Legal issues that most startups in Singapore should pay attention to

Legal issues that most startups in Singapore should pay attention to - Starting up is tough, you are new to business and you are new to your business idea. You not only need to spend time trying to make your product work out, you will also need to spend time trying to make sure your bank doesn't run down to zero and also managing staff which is a brand new thing to you. There are many components of the business, not just accounting and finance. You might some time overlook one very important part of your business, which is legal. Contracts are signed, sometimes without much concern until something goes wrong. You suddenly realize that you made a mistake and you want to go back to before you signed it but you can't. Legal issues kill many startups because you end up signing more shares than you should or you end up spending so much time on settling it that you end up killing your business anyway. So we will like to share ...


Why Singapore SMEs should consider cloud accounting software

In terms of doing business, Singapore is one of the leading places for the ease of doing business for many years. Why is that so? Singapore has been proud of being able to lead the world with its use of Information technology in setting up companies and also to do transactions with the government. All government submissions are mostly done online and also with the new system of using a corporate password instead of the SINGPASS which is every Singaporean's personal password to work with the government. The country is slowly transforming into a society of the future in terms of the use of Information Technology and also the use of new technology to improve efficiency. That said, the accounting sector in Singapore is one of the oldest industries in Singapore and also one that is very well established. Singapore being a big financial hub for the region and Asia manages a lot of funds. Coupled with the ease of doing business, Singapore has one of the world's largest number of incorporated companies and with this needing a strong army of accountants and auditors to assist in the management of all this local and ...


The Business Startup 101 Guide for new Entrepreneurs

The Business Startup 101 Guide for new Entrepreneurs Our team has been considering working on this piece for a long time and we think it would be great to create an article on the 101 of starting up a business right now so that we can share some of our thoughts and also our ideas on growing your business, how to start, where to start, when to start and how to eventually get there. There are a lot of questions that might come about so do contact us if you are keen to learn more or even go through some consultancy with us. So to start off our little article about starting businesses. There are a few things that we want to point out about starting up a business. We very often watch videos of successful businessmen talking about success and how they are spending their wealth and how they have the freedom that they deserve. Such videos are great but we all need to know that, they have already got there. We all think winning is easy, without realizing how much hard work is required to get to where you want to be.


Whats the difference between SP, LLP and Pte Ltd

Whats the difference between SP, LLP and Pte Ltd - Singapore's business systems are very similar to that of the British system. Most of the company's act came from the UK and with it most of the systems of business. To start of there are basically 3 main forms of business/company structures that an entrepreneur could consider when he or she wants to start off their business here in Singapore.  Singapore is one of the best places to do business and we are ranked number 1 on the ease of doing business and this makes us a great place to start a company. Many may be confused as to what makes a difference in the 3 main forms. Let us discuss it here today. Before we start, definitions, "SP" are what we term as sole proprietorship. "LLPs" are limited liability partnerships. "Pte Ltds" are private limited companies.  Let us start with sole proprietorship, when it comes to starting of a business, SPs are a good choice of business type because you can get it registered by yourself on the ACRA website in a few minutes time. How it ...


Startup Bank Account – Preferred Bank for Start-ups in Singapore

Startup Bank Account - Start-up Friendly Bank in Singapore       *DISCLAIMER: Information are correct as of 15/09/2015, any changes that are not reflected at the fastest possible time is regretted, we have included a link to the banks to allow you to better understand, please use this as a guide only!* Are you a running fresh start up? Trying to sieve through which bank to use for your first bank account? We are writing this guide on what we think are the best start up friendly bank in Singapore and hope it helps you in your start up journey. This article is written based on my personal experiences and also from information based off the individual bank websites and banker information. Do share with me if you have any opinions on this article, i am glad to hear more from others. Below is the summary table and our pros and cons analysis of startup bank accounts. If you require referrals for bank account opening, drop Tommy a call 98638665.     1) Startup Bank Account: DBS Entrepreneur's Account for Start-Ups - ...


Tax Benefits of Starting a Business in Singapore

Tax Benefits of Starting a Business in Singapore When we hear of Singapore, we always think of it as the clean city in the east with many rules set forth by the government. Little did we know that in the span of 40 years, this third world island nation has become one of the richest in the world with per capita GDP as the top 3 in the world. In Singapore there are a few set of tax benefits that not only benefit businesses but also the business owners who may have multiple investments in Assets and this would be good news for those who are looking to either stay here for the long term or even think of settling down in Singapore. We will talk about the business tax benefits first then talk lightly on personal tax benefits. Singapore has NO capital gain tax | Tax Benefits of Starting a Business in Singapore Yes you read it right, Singapore does not have a capital gain tax as the economy encourage the growth of capital. BUT this does not mean a trader in property is exempted. To be exempted from capital gain tax, there are a ...