Business advice: Starting up guide

If you're thinking of a new beginning this New Year and going it alone, there are lots of factors to consider. Jason Alderson from Burgess Hodgson, a specialist firm working with start-up businesses, provides a brief summary of what you need to review when starting a business. 

So you have taken the big step and decided to start your own business. Running your own business can be hugely rewarding but there will be a lot of hard work to come. New business owners will need to make some key decisions – and some of these choices could decide if the business survives or fails. 
 
Structure
One of the first decisions a company needs to take is what structure the business should take. Essentially the choice comes down to two options and these are:
  • Sole trader/partnership
  • Limited company
A sole trade/partnership structure is the simplest form of structure and is often the most appropriate for start-up businesses. However it is important to remember that these structures do not offer limited liability – meaning that the owner’s personal assets may be at risk.
 
 
Jason Alderson is a senior manager at Burgess Hodgson, a company that has helped set up thousands of businesses and deals with payroll and PAYE for local businesses.  

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Comments

Rather basic for an accounting web site.

chatman | | Permalink

Funny thing to have on an accountancy web site, given how basic the content is.

John Stokdyk's picture

A new departure for us    3 thanks

John Stokdyk | | Permalink

Thanks for your feedback, chatman. While you certainly have a point, this article is an early contribution to a "Business Advice Library" that we'd like to build in the months ahead. Its purpose is two-fold:

  1. To build up a reference library that our members can draw on to prepare and present relevant advice to their clients
  2. Occasionally to help them out with practical advice about running a business. Not every accountant has set up or run a firm themselves and there may be instances where they would benefit from expert guidance.

Some of this material already exists on AccountingWEB, but we're seeking contributions from members and sympathetic accountancy firms, who see it as an opportunity to raise their profile in the business advisory marketplace.

I hope this helps explains the somewhat simple nature of the advice offered in this article - and if you or any other members have content you think might be useful to business owners and their advisers, do let me know.

 

futureb00ks's picture

Move to a tax friendly jurisdiction

futureb00ks | | Permalink

 

It may be time to move to a friendly tax jurisdiction. We work with many clients who relocate from high tax jurisdictions like Australia, the US and UK, and incorporate their firms in Singapore and Hong Kong. We help them establish work permits and transfer their assets.

Singapore has been rated the most friendly place in the globe to do business. We see three reasons to relocate to Singapore.

 

1. Competitive tax regime

Singapore also has one of the most competitive tax regimes in the world. Corporate tax rate is as low as 17% effective from the year of assessment 2009, with a full zero per cent tax exemption on the first S$100,000 of chargeable income, during the first three years after incorporation.

 

2. Close proximity to emerging markets

Only one hour’s flight from emerging markets like Indonesia and Thailand. Singapore is geographically close to other financial hubs like Hong Kong and China.

 

3. Family friendly

Singapore is one of Asia’s most family-friendly cities. It has an excellent education system, an immaculate public safety record, an efficient transport system and low pollution.

 

You can find out more here: http://futurebooks.com.sg/services/company-start-up/incorporate-a-singapore-company