
