YOUNG ENTREPRENEURS SCHEME
YOUNG ENTREPRENEURS SCHEME / NETWORKING
Are you an aspiring young entrepreneur? Or you’re already working on a Singapore Startup? Want to meet fellow young entrepreneurs at a networking session?
Young Entrepreneurs Scheme Singapore (YES Singapore), Increasingly Singapore is moving towards a focus on youth entrepreneurship and startup innovation.
There also has been much more funding and support provided for young people startup up businesses in Singapore to allow them to work on their products and services for sale and distribution in the local and international markets.
At Koh Management, we’re committed to providing high quality services for budding owners of the future. We are very willing to share our valuable knowledge and support much needed in your early start-up phase. Our string of consultancy for startups, inclusive of corporate secretarial / accounting services / tax consultancy services at pocket friendly pricing. Will definitely help ensure that you keep yourself updated about the latest changes in Singapore’s business sector and help your business grow.
Common Questions that our members under young entrepreneurs scheme (YES Singapore) may face?
How do we issue an invoice? What are we suppose to have in it?
Are there any grants that are useful to us? I heard of ACE / PIC / SPRING ICV , are they suitable for me and why?
Which bank offers better startup rates for us? Which bank offers better service for businesses?
How should i structure my business so that i can protect myself from my major shareholders/directors from taking advantage of me in future?
Are there any networking sessions that i can attend or groups to join for young startup founders like me?
These are the questions that startup founders are not only puzzled with but may find difficult to find answers to because each startup has their own set of questions and problems. And this are the questions that our startup consultancy services want to tackle.
As a accounting/secretarial firm with 30 years of experience, we are able to assist you in answering this questions. And pointing you in the best direction for your business growth. We are also able to update you on the latest changes from the government and other startup organizations as and when things are happening. We provide startup consultancy as well as advice for young startups and point you in the best direction to start off from.
"Our Young Entrepreneurs Scheme has been proven to work well for young founders who wish to start their own business but are confused as to how things work"
Our Youth Accounts Manager is Mr Tommy Koh, Co-Founder of various businesses, involving Loan Brokering, Corporate Gifts, SEO & others. Being 32 years of age, he is someone you could probably relate to as a young startup founder without feeling intimidated.
Our Young Entrepreneurs Scheme has been proven to work well for young founders who wish to start their own business but are confused as to how things work, we also are part of a young entrepreneurs group and will be hosting our very own young entrepreneurs networking/startup networking session.
While we assist young founders to grow, we also assist with accounting/payroll/tax consulting related work as we know that the best use of the founders time is to work on their own business to bring in the users or the dough. Leave the time consuming work to us and grow your businesses!
Many start up founders have found their business partner in us, will you be the next? And most importantly , do you dare to take the first step to making your dreams come true?
We have recently launched our Quarterly Young Entrepreneurs Networking sessions to bring together young founders who like to share about their business and get to know people in their industry and share ideas and plans with other like minded youths.
We are committed to ensuring the quality of this engagement. That means, there will not be sales pitches and we are strictly against MLM or any other agents. If this people are invited by our guest, we will reserve the right to ask them to leave the venue to ensure we have a good session for startup founders. We have worked closely with cafe owners/various host (mostly startup founders) to ensure that the setting of the meet ups are relaxed and fun for young founders to relax for the day , network and make friends. Join our Young Entrepreneurs Networking sessions by filling your details in the form. More details will be shared through email when more details are available for the next meet up and young entrepreneur networking session.
Contact Tommy, our accounts manager for the Young Entrepreneurs Scheme Singapore (Yes Singapore) at 98638665 or email@example.com for a quick discussion for your new young start-up! Or place your name to be part of the Young Entrepreneurs Networking sessions!
Before you begin the thought of starting up, there are a few things you will need to consider:
1. What are the types of business entity that you could register and their strengths and weaknesses
2. What are the items to watch out for if i register a Pte Ltd Company
3. Are there any support / consultancy / networking sessions for start ups?
1. What are the types of business entity that you could register and their strengths and weaknesses
There are four main types of business entities that a start up could consider:
Sole proprietorship are great for individuals who are just starting out. The business probably has little or no risk at all and there is very little chance that there will be large investments and large liabilities. Sole Proprietors are personally liable for payment so if you ever have a chance of default, they could come after your property and assets. Sole proprietorship are easy to manage and easy to prepare for reporting to government.
