Scientists at Singapore’s NTU invent customizable, fabric-like battery

We live in the middle of one of the most exciting times in human history.

Major technological leaps forward, technological leaps designed to completely transform the way we live our lives today and tomorrow, or being invented almost every single day – pushing us further and further into the future faster than anyone could have expected or anticipated.

Technologies that use to be nothing more than a science fiction dream, technologies that only ever existed in cartoons or on the big screen, are becoming commonplace. We live a lot more like The Jetsons and the folks on Star Trek than most people realize.

Evidence of this incredible new technology landscape is on full display when you see things like the brand-new battery technology created by scientists at NTU (one of the most prestigious universities in Southeast Asia).

A power source that feels like fabric – a battery that can be cut, folded, stretched, and woven into clothing without ever losing its functionality – used to be nothing more than a pipe dream or the creation of a Hollywood screenwriter’s imagination.

Today, thanks to those scientists at NTU, it is a reality.

A major new press release was published by the NTU team, highlighting a new invention created by the School of Material Science and Engineering.

The professor there and his team of undergraduate and graduate students have created a wearable power source – a super capacitor – that works just like a fast charging lithium ion battery with the capability of being charged, discharged, and recharged thousands of times without losing its capabilities or effectiveness.

This invention promises to usher in a brand-new era of power sources for wearable technology and electronics. The Internet of Things is becoming more and more a reality than ever before, and the idea that people are going to be able to keep their electronics charged through the closing that they wear on a daily basis is going to help the Internet of Things take off a lot faster than it would have otherwise.

Sure, stretchable super capacitors like this technology existed in the past – but they weren’t ever able to be cut, folded, and re-woven into themselves without losing capacity, control, or effectiveness the way they are now thanks to the researchers at NTU.

Previously, this kind of technology had to be engineered, designed, shaped, and produced to fit very specific design parameters without any customization or reconfiguration possible. The battery cells and circuitry wouldn’t allow for “effortless meshing” the way that this new technology does.

Customization is the name of the game when it comes to this new NTU wearable battery system. It’s shape, structure, and overall makeup design can be overhauled to completely, rearranged on the fly, and transformed after it has been constructed without losing its functionality as a rechargeable power source.

This is all thanks to the new honeycomb like structure it takes advantage of. The battery cells now work more like a neural network than a system of rigid circuits. It’s incredible to think that this is just the first iteration of this technology. What might it look like in 10 years?

Singapore and Sri Lanka sign free trade agreement

A major new trade agreement between Singapore and Sri Lanka promises to have a significant economic impact on both of these partner nations, helping Singapore-based companies to enjoy a $10 million savings on tariffs right out of the gate while opening up new opportunities and leverage to Sri Lanka-based organizations that want to make the most of Singapore’s incredible reputation in the world of global commerce.

And that’s just the tip of the iceberg for both of these partner nations!

Singapore and Sri Lanka have been on very friendly terms with one another for quite a while now, and this latest trade agreement (the Sri Lanka/Singapore Free Trade Agreement) that was signed on January 23 of 2018 is only going to deepen the relationship and the economic ties that both nations have with one another – all in an effort to facilitate improved trade between these countries.

Right out of the gate, both Singapore and Sri Lanka-based organizations (especially startup and technology companies) are going to gain much greater access to one another’s marketplaces in a way that just wouldn’t have been quite as simple or as straightforward previously.

The Singapore Ministry of Trade and Industry reports that this can mean millions and millions of dollars moving back and forth between both nations and both economies in the first year alone, and decade-long predictions are very favorable to both of these Southeast Asian economies.

One of the biggest benefits of this agreement for the people of Singapore and Sri Lanka is the elimination of tariffs on almost 80% of all exports coming from Singapore. This is going to result in the $10 million of savings highlighted above (annually), but it’s also going to help Sri Lanka-based consumers save a lot of money on all of their purchases of Singapore exports as well.

According to the Ministry of Trade and Industry, the agreement also has one of the most liberal rules of origin of any trade agreement around the world. This is going to help Singapore and Sri Lanka-based exports qualify for even lower tariff rates, helping companies based in both countries succeed and spend a lot less money importing and exporting their goods between these nations with consumers saving quite a bit of money as well.

The agreement also includes the very first treaty commitment from Sri Lanka as far as government procurement is concerned. The new treaty promises to allow Singapore-based companies to bid on projects that are to be conducted or overseen by several of Sri Lanka’s largest state-run organizations or enterprises.

