Category: Business in Singapore

Insightful and dedicated experts in A.1 Business Pte Ltd are always ready and willing to provide assistance to any entrepreneur who’s keen on setting up their business in Singapore. Highly conscientious in their work, our team of professionals will provide a complete and comprehensive guide on the process of company registration in Singapore to interested parties.

A Complete Guide for Company Registration

company registration service

Singapore Company Registration – A Complete Guide

Singapore consistently ranks as one of the best places in the world to set up and maintain a business. According to World Bank, it is ranked No.2 in the world when it comes to ease of doing business. Some of the common hurdles such as red tape, work legislation and taxes are comparatively less in Singapore.

However, there are some requirements that you should comply with to register a company in Singapore.

Foreigners are not allowed to register their companies on their own in Singapore. Local entrepreneurs can choose to do so but they need to ensure they meet all the requirements set by the Company Registrar of Singapore, also known as ACRA (Accounting & Corporate Regulatory Authority).

Though we have made it easy for you to understand and register your business on your own, it is always advised to take the help of reputable local registered filing agents for company registration in Singapore.

Here’s a complete guide on company registration in Singapore and operate a business here. The following are the topics covered:

Choosing a Business Structure

Choosing the right kind of business structure can help you with the following things that can have a major impact your company:

  • Paying taxes
  • Administrative costs of setting up the business
  • Liability exposure from your product or service
  • Having partners or investors in the business
  • Whether you are a citizen of Singapore or not
  • Marketing plans and business goals

The common types of business entities in Singapore are:

  • Private Limited Corporation (PTE LTD)
  • Sole Proprietorship Corporation
  • Limited Liability Partnerships (LLP)

To help you choose the one that is a good fit for you, we have created a table

Quality Sole-Proprietorship Private Limited (PTE LTD) – Most Common Form of Company Registration in Singapore Limited Liability (LLP)
Catered to Qualified individuals Professional firms and working partners Scalable businesses
Benefits Affordability Tax exemptions (1st $100,000 net profit/year taxed at 4.25%, next $100,000 for first three years taxed at 8.5%) Affordability + limited liabilities (protection)
Drawback NOT considered separate legal identity. No protection for personal assets Considered a separate legal identity BUT bound by compliance obligations (AGM/EGM, etc) Considered a separate legal identity BUT taxed by personal income tax rate (higher than corporate tax)
Owned By Singapore citizens, foreigners or corporations (only with appointed local manager) Can be entirely local or foreign owned with no foreign shareholding restriction (at least 1 Singapore resident director needed) Singapore citizens, foreigners or corporations (only with appointed local manager)
Personnel Requirements One owner only One shareholder and One director needed (can be the same person) BUT maximum 20 members only Two owners BUT no limit on members
Taxed By Personal Income (Maximum 22%) Corporate Tax (Maximum 17%) Personal Income (Maximum 22%)
Limited Liabilities No protection Yes, protection is received Yes, partners aren’t personally liable for business debts incurred unless losses resulted from their omission or wrongful act committed
Account Auditing No Exemption is granted if they fulfill ‘small company’ requirements No
Compliance (Annual) Bookkeeping, taxation services Bookkeeping, taxation services, secretarial services, unaudited financial statements necessary Bookkeeping, taxation services, form submission to IRAS

Consider all the requirements, benefits, drawbacks and compliances before you make a decision on your business structure. If required take the help of company registration and incorporation service professionals to make a better decision.

Company Registration Requirements in Singapore

Once you have chosen the business structure, you need to know some of the pre-registration requirements to register a company in Singapore. Here they are:

  • Company Name – The first that you need is unique and easy to remember the business name. It should not be same as that of an existing business, it should not be vulgar, obscene or offensive, or should not be something that is prohibited by order of the Minister of Finance of Singapore.
  • Director – A company should have at least one director who is a local resident of Singapore. He can be a Singapore citizen, a permanent resident of Singapore, EntrePass holders (foreigners who are eligible to start a business in Singapore – they should get a letter of consent from Ministry of manpower).
  • Shareholders – A company must have a minimum of one shareholder and a maximum of fifty shareholders. They can be both individuals and entities regardless of whether they are locals or foreigners.
  • Company Secretary – A company should appoint a company secretary within the six months of its incorporation. The company secretary should be a natural person and a local resident in Singapore. The sole director of a company and the company secretary both cannot be the same person.
  • Auditor – A company must appoint an auditor within three months from the date of its incorporation. A few small companies are exempted from audit requirements and you can read about it here.
  • Registered Office Address – A company should have a local address in Singapore where it is registered. It is the place where all the communication is sent to and records are kept. It could be either residential or commercial but cannot be an address of a post office box, and it should be accessible to people during normal working hours.
  • Share Capital – The company must indicate the total amount that shareholders have paid for their shares. The issued capital should be at least $1. There is no minimum paid-up capital required.
  • Company Constitution – You must be ready with your company’s constitution before applying to incorporate your company. It is a legal document that contains the general rules and regulations of the company’s governance, its key characteristics, the operations the company caries out and mentions about the rights and responsibilities of key person of the company including the directors and the shareholders.

Requirements at a glance

Pre-Registration Requirements for a Company Registration in Singapore

  • Choosing a Unique Company Name
  • Should Have At Least One Director
  • At Least One local or Foreign Shareholder
  • A local resident Company Secretary
  • A Local Address in Singapore (Physical or Virtual Office Address)
  • At Least $1 of Issued Capital
  • A Detailed Company Constitution
  • Auditor to Appoint

How Foreigners Can Register a Business in Singapore

A foreigner willing to register and set up a company in Singapore has done the following things.

