Tax breaks for Singapore businesses

Tax breaks for Singapore businesses – Are you someone who wants to make big money and wants to be an entrepreneur, the thing about this is when you are running a business, a big bulk of the money can go to your taxes and this is something that you don’t really want. Singapore is one of the best places for you to start a business and run one because it is in one of the most exciting regions in the world right now. South East Asia is growing and growing fast, you will be riding a wave of fast growth and be able to get business running great for you.

The good thing about Singapore is not just its location, Singapore is also a very business friendly country to start a business.

You can get your business registered within a few hours. Bank account opened within a few hours and you will be ready to go to start making money in this business world.

There are also many reason to use Singapore companies as well. Tax Breaks are one of the best reasons why many businesses choose Singapore as their base.

Singapore has close ties with many countries and regions with FTAs signed with many of this regions and that means good tax benefits. And then there are reasons for Start-Ups to come to Singapore because of the tax breaks they have when they are starting up their business.

Singapore businesses enjoy up to $200,000 of free tax breaks when they are just starting up for the first 3 years and this is great where you can reinvest your earnings into growing your business so that you can make way more income going forward.

The tax breaks help businesses to grow their business in the budding years and also for those who are aware if you sign contracts with Europe or the USA using a Singapore company, you get to enjoy double taxation benefits, which means you only pay taxes in one nation.

This is great for entrepreneurs who wish to save up on taxes and enjoy more of the fruits of their labour.

Business is tough so that best thing you can do is to save up on taxes and use it for your own benefit which is either to grow your business or to grow your own wealth.

Building up a business is not easy for those who are new and for those who are new and wish to learn more they can find out more at www.shkoh.com.sg

There are many resources for young entrepreneurs in Singapore or startups in Singapore to learn more about business in Singapore that will help them to grow and also be able to learn more about the environment here.

Grow with us and growing together is more fun than running a business alone and having no friends along the path. The path to the top is always lonely and if you have start-up partners and friends who can work with you closely and grow together, this is the best thing that can happen for most people.

We look forward to growing and also growing with you by your side and together with you.

The business world is fun. The business world in Singapore is fun. Grow together and be wealthy. You deserve it!

How to start a consulting business in Singapore

How to start a consulting business in Singapore – Consulting businesses are not difficult to start in Singapore. There are many consultants who are really good at what they are doing in Singapore so when you have the special skill set that someone needs and want to make this up. You will be able to charge a good fee and bring up the business in Singapore.

Consulting businesses are one of the best ways to make money without having to have any capital down because you will be using your brain to get work done. You will have to need to computer or you just need to be down at their factory or office to get certain processes done up for your business processes needs. Consultants can be very well paid and this is one of the best things to start up your business on. Consulting business in Singapore is also something that will be needed for many roles.

Starting up a consulting business in Singapore will need you to set up a private limited company in Singapore, you need to incorporate a company in Singapore.  Once you have the company incorporated you will need to get the accounting work done up for your business and when you have an accountant you will have all your work done up properly so that you do not mess things up. Businesses are not easy to manage and when you are someone who is new in this game you might need to work harder to get something done.

Having a good accountant as your partner or as your friend is a way to make sure you pick up this skill fast and easy. You will be glad to have someone who is experienced to help you with it and this is something many business owners do not really bother with but actually this will be helpful for you.

There are also things like payroll services that will help you to grow your time in focusing on growing your business and leaving the administrative work to someone else to cover so that you are not busy just running around trying to get everything done up when there are things that can be outsourced to get done by professionals who are way better at what they are doing than you are.

Consulting business is also done through networking. Go for networking events so that you are able to meet more people who will need your special skill set. Get friends to introduce more people so that you will be able to give you the best results and also best marketing for your needs.

Consulting business is something that everyone can work on and build up a brand on. We are glad to work with you if you are keen to find out how we can get this done for you.

Set up a consulting business in Singapore now and you will be glad you started on the entrepreneurial route that will give you the best enjoyment in life.

How to start a consulting business in Singapore

What you want to fall in love with your business

What you want to fall in love with your business

No one enjoys doing something they dont love. Love what you do and everyday you dont feel like you are working.

Fall in love with what you do. This is important because it gives you the extra energy to keep pushing and to do more than you can.

This is cool for many people because it makes you want to work for it.

Working for it drives you harder.

Hard work pays off for many people who want to achieve more

Fall in love with your business like you will love someone

 

 

 

 

 

What you want to fall in love with your business

Why you should learn to do sales

Sales is the key thing when it comes to making money and doing business. Most people do not realize this but there are many people who want to start businesses but they are just subject matter experts that can be replaced if you find another expert. But someone who is a great and good salesman can make a big difference. Because sales comes from the heart. Someone who knows his or her product will be able to sell it to anyone and able to share with everyone the energy that they have in mind and grow with it.

What are some of the things that we want to look forward to when we want to learn how to build sales and also how to set yourself apart from the rest when you are trying to grow a business that is different from the rest.

  1. Sales is not a once off game

Many people treat sales as once off, when you are able to close you move on to the next. Most people do not realize that the best part about closing someone is when they are able to buy again and again and this is something that many people miss out because they think that they will only buy once. You know how much more it cost to get a new customer than to get a repeat customer. Repeat customers are the best kinds of customers , get more of them!

