Unfortunately, there seem to be an issue with the page you are looking for.
Don’t worry, we have plenty much of other great content for you !
Unfortunately, there seem to be an issue with the page you are looking for.
Don’t worry, we have plenty much of other great content for you !
It seems we can't find what you're looking for.
What factors does quality of life capture? Quality of life refers to the general well-being of individuals and societies. It considers factors like physical health, education, employment, and wealth to determine the overall level of satisfaction with the lifestyle of the society. If you are an entrepreneur thinking of launching your business in Singapore, you want to consider these types of factors, particularly if you plan to relocate to Singapore from overseas. Factors that impact and determine quality of life in a given country are: Political and social environment Economic environment Socio-cultural environment Health and sanitation Schools and education Natural environment Public services and transportation Recreation Consumer goods Housing Calculating Quality of Life in Singapore Even though quality of life pretty much a catch all term, there are methods out there that we can use to calculate quality of life. It may seem odd but we are indeed able to quantifiably measure the economic, social, physical, political, and spiritual well-being of a place. Singapore has consistently ranked quite high regarding quality of life using these methods. An ABC News study declared Singapore as the happiest country in Asia, with a whopping 95% of the population considering themselves to be “happy” […]
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.
You have successfully incorporated your company and are ready to start running your company! You have embarked on the entrepreneurial journey! What comes next is debatable. As an entrepreneur starting out, you must feel overwhelmed by the sheer amount of things you have to do. You have to go out and get some sales.
Options you have for office spaces If you are about to start your new business, the first thing that may come to your mind is renting an office space. It may seem daunting and a huge commitment – time wise and budget wise. However, it has never been easier and more flexible to rent an office than today, thanks to the rise of alternate office spaces such as co-working spaces and virtual offices. In this post, I will introduce the different office options you have and the pros & cons of each one. Why do you need a physical address for your business? Filing for incorporation When you file for incorporation in Singapore, you have to provide a local address as the registered address of your company. This address can either be a commercial address or a residential address. If you are running your operations from overseas and do not plan to have a physical office space in Singapore, you can sign up for a virtual office service. They will provide you with a local address that you can use for your registration and it usually comes with other useful services such as mail receiving and forwarding, and […]
Social Media Marketing Social media is one of those all encompassing terms that refers to any kind of public profile or page on the Internet. Perhaps one of the best things about social media is its ability to connect consumers and businesses. In this ever growing digital world, it’s imperative that businesses learn how to effectively create and manage customer relationships online. That’s where social media marketing comes in. It is essentially the process by which companies gain traffic or build awareness of brands using social sites. It uses sites like Facebook, Instagram, Twitter, LinkedIn, and the like to reach a wider audience of potential consumers. Different sites require different kinds of online activity. Companies typically use Facebook as a two-way communication stream in which employees share updates or photos. Additionally, customers can comment, post their own stories, or RSVP for events on the firm’s Facebook page. On the other hand, Twitter profiles are best for short messages or frequent, quick updates. Companies should consider Instagram when they have a product that is aesthetically pleasing or if they want to visually create a people-friendly brand. That being said, being “everywhere” online isn’t the best way to effectively market yourself online, […]
A Limited Liability Company (LLC) is a company limited by shares i.e. its liabilities are limited to the amount of share capital. LLC is a business entity registered under the Singapore Companies Act and a separate legal entity from its members. In a LLC, the liabilities of the owners are limited to the assets in the company and their personal assets are protected from business liabilities. The costs involved in incorporating a company in Singapore is very low compared to what they are in other countries. In view of the above benefits mentioned it is worthwhile to opt for Incorporation of a Limited Liability Company. Why Is Asset Protection Important? The goal of a comprehensive asset-protection plan is to significantly reduce risks by insulating your business and personal assets from the claims of creditors. Unfortunately, if you’re like most small-business owners, you are unaware of all the potential risks to your business and the options available to protect your business and personal assets. An asset-protection plan employs legal strategies, put into place before a lawsuit, that can deter a potential claimant or help prevent the seizure of your assets after a judgment. If you haven’t already put your asset-protection plan in […]
One of the first things people think of when thinking of the word “business” is an office! The common scene is people wearing suits and ties to a tall office building. Well, it does not have to be that way! There are different types of work environments. Many startups nowadays don’t do the whole formal attire thing and have their employees wear informal attire to work. It’s all up to you, really.
Keeping track of your company’s finances meticulously is crucial to achieving your goals and for tax purposes. However, we understand that this may be a daunting process, especially for first-time entrepreneurs. Hence, we have prepared these 5 accounting tips to help you stay on top of your company’s finances. 1. Have a sound bookkeeping process Every company in Singapore has to submit an annual report to the Accounting and Corporate Regulatory Authority (ACRA) and file taxes with the Inland Revenue Authority of Singapore (IRA). Hence, it is important to keep track of all financial transactions of the company. This should start from day 1 of running the business and not left till when the tax period is approaching. With so many transactions, you need a systematic process for bookkeeping. This helps to keep things neat and organised. The bookkeeper should also be familiar with the law and provisions given in the Singapore Financial Reporting Standards (SFRS). 2. Keep all your business expenses separate Keep your business expenses separate from your personal expenses. This not only makes it easier when filing reports and tax, but also makes it easier for you to track the financial health and […]
Now that you know what a business plan is, it is crucial to know the importance behind having one. Execution is everything and a business plan helps to ensure that your execution of your business is as optimal as you can be. Obviously, it does not guarantee success, but it helps put you on the road to it.