  • Since foreigners are not allowed to file the application on their own, they need to take help of professional corporate secretarial firm or an accounting firm in Singapore to submit the online application
  • They need to employ a director who is a resident of Singapore

Registering and Reserving the Business Name

The first that you need to do before incorporating your business is to register its name. You need to do it through BizFile, a business filing portal of ACRA. You need to pay $15 for the name application charges.

Once the company name is approved, the name will be reserved for you for 120 days and you need to register your business within those days. If you don’t, the name will be made available to others.

In general, ACRA approves a business name within an hour; you need to follow the instructions correctly though. If you are registering for a regulated business such as a school, tourism, law, bank, etc., your application will be reviewed by that particular referral authority before it is approved. For example, if you are registering for a school, the Ministry of Education in Singapore will review your application. These referral authorities take somewhere between 14 and 60 days to process the application.

Getting Ready with Required Documents for Company Registration

So, before applying for the company registration in Singapore, you need to be ready with some documents. Here they are:

  • The Company name approved by ACRA
  • Company Constitution – a legal document that
  • o Mentions the main activities of the business
    o Has the rules and regulations of governance of the business
    o The responsibilities and rights of the key personnel
    o Describes the way the operations are carried out in the business

  • The personal particulars of existing shareholders and directors (company secretary particulars can be updated later)
  • A copy of the company’s registered address
  • A copy of Singapore identity card (For local residents)
  • A copy of passport details, residential overseas address proof, other KYC documents (bank reference letters, business profiles, etc.) – (For foreign entrepreneurs)
  • Registration documents and Memorandum and Articles of Association (MAA) from the Company Registrar (For corporate entity shareholder)

Registering the Company in Singapore

You need to sign in to BizFile to submit your application form. Though it is easy to submit the application form, you need to be ready with all the documents in order and duly signed. The company registration fee is $300 and can be paid through multiple payment options.

It is advised to take the help of professional filing agents to get the company registered smoothly and quickly.

ACRA generally takes a few hours to process the documents and the application. Once the application is approved, all the company’s directors, shareholders and the company secretary should give their signed consent within 120 days.

Documents You Receive on Successful Registration

Once the company is registered successfully, ACRA will issue the following documents

  • Certificate of Incorporation – an e-Certificate of incorporation. This certificate can be used for many corporate needs in Singapore
  • Company Business Profile – or BizProfile or Company Extract is a PDF document with key details of the company
Documents You Receive How You Receive Them What It Contains
Certificate of Incorporation An email from the Company Registrar
Hard copies can be received by making online requests and paying a nominal fee ($50)
Confirmation of incorporation and a company registration number
Business Profile (Company) An email containing a downloadable PDF from the Company Registrar. Can be downloaded by request and paying an application fee Key details such as:

  • Approved company name
  • Registration number
  • Official date of incorporation
  • Shareholder/director/company secretary details
  • Official registered address
  • The amount of paid up capital
  • Description of main business activities, etc.

Post Company Registration Formalities in Singapore

  • Stay in compliance with Singapore’s corporate regulationsAll companies in Singapore are expected to fulfil compliance requirements set by the governing authorities each year. Failing to do so can actually result in serious repercussions, so it is definitely advised for new business owners to research or employ a competent corporate secretary that could assist in monitoring deadlines.
    Some of the common compliance requirements include:
  • o Determining the company’s financial year – Each company can determine its own financial year, which can begin from any month within the year
    o Conducting AGM/EGMs each calendar year so that the shareholders of the company are able to examine financial statements and offer approval to the company’s next stage of progress plans)
    o Preparing and filing annual returns after one month from AGM date
    o Preparing and filing annual financial statements – maintaining accounting books is necessary since annual financial statements must be prepared and filed
    o Preparing and filing corporate tax – Could be done either through paper or e-filing for convenience

  • Issuing the share certificates – They should be issued to the shareholders as proof of their ownership and a clear depiction of how the shares of the company are distributed. A board resolution must also be conducted to officially appoint the directors and company officials within the registered company
  • Obtain Business License – Depending on the activities of the company, there will be certain times where it’s necessary to obtain business licensing or permits before the company is able to operate a business. Some examples of businesses that do require special permits include, but aren’t limited to: travel agencies, businesses providing financial services, importation or exportation of goods, cleaning companies, restaurants, educational institutes, employment agencies and more.
  • Open a Corporate Bank Account – Open a corporate bank account for your business. Note that most major banks located within Singapore require the company stakeholders to be physically present in order to open a corporate bank account. Although there are certain banks that do not, it would really narrow down the options one can choose from.

Frequently Asked Questions

Why Singapore for Incorporating A Company?
Singapore is considered one of the best places to register and maintain a business. Some of the reasons include:

  • Top rated on ease of doing business
  • The best labour force in the world
  • One of the most globalized economies in the world
  • Low corporate tax rates
  • Low personal tax rates
  • Multiple government grants
  • No much auditing required (for small privately-owned companies)

Who Can Set Up a Company in Singapore?
Anyone can set up a company in Singapore irrespective of their nationality. The only thing is that they need to be over 18 years of age and should have never been declared a bankrupt

Can I Know the Main Steps of Registering a Singapore Company?
Registering a company in Singapore is a simple and straightforward one. There are only two major procedures.

