Category Archives: Corporate Services

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!

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.

Are Low Cost Virtual Offices Beneficial To Start Ups?

The measure of setting up a virtual office in Singapore has been steadily on the rise ever since the option was made available to the business sector. However, is the option of going for a low cost virtual office for every business type? As a rising start up, this concern is a valid one, since expenditure is an aspect one has to look out for. To shed light on the subject matter and assist others in making better informed decisions, here are some things to consider before setting up a virtual office in Singapore:

Consider the costs one would incur if one is intent on purchasing or renting a physical office space. Apart from renting the location alone, one would need to fork in extra just for the electricity, cooling/heating, supplies, furniture, hiring of staff and other relevant factors. All the incurred expenditure would add up to an overwhelming amount. For start ups who have just newly established a corporation, that is a huge financial toll they need to shoulder. Compared to low cost virtual offices, which require payment by a monthly or yearly basis, renting a physical location is definitely more costly.

In addition, one of the best things about low cost virtual office service providers is that they are built to cater to the requirements of their clients. Depending on what you require, some low cost virtual office service providers are also fully capable of offering the rental of their meeting spaces or the use of their office equipment at affordable package rates. This means that business owners can maintain a professional reliable image while being able to work in the comforts of virtually anywhere they prefer as long as they take care to rent out the space beforehand.

What’s more, if business owners choose to consider setting up a virtual office in Singapore, most virtual office service providers also offer additional services like facilitating them with virtual office assistants to take care of basic administrative functions. This means start ups will be able to conserve funds and time since they no longer have to immediately hire or train new receptionists. Their administrative tasks are already handled by well seasoned professionals who can eliminate errors and improve overall productivity by informing them of urgent matters. 

While it is natural to be a little dubious about leaving essential business practices to external staff members, business owners should take care not to micromanage. Clear communication between them and low cost virtual office service providers can actually serve to streamline the whole process with ease since it communicates what the business owner expects. Most virtual office assistants are also more than willing to update the business owner either through email or phone calls on a regular schedule so that business owners can be up to date with all that is currently going on.

Another beneficial factor of using a low cost virtual office is that business owners can enjoy the same reputation and trust earned by other corporations without having to buy an actual office space. By setting up virtual offices in important business districts, this allows other corporations to trust the startup more and be more willing to either offer business opportunities or collaboration.

A low cost virtual office is also well known for it’s flexibility- business owners can enjoy the option of renewing virtual office services on a monthly basis so that they have better control over their finances. They can decide to stop using the services after the agreed upon months without any strong repercussion or loss as long as the contract have been monitored by both parties.

Setting up a virtual office service in Singapore is also ideal for business owners who own multiple chains in different parts of the world and require frequent travelling. This is due to the fact that virtual office assistants are highly trained to take calls on behalf of the business and forward only important ones. They are fully capable of handling basic inquiries from the business owner’s clients. Business owners can also be rest assured that all important letters, documentation and packages can be received on their behalf and stored safely for collection. This saves business owners the stress of having to anticipate information since they can communicate how often they wish to receive alerts on important documentation, if they wish for it’s contents to be scanned and emailed to them, as well as what collection methods they want to make use of.

In conclusion, the benefits of setting up a virtual office in Singapore seem to carry more advantages than inconveniences. However, to truly be able to reap the full benefits of what low cost virtual office service providers can offer to all business owners, corporations have to learn to adjust to doing so. Most virtual office service providers offer their services in the form of packages that are set in affordable rates. For business owners who wish to sign up for low cost virtual office services, it is advisable to compare the rates as well as services included within the package so as to figure out what best fits your current requirements. It is also prudent to check for the locations the virtual office services are established at to avoid choosing one that is situated in a dubious location. To prevent incurring hidden costs or price hikes, communicate with the service provider and read through the contracts as well as terms of service that is provided to you before signing up for one. Choosing the right virtual office service provider may take up some time as well as research but when one is able to do just so, one will be able to experience the true quality of their service and assistance!

