Singapore Budget 2018 Key Highlights and Announcement

Singapore Finance Minister Heng Swee Keat came out with the ‘Some goodies for everyone’ Budget 2018. He presented Parliament with the revenue and expenditure for the Singaporean financial year 2018.

Mr. Heng said, “It is a wide-ranging Budget to competently address Singapore’s long-term challenges. It is more of a multi-year agenda for the country.” He announced tax increases and the taxing of property, consumption, and online services to generate more revenue.

Mr. Heng said, “We are in a very tight fiscal situation, not this year, not next year, but over the longer run.”

He cited that it is time act prudently as the Singaporean economy is maturing and its population aging. He, as good as reminded Singaporeans that they are mortals and plan for the substantial healthcare expenses in future.

Since the start of this decade, Singaporeans are spending more and more on their healthcare. The expenses have almost doubled to S$10.2 billion in 2018. Over the next decade, it is expected to rise 3 percent of GDP. The healthcare of its aging population is a key priority for Singapore.

The budget has raised excise duty on Tobacco by 10% in an effort to curb the consumption of tobacco products. It will be effective immediately from Feb 19.

The Budget 2018 is an intimation to the all concerned that the Singaporeans will need to find more revenue for proposed spending on healthcare, infrastructure, transport, special transfers, & defense.

Defense sector will get the biggest share of the expenditures in 2018. The budget has provided 14.8 billion for it. The next bigger portion is allocated to transport sector. The allocation is 13.7 billion. The budget also allocates 12.8 billion, 10.2 billion, 9.1 billion to education, health, & special transfers, respectively, for the 2018 fiscal year. The expenses on the infrastructure are expected to rise to S$20 billion in 2018.

The budget raised Goods and Services tax by 2%, pushing it from 7% to 9%. However, it is not going to apply immediately as it is scheduled for some time from 2021 to 2025.

The increase in taxes put out the buzz created because of a comment by the Prime Minister Lee Hsien Loong, “Raising taxes was not a matter of whether, but a matter of When.” However, the delayed taxes will give enough room for the Singaporeans to digest them and come up with plans to cope with them.

There are initial casualties of the budget 2018. It has disturbed some Singaporean’s carefully laid plans. It announced an increase in the Buyer’s Stamp Duty rates for residential properties. It was the least expected development. The top marginal Buyer’s Stamp Duty (BSD) has gone up from 3% to 4% with immediate effect, starting on Feb 20, 2018. The portion of the value of residential property in excess of $1 million will be taxed.

Mr. Heng said, “The timing of the raised GST will depend on the state of the economy, how much expenditures grow, and how buoyant existing taxes are. He also cautioned that the Government would “need to do so earlier rather than later.”

Finance Minister Heng Swee Keat said, “The decision to raise the goods and services tax (GST) was a difficult one, but it is the most appropriate option to help Singapore raise revenues at this stage.”

Singapore has substantial reserves that it draws on to help finance the budget. The interest earned on its reserves is the biggest contributor to the government’s revenues. It is projected to be as much as S$16 billion by the start of April 2018.

 

Video source: http://www.singaporebudget.gov.sg/

However, Mr. Heng and other government officials abhor such practice and do not look upon it as a long-term solution. Their point is that such funds are for emergencies rather than daily spending.

Mr. Heng said, “Now that our economy is maturing, and our population is aging, we must husband this resource carefully, prudently and responsibly.”

He said that the Government thoroughly explored all possible tax and non-tax alternatives to increase in GST rate. However, each option carried pluses and minuses. They had to settle for an increase in GST rate to generate more revenue.

The increase in corporate tax, when other countries are reducing it, could have sent a negative message to the business owners. It could have unpredictable consequences. It could discourage businesses into shifting out of Singapore.

He also pointed that an increase of 2% in the GST will only increase the revenue by 0.7 percent of gross domestic product each year which is not at all sufficient to cover the rising spending needs.

The budget announced that digital imported services would be taxed with GST from Jan 1, 2020. The announcement covers services such as Netflix and Spotify, apps, listing fees on electronic marketplaces, software, and online subscription fees from overseas suppliers even when they are not physically present in Singapore. The GST will also cover imported services like marketing, accounting, IT and management services. However, the move excludes e-commerce for goods.

