The Amazing Benefits of Forming a Company in Ireland

/in /by

StrategyDriven Starting Your Business Article |Forming a company in Ireland|The Amazing Benefits of Forming a Company in IrelandIf you’re looking to expand your company into the international market or you’re looking for a new place to start a new one, then you may want to consider Ireland. It may seem like a strange suggestion at first, but there are plenty of reasons more and more people are considered starting their companies in Ireland.

It’s Easier To Start A Company

Ireland brought the Companies Act 2014 into effect that provides for a number of different company types and makes the Company formation Ireland and incorporation extremely easy. The Act covers everything from management and every day administration, to the winding down and dissolution process of a company. Because everything is laid out, it’s extremely easy to do and individual interests are still protected.

Low Corporation Tax

Ireland is considered to be a pro-business environment, and that’s why it has a low Corporation Tax. The Corporation Tax of Ireland is 12.5%, which is one of the lowest in the world. The company itself is liable for paying corporation tax from the company profits, while the directors themselves are only responsible for income tax. The reason for this separation is because the company is considered a legal entity itself. It is kept separate from the Officers and Directors, so when unpaid debts arise, only the company have legal action taken against it.


Tax Credits

Ireland is considered to be one of the easiest countries to do businesses in, as well as affordable. There are generous amounts of Research and Development tax credits that companies can apply for, employees can acquire shares in the company, and there is a low share capital requirement of about 100 Euros, so even the smallest businesses have a great start.

Greater Protection is Offered

When there is changes in the structure of a business, it may need to be reworked in order to maintain its status. However, in Ireland, the process is made quite simple. Any sudden changes are protected and companies are given something of a grave period to adjust to these changes.

Additional Benefits By Minimizing Corporation Tax

One of the best ways to decrease tax while running a company in Ireland is to maximize your benefits. This can be achieved in a number of ways. One way is to purchase capital equipment to be used in the business, as well as claiming capital allowances. A second way is to ensure that the company is making contributions to employees’ pensions so that they can retire well. Lastly, the maximum amount of expenses should be claimed (or as high as possible) under legislation. These are all great way to help your company grow while also retaining happy employees.

It’s not easy starting a business from the ground up and trying to make it grow. Not only is there legal tape in the way but it’s difficult to get people to take notice. But the air of Ireland promotes the growth of businesses by making it as easy as possible for anyone to hit the ground running and make their business thrive.

Tips in Starting a Construction Company

/in /by

StrategyDriven Starting Your Business Article |Starting a construction company|Tips in Starting a Construction CompanyStarting a construction company can be an extremely profitable business venture, but it is not without its share of challenges. If you are thinking about starting your own construction company, here are tips to help you get started on the right foot.

1. Do your research.

Before you start a construction company, it is important that you do your research and understand the industry. There are a lot of things to consider, such as the type of work you want to do, the equipment you will need, the licenses and permits required, and the market for your services.

If you take the time to do your research and plan ahead, you will be much more likely to succeed in starting a construction company.

2. Choose a niche.

Once you have done your research, it is time to choose a niche for your construction company. There are many different types of construction companies, so it is important that you choose one that will be able to meet the needs of your target market.

For example, if you want to specialize in green construction, you will need to make sure that you have the right equipment and training. If you are not sure what type of company you want to start, there are plenty of resources available to help you make a decision.

Once you have chosen a niche, it is time to start planning your business.

3. Marketing your Construction Business

A construction company is only as successful as its marketing. You need to make sure that you are reaching your target market and that they are aware of your company. There are a number of ways to market a construction company, such as online marketing, marketing consulting firms, and word-of-mouth.

The most important thing is to be creative and find a way to stand out from the competition.

If you can effectively market your construction company, you will be well on your way to success.


4. Management of the construction company

The management of a construction company is vital to its success. You need to have a good understanding of the construction industry and how to run a business. There are a number of different aspects to consider, such as project management, safety, and finances.

If you are not sure about something, there are plenty of resources available to help you learn more. The most important thing is to be organized and efficient in your management style.

5. Employees

Your employees are one of the most important aspects of your construction company. They are the ones who will be doing the work, so it is important that you choose carefully. You need to make sure that they are skilled and experienced in the type of work you do.

You also need to make sure that they are trustworthy and reliable. If you can find good employees, they will be a valuable asset to your company.

These are just a few of the many things to consider when starting a construction company. If you take the time to do your research and plan ahead, you will be much more likely to succeed. With a little hard work and dedication, you can build a successful construction company.
Start by doing your research, then choose a niche, market your business well, have a good management style, and hire great employees—and you’ll be on your way to success in the construction industry!

