Since the pandemic, many businesses have experienced ill-effects. People were forced to stay at their homes so the usual economic activity outside has died down. This has caused many establishments to be forced to shut down. It is because with no customers coming in, there will be no resources to continue with the business. The pandemic did not just only affect small businesses, it has caused a global recession wherein almost all countries in the world have suffered economically.
Since people have needs, they still have to shop and buy necessities. People were able to find ways and discover new norms with the help of technology. As we were left with no choice but to stay inside our houses, we have learned to adapt. Since technology is accessible, it has provided many new ways to do our everyday lives. One of those is how we buy things. There has been a significant increase in the online shopping activity of almost everyone in the world since the lockdown. This is why there are also many entrepreneurs who have ventured into online business.
To be able to start your own business, you must seek assistance from incorporate company in Singapore agencies. Company incorporation Singapore process is important because it is required by law. There are many ways one has to go through to be able to incorporate company in Singapore. This provides security to the Singaporean government that the existing businesses all provide legal goods and services. Company incorporation Singapore procedure also provides security to the client. It also adds credibility to the business. Let us talk about the company incorporation Singapore procedure of an online business.
Importance of registering an online business
If you have built your business under your name, your personal assets will be involved. It will be pushed to cover damages that might happen in the future. If after the company incorporation Singapore processes, a client decides to sue you, your personal assets may be used to control the damages. This is why it takes a long process to incorporate a company in Singapore. Things like this are thoroughly checked. However, when you incorporate a company in Singapore through ACRA, your assets will be separated.
When you incorporate a company in Singapore, it means that you can enjoy lower taxes. Usually, personal taxes are charged at 22%. While corporate tax is at 17%. Also, there would be tax exemptions on businesses that have just gone through the company incorporation Singapore processes. These businesses can also apply for a Partial Tax Exemption or PTE after the first three years of your business.
How to register
#1 Define Product
Before you can officially register, you must define the kind of product you are selling. This is important because there are thousands of products available in the online market. This way, you can be sure what kinds of goods and services you are offering. This will also be your guide in filling up forms and applications once you are already registering your business.
Since there are many categories, try to specify each item that you’re offering. This will save you time and money as you go through the company incorporation Singapore processes. You must also be ready financially as registration procedures will cost you a significant amount of money.
When you are already ready to incorporate a company in Singapore, remember that every internet content in Singapore is considered to be broadcast as media content. This means that under the Singapore Broadcasting Authority, all broadcast services, including those that are in the computer or internet services, must be licensed.
Owners of e-commerce websites are already considered licensed and do not need to file another application. Also, the Internet Content Providers are required to register their services to the SBA if their content starts to promote political, religious causes, or if they sell newspapers in Singapore.