How to craft your first start-up pitch deck It is time to grow your business and you start to meet investors and venture capitals (VC) for fundraising. Now, you’re off to a good start and certainly should take this opportunity to pitch to the prospective investors and get them to learn more about your business. The very first step you would need is to prepare a pitch deck, which you’ll use to briefly present your business model to the investors. Regardless the amount you’re seeking to be funded, a pitch deck plays an extremely important role in deciding the outcome of your investors pitch. A start-up pitch typically lasts not more than 20 minutes, and a pitch deck generally contains 10 slides (you wouldn’t want to bore your audience with too much content). It might seem a bit daunting if you’re preparing for your first pitch, but fret not because we will provide a detailed guide on how you can build an impressive pitch deck to capture your investors’ attention. 1. The problem statement Always start off with the problem statement which your business is tackling. Do not go on to sell your business solutions to your investors, without letting […]
When incorporating a Singapore company, the law mandates the appointment of at least one resident director on the board of the company. The company can also have non-resident directors as long as there is at least one resident director. It is important to understand the laws pertaining to company directors. This article will discuss the different regulations regarding the payment of non-resident directors in Singapore. Non-resident directors and taxation Singapore levies various taxes on an individual according to his or her tax residency status in the country. The country determines this status on the basis of the number of days an individual resides in Singapore in a calendar year. A company director who is physically present in Singapore for less than 183 days in the year preceding the Year of Assessment (YA) is considered a non-resident director. Taxable income of a non-resident director is the portion of his income that is subject to tax. A non-resident director’s taxable income is the remuneration in the form of cash as well as non-cash payments made by the company which includes: Salary Bonus Director’s Fees Accommodation provided Gains from stock options or any other share ownership plan Capacity and Remuneration A […]
What you need to know when starting your own business You have a great idea and a plan to bring that idea to life in the form of a new company. Congratulations! You are well on your way to starting your own successful business. Unfortunately, we all know that even the best idea is not enough. What comes after an idea is extensive planning, decision making, networking, and more. So what exactly do you need to know when starting your own business? These tips below are here to help! 1. Start strong The best thing you can do to help your business is to create a strong foundation. If you haven’t dedicated a big chunk of time to doing market research relevant to your company, do so immediately. Find out what’s going on in your industry. Try asking yourself these basic questions – is my product or service needed? Where? Who needs it? Are there any existing alternatives? Consider using a popular analysis template, such as the SWOT method. SWOT essentially comes down to examining one’s strengths, weaknesses, opportunities, and threats. It forces business owners to take a long, hard look at the potential for their company. This template is great for people who are trying to […]
What does a secretary service in Singapore All companies incorporated in Singapore must fulfill a key requirement of appointing a company secretary who must be a resident of Singapore. If the company has only one director, he cannot act as a company secretary. However, if the company has more than one director, one of the directors can also act as company secretary. Even though the Singapore Companies Act doesn’t define the role, duties and responsibilities of a company secretary, he or she is the officer primarily responsible for administrative and reporting functions mandated by law. Thus, it is the job of the company secretary to assist the company directors in ensuring that the company meets all its regulatory obligations. The Accounting and Corporate Regulatory Authority (ACRA), which is the national regulator of business entities and public accountants, mandates that every company must appoint a company secretary within six months of the date of its incorporation. Importantly, the appointee must be residing locally in Singapore and he or she must not be the sole director of the company. It is possible for a locally resident company director to also be the company secretary, but only when the company has more than […]
Let’s face the truth. Not everybody is born with the traits required to become a successful entrepreneur. It’s not an easy road and you need a certain set of skills to navigate this rocky path. But the good news is that this skills can be trained and built up over time if you put in the hard work and dedication. Without further ado, let us dive in.
What is an incorporation package in Singapore With no capital gains tax, robust IP protection, and one of the lowest corporate tax rates in the world, Singapore has topped the World Bank’s Ease of Doing Business index year after year. In addition, 75 comprehensive double taxation agreements and 8 limited treaties dealing with income from shipping and air transport enterprises, as well as no controlled foreign company rules, make the city-state the most preferred destination for company incorporation in Asia. 6 KEY REQUIREMENTS FOR SINGAPORE COMPANY INCORPORATION: Proposed Name Company – The company name must be approved before the Singapore Company Incorporation process. Registered Office Address – Every Singapore Company must have a registered office address in Singapore. Paid-Up Capital – The minimum paid-up capital (also known as share capital) to incorporate a company is S$1. Shareholders – Private Limited Companies in Singapore are required to have a minimum of 1 Shareholder and maximum of 50 Shareholders. The shareholder may either be an individual or any other legal entity. Company Directors– Company Directors must be at least 18 years old upon appointment and must not have any record of bankruptcy or malpractice. There must be at least 1 resident director who is: Singaporean […]
Your company’s website will likely be making the first impression on a potential new client. That being said, you want to make sure it’s a good one. You know how you tidy up your living room or kitchen before inviting guests over? That’s how you should think about your website. Is it clean? Functional? Easy to navigate? But again, the most important question is will it make a good impression? If the answer is no, or even if you think your website just needs a little tweaking, you’re in luck! These tips below will definitely help you revamp your website. 1. (Re)evaluate your current situation One of the easiest things you can do as a website owner is make sure that all of your content is up to date. Re read over everything! If there’s anything that stands out to you as incorrect or simply irrelevant, delete it. It will seem the same way to a site visitor. If you have an area dedicated to special offers, and those special offers are all outdated, you could risk irritating a potential new client! If you’re opposed to deleting content on your site, consider making some quick edits. 2. Test your design flow Ask […]
Do you need a co-working space? Are you an entrepreneur who has been working from home or taking your laptop to a café? Do you find yourself unproductive at work whilst working at these places? Or are you looking for working spaces for your expanding team? Well, fret not, because there are many co-working spaces for you to get your creative juices flowing. A co-working space allows you to work amongst liked-minded individuals who are seeking to grow their business effectively. It is usually strategically located at the central area which gives you the convenience of meeting business partners in the city and all these benefits – at a marginal price of a commercial office rental fee. Certainly, there are much more benefits of a co-working space, apart from the aforementioned: 1. Low cost Cost is a crucial factor for start-up businesses seeking to grow. A co-working space allows you to save on various types of expenses such as: office equipment, office/fire insurance, cleaning expenses and other miscellaneous expenses needed when you rent a commercial office building. Additionally, the effort and time spent on sourcing for contractors and maintenance repair would be all saved – time is precious, especially for […]
If you are thinking, “I am going to find the perfect idea to start my business!” Stop. Many people want to start their own business, but they spend so much time thinking of a perfect idea on which to base their business. News flash. The perfect idea does not exist. Sure, once in a while, you come across some company in the news, that sparks this question in your mind.