Of course, these are only just some advantages setting up a virtual office in Singapore can bring to start ups and SMEs. If you are considering signing up for low cost virtual office services, then you are highly recommended to do so with local virtual office service providers!

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

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.

Reasons to hire a Bookekeeper

As a smart and savvy small business owner today, you have to do everything you can to gain a competitive advantage in the world right now.

We live in the middle of the most cutthroat business environment that has ever existed. Competition from all over the globe is going to pour in on you from all sides, and unless you’re being smart about your money – and tracking all of your expenses – you won’t ever be able to succeed the way you could or should.

That’s where hiring a bookkeeper comes into play!

Bad bookkeeping kills businesses all the time

The number one thing that kills small businesses today (and big operations, too) is not understanding what kind of money situation you’re in at all times.

Your business is only ever going to survive if you understand what your cash flow is like, what your expenses are like, and what your projected revenue is going to be for a certain block of time. Without this information – or worse, with bad and incorrect information – your business has almost no chance at all.

A proper bookkeeper will improve your business getting paid faster

A properly trained and experienced bookkeeper is going to be able to help you navigate a lot of business situations, but most of all they are going to be able to make sure you get paid from your clients, partners, and vendors on time and accurately.

These are the kinds of experts you want in your corner, the kinds of experts that will help your business grow. A good bookkeeper is always a valuable asset.

A good bookkeeper makes sure you’re aware of all your critical business metrics

There are plenty of critical business metrics you need to get right when you’re building a business, and a bookkeeper is going to help you understand, measure, and analyze those metrics going forward. There’s no more valuable a skill when it comes to growing your business, and only these kinds of professionals can help you get setup to succeed with these critical business details.

The right bookkeeper can make sure you’re being smart with your taxes and financing

At the end of the day, you’re going to want to make sure you’re always working with a proper bookkeeper that can help you minimize your expenses – especially when it comes to one of the biggest expenses of all, your taxes.

When you hire the right pros to assist you with your books every step of the way, you’ll better understand your tax options, your financing options, your cash flow situation, and so much more. You’d have to be at least a little crazy not to take advantage of all these experts have to offer you and your business when it comes time for real growth.

Hopefully we’ve been able to shine a little light on the subject to assist you in making the choice to hire these kinds of experts. Make sure you take the plunge and move forward with the right pros and you’ll have nothing to worry about!

Tips for building and managing your online reputation

If you are going to be successful in business today, you’re going to need to make sure that you have all of your bases covered when it comes to the Internet – and that doesn’t just mean building up an attractive and effective online presence and a social media account or platforms that are helping to generate influence for you in your market.

No, you’re also going to need to make sure that you are able to effectively protect your online reputation so that you don’t have to worry about bush league attacks by your competitors designed to tank your business as quickly as possible by attacking and assaulting your reputation.

Here are some tips and tricks to help you protect your online reputation at all costs!

Figure out what your online reputation is right now in the first place

Fire up all of the major search engine networks (not just Google) and search for your name, your business’s name, your products and services name, and anything else you can think of that would be connected to you or your operation.

It’s going to be impossible to fix what you do not understand right off the bat, and you may discover that your reputation needs to be better protected right now because of ongoing assaults or that you have a little bit of time to build up some defensive walls (so to speak).

Rehabilitate your image

The next step is to abandon any of your “dead” or old accounts on social media, old websites that no longer reflect your business today, and any online presence that paints you in a less than ideal light from a “previous life”.

The last thing you want is a major client googling your name and finding pictures of you during rush week, that’s for sure.

Strategically control your online image

It’s going to be really, really difficult to scrub the Internet of any negativity that already exists online (after all, there’s a reason why they say that once it’s online it’s permanent) but that doesn’t mean that you have to give up.

Instead, you’ll want to create a bunch of strategic content that helps you better shape and mold your persona and your online reputation. Join professional sites and become an active member, right professional blog posts and get them higher in the search rankings, and create more positive encounters so that the good results far outweigh the bad ones.

