It is incredibly difficult to run a business in the current market, due to the large amounts of competition that are out there. You are not only competing with local businesses in the city that you are located, but you are also competing with businesses from all across the world. The Internet has brought many benefits to businesses, but with any good thing in life, comes some negatives. You now need to up your game, and to make your business stand out from the others. If you are starting up a new business venture, then you need to take steps to protect yourself in the current business climate.
If your business is currently based in the Asia market, then it makes perfect business sense to make sure that you complete a BOI company registration in Bangkok, because then you won’t get to enjoy all of the benefits in trading under a proper company structure. If you register your company, you will be taking steps to make sure that your business is a real success. The following are some of the reasons why you should register your company.
- Reduce your personal liability – If you continue to operate your business as a sole trader, or as part of a business partnership, then you are legally responsible for all the different aspects of your business, and that includes all of the debts that it might run up, and all of the losses that it might incur. You will also be subject to any consumer laws, and if the particular case does not go in your favour, then you will be forced to sell your personal property and assets, to pay the debt. Trying to run your business in such a way, is very risky, and you may be jeopardising your financial future. A company on the other hand, is a separate legal entity, and so your personal assets are protected, and are separate from your business assets.
- Reduction in your tax liability – It is very likely that you will pay less tax when you are registered under a company structure. If you are managing an e-commerce business, for example, then your tax rate for your company will be much lower than the tax rate for an individual trader. If you are taxed as an individual, your business profits are seen as a part of your income, and so you will be taxed accordingly. If you register your company, then you will be eligible for a number of tax reductions with regards to advertising your business, or essential repairs and maintenance. You can find free advice here on registering your company.
By registering your company, you are allowing it to be able to expand, and this will help in the overall success of your business venture. You will free yourself of any personal liability, and you will also get to pay lower taxes, and this allows you to concentrate on your business, and to make it a real success.