  1. Approval for the desired name of the company
  2. Company registration by applying in ACRA

How Long Does it Take to Get the Name of the Company Approved?
It generally takes minutes to get the name approved. If the name of the business is found offensive, it may take longer

How Long Will it Take to Register a Company in Singapore?
Steps to incorporate a company and the time it takes:

  • Providing information about the company like business activities, structure, and required documents – depends on you
  • Registering company name with ACRA: not more than an hour
  • Preparation of registration document: 1 hour
  • Incorporation with ACRA: 1 hour
  • Overall, it takes a few hours to a few days to incorporate the company in Singapore. It mostly depends on the client. The quicker he provides the details and documents, the faster it can be done

Can a Foreigner Incorporate a Company in Singapore?
Yes any foreign individual or a corporate entity can incorporate a company in Singapore

Can a Foreigner Own 100% of the Equity?
Foreign shareholders can own 100% of the equity in a company in Singapore

Does Singapore Allow One-Person Companies?
Yes. They are called as Sole-Proprietorships. In this kind of companies, if the director and the shareholder are the same people, it needs to appoint a person as company secretary

If you are a foreigner, you need to appoint a Singapore local resident as an additional director

What are the Minimum Legal Requirements for a Foreigner to Set a company in Singapore?
The legal requirements are the same for locals and foreigners. The company should:

  • Appoint a local Singapore resident as director
  • Appoint a qualified local company secretary
  • Have a local address as the registered address for the company
  • Have minimum share capital of S$1

Will I Need to Visit Singapore to Incorporate My Company?
No. Not required. We can help you with registering your company. You just need to provide us with the required documentation

However, it is mandatory for the business owners to visit some banks in Singapore while opening an account

Can I Use Residential Address as Company Address?
Yes, you can in most situations. Please contact us to know more

Do I Need to Register My Business for GST?
It is not compulsory. But if the business turnover is more than $1 million, you are required to register for GST

Detailed-Information-about-Singapore-Corporate-Tax 4 Jun

Information about Singapore Corporate Tax

Guide to Singapore Corporate Tax

Singapore reduces corporate income tax rates and also recommends various tax incentives to attract and keep global investments. It adopts a single-tier territorial based flat-rate corporate income tax system. Having one of the lowest tax rates in the world and the general “business friendliness” of Singapore are two important factors that contribute to the the economic growth and foreign investment in Singapore. This guide will provide you with detailed information about Singapore Corporate Tax and all the tips that you will need.

Single-tier income tax system

Since 2003, Singapore adopts a single-tier corporate income tax system and this system means that there is no double-taxation for stakeholders. All dividends paid by a company to its shareholder will be exempted from taxation as the tax will be paid by a company on its chargeable income. Gains on sale of fixed assets, gains on foreign exchange on capital transactions are example of capital gains and would not be taxed in Singapore.

General tax exemptions and corporate income tax ratess

Headline Tax  Rate

Income  tax rates in Singapore have been declining to make Singapore as an attractive investment destination. Its headline corporate tax rate is a flat 17%.

1997- 00200120022003-042005-062007-09
26%25.5%24.5%22%20%18%

However, headline income tax rates does not provide an accurate indication of  effective corporate tax rate due to tax exemptions and incentives,  depreciation rules, etc.

General Tax Incentives

Below are the general tax exemptions/incentives currently available to Singapore tax resident companies. The effective income tax rate will be reduced significantly once these exemptions are applied to the taxable income.

  • 0% tax on S$100K taxable income

For the starting S$100,000, corporate income tax rate is 0% for each of the first three years for a newly incorporated company that meets the following conditions:

    • be tax resident in Singapore (Please see below the tax residency of company)
    • be incorporated in Singapore
    • Have no more than 20 shareholders of which at least one is an individual shareholder holding at least 10% of shares.
    • 8.5% tax of up-to S$300K

Singapore resident companies can apply for partial tax exemptions.

Effective Corporate Tax Rate

These general tax incentives will benefit small-to-midsize companies. Below shows a typical Singapore-resident company with S$2,000,000 annual taxable income.

First three years of tax filings

Taxable Income (S$)Tax Rate
0 - 100,0000%
100,001 - 300,0008.5%
300,001 - 2,000,00017%

After first three years of tax filings

Taxable Income (S$)Tax Rate
0 - 300,0008.5%
300,001 - 2,000,00017%

YA 2016 & YA 2017 – One-off Corporate Income Tax (CIT) Rebate

Every Singapore Company will be eligible for a corporate income tax rate, according to the Singapore Budget 2016. For corporate income tax payable for YA2016 & YA2017, companies are able to claim a one-time 50% corporate income tax rebate that is capped at S$20,000 and is beneficial especially for SMEs.

Income tax basis period

Singapore adopts a preceding year basis for the assessment of corporate income. For example, in year 2017, companies have to file for corporate tax return for financial year that ended anytime between January 1, 2016 to December 31, 2016. This means that the basis period for any Year of Assessment (YA) refers to the financial year ending in the year preceding the YA

Filing due date for income tax

Starting year 2009, income tax filing due date for Singapore companies is November 30.