There is a surplus of $9.6 billion from the year ending next month, i.e., Budget 2017. Mr. Heng has announced one-time payout. Singaporeans over 21 years will get to share in budget surplus. Depending on their income, the 2.7 million Singaporeans will receive S$100, S$200 or S$300 in end-2018. The move is going to cost the government S$700 million. The amount is big enough to kick the consumption a little bit.

The budget also announced that the permanent GST voucher scheme would be topped up by $2 billion as opposed to last year’s $800 million. It has more than doubled the allocation. It will help households with lower-income to cope up with the changes in GST. The budget promises to absorb GST on publicly subsidized education & healthcare as before.

Singapore has had a good 2017. It is expected that the economy will do quite well in the fiscal year 2018 what with good growth and job-market prospects.

SBS Consulting Pte Ltd said, “Singapore will get more in revenue from corporate and personal income taxes. With corporate tax amounting to S$15 billion. The GST & motor vehicle levies will also contribute to it.”

The budget 2018 has announced an increase in the foreign domestic worker levy to be implemented from April 1, 2019. It is for those employed without levy concession. It will increase from $265 to $300 for the first foreign domestic worker and from $265 to $450 for the second worker.

For employers who do not qualify for concessions, the levy will be raised to $300 per month for the first worker and to $450 for the second helper. The households with children below 16, seniors, or disabled persons will continue to get the concession of $60.

The budgetary measures also include incentivizing innovation, new Productivity Solutions Grant, initiatives to meet climate change commitments, enhancements to the Proximity Housing Grant, the tax deduction for commercial use of intellectual property, an extension of Wage Credit Scheme.

Originally Posted: https://goo.gl/ziWkD4

Know What Singapore Company Registration Services You Can Get in $699

Looking for a reliable Singapore company registration services firm? When a creative person starts offering a new service or comes out with a new product, there are always copycats to follow a leader. After a time, the market is so full of these entities; you cannot even identify the initiator unless you were there at the start.

Locating a proud Singapore company registration services provider is not an easy task for the foreigners wanting to set up a company in Singapore. In fact, it is also difficult for the Singaporean entrepreneurs who are opting for Singapore company formation for the first-time.

Keep the Cost of Singapore Company Formation Down

If you are bootstrapping your business, then the cost of incorporation will be your main concern. The best option to limit it is to search for the Singapore company registration agents like SBS Consulting Pte Ltd that offer freebies. You should actively search for the promo or combo packages that offer multiple services but charge only for one.

You should also examine the add-on FREE services carefully and determine whether they are essential for the task at hand. It will enable you to keep the ultimate Singapore company formation cost under manageable level. If it is possible, make sure that you will not have to pay for the essential services in future.

Also Visit: Promo Package

Look for Freebies

As per the Companies Act, you must provide a local registered office address at the time of applying for the registration of Singapore company. You also appoint an experienced and qualified company secretary within the six months from the registration date. Hiring SBS drastically brings down the Singapore company formation cost as you get $540 worth of services FREE.

Check for Hidden Costs

Your internet research will reveal different pricing policies pursued by the Singapore company registration services firms. You will also realize that not all of them are open and forthcoming about the final cost of setup a company in Singapore. If you must, you should contact and discuss it with them. Make sure that there are no hidden costs which will cause you to regret your choice of the services provider.

Promo Package for Setting a Company in Singapore

After appointing a competent provider of company registration services in Singapore, you can expect following incorporation services:

• Checking availability of company name & reserving it

• Preparation of M&AA, Form 45, Form 45B

• Company registration with ACRA

• Electronic Certificate of Incorporation

• Company profile/extract from ACRA with UEN Number

• Minutes of first board meeting

• Share certificate(s)

• Common seal

• Preparation of company kit

• FREE assistance for opening Bank account in a Singapore bank

For More:  Company Registration Singapore — A Ready Reckoner

Process for Singapore Business Registration is Easy

The process to set up a company in Singapore is a simple one. You need to provide proper incorporation documents to your agent along with the list of 4-5 names for your proposed company. They will use the available name to register your company. Within no time, you will have your brand-new Singapore company.

However, the process will take 14 days to 2 months if the company name has terms like “Bank,” “Education,” “Financial” in it. These applications are referred to the appropriate authorities, and the approval takes time.