Ahh, co-working spaces. The bread and butter that is the foundation of many entrepreneurial journeys. You need a place that makes you feel motivated, inspired, and ready to get to work. But what exactly should you look for? 1. Location, location, location As an entrepreneur, you have to make the most of every first impression. Holding meetings in the early stages of your startup is essential. After all, networking is the name of the game. However, as an entrepreneur, you might also be pressed as for where to take a potential new client or business partner. That’s why co-working spaces are a good idea. When you’re picking one, consider the surrounding neighborhood or area. You want to be located in a nice part of town so that you have a place where you can proudly bring back guests! First impressions are one reason why you would want to select a co-working space in a respectable part of town. Other things you should consider are your proximity to food, public transportation, convenience stores, gyms, and the like. You will, after all, be working here! Make sure the space you pick is in an area with lots of nearby amenities to make […]
Singapore consistently ranks as one of the best countries in the world for living. Many believe these rankings stem from the multicultural way of life or from the bustling economy. In fact, many consider Singapore’s financial sector to be one of the most competitive in the world as well. The city state is already one of the most attractive locations for new and growing businesses; thanks to the nation’s innovative nature and ability to grow, it doesn’t look like that will be changing any time soon. Banks in Singapore have also adopted this spirit of innovation. The FinTech industry is booming, meaning that it is easier than ever to set up a business entity in Singapore. One of the first things to do when you start a company is to open a bank account. Compared to personal accounts, bank accounts can be far more expensive to maintain. Annual fees and minimum balance fees can really add up, especially when you aren’t making profits yet. So here are the top 3 business banking accounts in Singapore. 1. MayBank FlexiBiz Account Maybank has got to be at the top of the list for Business Banking Accounts, if only for their no minimum balance […]
Hard work and persistence is essential to running a business. The most successful entrepreneurs tend to possess passion, perseverance, and a positive attitude – these traits are what set them apart from less successful business owners. Many people think that the best entrepreneurs have these skills innately, but with hard work and motivation, anyone can successfully start a company. Here are some tips to help you become a better entrepreneur. 1). Chase your passion but don’t rush the process It’s hard to stay dedicated to any endeavor if you lack passion. You have a better chance of success if you decide to throw yourself wholeheartedly into your work. One of the most important things you can have is a refusal to give up. However, don’t confuse giving 110% with risking it all. Putting all of your resources into one opportunity may have been a successful strategy for a few entrepreneurs, but more often than not, you will need to slowly build up to your end goals. Taking small risks while you’re just starting out is a good way to ensure that your company can bounce back from any minor failures. 2). Learning more equals earning more You may think that […]
Tips on creating a website for entrepreneurs Entrepreneurs are responsible for handling a wide variety of functions, from business operations to marketing. As many entrepreneurs know, these on-hand tasks can seem endless. As a small business or early-stage start-up, it is imperative that you build brand awareness and presence. This can be done with offline or online methods. Still, digital marketing has become increasingly popular amongst businesses – regardless of their company size. One aspect of digital marketing includes a website. This gives your business the opportunity to gain an online presence and to market yourself to a huge customer base on the Internet. Creating one may seem like a daunting task, one that is costly or time-consuming. However, there are many options catered to small and medium-sized enterprises that allow entrepreneurs to create a website at a lower cost. Sites like WordPress are user-friendly and make it easy to configure a website. Ultimately, the advantages of creating a website far outweigh the costs. Now, let us tell you three essentials reasons why your business needs a website. 1. Reach out to your prospective customers Consumers today are tech-savvy individuals who use the Internet to perform online research before deciding whether or […]
For every business, accounting is a major part of day to day business operations. Starting out, there are a massive set of responsibilities any new entrepreneur has to face and shoulder. With so many operations to multi-task, it may be burdensome and overwhelming for entrepreneurs to keep track of their operations and their budget at the same time. At such a crucial time of the business, it is important that entrepreneurs shed as much of the workload from their shoulder as possible. This can be done by outsourcing.
After your idea is done, the next step is to create a business plan. What is a business plan? A business plan is just that, a plan on how to execute a business! You need it for the nitty and gritty of your business. If you rush into business without a concrete plan, you could be courting disaster. As the saying goes, failing to plan is planning to go.
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.
When you want to enlist the services of an external company to incorporate your business, you might be spoiled for choice. There are so many corporate service companies in Singapore that offer incorporation packages that it is almost dizzying. We here at InCorporate.sg would like to simplify that experience for you. Based on user feedback and reviews, we have complied a list detailing the best incorporation services in Singapore for 2018.
It is crucial that you make sure you have the right business idea before you go ahead and start your business. In my previous post, I detailed the absolute need to not dwell on coming up with the perfect business idea. Yes, you do not need to have the perfect idea because it does not exist but you do need to possess the right idea for yourself.
Being your own boss… Have you ever wondered about it? Sometimes we just have to admit it. Working for others just suck. You feel that having your blood, sweat and tears exerted to fill somebody else’s pockets is not the most desirable of situations. Perhaps then you think..
If you’re interested in starting your own company, but don’t exactly know how to get started, you’re in luck. There are a lot of resources out there for people trying to start their own business. And you’re not alone! Most people find that the job they are dreaming of does not exist – either it can’t be found or it just doesn’t meet their expectations. Others still simply decide that they want to be in charge of their own career path, and set out to create their own dream job. However you arrive on the decision to be your own boss, just know that starting your own company can be stressful and requires complete focus. There’s a lot you need to think about before incorporating your new company. Below are several helpful tips to get you started with planning your new company: 1. Develop your ideas This first step goes without saying, but you really need to take the time to develop your ideas. This means constructing the idea, innovating the concept, developing the process, and finally, bringing the concept to reality. You have to be able to communicate the idea or ideas that you do create. Here, it’s best if […]
Singapore is a highly urbanized place that attracts foreign investors on the strength of its stable currency, vibrant investment & corruption-free climate, and tax benefits. Many of them prefer to start their business by registering a private limited company. A private limited company (Pte Ltd) is a business structure that offers limited liability. It has a separate identity. It is a legal person responsible for its debts and liabilities. There are other business structures too, like Sole Proprietorship and Limited Liability Partnership. Learn all you need to know about how to register a company in Singapore by reading on. Is it Easy for a Foreigner to Start a Business in Singapore? Easiest way? No, sir, there is only one way to register a company in Singapore for a foreigner. The foreign entrepreneurs must hire experts from an experienced Singapore company registration services provider for the task. The experts advise you on the criterion set out by the Company Registrar, i.e., ACRA (Accounting and Corporate Regulatory Authority). They also advise you on the work passes that you need to work in Singapore and the incorporation documents that you need to submit to the authorities. There are also a few post […]
What is the GIP? The Global Investor Program (GIP) is a Permanent Residency scheme specially designed for wealthy investors who wish to relocate to Singapore. Under GIP, foreign nationals can acquire a Permanent Residency (PR) status by investing a minimum of S$2.5 million in Singapore-registered companies. Or, they can invest in GIP funds that invest in Singapore companies. The Economic Development Board (EDB), along with the Ministry of Manpower (MOM), created this program to increase the number of serious investors in the nation. Individuals who fulfill the eligibility criteria and invest in GIP approved business sectors can receive PR status. In this post, we will cover the eligibility requirements, the minimum investment requirements, and the procedure one must follow to receive PR status through GIP. Eligibility & Assessment Criteria GIP applicants must: Invest a minimum amount of S$2.5 million (either directly in a Singapore company or in a GIP fund that invests in Singapore companies) Have a minimum three year entrepreneurial and business track record Provide the audited financial statements of his or her company for the last 3 years Prove his or her company had turnover of at least S$50 million in the year immediately preceding the application date […]
The thought of becoming an entrepreneur has probably entered your mind at least a few times in your life. It sounds enticing but yet perilous at the same time. Its vast unknown seem to be of another world out of your comfort zone, and you wonder if you are able to overcome the challenges on that journey.
