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text 2019-07-29 09:40
The 5 Common Traits of Successful Entrepreneurs

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When thinking about becoming an entrepreneur, you look to the success of veteran or celebrity entrepreneurs, wondering what pushed them towards success.

 

If you were to examine successful entrepreneurs, you will notice that they share characteristics that enable them to create goals and achieve them efficiently. This is because they understand what they want out of life and design the habits and strategy that allows them to accomplish whatever they put their mind to.

 

If your goal is to become a successful entrepreneur, developing the 5 following habits will change your mindset and therefore, your ability to achieve your goals.

 

Start Your Day Early

 

First things first, you cannot get up at 12:00pm and expect to get much done – the majority of your day is gone, and the daytime is the best time to be productive.

 

Successful entrepreneurs wake up early so that they can make the most out of their productive hours. Waking up early allows one to get more done in the early hours than the average person does in their entire day.

 

Most successful entrepreneurs wake up between 4-6am. Since most people are not up at this time, they have the ability to focus on their most important tasks, without having to deal with numerous distractions.

 

Waking up early will be extremely beneficial with regards to your success as an entrepreneur. More hours of productivity means that you can accomplish a tremendous amount of work, making both your short-term and long-term goals more attainable. By waking up early, you enhance your efficiency and effectiveness, both of which are qualities that play a major role in the success that entrepreneurs experience.

 

Stay Alert With Opportunities

 

Successful entrepreneurs are always looking for an opportunity to turn a skill set or experience into revenue or a product. Whether it be an existing market that has products and services that are lacking, or the opportunity to be the first to innovate, these people look to capitalize on anything that is open for new entry.

 

You must always think in terms of a producer – what is something that you can provide that people will be willing to pay for on a consistent basis or for a premium price? This means that you have to constantly study the marketplace to understand the needs and wants of consumers.

 

Before going all in on your idea, test your product or service amongst a small group of users so that you can produce the best offering possible. Business is all about getting a high ROI for your efforts, so you must decrease the risk you take on as much as possible.

 

Stay Proactive

 

As an entrepreneur, too much planning and contemplation will hold your business back from experiencing growth. If you make a plan, it must be followed up with actions that lead to execution. There is nothing worse than making plans as an entrepreneur that are never accomplished. For all your big talk and aspirations, they must be followed up with hard work that is guided by an effective strategy.

 

Staying proactive with your entrepreneurship idea will not only help keep the business alive, but will keep your brain active enough to keep evolving your business. Taking too many breaks, or worse, never acting on your business idea, will not result in anything. Waiting for an opportunity to fall into your lap is too risky a game to play, especially if you truly believe your idea has the potential to make major profits.

 

Keep Money on Your Mind

 

Sales is what successful entrepreneurs think about every single day. How many customers they have, how much money is being made, are forecasted goals being met – these are the thoughts that push successful entrepreneurs to work extremely hard. And when money is made, they want to keep as much money as possible, so finances are a very important factor also.

 

As stated previously, your main priority is producing consistent sales. Gain as much knowledge about selling as possible and build up a team of quality salespeople. You want your business to generate money so that it can be recognized as an actual business. As you grow, invest in a CPA to ensure that your money is being managed properly and used to increase further growth.

 

Implement these traits into your behavior and you will position yourself to become a successful entrepreneur. Remember, success is a process of actions combined together to produce results.

 

Read more : The 5 common traits of successful Entrepreneurs

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text 2019-07-12 07:48
How to set up business in Singapore- Step-by-step guide

 

As far as launching a new business is concerned, Singapore continues to be a favourite for both local and foreign entrepreneurs. The country has been consistently rated as the best for starting a company in its Doing Business Report by the World Bank Group for the tenth consecutive year. Some major factors that make Singapore an appealing destination to set up a business include quick registration process, SGD 1 minimum share capital requirement, strong economy, zero capital gains tax, low tax rates, excellent infrastructure, and several interesting government schemes and subsidies. Also, the Accounting & Corporate Regulatory Authority (ACRA), a body responsible for the regulatory environment of business establishments, oversees the company registration process in Singapore. Launching or registering a company in Singapore is quick, if done systematically. This article provides step-by-step instructions to register a company in Singapore, in a simple and systematic manner.

 

Steps to Register a Company in Singapore

 

Step 1: Finalize the Establishment Type

 

First and foremost decide on the legal structure that is ideal for your business, keeping in mind the tax benefits. In case of a Private Limited Company establishment type, you need to consider the higher registration cost, complex compliance requirements post registration, and risks involved. A Private Limited Company establishment type is recommended to businesses that involve higher risks, long-term plans, and high profits. On the other hand, Sole Proprietorship is ideal for a small business with minimum risk factors and less post-registration compliance requirements. Another option is Limited Liability Partnership (LLP), where the funds and resources are provided by two or more partners. The chargeable profits of Sole Proprietorship and LLP will be accessed as per the owner’s income and subjected to personal tax rates. Although a Private Limited Company attracts more investors and provides better financial options, the existing compliance cost for this entity is higher compared to that of Sole Proprietorship or Limited Liability Partnership Company. Go through the registration process for a Private Limited Company before finalizing the establishment type.

 

Step 2: Finalize a Company Name

 

Naming your business can be quite an exciting affair. However, we suggest you choose a name that is relevant to your business. While deciding names, be mindful not to use undesirable names or those that are identical to other companies.  After you shortlist probable names, check if they are available or already taken up by other companies. An easy way to check if the name you have chosen is still available is by using the Singapore Company Name Checker Tool. After short listing the name, apply for approval with ACRA. In case there are no discrepancies and the selected name meets all requirements mentioned in the guidelines, it will be approved immediately. To avoid delay in the registration, we request our clients to provide two additional names apart from the preferred one.

     

Step 3: Keep the Necessary Details Ready

 

Keep the following list of items ready before proceeding with the registration process.

 

 • ACRA approved company name
 • Brief description of business activities
 • Personal identification and address details of at least one resident director in your company
 • Personal identification and address details of shareholders
 • Local company office registered address
 • Details of the appointed Company Secretary
 • Paid-up initial capital of minimum SGD 1

 

Step 4: Register a Singapore Company

 

After ACRA approves the name of your company, the next step is to register your company. Submit the duly signed application form along with relevant documents and registration fees. If all your documents are in order, the Registrar will approve the registration within one working day. However, if additional information or documents are needed, then the registration process might take longer.

 

Step 5: Issuance of Certificate of Incorporation

 

On approval of your registration application and completion of the Singapore Company incorporation, you will receive an official email notification containing the Certificate of Incorporation along with the company’s registration number from ACRA. For a hard copy, place an online request to ACRA along with a payment of SGD 50 per copy. You can collect the hard copy from the ACRA office the next day. Post incorporation, your company will receive a Business Profile, a PDF document, containing vital information like company name, registration number, previous names for company, if any, incorporation date, principle activities, paid-up capital, registered address, shareholder details, director details, and company secretary details.

 

Step 6: Post Incorporation Tasks

 

Post incorporation, the company must ensure that the following are in order:

 

 • Shareholders’ share certificates
 • Share register containing details of shares allotted to each of the shareholders
 • Company seal
 • Company rubber stamp

 

Step 7: Opening a Corporate Bank Account

 

Opening a corporate bank account in Singapore is a quick and simple process. Singapore offers a huge choice of banks that include international as well as regional banks. Due to the strict international regulatory regime, we suggest that you are physically available to open your corporate bank account. However, if it is not possible for you to be physically present, we will guide you through your corporate bank account opening process. Click here for more details and documents required for opening the bank account. 

 

Step 8: Get a Business License

 

All businesses need a license to operate. Some businesses may even need more than one. After receiving Certificate of Incorporation, you must apply for your company license with the concerned government agencies.

 

Step 9: GST Registration

 

All companies with annual revenue above SGD 1 million must register for the Goods and Service Tax (GST) with the Inland Revenue Authority of Singapore (IRAS). Companies with annual revenue below SGD 1 million need not register. GST is charged on goods and services sold to clients, which is then remitted to the tax authorities by the company. 

 

Step 10: Filing Annual Returns

 

It is mandatory for Singapore registered companies to prepare their annual financial statements in accordance with the Financial Reporting Standards of Singapore. They also have to file the Estimated Chargeable Income (ECI) form with Inland Revenue Authority of Singapore (IRAS) within three months of the financial year-end. Apart from this, the company must also file annual returns with ACRA within a month of its Annual General Meeting, which must be held once every calendar year.

All the steps mentioned above must be executed systematically. To avoid penalties and prosecution, it is advisable to appoint a corporate service provider to handle your company’s annual filing and ongoing compliance obligations.

 

Source: www.rikvin.com/blog/how-to-register-a-company-in-singapore-in-10-simple-steps
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video 2019-07-08 04:28

In this video, you will find out the differences of the three structures of foreign companies in Singapore.

 

If you're planning to incorporate a company in Singapore, you are advised to engage the company incorporation services of a professional corporate services firm to remain compliant to the various local regulatory requirements.

 

Read article at https://bit.ly/2Lb65d0

 

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Find us on:
Website: https://www.corporateservicessingapore.com/
Facebook: https://www.facebook.com/CorporateServicesSG/
Twitter: https://twitter.com/CorporateSvcsSG
Pinterest: https://www.pinterest.com/CorporateServicesSingapore/
LinkedIn: https://www.linkedin.com/company/corporate-services-singapore

Source: www.corporateservicessingapore.com/i-incorporate-subsidiary-representative-office-branch-office
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text 2018-12-21 07:17
Search for the Reliable Accounting Services

When you wish to make your dream of registering a company in Singapore a reality, then you should be aware of certain important things. There are certain norms or conditions that need to be followed which would help you to progress further without taking much time. You have to identify certain important things which are required in setting your business. So, if you are able to approach a good and genuine consultancy service, it would prove to be a bonus for you. This is because the perfect and reputed one would provide you with all important details on how to get the registration done in a swift manner. There would not be any type of hassle that would also make you save your precious time. Finding a one-stop solution is possible at FM Accounting & Consultancy services. We help you to provide all useful details that are required in order to incorporate your business in the right way. This would help you to focus your attention on other work as we would make sure that the registration gets done in the perfect manner. 

 

You can find enhanced productivity along with cost savings services to meet your right requirement. Our accounting services help you to maintain the best and proper records. You would be able to get accurate financial information without any problem. Our qualified and experienced Chartered Accountants can help to make things less complicated as well. Our packages are also quite affordable where you can find that it has helped in proving to be of much help to you. You would never find yourself spending much money for our services that we provide. By contacting us for a non-obligatory quote is also possible where you can find our services to be of much use to set up a company in Singapore.

 

At FM Accounting & Consultancy services, you can find useful assistance to register a company in Singapore. This would definitely help to make the process much convenient. We provide services like GST Registration, financial audit, strike-off company, etc to meet your business goal. So, you should try to seek our services without fail which would help you to find the perfect solution. We also provide corporate insurance which is very important for employees and companies. You can always rely on our perfect services where we would assist you in providing the best solution for registration of your company.

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text 2018-12-17 08:05
How to Register a Pte Ltd Company in Singapore

Are you worried about whom to contact and how to register a Pte Ltd company in Singapore? Well, there is no cause to worry. Accounting & Corporate Regulatory Authority (ACRA) acts as the Company Registrar. And, the majority of business owners outsource the task to one of the Singapore incorporation services providing firms.

 

The business owners choose to set up a private limited company (Pte Ltd company) over other types of businesses. A Pte Ltd is a dynamic and scalable business structure. It is a legal, taxable entity in Singapore independent of its shareholders and inspires confidence in its investors and creditors.

 

Singaporean and foreign business owners are advised to seek professional assistance from incorporation services in Singapore. The process is straightforward. With all the necessary documents in hand, these firms can register your company with ACRA within a short time.

 

Key Pre-Incorporation Requirements

 

How to register a private limited company in Singapore is not a puzzle at all. The experts from your incorporation agent will advise you about the documents, process, and the necessary steps.

 

There is a set of private limited company Singapore requirements that you should be aware of. They are as follows:

 

  • At least one shareholder (an individual or a corporate)

  • At least one resident director

  • At least one company secretary

  • Minimum of $1 as initial paid-up share capital

  • A registered physical office address in Singapore

 

Documents Required for Singapore Company Registration

 

The following are the short descriptions of the documents that your services provider needs so as to form a Singapore company for you.

 

Registered Company Name

Create a list of names for your proposed company and see to it that they reflect your business activities. Your provider will check the availability of these names and register one for your use. It should also be suitable as the web address of your business website.

 

Description of Business Activities

This document gives a brief description of your business activities. You will need correct Singapore Standard Industrial Classification Code 2010 (SSIC code) to put on the application to register your company. Your services provider will advise you about the proper SSIC code to describe them.

 

Shareholding

You need a minimum of $1 in initial paid-up capital at the time of . Once formed, the company secretary issues one or more shares to its initial shareholder.

 

Later, the new company may issue more shares and raise capital for its business activities. The total number of shares multiplied by the nominal value of a share represents company's issued share capital.

 

Shareholders' Agreement

The shareholders' agreement is a document that defines the relationship between the shareholders and their rights and obligation. It is a must-have document. You can rely on it to avoid future disputes among shareholders.