Complete Post Incorporation Activities

Wait! Don’t start your business activities, as you are not yet. There certain post-registration activities that you must complete. These include the opening of a corporate bank account in a local bank in Singapore, opening a CPF account and topping it, check whether you need to register your company for GST.

You may also need to apply and acquire business permits and licenses if your business activities require them. Your Singapore company registration services providing firm may be of assistance in completing these activities. These firms employ experienced professionals, and you will be better off by discussing your needs with them.

Singapore Company Registration: Research, Test, & Sell Your Business Idea

As a first-time business owner, you may commit a horrible mistake even before getting your Singapore company registration. If you have a groundbreaking business idea, do not sit on it or delay the registration of your company.

For a business to be highly successful, the product or the service it is going to render has to be right. It is the biggest puzzle that you will have to solve before committing to company registration in Singapore. That is why the first thing you should do is to analyze the business idea.

Research the Market & Add Value to Your Product

See, if it can be realized in a product. At this stage, you will also have to go to the market and find out your targeted end-users of the product, existing competition, and the where your product stands.

If your product is falling short of customers’ expectations, find out what they need. Revisit your idea and see, if you can add more value to the product so as to make it more pro consumers. The success of your proposed Singapore company registration may depend on it.

Judge the Strengths & Weaknesses of Competitors

You should fully exploit your market surveys and research activity to find out as much about the competitors’, their strengths and weaknesses. It will help you in the launching of the product. Surely, you will like to go full-throttle in the markets where they are weak.

You may also like to postpone meeting them head-on in the areas where they are strong. Of course, if you have the considerable marketing budget, you can make it a completely different ball-game. It will be a great help in establishing your new company registration in Singapore.

You cannot go wrong with the market research and surveys, or it will be a lot of money down the drain. You also need to correctly interpret the collected data and see, how it affects your business idea and model.

Be Flexible to Make Changes to Your Idea or Plan

At this important stage in your company incorporation - yes, it is, as you are judging its potency- you need to be flexible and come up with solutions that your targeted customers need. Or, you will be saddled with a product that only a few customers want. It could lead your startup Singapore company registration into troubles. You must sell in order to survive.

Moreover, it is not enough for a startup company registration to sell the product once. It should be able to attract the customers repeatedly which will go a long way in generating revenue and profits for it. It will also reduce your cost of acquiring a customer.

Every new Singapore company registration should try to create a loyal customer-base. However, you can attract them to you, only if, you have the right product, effective marketing campaigns, and loyalty programs to retain the existing customers. And you should always be ready to stare the competitors in the eye and take them on to protect your business niche.

Contact us:

SBS Consulting Pte Ltd

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg

Singapore Company Secretarial Services Helps You Lower Cost of Compliance

Many small business owners are perplexed whether or not to appoint Singapore company secretarial services provider to ensure their statutory compliance. Many of them do not have the time to manage it, and some of them do not know-how. You actually get a better deal if you prefer a promo incorporation package at the time of registering a Singapore company. Such a package usually renders multiple services for the price of one.

Outsourcing Corporate Secretarial Services

The easy way out for them to solve the problem is to appoint one of the corporate secretarial services firm or an in-house secretary. However, hiring a full-time secretary means providing for the employee salary, benefits, infrastructure, stationery, etc. Most importantly, the activity does not go away but makes clamor for your mental space and attention.

Whenever the deadlines for the filing loom, it could stir and heat up the workplace environment and cause you to lose your focus on the core goals of your small business. In addition, your in-house company secretarial services in singapore may require expert assistance for handling complex situations. That is why the trend is in favor of hiring best company secretary singapore.

Corporate Secretary Services in Singapore

If you are going to incorporate a Singapore company, you need to appoint a Singapore company secretarial services providing firm like SBS Consulting Pte Ltd. In fact, you need one to successfully incorporate your company.

The Singaporean Company Act makes it compulsory for each incorporated company to hire one within the six months from its registration. You can expect following services at affordable costs:

• The company’s paper filing

• Online ACRA filing

• Updating BizFile

• Maintaining company register

• Communicating due dates of filing to directors & etc.

• Conveying AGM & taking minutes

• Safe keep of incorporation papers of the company & director’s resolutions

• Maintaining shareholder’s agreements & filed annual financial statements

• Updating ACRA of changes in the officials of the company & change in the company address or name

• Filing amended M&AA or company constitution

• Communicating with shareholders, and allotment of shares

Hiring a Company Secretary in Singapore is an Obligation

Every year ACRA send summons to thousands of directors and their companies. The primary reason is their missing on filing accurately or within the due dates. You may easily guess who these entities are. Most these are small businesses lacking in experienced assistance.

