There are clear advantages to registering a business, but in some cases tax registration is required or legally allowed to operate. If it is not a requirement in your state, you will still have to consider the advantages and determine if the record makes sense in your circumstances.
Get the registration
A great advantage of registration with the state and local government is to safeguard your business name. No one else can list a corporation with the similar name.
Protection of Legal Responsibility
Another benefit of registration with A1 Business is receiving some type of legal liability protection. If you incorporate it, you will not be personally responsible for certain accidents and other liabilities. So, it may be easier for you to get cover from company, or draw investor, since it is documented that you are not for me accountable for the wellbeing of the company.
A final benefit of A1 company registration is the business in operation, even if you die or get sick. A registered company is an entity in itself, so another can take ownership or control or your business can be sold. Nor are they possible without registration.
If for some time now you have been developing your business idea or I have put it into practice and you have been operating for a while, it is time that you know the advantages and disadvantages that you have when you set up your company legally.
The first thing is that you can do it in two ways at 新加坡公司注册. First, you can be constituted as a physical person or second, you can be constituted as a legal entity. The drawback is that when you become a natural person you have obligations to the company, in such a way that in a situation or business failure you must respond with your personal assets (real estate, vehicles, appliances, private accounts, etc.).
However, when you do it as a legal entity, it is the company that assumes the obligations. Which means that debts are limited only to the assets that are part of the company’s assets, without involving the property of the owner or business partners?
In a general sense when you are constituted, you have the advantages of:
-To have greater availability for capital.
- Access to more financial credits.
- Access new customers.
- Access social and insurance benefits.
- Expand your services or products abroad.
- Protect your personal assets.
Among the disadvantages we can mention
- Have numerous papers.
- You’ll pay taxes.
- The protection of liability is not guaranteed.
- You have to make statements before the DGII.
- In case you want to be a legal entity, you have several business structures depending on your need.
- Single owner
- Society of limited liability
By registering your SME you can establish business bank accounts
To open a commercial bank account it is necessary that your business is duly registered. Having a specific account for your business can separate your personal and business financial activities. It is more professional to give your customers a business name to make payments instead of just your own name.