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Setting Up a Private Limited Company in Singapore and Avoiding Mistakes

Setting up a private limited company in Singapore is an excellent option for the startups and small business owners. It provides them with limited personal liability, credible brand image, ability to raise funds for future expansions, access to tax exemption schemes, etc. And, a Pte Ltd, unlike a proprietorship or partnership, has perpetual existence.

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1.4.4 Business Structure Comparison

When you are incorporating your company, you have to select your business structure. It is paramount that you understand what each business structure entails and the advantages and disadvantages of each of them. In this article, we will help you examine the three main business structures and aid you in making the correct decision for your business.

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How an online presence can grow your startup

Becoming an entrepreneur means building a business from the ground up. Although starting a business from thin air is rather impossible, it seems as though new companies are launching every day. How do entrepreneurs establish their business before it even exists physically? The answer is by creating an online presence. Creating an online profile for […]

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Why you should hire a third party to incorporate your business

Becoming an entrepreneur is one of the most exciting journeys a young professional can take on. In fact, seeing your vision develop into a business is a rewarding accomplishment for aspiring business owners. Finally seeing your own products or service on the market is a milestone that many professionals hope to reach. However, the staircase […]

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Startups in Singapore

The Workforce Singapore is the perfect environment for startups. Entrepreneurs from all over the world choose this beautiful country as their headquarters or startup location for good reasons. Man power is one of Singapore’s greatest strengths so it is no wonder why productivity here is through the roof. With around 5.6 million people, the work […]

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2023 Tax Changes: A Comprehensive Guide to Business Tax Laws in Singapore

As we navigate the complexities of business operations in 2023, it’s crucial to be apprised of the latest amendments to Singapore’s tax laws. With a reputation for maintaining a pro-business environment, Singapore frequently revises its taxation policies to reflect global economic conditions and domestic priorities. This guide outlines the pivotal tax changes that businesses operating […]

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The profile of a Singaporean entrepreneur

Singapore is a country known for its efficiency, orderliness and honesty with a pro business climate. There is a developed technological infrastructure and legal system (including Intellectual Property laws), which are invaluable to a start-up. However, in well-educated and fast-moving Singapore, people tend to be more career-oriented. Thus, many talented Singaporeans would be more tempted by the allure and stability of an established Multinational Corporation (MNC) rather than the uncertainty of start-ups.

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1. Incorporation

Business typically exist when the person engaging in the activity will say it does. The label business is simply a statement about the intent: if you plan an activity to earn money by providing goods or services to customers, congratulations, that business is business. A society On the other hand, is a particular operating structure recorded in a certain jurisdiction. They come with substantial rights and responsibilities. Many entrepreneurs wonder if their business should go well with companies (through a process called “incorporation”) and, if so, when and what kind of society? We wrote a quick guide to explain this. What is the alternative to incorporation? By default, the business has no existence independent of its owners. This is called amen business (Sometimes called sole trader outside the US) if they only have an owner or association if they have multiple owners. The person businesses are extremely common; Service tax revenues (the US tax agency) realizes approximately 27 million these informally organized enterprises (compared to approximately 6 million formally incorporated companies.) This is largely true throughout most of the countries that distinguish between sole proprietors and companies. Why incorporate? So why incorporated if 80 +% of entrepreneurs do not? The […]

1. Incorporation

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2. Bookkeeping and accounting

If you get paid, congratulations! You have created something for which the people that have wished are willing to pay enough money. To ensure your healthy business stays, and help you focus more on business than on keeping the lights on, you want to save money you move in and out of your business. Home to the fascinating world of accounting and bookkeeping. What is accounting? What accounts? Historically, there was a distinction between the functions of accounting and bookkeeping, but the distinction is weakening as more than two functions are done by computers rather than people. Accountability records details about the transaction books (Registers) of the company. It has been historically seen to be work done by the retail-oriented specialists, but not something that required a higher degree. Accountability transforms data in books conclusions about the business health. Part of this function has been largely subsumed by computer program given that books are computerized business, calculating such a report (a report listing assets and current business liabilities) is insignificant. In most companies, accountants advise on the business structure (egg, how the money flow between a parent company and a subsidiary), design procedures and controls for new transactions which are […]