The big businesses and MNCs have already been outsourcing the task to the Singapore company secretarial services providers for a long time. They are very big on maintaining their focus on their core goals. The outsourcing of the non-core task like company secretary in Singapore to the corporate secretarial services enables them to maintain a lean profile. It also enables them in doing away with the distractions that such tasks, when they go wrong, can cause.

 

Singapore Company Secretary Communicates with Officials

If you are a first-time business owner and if you ask around about importance of a company secretary, then you will get various answers. One that you may hear is that it is a waste of money. It is a totally wrong assumption because government agencies like ACRA, IRAS, & MOM consider a secretary as an important official of the company. It is the only company official they contact to get or pass any info.

The corporate secretaries play an important role in the play of decision-making process in a company. They, in consultation with the CEO or Chairman, come up with the agenda for the Annual General Meeting and conveys it. It is an important task, and you need to choose a Singapore company secretarial services providing firm for it.

Contact us:

SBS Consulting Pte Ltd

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg

4 Tips for Top Singapore Company Secretarial Services Firm

You, as a small business owner, must always use your time & money wisely. Once you run out of them, it can affect your business activities. It may even spell doom for your business. However, it is not the reason to start doing business’ non-core tasks on your own. Doing so will waste your valuable time which you can use to sell your products and services. It is far better to hire company secretarial services for administrative tasks & accounting firms in Singapore to do your books.

Company Secretary Firms for Streamlined Compliance

The corporate secretarial services in Singapore takes care of your compliance and corporate governance-related tasks. They file statutory reports, maintain statutory registers, and see to it that your business follows the provisions of memorandum and articles of association. A secretary does much more than these few tasks.

Actually, the professionals from the company secretarial services handle a long the list of tasks for their clients smoothly and timely. If you decide to do them on your own, it can severely undermine your potential as the owner of the small business. These activities can steal time from your planning, connecting with potential partners and investors, or making decisions about taking your business to the next level.

Signs that Gives Away a Steady Company Secretarial Service

Appointing of one of the trusted corporate secretarial services Singapore will surely unburden you of the statutory filing and compliance responsibilities. It also means that you will also be relieved from having to acquire any knowledge or expertise to do these tasks. However, selecting one of the experienced company secretarial services Singapore is not an easy task. You need to actively look for the tell-tale signs indicating its sincerity towards your welfare.

1# Professional Advice

A professional secretary advises you in advance about how to start your business, how to register it, the resources or authorities you will need to see, the costing, and most importantly, complying with the government regulations. The right time to hire a secretary is when you are registering your company in Singapore. A newly registered company needs to appoint a secretary within the six months of its registration. Some of the company secretarial firms have excellent combo of fees & packages that include a company secretary services.

2# Reliable Secretarial Services

When you decided to outsource to one of the corporate secretarial services, you need to ensure their history. It is necessary a necessary step, as they will be servicing other clients which means they will be using a part of their time to take care of your tasks. However, you could consider them reliable if they assure you that their representative will entertain you if you need their advice, they will submit their deliverable timely, and of quality as per your expectations. If you find such a services provider, it will be worth to maintain a professional relationship with it.

3# Efficient and Cost-Effective

The whole purpose of hiring a company secretarial services firm is to reduce your work burden and cut administrative costs. When you appoint a specialist, you obviously expect them to work speedily through your work while maintaining the accuracy. You have to measure the cost of freedom to focus on your business activities after outsourcing. Do not go for cheap services provider as it can compromise your compliance.

4# Confidentiality

Your chosen services provider also need to know how to preserve the sanctity of your business data. You need to make sure at this point and should ask the firm to come clean about it. Take assurances from them that your business strategy, data from market research, your employee info, and other data will remain safe with them. See, if you can get selected company secretarial firm to sign a non-disclosure agreement at the time of hiring it.

A company secretarial services singapore firm can take the load of administrative and compliance related tasks off your shoulder. For the small business owners trying to survive in a competitive market like Singapore, it means a lot. A services provider letting them focus completely on the core goals of the business is a welcome addition to their business contacts. Just don’t forget to search for combo incorporation packages offering multiple services at the cost of one.