This part of the agreement alone could end up being worth hundreds of millions of dollars over the short and long-term of the deal and was a cornerstone of the agreement designed to help support both economies moving forward.

At the end of the day, the treaty was conceived of to not only help big businesses in both countries but also startups and small to medium-sized operations. Investors, financial insiders, and entrepreneurs are all going to be able to leverage the benefits of this new treaty for years and years to come.

Singapore soars in global innovation rankings

According to the most recent version of the Bloomberg Innovation Index (the 2018 addition of this annual report from Bloomberg Financial), Singapore has jumped up to the third spot in the global community – piggybacking ahead of Germany, Switzerland, and Finland (while sitting just behind South Korea and Sweden) – which really illustrates the financial success and stability that Singapore has enjoyed over the last few years.

For quite a while now, Singapore has sent pretty steadily at the number six spot according to this particular index, but things have been changing over the last few years as more and more members of the global finance community begin to appreciate everything that Singapore is able to ring to the table.

Impressively, Singapore has been able to soar as far as the global innovation rankings are concerned while other legendary hotbeds for innovation business success have slid by the wayside – with the United States most recently slipping right out of the top 10 and into the 11th spot.

Singapore has posted fantastic financial numbers over the last few years

The thing that has helped Singapore enjoy such incredible growth in such a fantastic reputation across the global community has to be its impressive financial numbers coming out of this Southeast Asian nation over the last decade or so.

A major driver of the startup business environment, rivaling Silicon Valley in the United States even though Silicon Valley had a decades long head start, more and more startups are electing to build and incubate their businesses in Singapore than anywhere else around the world – and for good reason.

Singapore already has incredible infrastructure established to help support new businesses, but they also have tight connections with some of the world’s most important and influential economies, a government that is very friendly towards new business development, and financial rules, regulations, and tax codes that do not publish innovators or those looking to drive business success as much as humanly possible.

The research and development spending of Singapore is also the highest, with dollars spent on emerging technologies, startup businesses, and startup communities. Investors are setting up shop in Singapore and leveraging the very friendly financial rules that govern this Southeast Asian nation, enjoying a much larger share of profits here than they would have most anywhere else.

Singapore has nowhere to go but up

No one expects Singapore to slide out of the top five spots of the most innovative countries on the planet anytime soon. This is a nation that has been building towards this kind of success for years and years, a nation that is very serious about becoming one of the most influential members of the global financial community, and a nation that has a real entrepreneurial streak running through the foundation of their culture that isn’t going to disappear in the short or long-term.

It wouldn’t be surprising at all to find Singapore atop this Bloomberg list next year, and it certainly wouldn’t be surprising to find Singapore atop this list for years and years to come, either!

5 Cryptocurrencies to Keep an Eye on in 2018

Talk of bitcoin has become quite common now. People are making a priority of watching and investing in bitcoin as it seems to be one of the best investments out there right now. Many have become fearful of missing out and are therefore investing all that they can. The question still holds, is it really worth the investment?If you are on the search for the next best cryptocurrency investment, there are a few that you will want to keep an eye on.

Litecoin

As of January 3, 2018, the market cap for litecoin is $13.95 billion. Over the last twelve months, it has shown an increase of +6,025%. Litecoin was created by Charlie Lee, a former Google employee. It was created in 2011 and has since become the silver alternative to the golden bitcoin. His original idea was that people would use Litecoin for their everyday purchases rather than current currency. Another perk of Litecoin is that it will produce more coins, an estimated 84 million, in comparison to bitcoin at 21 million.
Currently, there are about 54 million Litecoins in circulation, as compared to 16.7 of bitcoin.

Monero

The market cap for Monero is $5.95 billion. In the past year, the performance has raised to +2,596%. The creator of Monero is anonymous. One of the biggest appeals is the anonymity factor. The details of any transaction are anonymous. While the sender, receiver, and amount are recorded in a public ledger, there is no way for anyone else to track the transaction.
While this may sound like a heaven for hackers, the rate of hackers asking for bitcoin is actually much higher than that of Monero.

Neo

The market cap for Neo is $5.86 billion and the performance has increased to +83,570% within the past year. Neo was created by two gentlemen. Da Hongfei of China and Erik Zhang. It is predicted that Neo will take off if China decides to jump onto the bitcoin bandwagon. At this point, they are still full of skepticism. Naturally, they are fearful of the hacker aspect.

