Company incorporation: Expectations vs. Reality

4 mn read

Over the last decade, there has been a lot of hype about startups, and people are turning to incorporate company in Singapore on the spur of the moment. Call it a fad or a genuine passion, but it all comes down to how well you can execute your plan and stick to it. The common impression is that the company incorporation Singapore process is exciting and would make you wealthy. Just wait a minute, there are some fact checks to be made. It is disappointing to fall short of your own standards, but it is best to take care by making sure you are aware of the realities.

Expectation #1

I have a bright idea that involves a decent amount of technology. There have been several fundings made in this vacuum, so it will not be difficult.


Reality #1

It’s exciting to combine technology with everything you have to sell, but it won’t make you a millionaire overnight. The booming days of the dot-com era are long gone, and with so much competition, the bankability of a concept will place investors on sixes and sevens. Deciding to incorporate company in Singapore is indeed a step in the right direction, but the standards that come with it might be incorrect. That is akin to constructing a house of cards, which is doomed to collapse. What matters more than the notion is your stamina and unwavering courage; be prepared to incur occasional debts while still making ends meet.

Expectation #2

You’d begin to consider not committing to the monotonous routine that a day job had. It might begin with the idea of taking paid leave from work to do all of the little things you’ve always wanted to do in your spare time, as well as visit a place or two. As a result, no more quit permissions.

Reality #2

To be clear, you will be doing harder than ever before. Never, ever. For all times. There will be many tasks left to do and complete, and you will always feel as though you are running out of time to cross them off your agenda.

Many newcomers to the company incorporation Singapore process find it difficult to create a suitable functioning ecosystem in order to liberate themselves from their own limited participation. Initially, though, you are unable to avoid those cases and you are aware that the market is built around you. It will necessitate your undivided attention and, in some circumstances, micromanagement. Also, it would be ideal if you could set aside some time to read the best technology blogs available and make your time investment count.

This occurs if you make the original mistake of designing a company that is an extension of the founder rather than an organization independent from the founder. And you’ll have plenty of operational errands to run, such as bill collections, customer satisfaction, and capitalizing on any chance that comes your way.

Expectation #3

When you incorporate company in Singapore, you will think that your investors are like friends to me. They are your friends. Since your relationship goes beyond money, they will understand you and your business decisions. On weekends, you have a wonderful time drinking and hugging. You can’t fight because your relationship is more important than anything else.

Reality #3

Sure, but there’s a catch. It’s almost like friends with benefits; happy when people are around, sad when things go wrong in the company incorporation Singapore journey.

You just love each other because of the money involved in the enterprise – both directions. You will love them as their savings help you grow your company incorporation Singapore process. They will reciprocate until your business helps them grow their wealth. The solution is to keep them happy with timely returns and to create confidence. Confidence develops over time, and you will have to demonstrate your value as well as their trust in you. When you have confidence, you will have a long-term friendship.

Expectation #4

You think that when you incorporate company in Singapore, standard office rooms will be a thing of the past. Human activity will be heavily overrated. To form and manage a virtual team, all that is needed is careful preparation and the use of the internet. That way, you can hire natural talent at a lower cost from everywhere in the world to work exclusively for you.

Reality #4

Certainly, a transition in the shape of the remote workplace has been sweeping the country over the last few years. There are also a few options on the market that make remote working more comfortable. Nonetheless, there is an old adage that you should adopt: keep your allies near, your rivals close, and your core squad the nearest.

Taking it a step further, maintaining offices as virtual as possible during the initial stages would greatly support the company incorporation Singapore procedures. This is due to the fact that crises can occur at any moment and need you to make decisions on the spot. You do not always have the option of making Skype calls. There is no way to substitute a team’s physical appearance. Building the A-team is a critical step that will help shape the trajectory when you incorporate company in Singapore.

Being on the floor in real-time would also allow you to monitor team coordination and effects. This further motivates the squad, allowing it to work seamlessly and cohesively. You may see a few indicators of stuff happening quickly on a floor that you might miss during a brief Skype call.

Expectation #5

You came up with the idea and also assisted in raising the funds. So, why should you give up your stake in the company to a tech partner? You should keep the controlling interest in the firm, and he should be happy with whatever the company has to bring in terms of equity.

Reality #5

Here’s an intriguing tale about the concept: the light bulb was not invented by Thomas Edison first. He worked hard to make it commercially viable. Many more vied to be the first to develop a commercial light bulb. But we all know who started it. As a result, ideas are relevant. The trick is to put thoughts into action.

These days, techies consider themselves valuable commodities. They have the ability to bring tremendous value when it comes to incorporate company in Singapore. A strong, competent developer is quickly acquired by other firms. The one you trust can be the most valued commodity on your team. Giving even slightly more than 50% would result in the greatest potential benefits for the company. Consider offering less and then discovering that the product you just created has vanished from the app store itself. A possible solution is to reach a mutual consensus at the outset, with all clarifications written down.

Incorporate your business today

WLP Group is the top provider of business creation services in Singapore. We are well-positioned to provide a wide variety of services to the organization, including work permits and transfers, payroll and taxation, corporate licenses, company clerk, and trademark registration. Contact us right now to begin the process of incorporating your business.

 

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