Checklist for Incorporation of Company
Financial forecasts
In order to avoid falling into one of the many failed business enterprises, you’ll need to set up a business plan that includes financial forecasts.
This is because you can expect your business to run at a loss in the beginning of your business, so you will need to factor that in if you want to see it through and start seeing profits, achieve a breakeven and sustain your business for the long term.
Incorporate your company with confidence
Incorporating your company will have different legal, tax and other implications.
It is more efficient to seek professional advice by consulting corporate service providers such as us at AZ Centre to discuss if having an incorporated company is the best one for your business and to ensure every decision you make is in compliance with Singapore law and regulations.
Ensure complete accuracy in bookkeeping
Bookkeeping and accounting keeps track of every dollar in revenue and the opposite expenditure while keeping track of your assets. It involves meticulously organizing and recording business receipts, invoices, payments and more.
While it might be costly and not financially sustainable for a new company to hire a full-time internal accountant, business owners can now outsource their bookkeeping and accounting needs to consultants like AZ Centre to keep their costs in check!
Obtain your required trademarks, licenses or patents
Are you developing a brand new concept or technology? Be sure to speak to an attorney who specialises in protecting your intellectual property against competitors with trademarks or patents if you are. You should also be prepared with licenses or permits that are required in your line of business!
This step is often overlooked by business owners, it can be a costly mistake in the long run when it comes to your business’s growth. For instance, new business owners may utilise specific names or ideas for their business in the market without protecting it from imitators.
Eventually, when their business has grown to a size where trademark protection is needed, they’ll find that their name or phrase is already being used by a third party or is similar to the trademark of that third party. In such circumstances, it will be harder, costly and legally complex to obtain the trademark!
Having your trademark registered gives you the exclusive right to use your trademark in the country where it has been granted. It also gives you the right to take legal action if your trademark is being used for similar goods or services by third parties without your prior authorization, thus protecting your business.