If you’re a SME in Singapore you should make a conscious effort to protect your business. The Singapore Government (and many others around the world) makes you take out an insurance policy when you renew your road tax, hire a domestic helper or own property. Why aren’t business owners required to do the same?
The simple answer is that the Government doesn’t want to make it too difficult to start a business in Singapore. But that doesn’t mean the risks aren’t there.
Bad Partnership Agreements or not having one can cost you. Singapore’s corruption-free and efficient civil service makes it widely cited as one of the easiest cities in the world to start a business. But, while it is easy to get a company started, it is also just as easy to make major mistakes right from the start. Here are the 5 mistakes commonly made by business owners when forming new companies, which may threaten their business or their families.