Singapore has always been one of the most favorite places for entrepreneurs to start a business. This is because Singapore offers one of the most friendly economic environments anywhere in the world. This is also why it is home to big corporations and companies from all kinds of industries. These corporations have been the foundation and the pillars of the strong economic activity that Singapore has been exhibiting. Business registration certification is one thing needed by any company especially in Singapore.
Just in 2020, Singapore has been dubbed as the most business country. This means that it always takes into consideration how its laws and policies would affect different businesses. This is also the reason why even small businesses thrive in Singapore. These laws and policies may be in favor of businesses however strict compliance is always observed. Singapore makes sure that even the tiniest policies are being strictly implemented. This way the strong economic stand of Singapore is maintained for a long period of time.
When you want to set up company in Singapore, one of the few things you have to do is to register your business. This procedure may be costly, which is why some of the entrepreneurs delay doing the step. However, there are many consequences that one may face if they don’t register their business right away. For smaller businesses, every penny matters that is why even business registration is being delayed.
A business registration certificate has many perks and benefits to anyone that completes it. That is why when you incorporate company in Singapore we should be one of the first few things that you settle. Let’s talk about the importance of a business registration certificate to emphasize its benefits when you incorporate company in Singapore.
Company name protection
In Singapore, business names cannot be repeated. That is why an entity that wants to incorporate company in Singapore immediately gets the name that he or she wants. When you incorporate company in Singapore and you register a business name it serves as a reservation of that specific company name. After set up company in Singapore you can further own the company name by applying for a trademark.
Company names are important because it helps with marketing. Consumers usually always look at the company name first before exploring more of what a company can offer. A company name gives consumers a first impression or first look at what an entity provides. If the company name doesn’t appeal to the consumer, they usually don’t dwell in more of what the business is offering. However, if the company name is straightforward and can give consumers an idea of what it is offering, there is a high possibility that consumers will buy from that business. This is only one of the reasons why a business registration certificate is important when you set up company in Singapore.
For legal agreement
When you conduct businesses and do transactions with other entities, there are legal agreements or contracts involved. These contracts are legally binding and are covered by the law. This means that the terms in any contract or document between two parties are recognized by the government. These contracts will hold both parties accountable if they do not meet the terms written on the contracts. These contracts serve as a protection to you as a business because you can hold your business partners accountable.
However, these contracts are only legal when both parties are both registered as a business. Two entities can only conduct business when the government recognizes them as one. That is why when you set up company in Singapore and before doing business transactions, make sure that you are a registered business.
Singapore is a business-friendly country. That is why it has many programs and projects to help businesses that want to start. There are grants available for new entrepreneurs and brand new companies. However, these grants require documents as proof that the business is legitimate. One of the things that these programs require is the business registration certificate. Grants involved a lot of money and effort from the grantor, a business registration certificate gives the agency or the organization proof that the business is legal and worthy of the grants. These grants can be applied when incorporate company in Singapore.
Be a registered business today
There are many policies that you must comply with when you want to set up company in Singapore. for new businesses these policies and regulations may be too complicated. That is why there are third-party firms to help businesses comply with these policies without breaking a sweat. WLP Group is a reliable and credible firm that offers these kinds of services. Visit us today and check out the services that we offer.