6 Decisions That Could Impact the Success of Your Startup in Singapore

/in /by

StrategyDriven Starting Your Business Article |Startup in Singapore|6 Decisions That Could Impact the Success of Your Startup in SingaporeFew countries can claim to be as business-friendly as Singapore, especially when it comes to tech startups. With the city-state having almost nonexistent corruption, high political stability, and world-leading innovation ecosystem, startups could hardly find a better country to base their operations.

That said, there are still plenty of things startup founders need to consider when setting up a business in Singapore. Here are just 6 of the decisions you’ll need to make that will directly impact your startup’s success in the country.

1. Your Business Structure

When locating your enterprise in Singapore, one of the first things to consider is the company structure you want to adopt. The Singapore Economic Development Board (EDB) offers guidelines for foreign investors opening a company in Singapore.

Startups generally have the following options for their corporate structure:

  • Sole proprietorship
  • Partnership
  • Limited partnership
  • Limited liability partnership
  • Public or private company
  • Variable capital company

Each of these business types carries its own funding structures, requirements, and liabilities. You may want to explore the website of the Singapore Accounting and Corporate Regulatory Authority (ACRA) to learn more about the nature of these different business structures, including the licensing requirements of each.

2. Extent of Presence in Singapore

If you do not want your startup to be headquartered in Singapore, you do have other options, including setting up a local office. While this may keep your startup from enjoying a full range of benefits from locating in Singapore, it can be a good way to test the local market.

Another option is to set up a representative office. This will allow your startup to have a presence in Singapore, with the drawback of being unable to solicit business or raise funds.

If you are already established elsewhere, there is an option to transfer your foreign-based startup’s registration to Singapore in an increasingly popular process called “inward re-domiciliation”. This effectively turns your foreign startup into a Singapore-based entity. There are some caveats, but notably, inward re-domiciliation does not affect the obligations, liabilities, or property rights of foreign startups.

3. Visa and Residency Options for Staff

If you are planning to locate non-Singaporean employees in the country, you will want to consider the visa and residency options available to them.

Singapore offers special visas and passes to foreign investors, entrepreneurs, and technical experts that are intended to encourage their entry into the country. Exceptional tech experts and entrepreneurs with a proven track record may apply for the EntrePass, a special pass specifically intended to attract the world’s best minds in tech by offering them simplified access as well as support and funding.

Entrepreneurs and qualified tech experts also have the option to apply for Singapore Permanent Residence (PR) under the Global Investor Programme, popularly known as the Tech.Pass visa programme. Other experienced professionals may apply for a Personalised Employment Pass (PEP).

For other staff members, there are generally two basic options. Skilled foreign workers may qualify for the Employment Pass. Semi-skilled foreign workers such as domestic helpers may obtain a Work Permit.


4. Which Government Incentives to Use

The Singaporean government is widely considered to be remarkably hands-off when it comes to businesses. But that is not exactly true. The Economic Development Board and other Singaporean government organizations offer a wide range of incentives for businesses. Most of these incentives are aimed at businesses engaged in industries deemed strategic for the country’s long-term growth.

Thankfully, virtually all startups qualify for some kind of government incentive. For example, qualified tech startups may be able to benefit from the Tech@SG programme as well as the Tech.Pass visa programme. Most startups may also benefit from grants and incentives related to carbon emissions reduction, the use of domestic financial services, and the application of emerging technologies.

There may be some trade-offs when opting in for some incentives, so it’s important to discuss matters with a qualified legal expert before committing to any specific government grant or scheme.

5. Legal and Tax Compliance

The country has a rather reasonable corporate income tax rate, which is fixed at 17% for all Singapore-based companies, including tax residents, non-tax residents, and components of foreign businesses that are based in Singapore.

It’s worth noting that startups are eligible for various tax exemptions, including ones that may be based primarily in other countries. For this reason, it’s important to hire qualified legal corporate tax and law experts when you build your startup in Singapore. While the professional fees may add up, you may be losing out so much more if you do not apply for the different tax exemptions available to startups.

6. Your Singapore Team

The business culture in Singapore, while exceedingly vibrant and accommodating, is still fundamentally rooted in Asian values. Westerners often assume, because Singapore is a successful and wealthy English-speaking capitalist society, that all locals share common Western values such as individualism. This is definitely not the case.

Sticking with such assumptions often set up foreign startup founders for failure, as they may find it difficult to make headway in Singapore if they maintain a west-facing attitude. Growing a startup or any other venture in Singapore successfully often means doing away with all your assumptions about the country.

If you’re going to be doing business within Singapore, it’s important to hire people who can navigate the ins and outs of the country’s culture. This means that you will want to consider hiring locals or expats who have experience handling business matters in Singapore. This is especially important for sales teams and administrators, as they will be facing locals regularly.

