For entrepreneurs who want to launch and execute their business idea in Singapore, a corporate entity is substantial. Thus, the corporate entity must be set up properly in a timely manner. Furthermore, the entity is one of the first decisions the entrepreneurs have to take because the decision will affect the amount of taxes, the image of their business among suppliers and clients, the amount of paperwork required, the personal liability as well as the ability to loan and expand the business.
Entrepreneurs, either the beginners or the experienced, have 3 options of the business structure including a Limited Liability Company, a Limited Liability Partnership, and a Sole Proprietorship. Of these options, a Limited Liability Company is the most flexible, scalable structure in the country due to its limited liability, tax benefits, professional image and perpetual existence.
Should You Incorporate Early?
Once the type of business structure is decided, the entrepreneurs have to incorporate early in order to take several advantages such as: