Wrong set up, lack of organization, underestimation of costs and incorrect allocation of resources are just a few issues that could lead to failure. That is why when launching your company, it is important to consider the following tips to get properly incorporated and maintained.
1. Do not wait until the last minute to launch the process. It usually takes longer than expected and you are more likely to make mistakes or wrong moves when you are in a rush. No one likes to rush! You have 18 months to close your first accounting exercise, so an additional week or two in advance won’t make a big difference.
2. Remember, you are required to manage the company after it is incorporated. With statutory records maintenance, renewal of business registration certificate, the filing of annual return and profits tax return, accounting and auditing and more, management will cost you time and money. The incorporation of your company is just the first and even minimum step. Look beyond!
3. Choose the right service providers from the very beginning. It can be a complicated process switching afterwards. Don’t choose the cheapest simply because it is cheap, nor choose the most expensive assuming that it is the best either. Find one that best fits your needs and the size of your business. Take price, quality of service, availability of information and responsiveness into consideration.
4. Setting up a corporate body is like giving birth to a baby. You are responsible for it, and you cannot simply abandon it on the road side if things do not go the way you want. Unfortunately, you may have to deregister some day, and proper deregistration takes time and costs money too!
5. Do not mix up priorities and focus on development! Spending a little to subcontract administration to a service provider, saves you valuable time which can now be spent on making money from your customers instead. It is worth spending a little when you can make more using the time you save. Overall what matters is making a profit.
6. Last but not least, often things do not go according to your initial plans. In fact, things rarely go according to plan but don’t worry. If you follow the rules and regulations avoiding basic mistakes, if you focus on the right priorities and allocate the right resources in the right places, if you remain flexible and adapt yourself to circumstances, you will make it!
Ready to set up your company now?