What are minutes? Singapore law requires that each and every company in Singapore keep a record of the proceedings of it shareholders’ and directors’ meetings. In other words, companies in Singapore are required to document their “minutes”. Every company in Singapore needs to keep a record of the proceedings of its shareholders’ and directors’ meetings. These records are kept up as minutes. Minutes, then, are just the documentation of the contents of a meeting. They can be used to remind attendees or inform non-attendees about what happened during a meeting. Minutes should include the following information: the date and time of the meeting, the type of meeting, attendees, business transacted, and the like. The minutes only need to include essential information that was discussed during the meeting. When you’re recording your minutes, try summarizing the most important discussions or decisions. Meaning and Importance of Minutes Meaning As mentioned above, minutes are simply a synopsis of company meetings. They are considered a part of the company records. Singapore law defines company records as inclusive of a register, index, minute book, accounting record, minutes, and the like. Companies create minute books, or a bind that holds together all of the meeting minutes. […]
Choosing the right type of business structure is a key decision when registering a business. The type of business structure will affect the taxes payable, accounting, financing, ability of business expansion and personal liability of directors. Before registering your Singapore business with the Accounting and Corporate Regulatory Authority (ACRA), you should first conduct research and decide which structure best suits your business. There are several business entities available in Singapore – namely sole-proprietorships, partnerships, limited partnerships (LP), limited liability partnerships (LLP), and companies. ACRA provides a summary table of the different business entities in Singapore. Diagram of Business Structure in Singapore Sole Proprietorship This is the most basic structure and second most popular type of entity. There is only one individual owner, hence the name. The registration with ACRA must be renewed annually. There is no legal veil separating the business from its owner. The business although registered with ACRA, does not result in a separate legal entity therefore the owner’s risk is unlimited. The owner is personally liable for the debts of the company. Sole Proprietorship is exempted from annual filing. As it does not limit the liability of the owner, it is suitable only for less risky businesses. Though […]
The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of business entities, public accountants and corporate service providers in Singapore. ACRA also plays the role of a facilitator for the development of business entities and the public accountancy profession. The Companies Act in Singapore introduced the concept of “small company” to exempt private companies that fulfill certain criteria from the requirement of annual audit. This helps the company reduce its operation and compliance costs. This audit exemption has been effective from the financial year beginning on or after the change in the law (1st July, 2015). The small company concept is applicable to both existing and newly registered private limited companies in Singapore. Previous Criteria for Audit Exemption The Act states that every company (unless exempted) must get its financial statements and accounting records audited by an auditor on an annual basis. The auditor examines their records and provides an independent opinion about the fairness of the accounts. Prior to the Amendment Act 2014, an Exempt Private Company with an annual turnover less than or equal to S$ 5 Million was exempt from having its accounts audited. An Exempt Private Company is a company that has less than […]
How to incorporate your company in Singapore…? In order to set up a company and start doing business in Singapore, the company must first be incorporated.The following information is required by Accounting and Corporate Regulatory Authority (ACRA ) when incorporating your company in Singapore: Company Name Brief Description of Business Activities Shareholders’ Particulars Directors’ Particulars Registered Address Company Secretary Particulars Constitution In order to prepare the necessary company incorporation paperwork the incorporation service firm that you engage will typically collect the following documents from you: For non-residents: Copy of passport, overseas residential address proof, and other Know-Your-Client (KYC) information such as a bank reference letter, personal and business profile, etc. For Singapore residents: Copy of Singapore identity card If the shareholder is a corporate entity: Copy of registration documents such as Certificate of Incorporation and Constitution Company registration procedure in Singapore is computerized by Accounting and Corporate Regulatory Authority (ACRA). So, as a result, the Singapore incorporation process is quick and efficient, under normal circumstances, the company can be incorporated in 1-2 days. There are two steps involved in the Singapore company setup procedure: a) Company Name Approval and b) Company Registration. If there are no delays caused by the […]
Auditing – what is it? Simply put, an audit is an examination of a company’s accounts to ensure their validity and accuracy. Audits are usually carried out by a third party organization in order to minimize the chance of fraud. In more complex terms, an audit, then is “the systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization”. Audits exist to make sure that financial statements and non-financial disclosures truly reflect the status of a company. Additionally, audits are performed to make sure that the accounts are being maintained in accordance with the law. How does auditing work? Given that auditing is vulnerable to immoral handling, governments all around the world have established formal procedures that must be followed in order to register and practice as an accountant. In Singapore, the Accounting and Corporate Regulatory Authority (ACRA) carries out this responsibility. Once an individual registers as a public accountant, the ACRA will monitor his or her work. Additionally, the ACRA researches and publishes information regarding audit quality in Singapore. Year round, the ACRA works with the business community to strengthen the financial reporting eco system. Still, the nature of auditing requires even more protection […]
Why create your company in Singapore ?! Well, the emerging economies of India, China and other South-east Asian nations have ensured that an increasing number of companies are moving in this region to take advantage of large domestic markets, cheap labour availability and booming infrastructure. And standing firm on the pillars of low corporate tax rates, integrity, quality, reliability, high productivity, rule of law, availability of skilled manpower, and enforcement of intellectual property rights, the city-state of Singapore provides the most conducive environment for companies looking to expand in the region. There are many reasons why this is the case. In this post we look at just a few of them which make this country the easiest place to do business in and why consider Singapore as your new best place to do business. Low Corporate Tax Rates The Singapore government has signed over 21 free trade agreements (FTAs) with 27 economies and 76 comprehensive avoidance of double tax agreements (DTAs). These agreements facilitate business and trading across borders and are aimed at minimising tax barriers to the flows of trade, investment, technical know-how and expertise. This, along with absence of capital gains and dividends tax, as well as lower […]
1. Avoid the sales pitch Nobody wants to watch your ad. Let me say that again: nobody wants to watch your ad. Think of how you instantly reach for your phone once an advertisement break during your favorite TV show starts, or how you roll your eyes when you see a product placement in a show *cough cough Transformers*. If the introduction to your video or blog post is a sales pitch, you risk immediately losing the viewer’s attention. When a viewer’s interest is lost, information goes in one ear and out the other – regardless of how helpful or entertaining the rest of your content is. We all know the power of first impressions, and if a viewer is put off by a sales pitch in your ad, they’re not likely to return to your content. First impressions really count. What do viewers think when they first come across your media? How can you make sure that their first impression is a great one? The trick is knowing how to sell your product without directly “selling” it. More and more advertisements either barely mention the product they are selling or wait until the very end to point it […]
Photo by Headway The truth about entrepreneurship Many people have a lot of ideas about what working in entrepreneurship is like. Some see it as a walk in the park – you may your own hours, make all of your own decisions, and get to work on something you’re passionate about! Sounds like a dream, right? While these perks certainly exist when you work as an entrepreneur, the truth is this – it can be extremely difficult to start and run your own company. If you’re considering entrepreneurial life solely because you want more flexibility or autonomy, think again. It takes time (and a whole lot of work!) to get to a point in your journey where you can enjoy these aspects of the job. So, is entrepreneurship right for you? How you can tell if it’s right for you 1. Your idea is unique The best ideas deliver value to customers. Does your business plan address an existing need in the market? If yes, look to see if there are other businesses that offer solutions to the same problem. Run a quick SWOT analysis to see the areas where you can offer more than your competitors. 2. You have the […]
Legislative Changes Parliament created the Companies Act to minimize regulatory burdens on Singaporean companies and thereby increase the overall ease of doing business in the country. In 2016, both the Ministry of Finance (MOF) and ACRA conducted a review of the Companies Act. They did this to check that the act itself did not weaken Singapore’s position as a global hub for foreign and local businesses and investors. Upon review, they proposed the Companies (Amendment) Bill of 2017 and the Limited Liability Partnerships (Amendment) Bill. Parliament passed both of these proposals in March of 2017. These latest amendments demonstrate Singapore’s commitment to the country’s global position. They also prove Singapore’s reliance on a robust regulatory regime. What changes are being made? Why? Aim: Reduce Compliance Costs and Administrative Burden Private companies not required to hold annual general meetings (AGMs) subject to specified safeguards Simplify the requirements for holding AGMs and filing annual returns Remove the mandatory requirement to use a common seal Aim: Make the ownership and control of business entities more transparent All companies and LLPs required to obtain and maintain beneficial ownership information (unless exempted) Aim: Boost Singapore’s Competitiveness as a Business Hub Introduce an inward re-domiciliation regime […]