2. Bookkeeping and accounting

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3. Taxes

No contractor will particularly like the amount of requested work to calculate taxes (to say nothing of the actual amounts paid), but calculating and paying taxes is a legal obligation and also the contractors undertake a responsibility in exchange for the substantial support that the company gives us. The beginning of entrepreneurs are sometimes overly frightened about the tax assujetissements involved in starting a business. We want to demystify, so you have a good understanding of what you’ll be asked to pay roughly how it will eventually be, and how to organize your affairs such as the calculation and payment of taxes will be as painless as possible. There are many varieties of taxes in the United States and around the world. This guide covers a paragraph taxes that your US business entity will likely pay. Entrepreneurs or companies owners can realize the income because of the work for the company receiving dividends, capital gains; make sure you also to handle your personal obligations. As we saw in the chapter on accounting, the entire profession of accounting exists in large part to help you correctly to figure what taxes you owe. This short guide is not a substitute for professional […]

3. Taxes

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4. Employment

Your business has several forms of leverage available to them, enabling them to create more value. One of the most important is the ability to hire people. Contractors against employees There is a distinction in the rights of US employment between employees and those working on behalf of a company but not used by it. This includes independent consultants and contractor for the sake of not repeating ourselves, we will call the contractors below. Employees have their work activities substantially controlled by the company. Entrepreneurs operate their own businesses and happen to have the company as a customer of their business; their relations with the company are more similar to that of a seller with their client an employee with their boss. Many smaller companies, including Internet companies prefer to employ people as entrepreneurs because there is less paperwork required for employees, the direct cost is lower and it is fractionally easier get in and out of relationships with entrepreneurs. US laws and different states have established some protection for employees who do not apply to contractors. Determining whether someone is an employee or contractor The IRS lists three tests, which has several forks: The test relationships The behavioral control […]

4. Employment

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5. Risk Management

Many entrepreneurs believe that this business operation is probably the riskiest thing they have ever done. That’s probably true, at least from the perspective of financial decisions. (Commercial bankruptcy is unfortunate but highly survivable; each sports cars and the two kill a much higher fraction of users.) The risk in business is handy. This is a main reason why businesses exist as a concept; they bring a source of risk (the company) and then separate into common economic upper undertake the risk, responsibilities related to risk, and the actual functions to operate the business. Incorporation is a way that Internet companies employ to limit the risk, covering the amount the owners / investors are exposed to liability for debts or damage or injury to others should not, generally resulting business in the owners / investors. Companies do not like the prospect of losing all their capital when such a trial, though, so there should be other mechanisms as well. We’ll talk about some of them. Insurance Insurance is a way to transfer the risk from the insured to the insurance company. The insurance company did this in exchange for guaranteed payments (“premiums”) of a large group of policyholders. Assume the […]

5. Risk Management

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6. Transactions and agreements

Most contractors have signed a contract at some point in their lives before establishing a company, but the types of contracts (and related and documentation agreements) employed by companies to the “transactional” trade every day are new to most entrepreneurs. We will walk you through what you’re likely to run into in the first year of running a company online. We are not lawyers, and rely on your counsel for a legal opinion, but this will help you hopefully have a more productive discussion with your lawyers about what documents you need written. Letters of intent A “letter of intent” (LOI) (sometimes called a “Memorandum of Understanding” (MoU)) is a tool to sell. Some of them are contracts on their own; some of them are not. The point of them is to force the two sides to agree on approximate terms on paper, producing engagement signal to make a deal, without actually agree on a deal. LOIs are extremely useful for businesses. Some scenarios: An entrepreneur may want to sell some of their business to another company. This sale very likely require “diligence” – an in-depth inspection of the books, records, and the capital led by the purchaser process. The […]

6. Transactions and agreements

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