Cardano

Cardano has a market cap of $20.21 billion. There has been a slight increase in performance within the past year of +3,296%. Cardano was created by IOHK (Input Output Hong Kong). It will take quite a bit of dedication and a well put together team to see Cardano take off. It officially launched just a few months ago and has not really had much time to take off. Time will tell the direction it will go. Currently, the focus seems to be on personal transactions.

Ripple

Ripple is currently capping out at $95.45 billion with an increase of +41,040% within the last year. Ripple was created by Ryan Fugger, who is a web developer, businessman Chris Larsen, and programmer Jed McCaleb. Ripple was launched in 2012. At this point, it seems to be a combination of Western Union and the exchange of currency. The only difference is that there are not huge fees associated with it. Ripples allow consumers to connect banks and payment processors as well. The goal is to allow people to send money globally without all of the added fees and stress.

Top things to do in Singapore

Singapore, at least as far as landmass is concerned, isn’t all that big.

We’re talking about an island nation state that is just slightly larger than New York City, but it’s become one of the hottest global destinations in the last few years and one of the most important members of the global economy – a real driving force for innovation, technology, and financial success around the world today.

Tourism to Singapore has spiked significantly in just the last few decades as well. Bordering the southern tip of Malaysia, the island has about 5.6 million residents that live here on a permanent basis – but according to recent reports, they could expect 10 million or more tourists coming through Singapore beginning in 2018 (with that number expected to grow significantly in the years to come).

Regardless of whether or not you’re in Singapore to take in the sights, to found a business, or just to see what all the fuss is about makes no difference. If you’re going to be spending any time in Singapore, these are some of the top destinations you’ll want to make sure you check off of your itinerary.

Do not miss out on the heritage tours

Singapore was a British colony for almost 150 years (1819 to 1963), and as such they have a very unique and distinctly colonial heritage that you don’t want to miss out on. Beautiful Victorian era architecture can be found throughout Singapore, but specifically along the Singapore River – just outside of Marina Bay and you’ll feel like you have been transported back in time.

Eat EVERYTHING

Consistently ranked as one of the best cities as far as the local cuisine is concerned, Singapore is home to the world’s least expensive Michelin starred meal – available at a food card on the street for just $1.42! You’ll have no trouble at all finding incredible restaurants to try everything from the most traditional Singapore cuisine to more modern and fusion inspired options, including some of the best French cuisine outside of Europe!

Breathe in as much culture as you can stand – and then explore some more

Singapore is very much a melting pot of different cultures, which makes it a fantastic place for exploration and those that want to really immerse themselves in this part of the world.

You’ll find Chinese influences, Malaysian influences, Indian influences, and obvious British colonial influences, as well as a distinctly Singapore historical culture that is quite unlike anything you’ll find anywhere else on the planet.

It’s important that you explore as much as you are able to, if only because there will inevitably be far too many sites to take in just a single trip – would you want to hit just as many of them as humanly possible while you are here.

Beautiful temples, beachside resorts, incredibly colonial architecture, and very modern hotels and shopping centers are all on full displayer here in Singapore. You’d have to be at least a little bit crazy not to fully immerse yourself in the culture as much as possible, really shooting to soak as much of it in as you can!

Resources Required To Set Up Low Cost Virtual Offices

We all know the process of setting up a virtual office in Singapore from the perspective of a customer. One simply has to sign up with the virtual office service assistant and everything else will be approved through emails. Depending on what package is chosen, clients can gain access to their facilities as well. However, if you are the one who intends to become a virtual office service provider, there are certain resources and requirements you are to provide in order to succeed. Apart from legal obligations and procedures, here are some of the resources you should have ready to provide a good virtual office experience:

Virtual Assistants

Virtual assistants can be considered the backbone of low cost virtual offices, since they essentially work to provide administrative services for clients. Make sure you have a team of experienced virtual assistants who are well trained and professional enough to be able to handle services like call forwarding, mail forwarding, and other essential services you are providing to the customers. One good method of acquiring a team of dedicated virtual office assistants would be to first designate roles to each different service you wish to provide. These will then better guide you in terms of figuring out what capabilities each virtual office assistant team should be able to meet.

  1. Collaboration/Communication Equipment

Communication between low cost virtual offices and their clients are good practices to enforce. In the process of setting up virtual offices in Singapore, make sure that you are able to use collaboration and communication tools to optimise productivity. For example, you will need data storage and spreadsheet features to organise the customer information of your clients or schedule meeting rooms and mark calendar dates for when certain procedures must be done. 