 

It is only proper that the brain behind the company gets the lion's share. However, it means having the controlling rights in the company. It is the only way to protect your interests.

 

Particulars of Shareholders

An individual or a corporate entity can be the owner or a shareholder by starting a Pte Ltd company in Singapore. The shareholders can be as many as 50.

 

A shareholder can also act as the director of the company. One of the USP of registering a business in Singapore is that the country allows the foreigners to own 100% shareholding in their company.

 

Particulars of Directors

A company incorporated in Singapore must appoint at least a local director to direct and manage its affairs. Only a natural person, approved by the government, can be a director of such a company.

 

The director has to be an ordinary resident in Singapore which includes a Singapore citizen, a permanent resident, an EntrePass, or an Employment Pass holder. The foreign business owners can hire an ordinary resident as the director, or they can get the nominee director services from one of the incorporation services.

 

Particulars of Company Secretary

The companies incorporated in Singapore must appoint at least one company secretary within the six months of their dates of registration. They are is charged with the corporate governance and statutory compliance of the company.

 

Only a natural person can be the company secretary. They are expected to have mastered the knowledge and skills required for the job. In most cases, it is sufficient for the private limited companies. However, public limited companies must hire qualified and certified company secretaries.

 

Registered Local Address

You need to register a local physical address or registered address for your company's office. It cannot be a P.O. Adress. You can use the residential address for this purpose under the Home Office Scheme; though, you must obtain permission from the appropriate authorities like HDB.

 

The officials from the Singaporean regulating agencies use this address for the official communication with the company. They might also visit the same to check the company incorporation documents, company register folder, etc.

 

Auditor

It is must for the Singaporean companies to employ an auditor within the three months from its date of incorporation. However, it is not necessary to do so if the company is exempted from the audit requirements.

 

M&AA or Model Constitution

The Memorandum specifies the business activities the company may indulge in. The Articles of Association mentions the rules for governing it's internal management. You could use a model constitution prescribed by ACRA. Alternatively, you could use the customized model constitution to suit your business needs.

 

How to Register a Private Limited Company in Singapore

 

The authorities have simplified the process for setting up a private limited company in Singapore. There are only two procedures in it; a)Company Name Approval and b)Applying to ACRA to register a company.

 

Your incorporation agent initiates the process upon receiving the Singapore company registration cost. You also need to pass on all your incorporation-related documents to them.

 

You have to be careful in what you choose as the name of the proposed company. If it includes terms like 'Bank,''Education,' 'Financial,' 'Casino,' etc., the application gets referred to the higher authorities and may need two months for the approval.

 

Incorporation Documents that You Receive

 

After the successful incorporation of your Singapore company, the Company Registrar (ACRA), sends you or the incorporation agent an email.

 

Incorporation Certificate

The ACRA's email contains the soft copy of Incorporation Certificate. It is legitimate in Singapore. It contains the Unique Entity Number (UEN) of the company. Your agent can get its hard copy by paying a small fee to ACRA.

 

Business Profile

Your agent can also extract the business profile of the company by paying a small fee. This is an important document. It contains the company name, the registration number of the company, date of incorporation, its business activities, paid-up capital, registered address, etc. It also documents information of the company's shareholders, directors, and the company secretary.

 

Share Certificate

After the formation of a company, its company secretary issues share certificates to its shareholders. It is the proof of ownership of company's shares. It shows the number of shares issued to the shareholder.

 

First Board Resolution

During the first meeting of the board of directors, a pro-term chairman is selected unanimously to conduct the meeting. Once the quorum is determined, the proceedings of the meeting start. Then, the resolution is passed to appoint the shareholders, auditors, and directors of the company official.

 

Resolution for Opening Corporate Bank Account

A private limited company has an identity independent of its directors and shareholders. It is also a taxable entity in Singapore and needs its own bank account to facilitate its financial transactions. The resolution to open a corporate bank account is passed by the board of directors. It also mentions the signatories to the account in it.

 

Company Seal and Permits

Your provider of Singapore company incorporation services may assist you in obtaining company seal and stamp. You may feel that you are ready to start your business activities. But, first, check, if you need any business licenses and permits. Ask your services provider to apply and acquire them.

 

Singapore company incorporation process is a streamlined affair. How to register a Pte Ltd company in Singapore is not at all a challenging issue. The challenge lies ahead in facing the competition in the eye and applying your ingenuity to overcome it.

 

 

Source: www.sbsgroup.com.sg/blog/procedure-to-register-company-in-singapore
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