Friday, April 18, 2008

Existing - The Birth of Tang-Asia Consultancy

Well, it's taken my bloody yonks to do it but I've finally registered by daily activities with the Acounting Corporate Regulatory Authority of Singapore (ACRA). Tang-Asia, the name I was using for my business emails has now taken on a life in the official sense of the word. The down side means, I know have to pay tax on my business activities. But then again, ever since I started earning decent money out of things like the Saudi job, I've actually had to pay tax. In fact registering for a business may actually provide me with a few benefits.

I'm only a sole-propriotor, which means that unlike being a private limited, I'm still liable for my own business liabilities. However, I think it is a step in the right direction. For a start, I can now open a business account under the name of the business. My invoices will have a bit more credibility when I don't ask for cheques in my personal name - from the dealings I've had, big organisations have issues when it comes to issuing cheques to individual names but no problem when it comes to dealing with organisations.

Not sure how much will change from my daily dealings. It's not like a have a sky high turn over, the type that will get a government minister attending my personal functions. But I think, now that I've decided to exist, I can make things a little easier for myself. It's like now that I know I exist as a business, I got to do something to make the business work for myself.

Life as an entrepreneur in Singapore is not easy and I've been what Robert Koyosaki calls the "Entrepreneur who owns a job." Seriously, if I look back on things, the only thing I do is create work to generate money, which I spend pretty darn quickly. The down side is the fact that I have no income stability. The good side is that my work to money ratio is pretty darn good.

Now that I exist as a business, I get the feeling that I may have to change the way I do things even more. It will mean firmer in my pricing and negotiations. I think it will mean having to create something for myself. Who knows where this will go but I think it could be the start of an interesting chapter in my life.

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