To begin with, conduct research on the software and equipment to be used during the virtual office processes. Most business corporations tend to look for traditionally popular software like Microsoft Office solutions. Therefore, investing and training others in the use of such tools would prove to be a worthwhile investment since it ensures that your low cost virtual office service can rely on software that is compatible to most businesses. Certain clients may rely on the use of specialised communication platforms as well as other technology equipment so do ensure that your virtual office assistants are clear and capable of relying on the required tools before proceeding to provide services.

  1. Professional Calendars

In order to efficiently handle administrative tasks on behalf of customers who signed up for low cost virtual office services, it is necessary to procure professional calendar tools to organise and consolidate essential data. For example: Google Calendar, where calendars can be set up for everyone or shared between employees and centralised. This is good for organising appointments, making note of who is on vacation and what numbers/actions to take for calls instead and more! Professional calendar tools can also be set up to send client email/sms reminders when they have pending events like meetings and other important occasions.

  1. Mailing Forwarding Process Planning

For low cost virtual offices that provide services like mail forwarding, it is essential to have a process set up. A secure storage space should be available to receive the client’s letters and packages while they are either stored for collection or to be mailed out in the near future. Whenever possible, do liaise with transport systems for smooth delivery processes.

  1. Meeting Resources

Depending on the services you are providing in your low cost virtual offices, some clients would request to rent out temporary meeting rooms or training rooms. If you are providing resources like these, make sure to ready the necessities. Some examples would be: Comfortable meeting room furniture, equipment for presentations like a projector screen and projectors, whiteboards, markers, refreshments and a small pantry area. Everything related to facilitating a smooth meeting should be available. Make sure to set up rules for renting the meeting spaces of your virtual offices as well as a scheduled system so your clients can check the meeting rooms for availability.

  1. Prime Locations

When establishing a low cost virtual office in Singapore, it is advisable to do so within areas that are reputable and prestigious. Locations close to official business districts or bustling areas are generally more encouraging compared to quieter areas. This is due to the fact that most business owners are more inclined to trust that the virtual office service provider is running a legitimate business if they are established in an area known for highly reputable corporate sectors. In fact, clients may also be driven to approach with the very same reason since it is essential for their addresses to be trusted in order to ensure that their business opportunities continue to grow. Some examples of areas that are more warmly received in Singapore include locations like Outram Park and Tanjong Pagar.

  1. Payment Options

Trustworthy yet flexible payment options should also be ready and functional before you begin providing virtual office service. This is due to the fact that every individual has different preferences when it comes to payment options and certain payment gateways may be inconveniencing. However, this does not necessarily mean you have to rely on numerous different options. Research into the ones that are most popularly used apart from cash, cheque and banking in. You will definitely notice that other corporations have their own preferred choices as well. To better cater to clients, you can also consider options like paypal.

Setting up a low cost virtual office requires careful planning. Refer to these examples to assist you in your consolidation of equipment and material you will need. One of the best recommended steps would be to first identify your key market audience and conduct research so as to better identify what their needs are. Catering to that while ensuring that prices are affordable would be your main area of concern when it comes to providing such services.  Additionally, it would also be advisable to research into legal requirements or obligations towards the process with the relevant authorities in your region or country before proceeding. Do take the time to safeguard both your interests, as well as the interests of your clients, by providing and drafting a satisfactory contract.

How Having A Singapore Corporate Secretary Helps Facilitate AGMs

Corporations in Singapore are legally required to conduct a certain number of mandatory meetings, namely between shareholders and directors. As a business owner, keeping track and arranging for these mandatory meetings can be difficult; on account of all other pressing matters that requires attention. Yet failing to conduct these meetings can lead to serious repercussions. This is where having a Singapore corporate secretary can help out quite a lot.

Let’s start by understanding what an AGM is and why it is considered a legal requirement.

An AGM (Annual General Meeting) is a type of meeting conducted once each calendar year (or 15 months from the date of the corporation’s previous AGM) where the corporation’s financial statements are presented before its shareholders so that queries and discussions regarding the company’s financial position and future growth can be discussed. Transparency and credibility are values highly required by legal sectors; hence it has grown to become an ongoing compliance requirement in order to reduce risks of shady business practices. This is also highly recommended since major shareholders should be given a voice in terms of approving important business decisions as well. By ensuring that everyone is on the same page, it essentially fosters an environment of accountability.

