Company Incorporation Singapore & Taking Risks

Everyone has to eat thrice a day, but that does not mean that they will jump into a wagon and crash at your new restaurant for it. Well, it is entrepreneurship for you. And many will tell you it is risky to commit your resources to a company incorporation Singapore.

Being an Entrepreneur & Taking Risks

However, if you do not take any risk, you would never know how much you could have achieved with your business idea. Not many people get into the entrepreneurship as they are scared that they may lose their investment in their limited private company Singapore.

If you talk to the successful entrepreneurs or any successful individual, you will find that they succeed because they took risks. They left the zone of comfort, choose to set up a private limited company in Singapore and take on the hardships of a business owner’s life.

Get Out of Your Comfort Zone

The most people do not want to leave their ‘comfort zone.’ Are you one of them? Ask yourself, if you can incorporate a company in Singapore and do everything in your power to run it successfully.
Take your time as it is a question you will need to think out properly before paying Singapore company incorporation fees.

You may not want to take any risk, but be sure that someone else will and be the cause of monumental changes in your business niche. Even a well-established business has to take risks to expand its horizon by investing in product development.

Want Comfort of a 9–5 Job?

You, as an entrepreneur interested in a company incorporation Singapore, have to take the risk. You should walk into it with open eyes with the full understanding that you may lose all your investment; money, time, reputation, goodwill, etc. If you are not prepared for it, you should think of doing something else. If you find the security of monthly paychecks promising, you should stick to a 9–5 job and not bother any of the Singapore company registration services.

Be a Leader and Be Flexible

As an entrepreneur, you will have to lead from the front. Be a leader to your employee, and multitask, rather than be discouraged, when they leave prematurely. You will have to take decisions that may affect your loyal customers or investors profoundly.
You will also have to be flexible to change your strategies if the existing ones are not productive. You have to accept this and much more so as to embrace the uncertainty of the entrepreneurship knowingly.

Also read: How to Turn Your Idea Into a Successful Company Incorporation Singapore

Avoid Risks with Data Driven Decisions

An entrepreneur has to face risks and find solutions to beat them by using historical data for decision-making. You will have to learn to predict the probability of a favorable outcome of your business decision. And, then go ahead if you are comfortable with it.

You may also have to deal with the risks that are more difficult to calculate. These types of risks have ambiguity built into them. And there is not enough data to quantify them and form a strategy against them. The majority of business risks are of this type. You will need to market research & surveys to know about the consumer behavior, needs, demographic, and economic and market trends.

Cultural Bias and Taking Risks

The people react in different ways when an individual shows interest in being an entrepreneur. These responses depend on the cultural bias and family’s business background or lack of it. The families having business background responds positively to the risk-taking.

Still, the entrepreneurs having positive support to buoy them needs to be careful. They must calculate the risks to the last centimeter and accept the failure of best-laid plans.

Also read: 5 Things Every Entrepreneur Should Know Before Company Registration Singapore

Be Prepared to Face Failure

However, you should not let the specter of failure to bog down your mind. And, keep a tight lid on your imagination and avoid exaggerating the risks especially when you have insufficient data in hand. Do not think that every failure is going to sink your new Singapore business incorporation and leave you in debts.

An entrepreneur is someone different than the common folk, as, most other individuals shy away from risks. It makes you stand out in the crowd as a man who is ready to try new business ideas. Yes, of course, your company incorporation Singapore may fail to succeed, but it is better than denying the existing of the ideas and the entrepreneurial spirit in you.

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

Singapore Budget 2018 Key Highlights and Announcement

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

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

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

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

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

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

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

Defense sector will get the biggest share of the expenditures in 2018. The budget has provided 14.8 billion for it. The next bigger portion is allocated to transport sector. The allocation is 13.7 billion. 

The budget also allocates 12.8 billion, 10.2 billion, 9.1 billion to education, health, & special transfers, respectively, for the 2018 fiscal year. The expenses on the infrastructure are expected to rise to S$20 billion in 2018.

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

The increase in taxes put out the buzz created because of a comment by the Prime Minister Lee Hsien Loong, “Raising taxes was not a matter of whether, but a matter of When.” 