Partnership arrangements are good for businesses who are operated by more than one person. Multiple partners can come together to form a partnership in doing business. The filing requirements are relatively simple when you are needed to only file the revenue and expenses and then the profit figures of the partnership.
Partnerships will mean that liabilities are shared equally between the partners so there is a bigger risk when it comes to doing business. One mistake taken by one partner could affect the other partner, so if one side took up a loan and is not able to repay under the partnership name , all will be responsible for the payments
Limited Liability Partnerships
Limited Liability Partnerships or LLPs are very popular nowadays. The requirements of LLP are easy, you just require at least 2 partners to form this LLP. You have limited liability on your assets and the filing requirements are also easy with just revenue, expense and profit figures.
Private Limited Companies
Private limited companies are the most expensive to set up but also the most popular when it comes to operating a business in Singapore. Private Limited companies limit the amount of financial exposure to the business to the amount of share capital the person has contributed to the business. If a Pte Ltd takes a loan, the directors might have to be personal guarantors and there is when you will be more exposed to the business default.
Raising funds are also easier when it comes to Private limited companies. Shares can be issued based on the agreed shareholdings and increased when there is a need to by increasing the share capital. You could also transfer your shares to others who have bought you out and also consolidate to one person if things dont work out. Unlike partnerships, you can run a private limited company as an individual person as shareholder and director.
Shareholders are the persons who own the business and fund the initial business capital
Directors are the day to day managers of the business and work in representative of the shareholders.
2.1. Startup Incorporation | Startup Company Registration Services Singapore
Starting up a new company is a big decision. There might be some questions that you might want to ask and find out more. Some of the common ones are:
Why can’t i do it myself through ACRA?
What are the services that are provided in a startup incorporation package?
What are the things to watch out for when you incorporate your company?
Are there any partnership agreements that i should watch out for? Are there items in the M&AA to protect me?
2.2 Startup Corporate Secretarial Services Singapore
Do you need someone to advise you on what to work out for especially when you are starting up? Some of the most common problems Founders might face is the issues between partners, working with a partner is never easy. Corporate Secretarial Services advise may be great to structure your business in a way to protect multi parties. Corporate Secretarial Services are also great for startup who have no experience running any business at all.
2.3. Startup Bookkeeping Services Singapore
Are you accounting trained? If you are not and you are starting your own business now, you are probably not going to have the time to learn and find out how to cover the accounting yourself. This is tough for someone who needs to run the business and cover administrative work.
Bookkeeping services are provided by Koh Management to assist you as a startup in focusing on your business and leaving the work to us.
With the popularity of cloud based software, Koh Management is also able to handle cases where customers require the use of Xero Accounting.
We have worked with many startups and our prices are competitive.
2.4. Start up Financial Report Services Singapore
After Bookkeeping for your business is done, an un-audited financial report is needed for the submission to the government. There are startups who choose to compile it on their own but this might be a big issue if you do not have proper accounting background and you might end up making erroneous submissions that might affect your operations going forward. To prepare this , the accountant will first have to retrieve the management accounts generated by the bookkeeper. Accountants will then prepare the Balance sheet, Income Statements, Statement of Change in Equity and other relevant statements. Financial reports are requirements and needs to be compiled every year.
2.5. Start up Tax Advisory and Computation Services Singapore
Are you aware that there is a $100,000 tax exemption for start up companies for the first three years of your operation? Tax planning is very important for any business. If you are making good profits, there are legal ways to reduce the tax burden of the business but it needs to be done when you are starting off and not when you have come to the end of the year and worrying on how to reduce the amounts. With careful planning, one can reduce the tax one pays and this would mean more profits for your hard work and for your investors who have put in their hard earned money to support your endeavors.
2.6. Start up Annual Return filing Singapore
Annual return filings are required by ACRA for all companies at the end of the year. If a company is dormant, there will be no need for a financial report but there is still a need to file the AR, if a company has transactions and therefore not dormant, one will have to file for the financial report together with what we call the XBRL submissions.
Failure to submit your annual return will result in penalty from ACRA.
They could also over a course of few years remove your company from the register for your continuous failure to file Annual Return. Do not get into trouble with the authorities on this matter.
If you are keen to find out more about start up business services, we will be keen to assist you.
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