Having a company secretary in Singapore is also yet another legal requirement corporations are required to adhere to after they have successfully established their own business. Ensuring that AGMs are conducted on a timely basis is considered one of the responsibilities of the singapore corporate secretary. The appointed company secretary can help do so in a variety of ways:

Documentation Preparation

A seasoned singapore corporate secretary is well equipped with the knowledge and fully capable of assisting in the preparation of necessary documentation that is needed for the corporation to conduct an AGM. Depending on the corporation, the company secretary should be able to discern when standard M&AA (Memorandum & Articles of Association) provided by ACRA is used and when customised ones are used for specific needs. If information is to be provided by different sectors within the corporation, the singapore corporate secretary will contribute by collating the data and compiling them. This saves up time and ensures that the AGM can be conducted within a specified period of time, and business owners will not have to worry about any details missing since an experienced professional is handling it.

In the event that there are discrepancies or problems, the Singapore corporate secretary can also be trusted to bring it up to the business owner or consult the accountants and relevant parties for amendments.

Agenda Preparation

Guidance can also be provided by the company secretary in establishing the agendas to be included within the AGM. Business owners can consult their advice in coming up with common agendas along with special agendas that will be discussed/approved during the meeting with the shareholders. Some examples of meeting agendas include the audited/unaudited corporate accounts, expense payments to directors and re-elections. The company secretary can also ensure that these agendas are sent out to the relevant parties as soon as possible so that everyone will come informed or point out other areas to discuss. Since the Singapore corporate secretary is clear on what is to be discussed during the general meeting, they can also assist with time keeping so that majority of the points of discussion will be touched on while ensuring that the meeting can end at the appropriate time.

Minutes Taking

A professional singapore corporate secretary will also be responsible in upholding a neutral tone while minute taking during the meeting. This helps all shareholders, directors and parties of the meeting be updated on what issues/agendas have been approved while ensuring that information will not run the risk of being misconstrued. The copies taken will also be presented in document copy to the relevant parties after the meeting has been conducted. In legal matters, these records can also be referred to whenever necessary. They can also be used as a refresher for the business owner in the process of proceeding with the approved plans.

Follow Up

After the AGM, the company secretary will ensure that legal filing requirements like the preparation of Annual return reports and other relevant reports are prepared. The company secretary can then notify ACRA of the corporation’s compliance by submitting an electronic copy of the company’s annual return on behalf of the company. The secretary can also be the individual to verify that all information are accurate as well as sufficient. This ensures that the reputation of the corporation can be maintained successfully without the business owner having to go through the trouble of checking all the time.

Problem Solving

If certain circumstances prevent the corporation from being able to conduct their annual general meeting on a timely manner, the business owner can also take the time to consult their corporate secretary beforehand on what alternative solutions there are. The corporate secretary and business owner can then come up with a beneficial plan on how to best rectify the late meetings for future occurrences as well as what can be done to alleviate the current problems.

In conclusion, having a reputable company secretary in Singapore is a requirement for all business owners. Not only will they be able to oversee the smooth running of business processes, they can also serve to reduce the risks and work it takes to successfully conduct an AGM. Your Singapore corporate secretary is potentially one of your most valuable ally when it comes to ensuring that your business is in compliance to all legal requirements. Therefore, great care must be implemented when it comes to choosing your Singapore corporate secretary. Working hand in hand with your company secretary ensures that you are kept up to date on all pending tasks. Knowing what to expect can also in turn reduce confusion and stress, thereby improving your productivity on pressing corporate matters.

For more questions regarding the conducting of AGMs or hiring a competent Singapore corporate secretary, do contact relevant legal authorities or external corporate secretarial service providers locally!

Discerning Fake Emails Masquerading As MYOB Invoices

When it comes to using a software program for essential tasks dealing with confidential information, both developers and users are equally as concerned over potential security risks. This is why many fixes, patches and workarounds are constantly being made to maintain programs like the MYOB software. However, despite so, there is always a risk of data being compromised. In light of recent events, there have been multiple local as well as international reports that MYOB users were being sent fake emails that were designed to masquerade as MYOB invoices in an effort to gain trust. After much panic and concern, the situation is relatively contained. Yet, additional security measures are required in order to minimise risk. However, while there are concerns of such events occurring again, all is not lost since there are methods to discern these fake emails.

