4 Steps to Make Your Company Incorporation Easier

Many people have good business ideas, but only very few have the courage to pursue starting a business. This hurdle could be because people are daunted to face stress and complexities of starting and running a business. There are also others that are enthused to start but get discouraged once they meet the weight of registration requirements and procedures.

The good thing is, there are many different ways today to make your company incorporation easier. Whether it would be your first time in business or returning to retry, we can help ease your fear and doubts about successfully launching your business. This article will guide you on how incorporating a company will help kickstart your business idea while reaping the benefits of a corporation. Moreover, we will outline for you four steps on how to make incorporation a more painless experience.

Why Choose to Incorporate a Company?

Many entrepreneurs opt to start their business as a partnership first before incorporating. This decision is because a partnership is an excellent temporary business structure for when you are still testing a business idea’s viability. However, there are many benefits when you incorporate your company early on.

Presenting a Professional Front

Incorporating gives your company a professional front; thus, it enhances your credibility and status. Because corporations have gone through strict regulatory processing, people perceive them as top quality. Additionally, being a corporation provides a much-needed exposure that helps build relationships with stakeholders of the market.

Easier to Get Financing and Funding

Financial institutions and lenders generally prefer to grant loans to corporations. Compared to other business structures, a corporation is more stable, and so it is less risky. Further, investors would want a share in the business. They cannot get that in other business types like a partnership unless they adopt the investor as a partner. Incorporation is thus advantageous when looking for funding.

Limited Liability Protection

Operating a business involves risks. As much as possible, a business owner should reduce the risks he faces. Incorporating provides an array of benefits that lessen these inherent business risks. For one, a corporation offers its owners’ liability protection. When the business faces downturns, the owners are protected as they cannot be held personally liable for the company’s debts.

4 Steps to Make Incorporation Easier

Now that we know the advantages of incorporating a company, our next concern is making the process more convenient. Here are the four steps to ease the incorporation process. 

Understand the Laws and Regulations Governing Corporations

Setting up your first business is a daunting feat. Your primary concern upon starting is how to go through successfully legalising the company. There would be a list of documents you need to comply with and activities you have to complete. Facing this head-on without the proper knowledge about the rules and regulations of incorporating would be disastrous. 

Your primary goal, therefore in starting a business, is learning how to set up a company in Singapore. Once you get the basics of the requirements and process, you would be more confident to take the next steps. By understanding the laws and regulations governing corporations, particularly about incorporations, you can plan and outline what you need to do in order.

Find a Dedicated Incorporation Service Provider to Understand Your Business Needs and Incorporate for You

The state always recommends that business owners acquire professional incorporation services. Hiring incorporation service providers provides several benefits. Firstly, you do not have to stress about going to and from government agency offices to process your incorporation. You only have to prepare the necessary documents under your specific business type, and the firm will process your company registration and incorporation.

Furthermore, professionals can also help you with the other requirements for incorporation. For example, if you are a foreigner setting up a branch office in Singapore, you will have to acquire either an entrepreneur pass (EnterPass) or Employment Pass (E-Pass). The servicing firm can help you obtain these passes quickly, expediting your incorporation processing time.

Lastly, handing the burden of incorporating to an experienced professional will give you time to focus more on actual business matters. For instance, you can plan your business launch earlier. With a third party on your back, you are freeing yourself from the extra stress of doing business.

Submit the Necessary Documents to the Service Provider

The next step is to prepare and submit the necessary documents to the service provider. If your particular business type requires other forms in addition to the general list of requirements, your service provider will inform you about it. Generally, the following are what you have to prepare for the incorporation:

  • Unique company name (ACRA approved)
  • Corporate charter or articles of incorporation
  • Registered address
  • Identification and details of incorporators, directors and corporate secretary
  • Shareholding

Discuss With the Service Provider on the Post-registration Formalities

Compliance activities will continue even after company registration and incorporation. Once you receive proof of registration and incorporation, consult your service provider about the post-registration formalities. Some of these activities include:

  • Setting up a corporate bank account
  • Conducting first board meeting
  • Calculating the estimated revenue
  • Opening and starting corporate records book
  • Maintaining tax records
  • Auditing schedules

Acquire Corporate Services from 3E Accounting

Running a business is not easy, and it would help support a trusted corporate service provider. 3E Accounting has proved to be superior in providing corporate services like incorporation, accounting, secretarial, taxation, finance, and many more. With our array of quality services, 3E Accounting is your one-stop solution to all of your corporate needs. 

We have successfully incorporated more than 4000 companies in Singapore, 3E Accounting endeavours to provide premium and quality services. You can be at ease in starting your business, knowing that our competent and highly-experienced teams are aiding you on your corporate journey.

Do you want to ease the burden of starting and running a business in Singapore? Contact 3E Accounting today to acquire or learn more about our service packages.