Form C is a form for a company to declare its income, tax computation is a statement that shows the adjustments to the net profit/loss to show the amount of income that is chargeable to tax. Companies should include the documents above for tax filing and its yearly audited/unaudited accounts. For more information, see annual filing requirements for Singapore companies.

Withholding tax

Under the law, when a payment of a specified nature is made to a non-resident company or individual, a percentage of the payment must be withheld and paid to Income Tax Authorities. Singapore has implemented the law above to ensure the collection of tax payable to non-residents on income generated in Singapore. It does not apply to Singapore resident companies or individual.

Special purpose tax incentives and industry specific

Some industries in Singapore qualify for special purpose income tax incentives and concessionary tax rates offered under the Singapore Income Tax Act. For an overview of these additional tax incentives, refer to industry-specific tax incentives.

Company Tax residence

If the management and control of the business is exercised in Singapore, the company is considered as a tax resident in Singapore. Management and control refer to the making of decision on strategic matters like company policy and strategy. One of the key factors in determining where the management and control is exercised would be the location of the company’s Board of Directors meetings. Another factor that determines where management and control is exercised would be that if the company has an executive director or key management personnel who is plays an important role in decision making based in Singapore.

Singapore tax treaties

The main benefit and objective of an income tax treaty is to prevent businesses from double taxation. This will occur when a company is involved in doing business in both countries. Tax treaty is generally an agreement that specifies how the income earned will be taxed by the authorities of each country.

Singapore has concluded tax treaties with more than 50 countries and these treaties reflect Singapore’s continuous efforts to help businesses to relieve double taxation and to encourage trade and investment opportunities across-boarders.

Singapore has gone a step further in providing unilateral tax credits to Singapore companies starting from 2008. All Singapore companies that earned income from countries that do not have double tax agreement with Singapore; will be allowed a tax credit from their foreign-sourced income from those countries.

Net income vs taxable income

A company’s income can come from gains or profits from any trade, business income from investments such as dividends, interest and rental royalties, premiums and any other profits from property other gains of an income nature.

Income Tax Act of Singapore states that corporate tax will be imposed on the income that is derived from or accruing in Singapore and received in or outside of Singapore.  However, there are certain qualified exemptions commonly known as Exemptions on Foreign Sourced Income.

Net profit/loss alone will not provide an accurate picture of the taxable income due to some of the expenses incurred by the company might not be deductible for tax purposes or some of the income received may not be taxable or taxed separately as a non-trade source income.

Due to the provisions of the Singapore Income Tax Act, certain company’s income may be exempted from tax. For example, general tax exemptions available to all companies, exempt income for certain industries like shipping income derived from a shipping company, foreign-sourced dividends, branch profits & service income received by a resident company that satisfies the qualifying conditions, exemptions on qualified foreign sourced income.

Tax treatment of losses

In summary, a company can deduct allowable expenses against the income for taxation purposes in Singapore. The loss can be carried forward indefinitely if certain conditions are met, however, it must be deducted in the first available year where there is a statutory income. The deduction of the loss will follow the “proceeding year” basis. Losses can be utilized only as long as there is no major change in the shareholding and principal activities.

If the directors manage and control the business and hold board meetings outside Singapore, the company will be considered non-resident in Singapore, even if the lower level operations are taking place in Singapore. A company’s residence may change from year to year depending on the circumstances. A Singapore branch of a foreign company would not be treated as a Singapore tax resident since the control and management is vested with an overseas parent company.

The basis of taxation for a resident company and non-resident company is usually the same but there are certain benefits that are available to resident companies only. These include:

  • A Singapore tax resident company is eligible for income tax exemption scheme available for new start-up companies
  • A Singapore tax resident company can enjoy income tax exemption on foreign branch profits, dividends and serviced income
  • A Singapore tax resident company is entitled to benefits conferred under the Avoidance of Double Taxation Agreements (DTA) that Singapore has concluded with treaty countries.
  • Please note that the place of incorporation of a company is not necessarily means the tax residence of a company.

If you are interested in engaging a professional firm to help you with your taxe,  please check out our Unaudited Financial Statements Singapore services.

5 Tips for Building Better Local Relationships

handshake

 

 

As much as all that you will need is far off on the other side of the map, do not use that as a reason to justify ignoring local networking with partners and clients just a stone-throw away. Anyway, we would not want to fail to acknowledge and to appreciate the fact that technology has made everything possible especially in the business world.

Technopreneurship has been embraced all over, and a large number of people use it to build and maintain relationships with international clients. Why won’t you try building local relationships as well? Everything you need may just be a step away.
Learn five tips to help you build better local relationships as you let yourself develop a good business networking in Singapore.

Tip 1: Referrals
This cannot be stressed enough. Do not ignore people you close businesses with. After closing a sale with a client, what do you do next? Simply thank them for doing business with you and showing them to the door? Well, you are losing on a lot. After making a good business deal with a client, do not stop there. Let your customer provide you a list of other potential customers.
Referrals are a very easy way of building better local relationships and marketing your product to a large number of people.

Tip 2: Avail Yourself for Local Functions
Every community organizes activities that bring together local members. Be sure to attend such functions. This will be a very good way to interact with local members; letting them know who you are and what you do. Additionally, if you can afford or have enough required recourses, try as much as possible to chip into these functions.

Tip 3: Be an Active Member of Groups and Forums
This is also a very good way of building better local relationships with others. Business networking in Singapore, of course, cannot become strong without liaising with other people to form groups they can interact and exchange ideas. This is a better way of letting other businesses know who you are. You can do this better by finding groups within your niche and becoming an active participant in them.