Let’s start a company and do things we love, without any bossy supervision. That’s definitely one thing we entrepreneurs have in common. Sadly, before you get there, there’s a whole tedious process of setting up to go through. Just, “Which type of company is right for me?”, “What in the world is a Private Limited Company?”. Well, stay with me for 10 minutes and I’ll give you all the info you need about how you can register a private limited company in Singapore. Sole Proprietorship, Limited Liability Partnership, Private Limited Company. What are they? Basically, Sole Proprietorship is that your business is attached to you (yes, that’s right). Limited Liability Partnership, or LLP, is when you run a business with your friend(s) while Private Limited Company, or Pte Ltd, is formed when there are multiple shareholders owning unequal shares of the business. Fact: Private Limited Company is the most popular type of company in Singapore due to its ideal structure. 1. Private Limited Company vs Sole Proprietorship The most significant thing to note when you decide to register is that a Private Limited Company (Pte Ltd) in Singapore has a separate entity from its owners while a Sole Proprietorship is […]
f you have already set up a website for your business, you may be wondering how you could continue to provide live support to your customers 24/7, as long as your website operates
Accounting in Singapore The Singapore Companies Act requires all companies in Singapore to maintain proper books of accounting. Following the associated guidelines and protocol for these books can be quite difficult, so many Singaporean companies opt to hire an accounting specialist to assist with accounting, payroll, and GST registration. Most accounting services in Singapore are outsourced to specializing firms for simply for convenience. However, outsourcing bookkeeping or accounting services also ensures that companies are fulfilling the requirements created by the ACRA and IRAS, thereby avoiding any fines. What’s the difference between accounting and bookkeeping? The two terms have some overlap. Both processes record financial tax activities, cash flow, and overall business performance. Accounting, however, includes all of the work processes from recording, reporting, classifying, and analyzing detailed and organized data reports in order to improve a company’s financial standing. Bookkeeping is consistent record keeping, an important part of the accounting process that includes recording daily financial transactions in the order in which they occur. Responsibilities of Accountants Companies offering accounting services are responsible for the following: Collecting and filing all valid supporting documents necessary for the corporate activities, business transactions, and secretarial work Verifying the authenticity of the book of […]
Singapore as a Global Business Hub In September of 1965, after years of political disagreement, Singapore separated from Malaysia and became an independent nation. The new state’s lack of natural resources prompted the government to quickly invite foreign investments and international trade, a move that has allowed Singapore to grow into one of the biggest business hubs in the world. The Singapore government established business friendly tax policies and robust but transparent regulations. It invested heavily in infrastructure and worked to increase the number of English educated workers in the workforce. Fifty years later, Singapore has successfully made a name for itself as one of the world’s easiest countries to do business in. In this post, we will discuss the tax incentives provided by the Singapore Government for business activities. These incentives were designed to improve the country’s economic and technological development, and are available to a variety of industries. How are tax incentives offered to companies? When we say tax incentives, we’re referencing either low tax rates or exemptions from taxation. Singapore has created various tax incentives for specific activities or industries. These industries are given tax incentives because they benefit Singapore’s economic development. However, not everyone qualifies for […]
7 tips for marketing your small business Small businesses often face additional difficulties when trying to promote their goods and services, especially compared to big firms with huge budgets. It’s hard to increase brand awareness (or even product awareness) when you’re competing with less cash. Still, there are some easy ways to effectively market your small business. 1. Throw a block party If you work in an area shared by other small businesses, now is your time to network! That’s right, you can partner up with surrounding small businesses and throw a fun event together. That way, all of your customers or other passerbys get to see what your companies are about. Not only is it a way to support other small businesses, but it’s a way to promote yourself and your goods and services. The best part? You may be able to find some new customers. 2. Email Marketing You may be thinking that email marketing is outdated or ineffective. Marketers used to rely on TV marketing. That is, until the market became too saturated and customers would essentially tune out whenever a commercial played. Everyone then turned to the next revolutionary method of marketing to customers – email […]
When you want to enlist the services of an external company to incorporate your business, you might be spoiled for choice. There are so many corporate service companies in Singapore that offer incorporation packages that it is almost dizzying. We here at InCorporate.sg would like to simplify that experience for you. Based on user feedback and reviews, we have complied a list detailing the best incorporation services in Singapore for 2018.
Tips on how to enhance your SEO Every business needs a website; and the next step you would need is to market your brand online, either through advertisements or making your website appear on the top of search results. This is called search engine optimisation, otherwise known as SEO. SEO increases website traffic for your webpage, and it is a way to increase your online presence on various search engine results. That said, SEO is not solely based on search engines – you’ve got to target keywords that people are searching online, as well as curating content that they are seeking for. It is part of a digital marketing strategy, and there are many ways to enhance your business’ SEO. Before we dive into the various tips on how you can enhance your website’s SEO, let’s get familiar with a few terms pertaining to SEO: Crawling The process by which your webpages are added to Google search engine (this will depend on the meta tag you use for your web pages – either ‘index’ or ‘noindex’ – and Google will crawl and index the pages accordingly) Indexing The process by which your webpages are added to Google search engine (this […]
Starting a business naturally comes with a lot of risk, even in a country with a thriving startup ecosystem like Singapore. In this article I will outline the risks that entrepreneur commonly face. Some of them are specific to businesses in Singapore.
On a previous post, we talked about the top 5 incorporation services (online plus offline) in Singapore. On today’s post, we will be talking about the best online incorporation services in Singapore specifically. An online incorporation service make use of technology such as e-signature and digital forms to complete the entire registration process online. This allows customers to not have to travel and save time. Osome First up on our list is Osome. This innovative company focuses on using technology to simplify the tedious administrative tasks that all entrepreneurs have to go through. They provide company incorporation, accounting and secretarial services in Singapore. Osome is the first company in Singapore that uses an app for incorporation services. Customers use their in-house mobile app to talk directly to Osome assistants, send invoices and sign documents. If you are looking for a simple and convenient solution for incorporation, be sure to checkout Osome. They offer free consultations on their website. AI Accountant AI Accountant provides incorporation and other services at very reasonable prices. Just like all other companies in this list, AI Accountant also incorporates your company for you entirely online. They provide 24/7 customer support and promises fast processing time. However, […]
Things You Need to Know When Building Your Chatbot In our previous article about how every business needs a chatbot, we talked about the benefits of a chatbot, and how they can help to enhance your customer engagement level which traffics more customers to your website, bringing you more business. Whilst building a chatbot (without the need to code anything) may sound easy, getting your chatbot to learn and resolve customer queries isn’t something that could be achieved overnight. Today, let us delve deeper into the implementation of your chatbot, and the things we should take into consideration when building one. This ensures the best user experience for your customers when they use your chatbot. 1. Make your chatbot friendly and welcoming Many customers are unaware of the fact that the customer support whom they are chatting with are, in fact, chatbots. The chatbots’ way of interaction has become so ‘human-like’; just as how businesses built their chatbot to be – approachable and ‘friendly’. It is essential to make your chatbot welcoming and offer a sense of familiarity for your customers as you would want to achieve high customer satisfactory experience when they interact with your chatbot. Besides being able […]
Should I engage a corporate service company? Now that you have learned the steps on how to incorporate your company in Singapore, you might ask yourself if you are able to outsource the process. Good news! You most certainly can, and there are plenty of companies in Singapore who provide the service
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.