Set up online alerts to track your image

The only things that get managed are the things that get tracked, which is why you want to set up online alerts to track your name, the name of your business, and the name of your products and services that you know exactly what is being said about you and your operation as it is being said.

Be respectful when responding to negativity

Send direct messages to those that are writing or posting about you negatively, but make sure that you do so in as respectful a way as humanly possible. You don’t want to fan any flames, but instead want to try and see if there’s any potential to reason with those that are bashing you online. If you’re not getting anywhere, simply sees contact and focus your energy elsewhere.

Keep your personal and professional world as separate as possible

This should go without saying, but it’s important that you do everything you can to keep your personal life and your professional life as separate as you can. This goes for social media especially, which is where most people find themselves stumbling and bumbling around.

Discover Some Beneficial Accounting Options for Growing Startups

A startup needs care and nurturing in order to grow, much as a newborn does! If you’re interested in giving your startup the best “care and feeding”, you’ll greatly benefit from this quick guide. We’re going to share some beneficial accounting options for growing startups.

Using all of this advice will help you to ensure that you build a strong foundation for profitability and growth. Without our tips, you may be prone to accounting snafus which make it harder to run your business properly.

Are You Running a Sole Proprietorship?

If you’re going it alone, at the start or always, your needs in terms of accounting will be dramatically different, versus what a bigger company would typically require. However, you should know that even sole proprietorships will benefit from accurate and regular accounting. In some cases, it’s best to hire an accountant before your launch. Another option is buying your own cutting-edge, easy-to-use accounting software.

If you don’t want the expense of paying an accountant to do the books for you, the fact that you’re running a sole proprietorship will be to your advantage, as you’ll find it easy to do your own books via an affordable software program, such as Peachtree, Xero or QuickBooks.

You should have the program in place as soon as you start making money. It’s probably not necessary to buy it before hand, as a typical program of this type will be intuitive and user-friendly. In other words, it will have a short learning curve, so you won’t need to spend ages learning how to use it before you put it to work for your new business.

As a sole proprietor, you’ll need to file Form 1040 at tax time and affix Schedule C. A good accounting software program will help you to track all of the right metrics, including expenses and sales, even in the earliest stages of operating your business. It will give you the power to stay organized daily and to make smart decisions as a business person.

Since you’ll know outgoing expense amounts and incoming earnings, you’ll be able to do what’s best for your business, day in and day out, without wondering what’s affordable for your new company.

As well, we recommend choosing a great tax return software program, such as Intuit. This is just one respected tax program, but it’s a solid pick. It includes all of the right features for sole proprietors.

If you do decide to hire an accountant, you’ll be able to put your accounting tasks in his or her hands and focus on other important aspects of running your business. As well, you may find that you’re able to access helpful advice whenever you need it.

What Will An Accountant Offer?

A good accountant will keep your books according to government rules and regulations, as well as accounting “best practices”. As well, an accountant will likely know the ins and outs of running small businesses, from a financial standpoint, and he or she will be able to assist you with making good decisions, whether you need to get a loan, set up an estate or take care of anything else in that vein.

If your business is very simple. an accountant’s advice may not be that important. It really depends on how simple or complex your operation will be.

The best advice is to focus on growing a loyal customer base for your new business, before you hire an accountant. Start making money and then go from there.

Role and Responsibilities of a Singapore Company Director

The main responsibility of every director is to make the company successful and to legally operate with it. If the laws are not respected within the company, the first person who bears all the responsibility is the director of the company. As you can assume, the essential role of the director is the status of a legal representative. The legal representative is actually an agent who has the obligation to work according to the laws of the country of Singapore. Those who not respect those laws will face serious consequence which can lead to termination of the existence of the company. As a legal representative, the director will work in the name of the whole company.

The number of directors in one company
It should be noted that every company can have one or more directors. The number of directors is usually determined by a decision on a general meeting. If the number of directors is not determined, the company will have only one director. There are companies that limit the mandate of the director and they have all the right to find a replacement after they made a decision on a general meeting.