2. Sales is a long term game

Sometimes the customer might come back to you after they clear what is on their hands. Follow up and get to know them more and also to get to reach them again when they least expect it. When they are not busy or when they have something that is cleared off their table, they are free to start working with you again and this is the time when they are able to give the attention to look into your product.

3. Sales is a fun game

Why do companies have a challenge to see who does the most sale for that month.

Its suppose to be fun and its suppose to set the good from the bad apart. Everyone will start to work hard to set themselves apart from the group.

 

Sales is a great work area and we look forward to working with you on it!

Startup Ideas for the disabled community social enterprises

Yesterday evening, i attended this seminar where the topic on discussion was how business can assist the disabled in their everyday life. How entrepreneurs can innovate to improve the lives of the mentally/visually/physically disabled.

 

Some ideas that bounced off and was suggested barrier free access maps that are opposed to Google Maps that provides you the long but more of car driver maps, and instead use Singapore’s One Map to give information on how a disabled person is best able to go from point A to point B using this app and therefore cutting down on frustration of a re-routing and at the same time saving time and effort for either the disabled person himself or a care giver.

 

There are also other aiding tools such as voice related apps that help the visually handicap to listen to the news and also get updates on the time of the day and other relevant information that will help to improve the visually impaired person’s quality of life. This tools are not only using the latest technologies but they are also able to build up on new technologies and continuously innovate.

 

I believe the idea of doing all this startups are not to become the next facebook or apple some day but we have a social angle to serve. Social enterprise may be businesses that have a community slant but to those who motivate themselves through monetary rewards, may not find this the most rewarding ventures, it could lead to small amounts of rewards as well. I’m not saying that should be the main pursuit but merely just quoting that potential are boundless.

 

Lately GPS technologies have been improving, lately there are innovations that not only tap on satellite information, WIFI like technology broadcasted from roof tops of buildings could provide similar information for dead corners or even in your apartment itself. In future pin pointed information about buildings and corners will be available but we must always remember that we should use such technologies to aid those who have more needs than us. Help to improve the lives of the disabled so that they can be like you and me travel freely , with disabilities yes but not diminished lifestyles.

 

Hope that more ideas can come about, ill probably be thinking up some ideas and trying to prototype them as well. Cheers!

Starting a Food and beverage (F&B) business in Singapore

As the time go by, Singaporean do not view entrepreneurship as a choice out of the no-choice but instead as an option to financial freedom, of course in contrast to that, there is always working hard in and climbing the career ladder or investing your way to stardom. Which both would take long hard years that may not reap the gains that you would want to get.

 

Entrepeneurship is actually the same, you may not reap the benefits that you would hope for but end of the day, you are working for yourself. Why are you working hard for your boss while they pay you 20% of the amount that goes into their pockets? Why are you working hard for money that you invest in other people who make money for themselves? Wouldn’t it be a better situation where you make money for yourself?

 

Many young Singaporeans aspire to start their own business at a tender age of 20, some will leave the rat race and join in the startup scene at about 30 , these are the two age where entreprenuership is common nowadays in Singapore.

 

Starting off a business in Singapore is easy. With one of the most high tech government in the world, setting up a private limited firm, getting your license and applying for clearance is probably a 3 day affair. But it may be harder than it seems when it comes to the crunch. Main difficulties faced in Singapore is the cost of rental and employment issues, the difficulty in acquiring foreign workers and at the same time the difficulty in acquiring the limited number of Singaporean/PR. Lately, service sector staff has been in short supply, so you either try real hard to find someone you know or pay high salary to attract the limited numbers around.

 

Lets get to the work proper:

 

0. Finding your location / doing your ground work / acquiring skills to run the store

 

Before you even decide to do anything with licensing or incorporation, do the ground work of finding the location first. Location is key in this business, do you have many competitors in the surrounding? If yes it may be a good or a bad thing. Having competitors around the area means that there is a factor of clustering, clustering allows the spill over effect of business that are not able to handle the load and therefore spilling over to your new store and probably getting interested in your product.

 

Do know how to make your coffee/waffles or bubble tea before you decide to start, you need not be an absolute pro in it but if you have no knowledge whatsoever you will suffer the wrath of bad business or super busy schedules to manage and learn the skills at the same time

 

1. Incorporating a Company

 

Incorporation can be done by the entrepreneur himself or you could find a consultant to get it done. Normally it would be recommended that someone does this portion for you as you would be able to consult on the arrangements that need to be changed within the M&AA (company’s constitution).

 

 

2. Applying for NEA license

 

This would be the make or break portion of starting your food shop. If you are not able to get an NEA license, there is nothing to speak of for your food shop. Food shops have a fix set of criteria that you need to clear, say for example a green rubbish bin, certain acrylic boards on the walls to prevent moulds from forming.

 

Fridges require a thermometer etc. this are some of the simple items, of course for any application it might come off differently

 

http://app2.nea.gov.sg/services-forms/licences-permits-building-plan-clearances/food-retail-industry/food-stall-licence

 

This link can help you out if you need more information!

