If you are just starting out, or you’re currently operating, and your business is doing quite well, then there are a number of obstacles that you have to work around, in order for business to continue. Many smaller businesses are now thinking of starting a company, but the very thought of having it registered, tends to make them a little nervous. However, when they understand the benefits of doing such a thing, they are quite keen to do so. We all want our businesses to do well, but we also want to protect what we regard with to our home and savings, and so registering your company is a logical first step.
If you’re thinking of doing a business registration in Hong Kong, for example, then you don’t have to navigate this particular road by yourself. There are a number of professional service providers that can assist you in this endeavour and they can make the registering of your business, a quite simple and straightforward procedure. When you register your business, you will find that it will become more successful, and you will get to enjoy the many benefits that it offers. Here are just a few of them.
- Limited personal liability – As was mentioned briefly before, you do not want to jeopardise everything that you have worked for up to this point, and so you need to protect your assets like your home. If you continue to operate as a sole trader, or as part of a partnership, then you will be legally responsible for your business, and that includes all of the debt, and any other money that you lose. If you want to reduce your stress levels, then limiting your personal liability is the first thing that you should do. Your company will be a totally separate legal entity, and this allows you to protect your personal assets. Any debts that are due are attached to your company.
- Less tax – These are the words that every business owner wants to hear, and depending on how much money that your business makes every year, it is very likely that you might pay less tax when you are a company. There are various government regulations to follow with regards to registering your company in Hong Kong, but you will find that registered businesses are in a lower tax rate, than that of individuals. Your business will also get to enjoy the many tax deductions with regard to money spent on digital marketing, staff training, and any essential maintenance that your business requires.
Registering your business is also a great way to avoid internal disputes with partners, if you have any. Once you register your company, control is based on the number of shares that you own. This way there is no ambiguity with regards to who is in charge, and what decisions need to be made. Registering your business gives it a sense of legitimacy, and your suppliers, and customers, will feel comfortable doing business with you. Registering your company is a great way to expand your business, and to help ensure its future success.