Contact us:

SBS Consulting Pte Ltd

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg

How to Register a Company in Singapore: FAQs

Johnny and Dan were talking shop. Suddenly, as it happens their talk switched to an application Dan was working on. Let us read how did their conversation go.

Johnny: Hey, don’t let that idea go to waste. You should do something about it. Maybe you should start a company. How about opting for company registration in Singapore?

Dan: Man, it is too much of a trouble, and I don’t know much about selling.

Johnny: Why I can help you with the selling. You take care of the product. What if we, You and Me, incorporate a company in Singapore?

Johnny: We cannot be all that bad a team.

Johnny: I know you are innovative and good with technology. And you know that I can sell a fridge to an Eskimo.

Dan: Yaaa? What the hell for?

Johnny: Well, to keep the milk warm for his kids.

Dan: But we hardly know anything about Singapore company incorporation? We don’t even know who can incorporate a company in Singapore.

Dan: We will also need to find whether foreigners like us can start a company there or the documents it requires. And things like, “How much minimum share capital we need to invest in it?”

Dan: And, you know I am totally broke!

Johnny: Shut up man! Don’t put the cart before the horse. Ok!

Johnny: We will see about it later on. Cross the bridge when we come to it.

Johnny: First thing first, we need to find a blog or article or a guide on Singapore company registration services that can explain things to us or who can actually assist us in the task.

Johnny: Does that put us on the right track?

Dan: Yes, sort of. It is a start. Let’s start with who can incorporate a company in Singapore?

Anyone over the age of 18 can incorporate a company in Singapore. Even the foreigners, individuals, and corporates can own 100% of shares in a company.

Johnny: I wonder if the process for registering a Singapore company simple?

Yes, the process for the Singapore business incorporation is simple and straightforward one. You only have to complete two procedures in it; a) Approval for the name of the proposed company, b) Applying to ACRA for your company registration. It is an online process that an expert from your Singapore company registration services can initiate after receiving incorporation documents from you.

Dan: Hey, is there anything on Singapore company incorporation fees or cost?

Johnny: It is obvious that the incorporation cost will change as per the services providers. We will have to make a list of Singapore incorporation packages and what they offer to find the most suitable one.

Johnny: The cost may also depend on the type of Singapore company one would like to register.

We can choose one of the following business structure,

• Private Limited Company (Pte Ltd)
• Exempt Private Company (EPC)
• Sole Proprietorship
• Limited Liability Partnership (LLP)
• And following types are for the use of corporate
• Subsidiary Company
• Branch Office
• Representative Office

Johnny: My goodness, this thing has really fired me up. I am all curious.

Dan: Yes, as the Alice said, “It is getting curiouser and curiouser!”

Dan: We will also have to make sure that there are no hidden costs.

Johnny: Maybe we should look for an introductory or promo incorporation package that offers discounts like, “Buy 1, Get 2 or 3 services.

Dan: Yes, I found one. It is by SBS Consulting Pte Ltd. If we pay S$699 only for registering our private limited company, we get two additional services for free.

Dan: Yes, we get company secretary and registered local office address services for FREE for the first year.

Johnny: Go on, read further. Do we really need the extras? Maybe they are shafting us by making us buy what we don’t need.

Johnny: Check out the pre-incorporation requirements for company registration in Singapore.

Dan: Let’s get to the bottom of it.

Dan: What are the pre-incorporation requirements for setting up a Singapore company?

It says we need

• At least one shareholder (maximum of 50)
• Minimum initial paid-up capital of S$1
• At least one resident director
• At least one company secretary
• Registered local office address

Johnny: Seriously, only S$1. It is so affordable. But what is a local resident director? How many directors do we need to register a company in Singapore? Is having a local director necessary for a Singapore company?

Dan: Yes, it is necessary to have at least a local director for our company registration. As per the Company Registrar of Singapore (Accounting and Corporate Regulatory Authority), someone who ordinarily lives in Singapore. Someone who is Singaporean, permanent resident or an EntrePass or Employment Pass holder.

Dan: It means one of us need to live in Singapore after our Singapore business incorporation. Did I get it right?

Johnny: Yes, and Danny, that is tough. Is there any alternative?

Dan: We could get nominee director service from our Singapore company registration services provider. It will definitely jack up the total cost, wouldn’t it?