It is essential that businessmen concentrate fully on their business. Even those who are going to start their first business should have their focus on opening the company on time. They should ensure that all they require for the company are ready. Even if you going to work from home, you should ensure that the necessary tools you require are ready. Every entrepreneur needs to network with their prospective customers before they open the company. This will pave the way for a good start. They should have their staff ready if they are starting with a team. The office should be well equipped to start work on the first day. When there is so much to handle it is not wise for them to involve in other work.
What are the administrative steps a company needs to follow the first year after incorporation in Singapore…? There are a number of administrative steps and tasks that a new incorporated company has to complete before and after it starts operating. Some of the tasks are related to regulations, such as buying a company seal, setting up statutory books, and registering for taxes and licenses. Other tasks relate to the commencing business operations, such as opening a bank account, setting up an office and sorting out insurance, etc. Here are some legal obligations that all Singapore companies must follow, regardless of their size or business structure. Company Secretary The Singapore Companies Act states that every company must appoint a qualified company secretary within 6 months of its incorporation. Company Seal All Singapore companies are legally obliged to purchase a seal for stamping official documents. Often known as a “common seal”, these seals are metallic, ink-free, and leave an embossed impression of the company’s name and registration number on official documents such as share certificates and loan documents. Companies must pass a board resolution before affixing a common seal, and the documents must usually be countersigned by any two directors or […]
What kind of corporate services do you need So you have a name for your business, a product where you will be the one to offer this first, and a strategy that you know will keep your business running. Singapore is a melting pot of different cultures that offers a variety of products and services. Now, how will you start your business considering the competition that there is in Singapore? Do you know how to apply for a business registration, or how does company incorporation works? No idea? Okay let’s go straight to business. Now that you have everything planned, there are some rules and laws that a start up company would have to abide to. You have to register your company so that it will be recognized as a legal running business in Singapore. Aside from that you also have to look into the money side of your business. Here is where corporate services come in. And trust me, there are a lot of companies and consulting firms that offer this in Singapore. Some of the corporate services, that your company would benefit from, are: Accounting Payroll Visa Application Secretarial Services Business registration It is best to get the services […]
Ideas. Ideas. Ideas. Where do people get them? Everyone has that one friend who is brimming with crazy ideas on how to start businesses. To really get a workable idea that can be translated into a business plan? That’s not the easiest thing in the world. Plenty of prominent business people say that it’s all about the execution, not the idea.
What Corporate services your company needs in Singapore?! Here we provide the answers you need to know… First, what are these corporate services? Well, corporate services are activities that combine certain enterprise-wide needed support services, they are provided based on specialized knowledge, with best practices and technology to serve internal (and sometimes external) customers and business partners. When starting your company you need to save time and focus on your business and for this, it is best recommended to choose a Corporate Services Provider in Singapore, their team offers and delivers effective and efficient service for all your company needs. Here are some of the corporate services that you will need for your company: Business Advisory and Licensing Service Business advisory service advises current and future businesses prospects of a client, aiming to advance their business or company. This service is used by all types of businesses and would involve examining the legal, tax, finance, market and risks factors involved to start up a business or making new changes to the business. Trademark Registration Service Business License Service Legal and Contractual Advisory Services Incorporation Services Incorporation of the company, or the process of forming or registering a company […]
Last up, we have Recruitment. The process of hiring workers is probably one of the most crucial ones in the company. Good employees boost productivity and improve the company’s bottom line. Thus, it is extremely important that you hire the right people for the job. There are plenty of ways to hire people. But, today, we are going to discuss the merits of outsourcing the hiring process to a recruitment agency, against posting advertisements on job sites.
Goods and Services Tax (GST) Goods and Services tax (GST) is a tax on domestic consumption. GST is a tax levied on the import of goods as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT. The GST rate was increased to 4% in 2003 and to 5% in 2004. As announced in Budget 2007, the GST rate was raised to 7% on 1 July 2007. Before registering for GST The company/business must already be registered with ACRA The company/business already has a Business Bank Account Business activities can be clearly defined along with the expected revenue for the next 12 months Documents which may be required depending on whether the company has started sales For companies with compulsory registration, past sales need to already have exceeded $1 million. Businesses Required to Register for GST When it comes to doing business in Singapore, a company will be required to register for GST on a compulsory basis if the company fulfils these requirements: Taxable turnover exceeds $1 million per year; or Is making or intend to make taxable supplies and can reasonably expect your taxable turnover […]
Pitching to investors can daunt many potential entrepreneurs. To lay yourself out to criticism and rejection can deter many from seeking investments. However, that business funding could be the gap between success and failure.
Singapore has been consistently ranked among the top best countries to set up a business in for a variety of reasons. A recent report by the World Bank in 2017 listed Singapore as the second easiest country in the world to do business in, coming in just behind New Zealand. Still deciding which country you should choose to set up shop? Look no further than Singapore! Below are some of the reasons the beautiful city-state should be at the top of your list. 1. Low business tax rates The government constantly introduces and revises business-friendly policies in an effort to attract investors and establish the country as a global hub for business. The corporate tax rate, the amount of tax that businesses in Singapore must pay, continues to each year. In 2000, business were taxed at 26%. Over the years, that number has fallen to around 17%. The effective tax rate that businesses actually pay after tax exemptions, grants, and incentives is often lower than that 17%, making it one of the lowest tax rates in the world. 2. Foreigner-friendly Singapore is also an attractive place for foreigners with big business dreams. First, the government makes it extremely […]
When thinking of marketing your business, one of the first things that comes to mind is having your own website. When starting your own site, it is important to choose the right web hosting service provider.
Printing business cards is something that most entrepreneurs will need to do as their businesses get going. They will probably need to distribute name cards as they go around networking. Not only just business cards, brochures and flyers are also common ways of advertisement.