Here’s how to do so:

Paying closer attention to the emails will reveal that the fake emails contain invoices from different corporation names with different debt amounts (ranging from $6300 and $6400). While it may seem credible, the payment terms of the MYOB invoices however, demand immediate payment. If the corporation has been regularly dealing business with the involved parties and the payment terms are inconsistent, this should be cause for suspicion. Furthermore, most businesses usually operate around an arrangement of allowing clients to pay within certain time periods. For example, within 30 days. Customers can also expect to receive payment reminders before immediate payments are requested.

The primary function of these fake MYOB invoices would be to spread malware to the affected user’s computer systems. The fake emails are designed to look like legitimate MYOB invoices from corporations that make use of the MYOB program for business processes. After the recipient of the email clicks on the view invoice option presented within the false email, their computer is automatically compromised since that triggers a sequence to begin the process of downloading certain viruses/malware via an autorun system. Private information from internet browsers can be stolen and compromised, which leads to significant risk since a corporation’s reputation is essentially everything when it comes to business dealings. This not only affects the reputation of the affected user, but will also lead to the quality of their services being compromised.

To ascertain fake emails from real emails, one can first start with examining the sender’s domain name. Under normal circumstances, official and legitimate MYOB emails should stem from sources like (accountright@apps.myob.com) or (noreply@apps.myob.com) instead of other variations. This can be determined without having to click on anything. Simply locate your cursor and hover above the links included in the email. This will reveal a small readable section that tells you if the links are genuinely from MYOB or not.

So as to reduce vulnerability, MYOB users are recommended to exercise caution when receiving MYOB invoices. Always make sure to check the source of the MYOB emails before clicking on anything else. If the messages are from unrecognised email addresses, it is ill advised to click on them. Business owners can also check for discrepancies from the email addresses by comparing them to the data stored within their mailing list. If the discrepancies aren’t too far off, it could be due to a recent change in email. However, if the email address contains multiple discrepancies, then it would be ideal to contact the corporation for verification. Users can also check the body of the email that was sent by comparing to previous versions. Pay attention to the addresses listed, the overall layout design as well as the writing format of the sender. Great care should be taken if the writing style do not match all other previous interactions.


Yet another precaution one can undertake would be to research and invest in the implementation of good antivirus protection. Some examples include Avast, Norton and Mcafee. These antivirus options are amongst one of the most popularly used protection for corporate users due to their reliability. Make sure that whichever antivirus protection your corporation is currently using are all kept up to date so that their level of security can be at optimal levels. Check to ensure that your computer system’s firewalls are also active.

It is also prudent to consider more measures that deter spam or malicious intent. This is especially useful for approval processes dealing with finances or sensitive information. Some examples of countermeasures like these include two factor authentication, captcha uses and more. Even with all these measures implemented, users should also trust in their instincts. Never ignore the possibility of further concern since it contributes to early discovery of problems. Users who have further queries and concerns are always encouraged to contact the staff and developers of MYOB so that they can perform validity checks.

At the end of the day, no software is completely invincible against vulnerability exploitations, malware or even hacking. While it is true that software providers should continue to monitor the health and development of their product, the software users also should play a part in reducing the risk of having their data compromised. This can be done by being aware and attending specialised MYOB training courses to understand what security measures can be undertaken, as well as what to look out for. The recent exploitation may have been one of the most prominent cases in a long time, but it is almost certain to say that this would not be the last attempt. Therefore, vigilance and attention to detail is very much so required.

MYOB users can also play a part in continuing to monitor their user experience by sharing information, techniques and tips through the MYOB online community. It is also advisable to keep up to date with MYOB software updating, potential bugs and to make use of the fixes as soon as possible. Interested users can also contact certified MYOB professionals for more insight on how to best secure their MYOB software or make editions to their MYOB invoices. Clarification to the corporation’s clients can also be made so as to ensure that the corporation’s clients can exercise vigilance on their part as well.