Tip 4: Always Leave People with Something to Remember You With
Do this in a positive way of course. You want people to have something to remember you with, right? Then arm yourself with something that will give them a good impression of who you are and what you do. After meeting and interacting with residents, they may/may not forget who you are. Some may have very funny descriptions of you.

To do this even better, you could always consult designers who specialize in namecard printing services in Singapore to help you design business cards you can give to people wherever you go. Avoid asking for clients’ phones or pens to jot down where they could reach you, after all, you also need good business networking in Singapore.

Tip 5: Have a Good Geographical Description of Where Customers Can Find You
Let your customers find you easily by giving a clear visible description of where your business is located. This will be an easy way of building better local relationships.

Conclusion
Do not just find international clients, local business networking in Singapore is also excellent of increasing your client base.

Smart Strategies for Managing Your Cash Flow

Cash flow might seem like a pretty little term to throw around when discussing the specifics of a business, but it’s much more than just that. A cash flow will help you determine where your money is going and whether or not you’re making a profit. While not every business has the same cash flow management techniques, there are certain strategies that just might make it that much easier.

3 Smart Strategies for Managing Your Cash Flow

Set Goals and Objectives – You will spend and make money in the process of running a business, and as early as your brand’s inception, you should already have a plan as to where all of these funds will go. Simply writing down goals might not be enough. It’s ideal to make use of financial projections to help you understand where you should set your limits in terms of budget. How much do you intend to spend on electricity, water, and other utilities? How much wages do your employees get? How do you intend to depreciate the value of your equipment and machinery if you have any? How much will products and services cost for you to be able to make more than just breakeven? These are important factors to consider when projecting your business’ future and setting goals for your money.

Keep a Close Eye on Ins and Outs – Bookkeeping is an important task that should be performed with utmost care. The slightest mistakes in logging down financial occurrences might spell disaster for any business. By keeping track of the cash flowing in and flowing out of your business, you can get a better idea of how much you should have on hand. This makes it easier to keep an eye on profits to make sure that nothing’s missing from what money you should have made.

Don’t Overdo It – The problem many small business owners face is, at the beginning of running a business, they might have more money than they need. This gives them the feeling that they’re free to spend on and buy whatever it is they want. Splurging on expensive offices, an overly populated workforce, and other luxuries can easily eat away at these funds, leaving you with nothing in just a few months time. And because your business is just starting out, you might not be able to make enough to answer for what you lost. As a business owner for a start-up brand or company, it’s ideal to treat your business as such regardless of how much money you have. Avail of only what you can afford and don’t spend more than your projections will allow.

Managing money is one of the hardest aspects of running a business, but if you make use of the right strategies, you might just see success earlier than the rest. Remember, money is a finite resource and you should always do your best to keep as much of it as you can without sacrificing the quality of your goods and services.

Payment Options for E-Commerce Sites in Singapore

Singapore isn’t only a thriving city-state in terms of economic growth at the higher levels, it’s also one of the countries that offers the highest internet speeds in the whole of Asia. That’s why numerous brands and businesses within Singapore have turned to online-based platforms to bring their services and goods to their clientele through a fast and reliable method. Consumers can enjoy flicking through pages of products through their mobile and other electronic devices, and can even make secure payments through these online platforms. There are several payment options for e-commerce sites in Singapore, and here are a few of them.

PayPal – Probably the most trusted online payment process across the globe, PayPal makes it possible for Singapore e-commerce sites to receive instant payments without all the hassle. Consumers simply have to set-up their own personal PayPal account and link this with their credit or debit card. Payments made will be taken from the linked card. Merchants on the other hand, simply need to set-up their own PayPal account and supply the necessary information regarding their business. After validating the account, merchants can accept payments from all major credit and debit cards. What’s great about PayPal is that the fees are fairly low, and transactions can be free of charge is a certain amount is reached.
WorldPay – WorldPay is another popular online payment option for e-commerce sites in Singapore. Offering the same ease of application as PayPal, WorldPay only loses when it comes to annual fees. Yes, this payment option will charge merchants an annual 650 SGD, which is a recurring fee that needs to be paid if merchants want to continue availing of the service. Set-up is free however, and transaction service charges can cost up to 3.95% of the value of all transactions.
E-Nets – Another online payment option for Singapore e-commerce sites, E-Nets imposes a 4% fee on credit card transactions, a 3.5% for direct debit transactions, 250 SGD account set up fee (one-time payable), and an annual maintenance fee of 200 SGD upwards. While this might seem like an expensive option, E-Nets is a favoured payment option among many Singaporean e-commerce sites because of its ease of use, high accessibility, and compatibility with many online platforms.

There are numerous other payment options for Singapore based online websites, but these three are among the most popular. Based on your needs and preferences, you might want to look into the specifics of each one before deciding which one goes best with your needs. PayPal for example is used widely across the globe. So if your business’ target market exists outside of Singapore, then a PayPal account might just be the best option for you. As an e-commerce site, it’s best to take all the angles into consideration before jumping into a payment option scheme. This will save you from potential problems in the future and will keep you from paying unnecessary monthly fees and annual maintenance costs.