However, the delayed taxes will give enough room for the Singaporeans to digest them and come up with plans to cope with them.

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

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

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

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

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

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

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

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

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

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

There is a surplus of $9.6 billion from the year ending next month, i.e., Budget 2017. Mr. Heng has announced one-time payout. Singaporeans over 21 years will get to share in budget surplus. 

Depending on their income, the 2.7 million Singaporeans will receive S$100, S$200 or S$300 in end-2018. The move is going to cost the government S$700 million. The amount is big enough to kick the consumption a little bit.

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

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

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

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

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

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

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

How to Register a Company in Singapore: FAQs

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

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

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

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

Johnny: We cannot be all that bad a team.

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

Dan: Yaaa? What the hell for?

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

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

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

Dan: And, you know I am totally broke!

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

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

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

Johnny: Does that put us on the right track?

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

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

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

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

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

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

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

We can choose one of the following business structure,

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

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

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

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

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

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

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

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

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

Dan: Let’s get to the bottom of it.

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

It says we need

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Johnny: What about the locals?

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

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

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

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

Dan: Oops, I never thought about that.

Dan: Can we have a corporate as our shareholder?

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

Johnny: That is great.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Dan: What is XBRL & GST filing?

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

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

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

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

Opt for Singapore Company Registration, Startup Scene is Ripe

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

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

Should You Commit to a Company Registration in Singapore?

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

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

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

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

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

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

PPT : Top 7 Singapore Grants for Companies

More presentations from SBS Consulting

Cash-in Your Business Idea

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

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

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

Singapore Company Incorporation, Make the Most of Opportunity

If you are thinking of a Singapore company incorporation, let me ask you a question. What do you know about Singapore Inc? Well, first of all, it is not a company. The term is well-meant and used to describe the professionalism in Singapore. It aptly describes how this country is run by its authorities.

Rest assured, you have chosen well. The World Bank lists it as the easiest place to do business in. During the last few decades, Singapore has come up as the most favorite business destination for the entrepreneurs and multinationals. Go ahead with your planning and get your Singapore business incorporation without delay.

Singapore Company Incorporation Services

Singapore company incorporation services are the most helpful entities that can simplify your task. A few of these firms provide combo incorporation packages for as less as S$699. The beauty of these packages is that you only pay for one service and get registered local office address and company secretary services for FREE for the first year.

You may like to choose one of the cheaper options to incorporate your company in Singapore. However, the free services provided by combo packages are essential. Without them, the registration of a Singaporean company is not complete, which means if you buy them separately you actually end up paying more money.

Singapore Business Incorporation, the Right Choice

Choosing to incorporate a company in Singapore is a wise decision. The Forbes Magazine has described this place as the ‘Zurich of the East.’ The innovation and the sheer hard work has transformed this city-state into the most thriving business hub. Here, you can expect to find a well-established business environment.

Incorporate a Company in Singapore? Is it the Right Place?

In its ‘Ease of Doing Business Report 2017,’ the World Bank has ranked Singapore at 2nd place. And it has occupied the top spot for the previous ten years consecutively. It is no wonder the entrepreneurs and corporates from all over the globe dream about incorporating a company in Singapore.

It also easy to Register a business in Singapore. In most of the cases, it takes only a day or two to do so. There, literally, is no corruption or the bureaucratic red-tape to stop or delaying you from doing so. Moreover, the country has transparent laws and a well-built support system for the startups.

Benefits for Singapore Startups

The lower tax rate is one of the attractive parts of the Singapore business incorporation. The country also does not apply inheritance or capital gains tax which, in turn, attracts investors and FDI. Its authorities support startups by offering a highly attractive tax exemption scheme. They have funding, accelerator, incubator, startup schemes for these entities. They also have tax exemption, rebates, and schemes for the existing companies. The aim is to lower their operating costs.

Also Read: How Small Businesses Get Impacted by the Corporate Tax Singapore?

Singapore authorities really believe in their SME sector. It employs nearly two-thirds of the workforce. They do their best to support these entities at every stage of their lifecycle. The SMEs can count on these schemes and programs to upgrade to innovative technology or equipment, skill development of its staff, research & development, etc. For an entrepreneur having innovative ideas, a Singapore company incorporation is the right career choice.

