6 Things Not to Do During Singapore Company Incorporation

Starting a business is not a simple task- it's a long and winding path. The path is full of challenges and risks. However, the rewards you get from it is worth all the hard work and challenges you had undergone. So, you must ensure to carve the road carefully so as to get optimal rewards from your Singapore company incorporation endeavor.

Your entrepreneurial journey may include details that you may never have considered. Thus, you should be stringent enough in picking the component essential for company registration Singapore. Even though Singapore has one of the best and easy company registration processes in the world, many entrepreneurs failed to achieve their objective simply due to some blunders.

This article is providing the things you should never do in the course of company registration. Before diving deeper into the details, let us discuss the overall company registration procedure of Singapore jurisdiction.

Singapore Company Registration- A Few Glimpses

The process of company incorporation Singapore has been widely acclaimed for its easiness, flexible nature, and minimal bureaucratic hurdles. The Accounting & Corporate Regulatory Authority (ACRA) regulates the laws of the registration. It is an online solution and thus, the applicant can complete the process using an electronic filing system called BizFile+. Only two simple steps need to be undertaken to get the job of incorporation done. 1: Company Name Approval and 2) Company registration (filing of application form).

6 Things Not to Do during Company Incorporation Singapore

1. Do not Ignore Market Research Value: Do not ever start a business without conducting an in-depth research or study on the viability of your business idea and its future in Singapore market. No matter how talented or hard working you are, an unviable idea can ruin your spirit and business journey. So, you must adopt a pragmatic approach when starting your venture in the competitive market like Singapore. It is always wise to rely on the value of market research as it can project your business success and survival meter.

However, it has been noticed on many occasions that a section of business aspirants ignore the idea of doing research and study. As a matter of fact, they could hardly manage to transform their business ideas into success stories. You better dedicate some of your valuable time and money on gauging demand and viability of your business idea before you capitalize on it.

2. Do not keep quiet or idle: Do not start selling your goods and service merely with a tunnel vision. Singapore market is evolving at a staggering pace. So, you better keep exploring the market and audience on a timely basis and target accordingly. To put it simply, you must be a flexible business owner and opportunist to grab the opportunities current market has to offer. Try to reach to the target audience by adopting cutting-edge marketing tactics and ask for sale because nobody is going to give it to you on a plate.

3. Do not make your best friend your business partner: Never have a professional partnership with someone who is your best buddy, long-term colleagues or significant one. Do not live with a misconception that someone whose likes and dislikes are same as that of you would be a perfect partner for your business. In fact, two persons whose skills and interest are poles apart, are best suitable for business partnership. One can complement other one's weakness and strength.

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4. Do not try to wear many hats on your own: It makes sense that many start-up owners try to do everything themselves for the sake of saving a few bucks due to their tight budget. But, once you get over of the incorporation blues, start hiring professionals to enhance your operation.

Since you are not master in all areas, the tasks come with the learning curve and consume your valuable money, time and energy that could have been otherwise invested in increasing the productivity. An expert can do the task half of the time you consume in doing it. So, start delegating the task to the subject experts and save your resources.

You better resist the urge to wear many hats on your own. Saving money is important, but do not get overburdened and undermine your key goals.

5. Don't lose sight of your business goals: It is always wise to have a determined goal in every business. The goal can inspire the entrepreneurs to keep their spirit on. Being a business owner you would have to undergo lots of functions and liabilities, but always ensure to keep the business goal in mind while discharging your duties. In short, do not lose sight of the most important matter and never let it become an ordinary stuff.

6. Do not forget to get the assistance of professionals: It is strongly recommended to all entrepreneurs, especially the foreign nationals, to seek advice and assistance of professional ahead of Singapore company incorporation.

More often than not, business owners tend to think that corporate advice is needed when they get themselves into trouble. In fact, proactive preparation can be the ideal way to put your business on the right path which will later lead to long-term success. There are many company incorporation specialists available in Singapore; you may hire the one that is trustworthy and competitive.

You will surely cruise towards success if you avoid these pitfalls. So, brace yourself to witness the all-around success of your newly incorporated business. Make sure to hire a reputable corporate firm before embarking on Singapore company incorporation so as to make your journey a lifelong affair.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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