Business Services that Will Improve Your Operations

Running a business is no easy task, and that’s why you need to make use of all the available resources and talents to make sure your business runs as smoothly as possible. Trying to get by on DIY functions might lose your business more money than it makes, so it’s best to get the help of professionals to assist you with tasks that you might not be prepared to undertake. These business services may not seem all that necessary to you, but they will guarantee that you will improve your operations for better profits in years to come.

Accounting – Many businesses believe that they don’t need an accountant. This is because business owners think that their rudimentary knowledge on accounting can be enough to keep their business boat afloat. While this might be true for some small start up businesses, the challenges of accounting become much greater when a business grows. Making the smallest mistakes with this can cause great problems for businesses in the future. Hiring an accountant might seem like a big waste of money to some individuals, but accountants aren’t actually as expensive as they’re worked up to be. What’s more, the money you will save from hiring an accountant will be much better than the money you will lose from trying your own hand at accounting work you’re not ready for.
Sales and Lead Generation – The business industry is riddled with other competitors and numerous other brands that are fighting for the spotlight and the attention of the pool of consumers. As a business, one of your main goals should be to reach higher ground and make your way into the consciousness of consumers in order to make a sale. But finding the right clients might not be as easy as it seems. Many businesses fail to reach the right audiences and ultimately find themselves struggling to survive on what little sales they have. that’s why hiring sales and lead generation services can benefit businesses greatly. By employing the expertise of professionals, you can better secure prospects and turn them into sure buyers without wasting too much time or effort. What’s more, sales and lead generation specialist services can be outsourced so you won’t have to worry about paying too high a price.
Bookkeeping – Bookkeeping is an important practice that should never be overlooked. This allows businesses to keep track of their daily, monthly, or annual cash flow in order to understand where money is going. DIY bookkeeping could cost you more money than you make, especially when you make mistakes and errors in the records you keep. A professional bookkeeper is trained to have a keen eye and an attention to detail that’s hard to compete with. These people are usually highly capable of keeping track of records and will ensure that every financial occurrence that happens within operation is up to code. By hiring a bookkeeper, you could save yourself from the potential head aches that come with making bookkeeping mistakes.

22 May

Enabling Masterplan: Inclusive push to improve lives

People in Singapore living with disabilities are going to be able to take advantage of a variety of new policies being formulated by the Singapore government, with the national master plan to chart this process out being worked on as we speak.

The third edition of the Enabling Masterplan, this version is going to be a five-year blueprint as it is going to positively impact about 3% of the entire population of Singapore currently living with one variety of disability or another.

The government has always been focused on making sure that their infrastructure and their citizenry has been provided with everything possible to help them meet the challenges and expectations of the modern world, and this new master plan is going to go a long way towards making sure that those living with diabetes aren’t left behind in any way, shape, or form.

The new master plan anticipates exponential growth any amount of people living with disabilities

According to information published by the Singapore government ahead of the release of the new master plan (slated to be released in April 2016), this third version of the Enabling Masterplan is expected to take into account the exponential growth in the amount of people living with disabilities in Singapore as has been anticipated.

It is impossible to really expect or anticipate exactly how many people are going to be living with some kind of disability in the future, but the five year plan does anticipate the 3% rate of the entire population of Singapore living with disabilities to grow considerably over that amount of time.

The established population will get older and older, there are bound to be workforce accidents and injuries that caused disabilities, and though major leaps forward have been made in the world of medicine and research, there are still disability birthrates that are climbing ever higher almost every year.
This third iteration works to elevate levels of inclusion even further

The most important thing to remember about all of these master plans that have been released in the past by the Singapore government is that they have focused on one thing and one thing only – making sure that absolutely NO citizen of Singapore (regardless of their ability or their disabilities) is left behind.
As we mentioned above, the government has always been very heavily invested in the lives of their citizens and their futures.
Regular investments are made to improve the economy, to build out the infrastructure, to connect Singapore to the rest of the world, and to provide each and every citizen with as many advantages in our modern world as humanly possible.

A big push behind this initiative is to make sure that those living with disabilities are able to find some kind of work that allows them to remain gainfully employed, as right now only about one in every 10 citizen living with a disability is able to do so.

It’s very likely that this third iteration of the Enabling Masterplan will go on to be a model for the rest of the international community, as both of the previous versions have gone on to be exactly that.

22 May

Reasons Why Small Businesses Outsource Logistics Services

Small business owners need to pay attention to logistics, the same way that larger company owners do. However, small business owners don’t need to perform logistics work themselves. Instead, they may outsource the task to logistics services and doing so is actually a really good idea.

Most small business owners will really benefit from hiring an experienced and skilled team to deal with logistics issues for them. In fact, it may be one of the keys to helping a business grow!

Today, we’re going to share some reasons why small businesses outsource logistics services…

What is Logistics, Anyway?

Logistics is all about coordinating complicated operations in great detail. It’s designed to boost efficiency in terms of using people, facilities and supplies in order to perform tasks. Planning and execution are the keys to effective logistics for a small business and logistics may range from transporting goods to suppliers at various “point Bs” to running special marketing campaigns (such as in-store demos) and beyond.
Where there’s a viable business, there’s a need for logistics, and no one understands logistics better than logistics specialists. They have unique training and relevant work experience. They are the right people to turn to if you want to enhance logistics at your company.

It Boosts Overall Efficiency

Maximizing and optimizing efficiency is what streamlining logistics is all about! When you outsource, a team of logistics experts will look at the way that your company currently runs and suggest improvements which have the power to make a company more efficient, profitable and professional.