Main responsibility of the director of a company
The main and probably the most important responsibility of a Singapore company director is the duty to represent the company in accordance with the memorandum of association, the decision of the company and the instructions of the supervisory board. This means that the director manages the company’s business in accordance with the decisions of the company following the instructions given by the supervisors. If the director is unable to take the intended action, the supervisory board will schedule a meeting and they will suggest another person and replace the current director. The director is never allowed to act independently. This will only lead the company to failure. The director and all the supervisors should communicate on a daily basis and discuss the steps they need to take to achieve the business goals. The achievements of the company should always be their top priority.

Compensation and salaries
Every Singapore company director who performs an impeccable work is entitled to a compensation for the work he/ she performs and most of them are entitled to receiving bonuses according to the work they did. According to the laws of the country of Singapore, the company has all the right to determine the method of calculation of the salary. The amount of money may depend on the business results of the company. Most companies offer a contract to their directors with a salary that was previously discussed and agreed. But there are cases when the director is a family member and he/ she performs their job without a compensation. This contract can be arranged too, and in such situation when the director agrees not to receive a salary, it means that they will share the profit with the owner of the company unless the director is also an owner of the company.

Company Striking Off Services

A company in Singapore can go for strike-off because of different reasons. Such a thing can happen all the time. Companies are constantly registered, while others are close to liquidation: this is the way the business world functions, as some businesses may work and others may not. Many times liquidation is inevitable, but it is important to strike-off a company with minimal procedural requirements.

There is one problem with the liquidation of a firm: the business must be eligible for strike-off, otherwise the procedure is not possible. In order to be eligible, a company must meet the requirements declared by the Accounting and Corporate Regulatory Authority Singapore, also known as ACRA. These are the requirements that must be met:

A final set of audited accounts has to be sent. The involved firm can begin the preparation of accounts and documents that are required for liquidation if all the requirements are met. The documents submission can depend on the company’s transaction.

In the case in which there were no transactions performed by the company after the date of incorporation, or there was no filing for audited accounts, then there is no need for submission of any audited accounts. Any existing bank account of the firm has to be closed though. The proof of the closure procedure has to be provided and a bank statement should be enough. The following documents are needed in a strike-off procedure for a company in Singapore, according to ACRA:

  • Declaration of Strike Off

  • Application for Strike Off

  • Tax Clearance

  • if applicable, Waiver of Form C-S/C

For firms that have already filed audited accounts before, the strike-off documents will have to be sent with a copy of the most recent audited report. In the case in which transactions were made, companies need to make sure that the audited accounts do not contain any assets or liabilities. For cases in which no liabilities and assets have been found in the accounts, a copy of the certificate of exempt private company is needed. The exempt has to be for the last Annual Return, but the most recent audited report should not be considered.

If there are liabilities or assets related to the account, directors have to offer an explanation and proof of how these liabilities and assets are disposed off. Also, the firm has to close the final set of audited accounts during the application. The submission of documents can be made on the Internet, using Bizfile, but all the necessary documents must be included. The document approval phase lasts between one week and two weeks and the approval of the documents is the responsibility of ACRA.

After approval, the company and IRAS will get a striking-off notice and anyone who wants to object against the liquidation should do it at this moment. In the case in which there are no objections, a second notice is issued, along with the date of strike-off. Sometimes, applications are not approved, case in which firms get a notification of this fact through email.

An application usually gets rejected because outstanding assets or liabilities are found. But, firms can submit documentation again, as the Accounting and Corporate Regulatory Authority Singapore will reconsider the application. The total duration of a striking-off procedure is of about six months.

Anyone who starts a business in Singapore or anywhere in the world must be aware that a strike-off procedure can be necessary in case the business fails. Some people start well, but their plans can fail in the long term. If you fail once, perform a strike-off procedure and then reconsider the business, maybe joining a partnership could bring success. In any of these cases, you have to know the steps and requirements of a strike-off process.

 

Call Us

Site Navigation

  • Privacy Policy

Newsletter