 

 

3. Applying for HDB clearance (if you’re in a HDB unit)

 

 

Most food stalls operate in HDB areas , i mean people stay there, this would definitely be the place where Singaporeans will be roaming around and purchasing their food from the local food stalls. HDB has certain restrictions, especially so with the 50% rental rule for tenants and doing sub tenanting, this hurdle needs to be cleared before you can start business. Do note that certain locations are not allowed sitting!!

 

 

 

4. Go for your food handlers license course

 

With many cases in the past causing injury and even death , NEA has stepped up their need for licensing and also proper handling of food. Food handlers are taught skills on how to care for the items that they are preparing and at the same time learning on basic hygiene skills such as the best way to wash your hands and to defrost food.

 

Food handlers license courses are normally a day course , with the examinations on the same day of the course, after which the applicant is free to work in any food handling conditions with their certs

 

http://app2.nea.gov.sg/public-health/food-hygiene/information-for-food-handlers

 

The above website gives a good view and for entrepreneurs, the course fees are claimable from WSQ!

 

5. OPENING DAY

 

 

Opening day is definitely what everyone is looking forward to. Set up your promotions, make a big hoohah out of it to attract attention to your business. Chinese businessmen also like to bring in Lion dances to give the shop an auspicious boost!

 

 

6. NEA inspection check and subsequent spot checks

 

When all the dust settles, do note that NEA will take regular inspections into your compound, make sure everything is clean and tidy so that inspectors have nothing to comment on and they will stay satisfied with your stall.

 

Spot checks do not have regular time frames, they do pop in any time and any day so stay on your toes! If your stores hygiene is tip top, there’s nothing to fear.

 

7. Cash flow

 

Every business has its issues but all businesses have one big problem that they must always watch. That’s cash flow. Cash flow has always been a major problem for every young business and one needs to closely monitor their ins and outs to not get yourself into cash strapped corners.

 

ALL THE BEST FOR YOUR NEW BUSINESS!

 

Are you a young entrepreneur and require some help? Do contact us for our young entrepreneur scheme , we can discuss and find out more

Young startup singapore

Are you an aspiring young start up founder looking to build your business in Singapore?

 

So why would someone want to look at Singapore as a base for them to start their business, is this the place where you will have the most leverage and growth potential?

 

1. Singapore is a financial hub with a huge growth potential

 

According to the Singapore Monetary Authority ( source: http://www.mas.gov.sg/singapore-financial-centre/value-propositions.aspx ), Singapore is positioned in the heart of South East asia, serving one of the fastest growing market area in the world. The financial instititutions here are oepn around the clock therefore allowing 24 hour trading of securities and FX. International travel is convenient with major sea and air routes coming in and out everyday, not forgetting our award winning Changi Airport. We are well connected to Asia and beyond and in recent years been able to build good ties with many markets around the world with signing of Free trade agreements, giving us better access to partner markets.

singapore

But why is being a financial hub important to us as startup owners? Many founders have different goals when it comes to founding a startup business, especially those catching up to the recent craze for technological startups and innovations. When it comes to starting such businesses, its very hard to be able to turn a profit immediately, monetizing at the start or monetizing later has always been a very big headache

 

2. Singapore is an education hub with many great talents

Singapore has one of the best educational systems in the world, this can be confirmed with its high ranking in the OECD Education (PISA) rankings which place Singapore in the top 5 for most of the past few decades. This has been improving with the use of innovative ways of conducting classes as well as technology to improve learning experiences and engagement.

nus

With brand names such as Raffles, Hwa Chong and Anglo Chinese, Singapore has been a good choice for the best brains to move to for the past decade where many people from around the world have chosen to settle here and bring up their children.

 

ntu

 

When you consider tertiary education, there are the likes of National University of Singapore (24th in the World), Nanyang Technological University (41st in the world) and Singapore Management University (not ranked because its not a full university) , providing many different courses at high quality with world class faculties to educate the next generation of leaders.

smu

 

They provide the engineers that Singapore startups will need to thrive and also provides research faculty close by!

 

3. Singapore has the easiest means of starting, managing a business and managing talents

 

Applications to come to Singapore from neighboring countries is made easy if you have an interesting idea or already own a patent or an app/website that is investable by one of our government related bodies or approved investors (mostly venture capitalist).

spring

 

With schemes such as Entrepass which allows for people with good ideas to grow in Singapore, Singapore has moved its focus to bring in more talents with good ideas.

 

Singapore is also ranked as the top in business starting up and how easy it is to manage things and pay taxes etc. Singapore government has been working on simplifying things even more with most of the governmental transactions done online with no need to go to any governmental buildings and best part not having to do any snail mail to get things done. The only thing you probably will receive from the government through snail mail is when you are delayed in certain payments or receiving warnings!

 

When we talk about the 3 core areas that build up a startup environment, Singapore already has them all, its just a matter of time before we start producing the next big thing that will move our economy forward and bring about big changes, so are you interested in being part of this great change and opportunity?

 

 

Business advisory , incorporation and secretarial services at http://www.shkoh.com.sg/young-entrepreneurs-scheme-singapore/