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

Go for Singapore Company Incorporation to Start Your FinTech Business

Singapore is one of the prominent financial hubs in the world. It is the place you should go to if you want to be part of fintech scenario. If you are starting a new business, it will be a great idea to explore benefits of Singapore company incorporation before you go elsewhere. You should especially, search for the promo incorporation packages that provide multiple services for the price of one.

Singapore has come up as a key place to start or relocate your business. It has a robust and thriving startup ecosystem to support the innovative ideas. The city-state scores high in areas like management of investment & wealth, compliance, cyber-security, IP laws, etc. That is why the entrepreneurs make a beeline to incorporate a company in Singapore.

Singapore Government is Willing to Support Fintech

Singapore government is very serious about making huge strides in fintech sector. It is actively encouraging entrepreneurs to try their ideas. The authorities have rolled out the Financial Sector Technology and Innovation Proof of Concept scheme to promote experimentation & to fast-track any creative technologies. Your new Singapore business incorporation can have several options in grants and schemes.

If you have an innovative idea, this is the time to opt for your company incorporation in Singapore. The Monetary Authority of Singapore (MAS) allotted S$225 million for fintech development. Over the next five years, the MAS is going to establish innovation centers & support the development of fintech projects at institution and industry level. You could try the Startup SG Tech & submit your Proofs of Concept or Proofs of Value & secure grants.

Singapore Startup Ecosystem

Your startup can benefit from the SPRING Singapore, a government initiative. It gives a lot of support through the Startup SG Accelerator. It supports them by means of programmes, mentorship, & the resources. There is the Startup SG Equity scheme through which the government & investors can co-invest in your startups. If it is the first startup, you can use the Startup SG Founder programme to find mentorship & startup capital grants.

Also read: Company Registration Singapore: 6 Tips to Grow as an Entrepreneur

Get Your Idea on the Road

If you have a fintech-related creative idea, you need to implement it by starting a company. It gives the idea much wanted legal protection in a cut-throat market. You are not going to gain by hoarding it for the future. Sooner or later someone else will arrive at it and benefit from it. You need to show your commitment to the idea by hiring one of the experienced Singapore company registration services to set up a company in Singapore as soon as possible.

Your startup won’t be alone in the market. There are more than 400 fintech companies in Singapore trying to make their way to the top. The financial institutes like banks and insurance companies are also active in the market and have come up with fintech innovation labs or research centers in Singapore. The sooner you get your Singapore company incorporation, the sooner you will be able to carve a niche for yourself.

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

Top 7 Government Grants for Singapore Companies

The startups & SMEs are the powerhouses of Singapore. They employ almost two-thirds of the Singaporean workforce. The authorities really try to support these entities. There are a number of government grants for Singapore companies to help them overcome obstacles in their growth.

Besides the government, SPRING and IE Singapore work through as many as 40 Trade Association and Chambers (TACs) to implement Local Enterprise and Association Development (LEAD) program. The overall aim of the Singapore startup grants is to help the local business entities in capability upgrading and internationalization.

Singapore Government Grants for SME & Startups

If you are planning company incorporation in Singapore or have an existing business on the verge of exploding into a phenomenal growth, it will be worth your while to go through a few of the Singapore government grants for SME & Startups.

1. ACE Startups

SPRING Singapore is a government agency. It administers the ACE Startups Scheme for the first-time entrepreneurs having an innovative idea. The scheme provides mentorship support and startup capital grant. The Accredited Mentor Partners (AMPs) select applicants. The AMP supports the startups with advice, learning programs, and networking contacts.

Eligibility: First-time entrepreneurs who are Singaporean or Permanent Residents are qualified for the scheme. The criterion for the selection is the uniqueness of business concept, business model feasibility, management team, and potential market value.

How It Works: For your every $3, you will get $7 under ACE. The startup funding Singapore under ACE scheme is capped at $50,000.