It Takes the Pressure Off

Also, outsourcing this task will give you the power to focus on other things, such as customer care and marketing. Since you wear so many hats, the ability to focus on other things is an important advantage which shouldn’t be underestimated.

Long-terms Benefits May be Enjoyed – Money is what running a business is ultimately all about. You need to stay competitive in order to keep turning a profit and in order to grab more vital market share. When you outsource logistics, the team that you hire will look at how things are run and make improvements, with a mind to helping you steer your company into the future.

How to Find the Right Company

If you’re ready to outsource, you’re definitely making the right decision. However, you should choose your logistics company with care. Look for a firm with a proven track record, an affordable suite of services and a great business reputation. Comparing two or three companies will be the best way to find that one that is right for you.

Once you’ve found the perfect company, reach out to its service representatives. You’ll find that they offer great communication and plenty of welcome guidance. Once you start outsourcing logistics, you may find that the process of running your company is much easier. It’s all about giving logistic tasks to the experts and focusing on things that you’re an expert at. Outsourcing logistics is a perfect way to achieve your company’s potential.

What-are-the-factors-that-make-the-economy-in-Singapore-tick? 21 May

What are the factors that make the economy in Singapore tick?

Every year, the robust Singapore economy drives thousands of professionals to its country. However, what are the factors that make the economy in Singapore tick?

Singapore is a major financial hub in the Asia Pacific region and has long earned a reputation as one of the worlds’ most advanced economies. Singapore was ranked as the world’s second most open economy and most pro-business regime in 2017.

Even though Singapore has a lack of natural resources and a small domestic market, it successfully weathered through the financial crises of 1997 and 2008. Today, Singapore’s economy is one of the most stable in the world as it has no foreign debt, high government revenue and a consistent positive surplus.

Singapore has the world’s busiest cargo seaport and the economy is mainly driven by financial services, tourism and exports in electronics manufacturing and machinery.

Which Singapore industries drive the economy?

The largest industry in Singapore is the manufacturing sector as it contributes 20-25% of the country’s annual GDP.

Some key industry clusters in Singapore’s manufacturing includes chemicals, biomedical, electronics, sciences, logistics and transport engineering. Manufacturing sector grew by 35% in the third quarter of 2017, allowing clusters like precision engineering and electronics to benefit from high demand.

Subsequently, Singapore’s financial services industry has enjoyed stable growth due to Singapore’s pro-business environment and political stability. Singapore’s financial services are a regional hub of choice for many global financial services firms and are home to over 200 banks. It also facilitates the transfer of processes, knowledge, technology and skills between different markets.

Medical technology, aerospace engineering, clean energy, healthcare, and content development are other industries that make important contributions to Singapore’s economy.

What natural resources does Singapore have?

Despite having no significant natural resources, Singapore did not stop itself from developing into a regional hub for oil and gas. It is also a world leader in sustainable water solutions and projects such as NEWater and the Deep Tunnel Sewerage System.

In a growing economy, Singapore’s true natural resource is its people and as the economy grows, both local and non-local companies have an access to a huge pool of an educated workforce and eventually an increasing consumer market..

How is Singapore’s infrastructure development?

Singapore was a commercial and military seaport during the British colonial era and Singapore has always been well-developed. In 1965, Singapore gained independence and the post-colonial government also improved and expanded the country’s transport, communications, industrial and housing systems. Singapore has wide bus, taxi and ride-sharing operations that makes it safe, efficient and punctual.

Changi International Airport is connected to 380 cities in 90 countries and also handles more than 7,000 weekly flights that transport passengers and cargo worldwide. Singapore port also gives shippers a choice of over 200 shipping lines access to 600 ports in 123 countries. Therefore, it is the busiest container port in the world which can dock 1,000 ships.

Singaporean has at least 1.5 phones per person making Singapore one of the world’s highest mobile penetration rates, and more than 90% of Singaporean households have access to internet. There is an also island-wide Wi-Fi available at common places.

Industrial and commercial facilities are also readily available as there are over 47.7 million square meters of industrial space that can be used. Commercial businesses also have the choice of world-class high-rise and low-rise offices in the Central Business District.

What is Singapore’s current Gross Domestic Product (GDP)?

Singapore’s GDP at current market prices stands at S$107 billion for the third quarter of 2017. Singapore’s economy also grew by 5.2% during this period which is the fastest it has grown in more than three years.

Singapore has sustained growth in the manufacturing industry and broaden out to other industries such as services and retail due to the recovery of global trade and an improving labour market.

Singapore’s economy is likely to expand at a steady, but slightly slower pace in 2018 as estimated by the Monetary Authority of Singapore.

Does the Singapore government have any public debt?

Since 1995, Singapore government has maintained zero foreign debt. In the third quarter of 2017, the total outstanding government borrowing was S$496 billion which is the domestic debt and it comprises of registered stocks and bonds, treasury bills and advance deposits.

Nonetheless, Singapore fiscal strength is not affected by it as the Singapore government borrows to invest, and the return on investment generated makes up for the difference.

Singapore government has a strong balance sheet with its assets outweighing its liabilities as they implement strategic debts alongside with strong asset protection, robust economic growth and prudent macroeconomic policies.

What are the main sources of revenue for the Singapore government?

