After successfully conducting a Singapore company registration, you would think that there is not a thing to worry about. And you would actually believe in it if you are a first-timer. If it is the case, you should go ahead and read the following info as there are a few things that you should know about. You may already have started to think of dashing to this or that client and landing a big order, hiring new employees, or meeting a promising investor for funds.
Your brain may be going at break-neck speed finding a perfect excuse for the missed due date of an important filing such as your company's annual filing. However, there are many things that are important for successful company incorporation in Singapore. Your company registration & incorporation services in Singapore can help in avoiding mistakes while incorporating your business.
Forgetting to File with the Regulating Authorities
Forgetting to be on top of your paperwork can harm your new company registration in Singapore in many ways. The authorities may summon you to explain away the circumstances and the lapse. You may also lose your brand image putting your company in bad standing and hampering your future prospects.
As a business owner operating in Singapore, you should never forget to do your administrative and legal work to secure your statutory compliance. Or you will be lucky to get away with a hefty fine or warning.
Mixing Your Personal & Business Finances
Mixing your personal and business finance is never recommended even if you are an owner of a sole proprietorship. It only lands you in problems. After a time, you cannot honestly tell if you are not robbing your business or if it is not dipping its hands in your pocket too often.
After your Singapore company registration or choosing to upgrade your sole proprietorship or LLP to a private limited company in Singapore, you should open a corporate bank account. It is an obligation. However, it is a beneficial one. Using it for your business's financial transactions automatically keeps its earnings and expenses separate from yours. The bank statements also give you accurate records.