Annual Return Penalties To Avoid By Picking The Right Singapore Corporate Secretary

Annual return penalties are inconvenient and detrimental to a corporation’s progress. To ensure that you can avoid annual return penalties, hiring a competent Singapore corporate secretary is crucial since they will essentially be tasked with ensuring that all legal corporations are met in a timely manner. However, it is also imperative to understand what you need to avoid as well, so as to better monitor your corporation’s progress and be aware of what you may potentially risk. Here are some things to know about the penalties:

Annual returns are usually submitted electronically to ACRA, and dependent/contingent on the corporation’s AGM (Annual General Meeting) results. According to the statutory requirement, annual return filings are to be filed within one month from the date of the AGM held by corporations. This procedure is to be completed in a timely fashion each year. Only companies that are newly incorporated do not have to follow this, and instead, are offered a longer duration of 18 months from the date of their company’s incorporation to conduct their very first AGM. The filing requirements are different according to the corporation type, and the singapore corporate secretary should be able to assist in ensuring that the corporation meets filing requirements for each different company type. They can also be responsible for the filing of annual returns and updating of any relevant changes to the authority sectors on behalf of the corporation.

Your singapore corporate secretary should be able to help ensure that the annual filing documents are prepared and ready for submission through BizFile. Some of the required documents include information about the corporation’s full name, the corporation’s registration number as well as address, data about the principal activities, company type and information on the directors, company secretary, shareholders and auditors of the corporation. In addition, the filed documents will also have to address and include the financial periods that audited accounts are made up to, the accounts in full/partial XBRL formats, as well as the summary of both issued and paid up share capital. A responsible company secretary will take care to doublecheck the data for any discrepancies and rectify them immediately so as to ensure that everything runs without flaw.

If the corporation is not able to file annual returns in time, date extensions can be applied for. However, penalties will be incurred with $60 charged for late lodgment if it takes less than 30 days. The maximum amount of penalties ACRA can impose on corporations is capped at $350 currently. However, business owners should take care to note that the penalty fees are imposed based on separate section charges so the total amount of penalties their corporations could be liable for can add up to rather substantial amounts. This is risky since it can severely constrain their financial budgeting and slow down overall plans for business progress.

Lodgment fees that are incurred when applying for time extensions are usually around $50 monthly, with a maximum limit of two months. Once the corporation has applied for a time extension, they cannot apply for further extensions. Failure to comply with regulatory compliance requirements can result in ACRA issuing the directors and company officers court summonses, which can impede business reputation significantly. Whenever possible, this is to be avoided at all costs.

Your singapore corporate secretary should also play a part in ensuring that your corporation can conduct the AGM in a timely manner by not only assisting in preparations, but also preparing minutes and noting down essential business decisions. An agenda should also have been created and sent to all shareholders and directors to inform them of the meeting so that they are able to attend. The minutes that have been recorded should be safely kept, with copies delivered at the end so as to ascertain that all that has been covered in the meeting have been objectively recorded in a neutral manner.

As of late, ACRA has also taken measures in enforcing action against corporations who breach requirements by failing to hold annual general meetings and filing annual returns. Apart from issuing penalties and summons, serious non-compliance situations may require a warrant of arrest to be issued. A director or corporate secretary that defaults on requirements in the Singapore Companies Act for up to three or more months continuously can also stand to face debarment orders.

The consequences of non-compliance can be potentially damaging to business reputation and progress. Once clients and potential customers catch wind of the company’s negative reputation, they may be deterred from seeking out the corporation’s services. This in turn worsens the company’s ability to earn profit. Additionally, the ability to foster good relations with potential investors and partners may also be compromised.
Hiring the right Singapore corporate secretary can help business owners avoid running the risk of having to face such hefty penalties by being capable/responsible enough to advise the business owner of potential risks, remind them of their statutory obligations as well as prepare the necessary filing documents on time. To ensure that all the above penalties can be avoided, business owners are advised to take their time in considering their options and requirements that their Singapore corporate secretary has to meet. Alternatively, instead of manning the hiring process themselves, they can also seek out the services of reputable corporate secretarial service providers for assistance.
But one should also not simply stop after hiring the right person for the job. Business owners should take care to communicate with the corporate secretary on a regular basis to stay updated as well as be clear on what their expectations are. Great care should also be given to ensuring that the Singapore corporate secretary is perfectly updated on the current status of the corporation as well as all other essential information. Business owners are also encouraged to learn more about the process of tax and other useful legal requirements by signing up for training courses with a certified professional. This will in turn further strengthen the efficiency and ability to discuss important procedures with the corporate secretary.