Building your personal branding – how is it important? As an aspiring entrepreneur, have you ever thought of staying ahead of the rat race amongst all the other entrepreneurs? Entrepreneurship today is no longer about promoting your business branding; you have to build your personal brand and put yourself out there before you could start promoting your business. Illustrating this in the context of consumer goods, consumers are more willing to purchase products from brands that are well-known. Consumer trust is built up from the brand image and reputation. Back to the topic, this applies to all individuals as well. The main gist of this is – a well-established personal brand will put you in a better position in the network of start-ups – allowing you to gain greater opportunities to promote your business in various market segments. Here’s a summary of how you can start building your personal branding and become a successful entrepreneur: Establish rapport and trust Make yourself present online. People will most likely check out your profile before deciding if they want to meet and speak to you. You could create a LinkedIn profile or have your own personal website/blog, basically you want people to easily […]
The ACRA Singapore has been improving its regulatory framework for years now in order to bring more accountability to registered companies. The Accounting and Corporate Regulatory Authority (ACRA) works actively in Singapore to improve the business environment so that companies may flourish and thrive. The ACRA is the governing body that regulates Corporate Service Providers (CSPs), public accountants, and firms in the country. In May of 2015, the ACRA created a new framework to regulate company incorporation and on-going corporate filings. This framework was created mainly to minimize the risk of money laundering and terrorism financing in Singapore. As a result, corporate service providers must register as a Filing Agent with the ACRA. CSPs face penalties and disbarment if they fail to follow the regulations. The government in Singapore, along with international law enforcement, is enacting stricter policies to counteract the major threat of money laundering and the financing of terrorism. Indeed, there has been a growing global focus to fight these activities across borders. Aim of new regulations The ACRA created these regulations to protect corporate services providers from unknowingly engaging in illegal activities; most specifically, money laundering and terrorism financing. In addition to the new regulations, the ACRA […]
Which bank is best? The ACRA requires that businesses in Singapore set up a bank account. It can get a little confusing given that there are so many options to choose from. We’ve ranked the top four banks in Singapore: DBS, Maybank, OCBC, and UOB as well as great new solution : Transferwise. What we found We found that DBS has the most convenient process for bank account set up, meaning that it takes the least amount of time. If you’re looking for a new bank account in the shortest amount of time, DBS is for you. That being said, DBS offers a limited range of options for business bank accounts and has monthly fees depending on which account type you choose. In contrast, UOB has a rather complicated process for setting up a new bank account; you can’t complete this process online. Additionally, it has high transaction fees and minimum balances. Still, it’s one of the largest banks in Asia, so it’s worth considering from a global standpoint. OCBC offers the most diverse range of business accounts. This bank has low initial deposits but does charge an annual fee for business growth accounts. This bank might be the right […]
What are the corporate taxes in Singapore ? Well, incorporating a Singapore company would bring you numerous benefits. From availability of affordable funding, ease of doing business, excellent connectivity, robust IP protection and legal system, and strategic location among the world’s leading emerging markets. But, one of the most important benefit it’s also the city-state’s attractive tax framework. Singapore resident companies are taxed on profits derived in Singapore, as well as on foreign soil, which are then remitted to Singapore. The corporate taxes income rate since 2010 has been fixed at 17%. It is calculated on the basis of the company’s chargeable income i.e. taxable revenues less allowable expenses and other allowances. Regards to the rate itself, while Singapore’s marginal rate is already the third lowest in the world, the effective tax payable comes out to even lower if one takes advantage of all the government incentives, subsidies and schemes. For instance, through its enhanced Productivity and Innovation Credit (PIC) Scheme, the Singapore government has made it possible for […]
Working in Singapore Given that Singapore is one of the best places in the world in which to start a business, many professionals travel to Singapore seeking employment and business opportunities! See why Singapore is a great place to incorporate your company as a foreigner. As a foreign worker wishing to stay and work in the small and robust city-state, you have a lot of different visa options available. No matter what type of visa you’re looking for, every single foreigner with the intention to work in Singapore must obtain a valid work permit. Work visa options in Singapore include: EntrePass, Employment Pass, S Pass, Personalized Employment Permit, and the Singapore Work Visa. Depending on the type of pass you want, you may need to meet certain educational requirements or a minimum monthly salary. We’ll discuss each type of visa below and the requirements, benefits, and limitations of each. We’re focusing on the most common employment passes offered in Singapore, and sort them into two categories: professionals and lesser qualified professionals. Professionals Pass types available: Employment Pass (EP) EntrePass Personalised Employment Pass Employment Pass The Employment Pass (EP) is the main type of work […]
Soft skills – what are they? You may think job recruiters are looking solely for the person with job-specific skills, or skills that are usually acquired either through education or experience. These types of skills are both easily definable and observable. Think of computer programmers, lawyers, construction workers, or chefs. While these skills are undoubtedly important (and can make you an appealing candidate), recruiters are actually looking for more. In addition to these types of mastery, employers want soft skills. In other words, employers want people skills. That’s right – soft skills include the ability to communicate with others, listen to others, and work well with others. “Hard skills will get you the interview, but soft skills will get you the job.” Benefits of people skills It may sound silly, but it’s true. Having excellent people skills can be the factor that distinguishes you from another job applicant. A recent study found that Singaporeans are actually lacking in these types of characteristics. Imagine you walk into an interview with great grades from a reputable university. Odds are, every single interviewee that day will have the exact same thing as you do – proof of intellectual intelligence. But what about emotional […]
When starting your own business as a freelancer, perhaps your first thought will be to register your company as a Sole Proprietorship. After all, that is what the structure is made for, right? It is for freelancers who work alone and wish to keep the administrative side of their business as uncomplicated as possible.
All set and ready to go? The next step would be to make it all official by incorporating your business and turn it into a legal entity! But you may have a question in mind. Why should I incorporate my business? Why can’t I continue doing business without incorporating it? Well, in this article, we will explain to you exactly why you should incorporate your company in Singapore. Protecting personal assets This applies to LLCs and Private Limited Companies. However, sole proprietors can apply to change their business structure to one of those. To learn why you should do so, here is a link to an article written about the topic. As a business owner, incorporating your business will make sure that you are not liable for any lawsuits or claims against the business entity which you have registered. It is a separate entity from yourself and thus if your business goes into deep debt, your own personal assets like your car and house cannot be affected. The company’s debt only belongs to the company. Credibility Legitimising your business and making it official adds instant credibility and authority to your business. Plenty of people will not do business with a […]
We start with website development! Every company nowadays need a website. To not have a website is almost like paying a hefty penalty from the beginning because all your competitors will have website. Having a website will improve your chances of being discovered by potential customers and also makes it simple for people to find more information about your company. Therefore, it is extremely crucial that entrepreneurs have a website for their business, and they should have one up and running as soon as possible!
