Rule #4 - Basic business rules still apply. Chris Anderson suggests incorporation, taking our insurance and of course paying your taxes on time. In the Singapore context, this will come in the form of a registration with ACRA. Our legally dubious suggestion is to ensure that there is sufficient demand for your products by selling a few units before going through the entire business registration process. Thats because there are a lot of hidden costs involved such as having a company secretary, hiring an accounting company to do your annual filing and various fees. Singapore is not as litigious a business environment as the US, so you dont have to get the most water-tight insurance and pay a boatload of cash in premiums. That being said, Makers selling products must be aware of the Lemon Law in place to protect consumers. In essence youll have to guarantee your product up to 6 months.
Posted on: Tue, 28 Jan 2014 00:00:00 +0000
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