Avoid Tax Troubles With These Accounting Basics

singapore-income-tax

Tax troubles are every corporation’s nightmare due to the potential consequences they could incur. This can not only affect the corporation’s reputation, but also in the progress of it’s business dealings. In order to avoid incurring tax troubles, great attention should be placed into the data figures and required filing processes. The more reliable your generated information is, the less your corporation will be at risk when it comes to tax trouble. Maintain accuracy in your accounting process by keeping these accounting basics in mind:

Proper Bookkeeping05

Take measures to ensure proper bookkeeping methods are kept consistent. The more consistent and error free your accounting basics are, the more accurate your financial documents are. Ensure that they are reviewed and organised properly so as to better help draft your financial statements. This will in turn help you ensure statutory compliance with IRA and ACRA. Apart from observing accounting basics, it is also crucial to be aware of the legal requirements and tax regulations of the specific location the current corporation is based in, since they can differ from others.

Consult relevant tax authorities as well as other employees who are highly equipped to deal with tax problems whenever necessary. In corporations, the employees who are usually skilled with tax expertise would be the corporate secretary. 

Training

All accountants are also highly advised to sign up for both accounting training and tax training so as to gain clearer insight to it. The best possible recommendation would be to locate training sessions that involve both accounting and tax training together in one- this facilitates accountants in understanding how they correlate with one another and how best to achieve accurate results with both accounting basics as well as tax regulations in mind. With better training, avoiding tax troubles can be a lot easier.

Using and Updating Account Software

In order to avoid potential tax troubles, make sure to invest in the right tax and accounting systems. A good recommendation would be to look into software programs that are tax compliant, like MYOB. By using software that guarantees tax compliance, you will be able to provide accurate accounting results for your calculations. Apart from investing in the right tax and accounting tools, also make sure to keep the software program up to date. By frequently updating your software, it not only ensures that minor bugs and security risks are fixed, but also that tax compliance will be met with the updates.

Prevent Overriding

Corporations who have taken the time to invest in tax or accounting systems should also take note to ensure that all employees rely on the same standardised tax systems while working with calculations. Working outside of these systems should be discouraged since the reliance on figures that are outside of the standardised system can complicate the process. It is also potentially risky since there will be no ‘paper trail’ for auditors to work with when reviewing for errors. This means that there can be distortions for analyzing tax data.

Avoid Dubious Accounting Practice

Regardless of whether you are preparing the accounting documents or if you are tasked to review the calculated figures, keep an eye out for dubious accounting practice techniques. Certain techniques like profit smoothing may fall under the grey area of what is acceptable when it comes to accounting basics, however they are generally ill advised since great care has to be taken into consideration. Any lapse in consideration can result in inaccurate accounting results and place companies at risk for fraud.

Ensure that all dubious accounting practice techniques are removed so as to maintain the quality of your accounting results.

Keeping Records

The records you keep should contain enough information that allows both yourself and others to comprehend for transactions and other important essentials. Ensure that they are kept up to date by regularly updating or performing changes straightaway whenever necessary. It would be good to include descriptions of what the journal entry is for, as well as the dates it has been recorded as well as it’s completion status. Whenever there are discrepancies, these records can be referred to for clearer explanations.

Tax Filing

Ensure that accounting practices are done well so that tax filing can be prepared and submitted on a timely basis. Your corporate secretary and auditor should be able to facilitate and oversee the process by ensuring that all necessary information is kept error free. Retain and hire professional tax staff to assist in reports and reduce misjudgments in accounting basics as well as oversight.

Streamline processes
Careful caution is advised so that corporations can avoid closing the accounting books prematurely. Make sure all necessary information is collated, calculated and worked through so as to avoid processing mistakes that could potentially skew accounting figures.

Double-check

Before sending documentation like financial reports and the like, it is prudent to conduct and check the presented information one more time. Whenever possible, allow other authority figures or other colleagues to run through the report for any possible errors before sending the report out to the relevant parties. It is also a good opportunity to ensure that the information presented are an up to date version of your corporation’s progress.

These are just some of the accounting basics one can adhere to in their process of accounting and keeping track of data figures on behalf of the corporation. By taking the extra time to ensure that everything is in order, one is essentially paving the way for a better reputation and simplifying the end process of generating reports according to legal requirements.  Assess your current accounting processes today and contemplate if you can incorporate any of the aforementioned accounting basics into your overall procedures. While the conditions to monitor in order to avoid tax trouble may seem tedious, they also serve a dual purpose in ensuring that your financial figures are as accurate as possible. Not only does it safeguard your corporation’s reputation, it also assists in allowing the corporation to make better informed decisions for growth.