Dan: Let me check whether a foreigner incorporates a Singapore company on his own? No, the answer is big no. We have to appoint one Singapore company incorporation agent for the task. On the other hand, locals also prefer an agent.

Johnny: And most importantly, every foreigner needs a work pass in Singapore. That means we will have to get an Employment Pass or Entrepreneur Pass.

Dan: How are we supposed to get this work pass or work visa?

Johnny: See, it is quite simple. First, we hire a Singapore company registration services providing firm. Submit our incorporation documents to it. They register a company with ACRA. We then hire Company Secretary. This is the professional who goes and applies to the Ministry of Manpower for our work passes. Only after that, we can work in Singapore. Or, else we will have to continue with the nominee director service.

Dan: I hope it works. But we will need money. And, I am totally broke.

Johnny: Slow down, Danny. And for God’s sake, stop counting your chickens before they are hatched.

Dan: Check if a foreigner needs to go to Singapore to start a company?

Johnny: Yes, we will need to go there to sign the documents before they are submitted to the company registrar

Dan: I found the list of documents needed for Singapore company registration.

• Approved company name
• short description of business activities
• Particulars of shareholders
• Particulars of directors
• Particulars of company secretary
• Local registered office address
• Company Constitution (M&AA)

Johnny: Don’t we have to submit any special document?

Dan: Yes, there are. The foreigners need to submit,

• Copy of passport
• Proof of overseas residential address
• Know-Your-Client documents like bank reference letters, personal and business profiles, etc.

Johnny: What about the locals?

Dan: Lucky bastards, they only have to submit a copy of their Singapore identity card with the application. And corporate shareholders have to provide copy of their Certificate of Incorporation and Constitution (M&AA)

Johnny: Is there anything on the opening of a corporate bank account? See if this SBS Consulting charges separately for it.

Dan: No, they don’t charge anything for. However, their assistance is for an account in a local bank.

Johnny: Well, that is good. A corporate account is a must. It is an easy way to keep our personal and company finance separate.

Dan: Oops, I never thought about that.

Dan: Can we have a corporate as our shareholder?

A Singapore private limited company can have as many as 50 shareholders. There are no restrictions on shareholding. The foreigners can own their company completely. We don’t need any local partner, just to start a company. They can be corporates or individuals like you and me.

Johnny: That is great.

Dan: Why does a company require a registered office address in Singapore?

Johnny: It is the place where its important documents are stored. It is also the place officials from the regulating agencies visit to inspect company’s statutory registers and records.

Johnny: See we have no address in Singapore. That is why Singapore company registration services provider arranges one for us and to register the company. Later on, we can rent a place and change the official address of our company.

Dan: What if a Singaporean wants to use a residential address as the company address?

Johnny: Yes, it is possible under the Home Office Scheme. The business owners need to take permission from the appropriate authorities. And you can start your business activities only after acquiring the necessary business licenses?

Dan: What if we don’t appoint a company secretary for our Singapore company?

Johnny: We have to. It is an obligation. Without it the registration of a Singapore company is not complete. We have to appoint an in-house secretary or hire one of the corporate secretarial services in Singapore.

Johnny: Of course, the company owners can save money by doing it themselves. But it is a tough task. It needs thorough knowledge about the rules and regulations related to statutory compliance and corporate governance. However, you as a sole director will not be able to act as a company secretary.

Dan: Who we can appoint as a company secretary? What are the qualifications of a secretary?

Johnny: Actually, a private limited company can hire any Singapore resident experienced in handling the responsibilities of the task. A Singaporean, a permanent resident or an employment pass holder can be a company secretary. A company director can also act in this capacity but not the sole director.

Johnny: However, public limited companies are required to hire a qualified, in-house company secretary on the full-time basis. It is actually very important position and authorities count it among the officers of the company.

Dan: Does SBS Consulting offers stand-alone company secretary services?

Johnny: Yes, the service is on offer, and it costs S$299 for a year and there is promo incorporation package for the startups.

Dan: I suppose that after registering our company, we will also need the bookkeeping and accounting services in Singapore.

Johnny: Yes, you are spot on this time. Our company will need monthly, quarterly, or annual bookkeeping & accounting services to update our books, to put our expenses and earnings in black and white.

Dan: Why bother with it? We will have it in our head, right?

