Another situation in which it is advantageous for a Singapore-based business owner to start a sole proprietorship occurs when nobody is ready or willing to join the business owner in the business venture. This lack of collaboration would cause the total initial resources of the business to be relatively low. For this reason, those who are unable to find any suitable business partners are advised to set up a sole proprietorship rather than any other business entity.
One other advantage of setting up a sole proprietorship exists with regard to legal incorporation procedures. Not every business owner is able to afford the payments for such procedures with regard to other business entities because they may sometimes be fairly expensive. Thus, business owners who do not have the adequate finances to pay for legal procedures for the incorporation of business entities other than sole proprietorships in Singapore ought to set up a sole proprietorship.
In each of the circumstances which have been mentioned, it has clearly been shown that it is often advantageous to set up a sole proprietorship in Singapore. Of course, it should also be noted that sole proprietorships are not the only business entity which could be established in Singapore. The business entity which should be selected by a business owner depends on the needs of the business owner, the financial requirements and corporate objectives of the business, and the demands of the market. Therefore, if you are uncertain about the business entity which would best suit the business which you plan to establish, contact us at Paul Hype Page & Co at any time. Our incorporation team will provide you with much input and assistance concerning your business needs and objectives. We will thoroughly analyze your current situation in order to help you determine the business entity which you should use.