Why Incorporate Early In Singapore?

As the best country in the world to do business for seven consecutive years, Singapore draws more business of all types from around the world. The country has one of the busiest ports in the world. Furthermore, it has a leading petroleum manufacturing and distribution centre. It’s also notable for its technology hubs and vibrant business and financial incorporation platform in Asia.

With that said, it follows then that business competition is tight in Singapore. A wise business person should be resourceful and strategic enough to rise above the competition. One way to do that is to incorporate your company early in Singapore. Below are some of the advantages when you punctually setup Singapore company.

Benefits Of Incorporating Early In Singapore

After you determine the suitable arrangement for your business, you must incorporate it as early as possible. Those early actions have the following advantages.

Retaining Your Desired Company Name

First is that early incorporation preserves the company name you wish to keep for your business. Company names are essential in branding your business and may pave the way for your venture’s success. Early incorporation secures and preserves the name of your company. After incorporation, you can secure your company’s name by filing it as a trademark. This way, you’ll gain rights, and no other entities can make unauthorized use of your company name.

Handling Legal Agreements 

The second advantage of early incorporating a Singapore company is with entering legal agreements. Only a legally established corporate organization may sign certain forms of legal agreements. Such legal agreements include a rental agreement for office buildings. Thus it would be best if your business in Singapore is incorporated early on.

Ownership of Intellectual Property 

Another advantage is intellectual property ownership. You will prevent potential lawsuits over possession of properties or intellectual property with timely incorporation. Otherwise, you could face charges from your previous employers or subordinates.

Equity Ownership

In the process of Singapore company formation, wise decision making is a game-changer. One example of that is incorporating your company early to own equity rights. When you’ve incorporated your company early, you build a greater equity interest in the company before the value has been invested in it. When you incorporate late, there could be several parties involved, which dilutes the company’s equity interest.

Capital Raising

Another benefit of registering early has something to do with raising capital for your business. Attracting financing may be a struggle for new company owners, yet the business must grow. It’s easy for a company that has been duly incorporated to acquire funding from investors. Besides, several banks in Singapore have funding facilities and services for SMEs. They’re willing to lend money to new businesses as long as they’re legally established.

Now that you’re aware of the benefits of incorporating your company early, the next probable question you might ask would be;

How To Incorporate a Company?

To incorporate your company in Singapore for foreign business owners, you need to nominate two local agents (citizens) to operate on your behalf. These local agents may be Singapore citizens, legal residents, or foreigners with work or contingent passes.

Note that certain firms need special permits from different government agencies. These businesses include accounting, insurance, stockbrokers, and the manufacturer of products such as cigarettes and pyrotechnics.

Where To Find Help In Incorporating Your Company In Singapore?

Singapore is a first-world nation that offers entrepreneurs a very business-friendly ecosystem. It is a desirable location for incorporating your company due to its stable economy, strategic geographic position, promising tax reforms, and accountable government.

One thing to remember about incorporating is that you will need to undertake some crucial processes.

You can outsource a specialist from 3E Accounting Singapore. We will be in charge of setting up your business and its ongoing compliance. Contact us to learn more about how we can help in incorporating your company in Singapore.

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