Johnny: For how long? And, how many financial transactions will we be able to hold in our head with instant and accurate recollection? That is why hiring a competent bookkeeping and accounting service in Singapore is necessary.

Johnny: Regularly updating of books is an obligation. Moreover, the accumulated data is used for analysis, finding market trends, business cycle, and actual financial status of the company. Most importantly, the accounting service prepares various types of financial statements for us.

Dan: How much a Singapore accounting services provider is going to cost us?

Johnny: Well, that depends on how we negotiate with them. They may charge us as per the volume of transactions processed or may use some other parameter.

Dan: What else our Singapore accounting services provider can deliver to us?

Johnny: Oh, they can help us with the preparation of compilation report/ Director’s report. It is something we will have to file with the ACRA at the time of annual filing.

Johnny: They may also provide us with the payroll services if we grow and hire employees.

Dan: What is XBRL & GST filing?

Johnny: Singapore applies a Goods and Services Tax on goods consumed and services used. After our company registration, our accounting services provider will help us to determine whether we need GST registration. They will also help with the quarterly GST return filing.

Johnny: At the end of the financial year each company (unlimited or limited by shares) incorporated in Singapore needs to file its financial statements to ACRA in XBRL format. It is part of compliance requirements.

Time will tell whether Johnny and Dan will succeed or not with their Singapore company registration. And that was a few hours from the life of Johnny and Dan, the representatives of the new breed of entrepreneurs. Thanks for being interested in their discussion. Maybe you also learned a bit or two about what you should expect if you are thinking about a Singapore business incorporation to implement your ideas.

Contact us:
SBS Consulting Pte Ltd
High Street Center,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: +65–6536 0036
Email: info@sbsgroup.com.sg

Opt for Singapore Company Registration, Startup Scene is Ripe

It is necessary to commercialize your business idea. And, what better place there is than Southeast Asia to do so. Last year, the region witnessed as much as S$8 billion of investment in Venture Capital (VC) and Private Equity. The majority of investment went to Singapore. It is the hottest place, totally ripe for your company incorporation in Singapore.

Singapore business incorporation is not at all a difficult task and Singapore company incorporation fees are also affordable. There are several Singapore company registration services to help you out in the task. These are reliable Singapore incorporation services providers, and you can outsource the task of company registration to them without any hesitation. Once you get it out of the way, you will be able to focus on the startup scenario in Singapore.

Should You Commit to a Company Registration in Singapore?

You must still be wondering about, “Is it the right time to risk my investment?’ Yes, it is. Singapore startup ecosystem, over the past five years, has matured considerably. The trial and errors that it went through have made it focused, & decisive.

The startup scene in Singapore has moved far beyond an e-commerce startup or a mobile app startup. If it is your idea to dabble in either of these, then may be, you need to reconsider it. Of course, there is nothing wrong about these, but it is worth mentioning that now the emphasis is on the initiatives in deep science & technologies.

A.I., Medtech, Fintech, or Blockchain?

At this time, it will be easy for you to sell business ideas related to artificial intelligence, Medtech, fintech, and blockchain technologies. However, don’t expect VCs to beeline with their money for them. Well, it actually happened to the surprise of SGInnovate (SGI), a government-owned agency.

The VCs are not that adventurous lot with their money. Initial deep science projects were totally unfamiliar to them. The agency stepped in and made the funds available. Your idea may meet the same fate, but you need to persist.

If you have the right business idea and are willing to opt for company incorporation Singapore, you can count on for SGI’s help in the commercialization of it. However, the competition is tough as there are as many as 5,000 startups trying their luck with ideas ranging from e-commerce to cryptocurrencies.

PPT : Top 7 Singapore Grants for Companies

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Cash-in Your Business Idea

Singapore is fully geared to support your new company registration. Singapore startup ecosystem is a totally different entity than what it was five years ago. Every day, the hopefuls have at least one startup networking event to look forward to. There are hackathons and corporate innovation labs set by banks and other companies. And you can rely on co-working spaces if you are a one-man startup or startup with a small team for office space.

If you are still waiting to start your company get in touch with one of the experienced company incorporation services Singapore. Search for the affordable promo incorporation package offering multiple services for the cost of one.

Contact us:
SBS Consulting Pte Ltd
High Street Center,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: +65–6536 0036
Email: info@sbsgroup.com.sg