2. Capability Development Grant

The Capability Development Grant (CDG) is a scheme for providing financial assistance to startups for building capabilities in ten business areas. They include consultancy, cost of certification, and costs of equipment, and training.

 SPRING supports startups that are eager to develop new products under the CDG. They can apply for the grant of up to 70% of costs for new product design, development, and manufacturing processes.

Eligibility: Any Small & Medium Enterprise incorporated & operating in Singapore

How It Works: Startups can qualify for up to 70% of CDG. The grant is capped at $30,000.

Also Read: 5 Things Every Entrepreneur Should Know Before Company Registration Singapore

3. Early-Stage Venture Funding

The Early Stage Venture Fund (ESVF) is a Singaporean initiative to support Innovation and Enterprise. ESVF is the biggest equity scheme by the government which co-funds startups along with Venture Capital (VC) firms. The beneficiaries of this startup funding in Singapore are early-stage technology startups based in Singapore.

 The National Research Foundation (NRF) invests S$10 million on a matching basis, to seed corporate venture capital (VC) funds. The VCs have the option to buy NRF’s share within five years.

Eligibility: Startups that are operating in the technology sector in Singapore.

How It Works: National Research Foundation (NRF) co-funds startups up to $10 million with approved VCs. Eligible startups can qualify for up to $3 million in this Singapore startup grants grant.

4. Productivity and Innovation Credit (PIC)

The Inland Revenue Authority of Singapore has a scheme for the Singaporean companies for investments in innovation and productivity improvements. They can enjoy Cash Payout and/or Tax Deduction and receive a PIC Bonus. The scheme covers research & development, registration, acquisition, & in-licensing of intellectual property, cost of automation equipment, training of staff, & approved design projects.

Eligibility: Singaporean companies, sole proprietors

How It Works: Under PIC scheme, businesses get 400% tax deductions on up to $400,000. Or they can opt for 40% cash payout of up to $100,000. The PIC Scheme will expire after Year of Assessment (YA) 2018.

5. Financial Sector Technology and Innovation (FSTI) Scheme

Momentary Authority of Singapore (MAS) launched FSTI scheme to support innovation. It has invested S$225 million in the scheme. The aim of this Singapore startup grant is to enable financial institutions to establish their innovation labs in Singapore & support the development of industry-wide technology infrastructure & innovation solutions.

Eligibility: Singaporean Financial Institutions (FIs) & technology or solution providers working with Singaporean FIs.

How It Works: Under FSTI-Proof of Concept (POC), MAS funds up to 50%-70% of qualifying costs, capped at $200,000, for up to 18 months.

6. Technology Enterprise Commercialization Scheme (TECS)

The TECS is a government grants Singapore to help entrepreneurs realize their technology-based ideas into promising businesses. The scheme assists them in growing their business past the seed stage and then, obtain funding from the third-parties to achieve targeted revenues and growth. The proposals for the grant are ranked solely based on the evaluation of technical idea and its commercial merits. The TECS is highly useful to the startups with strong technology Intellectual Property & business model.

Eligibility:Companies registered in Singapore for less than five years and searching for the breakthrough, IP-based, and commercially viable technological solutions.

How It Works: TECS is a two-tier startup funding Singapore grant. Proof of Concept at $250,000 & Proof of Value at $500,000.

7. ComCare Enterprise Fund

The ComCare Enterprise Fund (CEF) is relatively new government grants for startups, instituted to provide funding to the social entrepreneurs. It is instituted by the Ministry of Social and Family Development. It is aimed at seeding the Social enterprise startups. If the startup has completed two years, it can seek funds for expanding its activities.

Eligibility:Social enterprise startups that hire and train disadvantages Singaporeans.

How It Works: CEF funds up to of 80% of the capital expenditure and operating costs up to $300,000 for the first two years

Singapore knows the important role that its startups and SMEs plays in its economy. The new Singapore company incorporation implementing the innovative ideas try to reach for the future, whereas the existing SMEs act as its backbone. It is natural for the authorities to support these entities with the government grants Singapore. The Singapore government grants for SME & Startups help these entities a lot at different stages in their life-cycle. The support is available in tax exemptions, rebates, cash payouts, or tax deductions.

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

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