Total revenue of   Singapore’s government is estimated at S$69 billion as the third quarter of 2017. Singapore earns its revenue mostly from taxes, property, excise and custom duties, as well as GST. Other revenue also include government property rental, license and permit fees, fines and forfeitures, as well as capital receipts from the sale of capital goods.

What is Singapore’s current trade strength?

Singapore has an export to import ratio of 1.16: 1 and it traded S$870 billion worth of goods in 2016. Singapore is also the world’s 14th largest exporter and 17th largest importer.

Main exports include refined petroleum, integrated circuits, computers and semiconductor devices. Singapore’s primary export/import partners are China, Malaysia, United States and it exported S$466.91 billion worth of goods in 2016. It also imported S$403.3 billion worth of goods in 2016 which consists of gas turbines, computers and the exported products.

Build your career in a secure, stable economy

Singapore is the go to country to grow your career as it was ranked the third wealthiest nation in the world and has enjoyed high rates of foreign direct investments.If you are interested in incorporating a company, please refer to A.1 BUSINESS.

Get Hired – Tips on Securing an Employment Pass in Singapore

In recent years, Singapore has become a highly-sought after location when it comes to securing the success of a company or business. This thriving metropolis is home to some of the best, well-established businesses the world has seen because of the city-state’s well oiled operations in terms of supporting companies.

With all the success in the Singaporean finance and business realm, you should expect that the people who work there are top-of-the-line as well. Singapore is open to foreign workers and allows these individuals to acquire jobs within their boundaries given that they have secured employment passes. What exactly are the ins and outs of acquiring an employment pass in Singapore? This little list might shed some light.

1. Familiarize Yourself with the Different Work Pass Types. The Ministry of Manpower (otherwise known as MOM) implements guidelines in order to minimize the chances of companies trying to employ foreign workers to cut back on costs. With that in mind, MOM has come up with different work pass types to help individuals and employers understand just what kind of work pass is most appropriate, as well as what policies and technicalities come along with each type. Before you acquire your work pass, make sure you and your employer discuss just what exactly they’re hiring you for and what work pass would suit you best.

2. Choose Your Job Wisely – While we all know that it’s important to apply only for jobs we’re capable of performing, we can never avoid getting a little carried away with our applications. Some of us might even apply for opportunities beyond our current capacity just to get that higher salary rate. But when applying for a work pass in Singapore, it’s important to apply for jobs that you’re sure you’re cut out for. MOM reviews each application and ensures that each applicant is designated in the right vacancy, anyway, so you might as well make the right match.

3. Make Sure to Inform Employers of All Your Relevant Experience – Because you’re applying for work in another country, that is Singapore, it’s important to list down all your relevant work experience to give them an idea on just what it was that you have accomplished in the past. This will give them a better idea on whether or not to grant you a work pass, and what kind of work pass they would grant you if in case they decide to. The qualifications for jobs vary greatly in different countries and so it’s important to make it clear how and why you’re a fit for the job despite the fact that you’re coming from another place.

4. Secure Reliable References – There’s no other way a company can verify your reliability without first checking your references. This is one of the major factors that get these employers to decide whether you’re worth employing or not. To verify your information, make sure to list down some previous employers, co-workers, or even educators (for entry-level applicants) who can vouch for your work ethic and reliability.

Get Hired – Tips on Securing an Employment Pass in Singapore

In recent years, Singapore has become a highly-sought after location when it comes to securing the success of a company or business. This thriving metropolis is home to some of the best, well-established businesses the world has seen because of the city-state’s well oiled operations in terms of supporting companies.

With all the success in the Singaporean finance and business realm, you should expect that the people who work there are top-of-the-line as well. Singapore is open to foreign workers and allows these individuals to acquire jobs within their boundaries given that they have secured employment passes. What exactly are the ins and outs of acquiring an employment pass in Singapore? This little list might shed some light.

1. Familiarize Yourself with the Different Work Pass Types. The Ministry of Manpower (otherwise known as MOM) implements guidelines in order to minimize the chances of companies trying to employ foreign workers to cut back on costs. With that in mind, MOM has come up with different work pass types to help individuals and employers understand just what kind of work pass is most appropriate, as well as what policies and technicalities come along with each type. Before you acquire your work pass, make sure you and your employer discuss just what exactly they’re hiring you for and what work pass would suit you best.

2. Choose Your Job Wisely – While we all know that it’s important to apply only for jobs we’re capable of performing, we can never avoid getting a little carried away with our applications. Some of us might even apply for opportunities beyond our current capacity just to get that higher salary rate. But when applying for a work pass in Singapore, it’s important to apply for jobs that you’re sure you’re cut out for. MOM reviews each application and ensures that each applicant is designated in the right vacancy, anyway, so you might as well make the right match.

3. Make Sure to Inform Employers of All Your Relevant Experience – Because you’re applying for work in another country, that is Singapore, it’s important to list down all your relevant work experience to give them an idea on just what it was that you have accomplished in the past. This will give them a better idea on whether or not to grant you a work pass, and what kind of work pass they would grant you if in case they decide to. The qualifications for jobs vary greatly in different countries and so it’s important to make it clear how and why you’re a fit for the job despite the fact that you’re coming from another place.

4. Secure Reliable References – There’s no other way a company can verify your reliability without first checking your references. This is one of the major factors that get these employers to decide whether you’re worth employing or not. To verify your information, make sure to list down some previous employers, co-workers, or even educators (for entry-level applicants) who can vouch for your work ethic and reliability.

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