By being deliberate with your business structure, hiring decisions, incentive choices, and legal compliance, you will not only maximise your startup’s odds of success in Singapore. And by succeeding in Singapore, you’ll also give your startup a fair shot at achieving a truly global presence as well.

6 Ways to Save Money on Your Startup

/in /by

StrategyDriven Starting Your Business Article |Save money on your startup|6 Ways to Save Money on Your StartupStarting a business is hard enough – but trying to do it on a shoestring budget can seem impossible. Fortunately, there are many ways to save money on your startup without sacrificing quality or cutting corners. This blog post will discuss six of the best ways to save money on your startup. Keep reading for more helpful tips!

A Mobile Office is Key

If you’re working on a startup, chances are you don’t have the luxury of traditional office space – and that’s okay! A mobile office is vital for any startup trying to save money. Using your laptop, phone, and tablet for all your work needs can avoid costly overhead expenses like rent, utilities, and furniture. Plus, you can work from anywhere – whether you’re at a coffee shop, the library, or even at home.

Outsource When You Can

When it comes to your startup, there are some tasks that you can’t do yourself – and that’s where outsourcing comes in. Outsourcing can be a great way to save money on your startup, as it allows you to delegate tasks to professionals who can do them more efficiently and affordably than you could. Not sure where to start? Many online outsourcing platforms can connect you with talented freelancers from around the world, like Upwork and Fiverr.

Use Technology to Your Advantage

Technology can be a powerful tool for any startup – and it can also help you save money. Many free or low-cost software programs and apps can help you with everything from accounting to marketing. And, if you’re unsure how to use a particular piece of technology, there are plenty of online tutorials and how-to guides that can help you get up to speed.


Go Green with Your Workplace Initiatives

One of the best ways to save money on your startup is to incorporate green workplace initiatives. Implementing green practices like energy-efficient lighting, recycling, and using recycled materials can help reduce your operating costs and make your business more sustainable. Plus, green initiatives are great for the environment and can help you attract eco-conscious customers and employees.

Think Outside the Office

Don’t forget to think outside the office when saving money on your startup. There are many creative ways to save money on office expenses like rent, utilities, and furniture. For example, you could sublet a portion of your home or look for coworking spaces that offer discounts to startups. And, if you’re tight on cash, you could even start a virtual office where all your employees work remotely.

BYOD Policy

Bring your device (BYOD) policies are becoming increasingly popular in the business world – and for a good reason. BYOD policies can save your startup money by eliminating the need to purchase expensive office equipment like laptops, printers, and scanners. Plus, employees who use their own devices are often more productive and satisfied with their work setups. So, if you’re looking for a way to save money on your startup, consider implementing a BYOD policy.

Saving money on your startup doesn’t have to be complicated – there are many simple and effective ways to cut costs without sacrificing quality or compromising your business. By following the tips in this blog post, you’ll be well on saving money on your startup.

Do You Know What You Need To Start A Business?

/in /by

StrategyDriven Starting Your Business Article |Start a business|Do You Know What You Need To Start A Business?When it comes to starting a business, you have got to be focused. You’ve got to think about a number of things, and ensure that they are all sorted before you can actually start up your business. In this article, we’re going to be taking a look at some of the things that you need in order to start a business successfully, so keep reading down below if you would like to find out more.

Money

The first thing that you are going to need is money. Money makes the world go around, and it’s unlikely that you’re going to be able to start a successful company without it. It is true to say that there have been cases in which people have managed, but these people are the exception that prove the rule. Instead of having the notion that you’re going to manage to create a super successful business with what little you have in your pocket right now, work on getting some funding. You can apply to the bank for a small business loan, you can look into investors, and even crowdsourcing if you think it’s going to help.


The Right Equipment

With this money that you have just acquired, you’re going to need to get the right equipment to provide the product or service to your customers. They are not going to be happy if you cannot provide for them, so you need to make a list of everything that you need, and then you need to get it all. For example, it might be the case that you need to look into tools such as carbide end mills, it might be that you need heavy machinery like a digger or a forklift, or you might just need more basic things like tech and materials.

If you ever feel as though there’s something that you need but don’t have, you need to get it. We understand that sometimes this feels as though you’re throwing money away, but you’re not. Think of it as an investment into the future of your business and things become a lot easier to manage.

The Right People

The final thing that you are going to need is the right people. There is no way that you can start a business if you don’t have the right people on your side. You need employees who are hard working, dedicated, and will make your life easier, not harder. It might take some time to find these people, but they are worth taking their time for. Don’t hire anyone that you think will give your new business less than 100%.

We hope that you have found this article helpful, and now see some of the things that you need in order to start your business. It’s important that you are taking the time to do everything in your power to start your business as well as you can, so that you’re less likely to encounter problems down the line. We wish you the very best of luck, and hope that this works out in your favor.