We all know incorporating a business is not an easy task. There are many steps to take, and it can be difficult to keep track of everything you need to do. To make the process easier, you can read a company incorporation cost guide and this handy checklist for incorporating your business!
Register A Company Name
The name you choose for your company is very important, so don’t rush it or pick something that sounds good. Take time to think about what makes sense for your particular business. Be sure you are not infringing on someone else’s copyright or trademarked name, and do some basic internet searches to determine whether another company has already used the same name before choosing yours.
If there’s any doubt at all, don’t use it. You can also check with relevant government agencies regarding the availability of certain names in case they have already been taken by other entities in the past but might still be available if applied for. At the very least, incorporating a business can help you to protect your name and brand identity for future use or expansion of services under that name.
There are a lot of businesses in Singapore. That is why the guys at sleek.com/sg/incorporation/ say that you’ll need some time to choose the name because they first need to check if it’s available. Once you do this, on the other hand, you’re ready to go on with the process of incorporating.
Find A Location Where To Incorporate Your Business
After the name, you’ll still need to figure out where to incorporate your business. This may be the hardest part of incorporating a business, but it’s also one that you can’t ignore if you want to set up things correctly from the start.
Incorporating a business in some countries and states is easier than incorporating a business somewhere else because these states have laws designed to attract businesses and offer low-cost incorporations. It’s important to know the benefits of incorporating a business in each state and how easy it is because incorporating your business with an attorney can be expensive, especially if you decide to incorporate a business somewhere else down the road after you’ve settled on one particular location for your company.
The first thing that most entrepreneurs want when incorporating their businesses is simplicity and low cost. However, some countries offer laws where there are no annual reports or incorporation fees at all! The best place to incorporate your business depends on what kind of products and services you’re offering as well as whether or not incorporating a corporation fits into your long-term goals.
Nominate Your Company’s Shareholders
Shareholders have a huge role in the running of a company, and their actions impact its future. This is why it’s important to nominate your shareholders in order to incorporate a business properly. To nominate your company’s shareholders, you’ll need to know how many shares they hold.
This is also the time when incorporating a business becomes important because it allows you to make sure that all of your shareholders’ names are on record with the state and federal governments. If any of these individuals’ information changes at some point in the future, this can affect whether or not your incorporation will be successful (and if so, what kind).
Nominate Your Company’s Directors
A board of directors is a group of people who are elected by the shareholders to make business decisions that will benefit the company in both the short term and long term. You, as an incorporator or shareholder, can nominate yourself or other individuals for this position.
The most important factor when nominating directors is how each candidate contributes to your organization’s vision for success. This means looking at their skill set rather than simply eliminating those who don’t meet certain qualifications. Directors are responsible for making sure they understand your company’s legal requirements with regards to incorporating a business, ownership shares, operational control, governance structure, etc.
Here are the factors on what to look for in a director:
- Legal expertise
- Company vision and mission
- Financial acumen
- Marketing knowledge
These are the qualities you should be looking for when nominating your directors. It’s also important to remember that incorporating a business is not just about incorporating but maintaining compliance with provincial laws in order to function as an active company.
Start Your Business
Once everything from above is done, it’s time to start the business. First, you have to create a business plan for incorporating your business. This step is important because it’s like starting from scratch and will help not only with incorporating but also managing all of your future duties as an owner. Furthermore, another great advantage of creating a business plan prior to incorporating would be that if needed in the future (for tax purposes, etc.), the information is readily available.
Incorporating a business should not be as hard as some make it sound. Make sure you have the right name and location. Afterward, you’ll need shareholders who will then nominate the directors. Finally, when everything’s done it’s time to start your business. It should all run like a well-oiled machine.