All companies in Singapore must be registered with the Accounting & Corporate Regulatory Authority (ACRA) and abide by the Singapore Companies Act. The key requirements for registration of a company in Singapore include: at least one shareholder (individual or corporate entity) at least one resident director one company secretary initial paid-up share capital of at least S$1 a physical Singapore office address Among all stakeholders in a company, the director has the most important role as he or she is the person responsible for managing the daily affairs of the company and providing it with directions. ACRA states: “A director must make decisions objectively, act in the best interest of the company, avoid conflicts of interest, and be honest and diligent in carrying out his duties.” Moreover, the Authority defines a director as “any person occupying the position of director of a corporation by whatever name called and includes a person in accordance with whose instructions the directors of a corporation are accustomed to act and a substitute director”. Thus, even though a person is not formally appointed as a director, ACRA will still “recognize that person as a director if other directors of the company follow his […]
Singapore is one of the best countries to start your company. You can set your goal to establish your company by providing business service across the world, to help your clients make more confident and professional informed decisions. For entrepreneurs setting a company is the ultimate dream but dreams only come true when we see that dream. There are many hurdles will come in your dream, but you have to pass those hurdles and to follow your dream with passion. To fulfil your dreams, you have to overcome each and every challenge by facing them properly. Your handwork and dedication towards your work will help you to attain your goal one day so you have to focus on your dreams to come true. If you’re been thinking about opening your own company, read on to learn how to start a business in Singapore: Step 1: Business Idea First things first, you need a Business Idea, so that you can balance it with little reality. This is the first step in starting a business in Singapore. Your idea should have potential to succeed and fulfil a need or offer wanted by your clients’ market. Step 2: Plan Now, set a Plan […]
In an earlier post, we spoke about the benefits of setting up your business in Singapore. If you are convinced and have decided to set up shop in Singapore, the next step is to figure out how to do so. In this post, we will help you figure out the passes you need for yourself, your family and your employees. For yourself (the business owner): Entrepass The EntrePass is meant for eligible foreign entrepreneurs who are setting up a new business in Singapore. It is open to all nationalities and there is no stipulated minimum salary. However, there is a requirement that you have started or intend to start a private limited company registered with the Accounting and Corporate Regulatory Authority (ACRA). Read our complete guide on how to set up a private limited company in Singapore here. We help entrepreneurs register their business in 24 hours, click here to find out more. For your family: Dependant’s Pass This is the pass you need to bring your spouse and children with you to Singapore. It is valid for 2 years, and available for renewable thereafter. Long Term Visit Pass This pass allows you to bring […]
With the release of Singapore’s Budget 2018, Small and medium-sized enterprises (SMEs) in the country have plenty to rejoice. If you are a small business owner, it will do you much good to read up on the support the government can offer you
Fundamentals of Starting a Business in Singapore for Foreigners Thinking of starting a business in Singapore? It’s actually possible for foreigners too! Singapore is widely known as the world’s fourth leading financial centre, so it’s no surprise that foreigners everyday are creating or incorporating their businesses in Singapore. Additionally, Singapore has the third highest per capital income in the world and it’s largely considered corruption free, as compared to other developed countries. Owning a company in Singapore is much easier when compared to many countries that are considered as business hubs, even for foreigners. It takes only one day to complete the proper requirements and submit the application. Many companies in Singapore even offer online systems for incorporation where you can submit your application via the Internet in a fast and easy manner. Still, while starting a business in Singapore, you must of course determine your goals and plans to achieve them with your business – this is true for both foreigners and locals. 1) Create a Business Plan (mentally and on paper) The first step in starting a business in Singapore for foreigners involves converting your ideas into a business plan. Always keep in mind how these plans will […]
Singapore is considered worldwide as one of the best places to live and work. The city presents a plethora of opportunities and career development for you, your partner or any other family member. It is also easy for your partner who is on a (Dependants Pass) to either work or start and run a business in this state. Because of this fact, many expatriate families relocate to Singapore each year. This article provides an overview of the Dependant’s Pass and the various ways that you, as well as your spouse can work or start a business under the pass. What is a Dependant’s Pass? The Dependant Pass is a permit that allows spouses and kids of individuals who possess an Employment Pass or S Pass to join them in Singapore. Legally married partners and children who are under the age of 21 are allowed to apply for this permit. However, holders of the Employment Pass must be earning a minimum of S$5,000/month for them to bring their dependants into this country. If a member of your immediate family (spouse and children) is a holder of the Singapore S Pass, he or she will not qualify for a Dependant Pass (DP). […]
If there’s one thing that makes Singapore the perfect place to do business today is its friendly tax rates. In fact, this is one of the reasons why it was named the world’s best business location, next to London. The Lion City boasts low corporate income tax, well-structured tax incentives, and transparent tax policies that make it the best environment for any startup or multinational company to operate a business. If you’re one of those companies interested to take advantage of this opportunity, it will serve you well to have on your side the services of a company incorporation firm to assist in your taxation requirements. While it is fairly simple to understand Singapore’s taxation requirements, the process and timing should be adhered to with strict compliance. Hiring a Singapore company formation services firm to undertake your company’s taxation requirements is your best bet towards easy and efficient compliance. Of course, you’re wondering how a professional services provider involved in company incorporation can help handle your taxation needs. Before we get into that, let’s discuss the requirements that you should expect when filing for income taxes in Singapore. Requirements When Filing For Corporate Taxes In Singapore Businesses and companies in Singapore […]
Why Singapore is a great place to incorporate your company for a foreigner There are countless variables to consider as someone looking to incorporate their company overseas. They range from quite simple to extremely complex – workforce demographics, taxation laws, environmental regulations. Depending on what your company needs are, you may stand to gain some benefit from doing business overseas. There could even be advantages for existing companies looking to expand their business elsewhere. It might be easier to register a company, employ skilled workers, work under regulations, and purchase or rent facilities in a different country. Let’s say you decide to incorporate your company in a different country. Even after you make the decision, you still need to consider which business structure is best for you in relation to your long-term business strategy. There are three major options for company incorporation that exist for foreign companies. Out of these, the Singapore subsidiary company registration is most often the best choice regardless of the firm size. In this context, Singapore is the best choice for a foreigner considering its business friendly environment. Here are 5 reasons (out of many more) why registering a company in Singapore is best choice for foreigners. 1) […]
What makes BlueMeg stand out is its unique blend of personalised service, a team of legal and tech experts and innovative, in-house developed technology to simplify any corporate governance obligations. Clients enjoy a dedicated, secure and digital environment in which they can view and actively manage their companies and files. BlueMeg’s smart use of technology allows them to offer competitive pricing without compromising on quality and service.
6 Raffles Quay #11-07, Singapore 048580
Whether you have one employee or multiple employees; a startup or existing company, HR Connectus can provide you with the most services that you need in HR functions. Their main objective is to become the best HR service provider in Singapore. You can request for a free demo today!
160 Robinson Road #26-03 SBF Center Singapore 068914
This is an office that you will be pleasantly surprised the moment you step in. For a very good price you are not only getting a beautiful, conducive environment to work in, but also the opportunity to connect with passionate entrepreneurs just like yourself.
3 Harbourfront Place, Harbourfront Tower 2, Level 11, Singapore 099254
Osome is an one-stop service provider for your company’s incorporation and administration needs. They take care of the paperwork so that you can focus on your business. With their in-house developed app, you no longer need to sign and scan documents or keep hard-copy receipts.
80 Robinson Road, #08-01, Singapore 068898