SG_company

Why you should incorporate a company in Singapore

Singapore is one of the best places to start up a new business. In 2016 the country ranked 10th in the ‘Best country in the world to do business’ for the tenth consecutive year against 189 other countries.  If you are an entrepreneur with a new business idea, you may want to consider incorporating a company in Singapore. This article will explore the major advantages of incorporating a company in Singapore. 

Here is why you should incorporate a company in Singapore:

 

  • Free Market Economy

The initial point is that Singapore has a robust economy, the state has a “well developed free marketing economy” (Start Up Decisions, 2021). Services make up to 75% of the states GDP and 80% of employment. Housing, Education, Transport and Healthcare are all state funded showing how well off the country is.

  • Low Taxes

The state also offers a simplified and rational tax system. With no tax on capital gains or dividends. Companies can distribute dividends to shareholders tax free, making it a great place for new entrepreneurs. Singapore also has Double Taxation Agreement (DTA) with over 50 countries while providing Unilateral Tax Credits (UTCs) for the countries which it does not have a DTA. This makes it really east for a Singapore based company to avoid Double Taxation.

Singapore imposes no restrictions on the repatriation of profits. No taxes are imposed on capital gains from the sale of a business. Similarly, no tax is levied on dividends paid to the shareholders.

  • Government Support for New Ventures

Singapore additionally provides a lot of support for new businesses, as the state is extremely ‘pro-growth’ and innovation friendly according to Start Up Decisions (2021). As a start-up, you can be offered grants, tax incentives and assistance schemes. In certain businesses, government may even subsidise labour costs for new start-ups. These schemes apply for both local and foreign businesses. 

  • Educated and Productive Workforce

The work culture in Singapore is extremely productive, Singaporeans are known as one of the most productive, hard-working, and educated citizens. Singapore is known for their well-developed education system and high scores; these skills are then brought into the workforce making some of the best workers. 

  • Geographical Location and Infrastructure

Singapore’s geography is an additional advantage for the state. Being at a central location, the country is located close to some of the most important economies in the world such as China, India, and Australia. Moreover, Singapore’s Changi airport is a world class airport with 20 million passengers each year connecting major cities. Similarly, much of the country’s infrastructure was developed in the last 15 years making it very modern well built. This applies to all buildings, highways, subways as well as parks. 

  • Complete Foreign Ownership with No Currency Controls

Singapore allows a foreigner to own 100% of the stock of a Singapore incorporated company. This enables you to start a company with the type of capital structure that you desire and distribute its ownership to suit your investment needs. Furthermore, there are no restrictions on the amount of capital that you can bring from your home country to invest in your Singapore company.

 

If you would like to incorporate a company in Singapore, head to AKSC now!

 

How to create an invoice

How to Make an Invoice for Small Businesses 

An invoice is an essential part of any business, this article will explore the crucial aspects on how to make an invoice. Firstly, an invoice represents the seller, buyer and the good or service being exchanged. This helps the buyer and seller understand what is to be expected so there are no surprises. 

 

The first step of making an invoice is to ensure you have the right numbers and codes in place. These codes refer to, customer codes, invoice date and the unique invoice number for each invoice. The unique invoice number will help differentiate between the different invoices and customers. An example of this is: “INV00001”. 

 

The second step is to use or come up with an invoice template which you can use for each invoice you make. Since there are so many different aspects to include in an invoice it best to use a template which you can use anytime you need another invoice. This will also save a lot of time. You may even be able to find cost-free templates online or make some of your own using Canva, Google Doc or Excel Spreadsheets. 

 

The third step is to add a short description of what you are offering in exchange, depending on your business this can be a good or service. This does not need to be a long, detailed description but something that is concise. The description must entail exactly what is being exchanged so the buyer is not surprised or left with questions. Keep in mind, the perfect invoice is no more than one page long. 

 

Once these three steps have been carefully examined and completed, it is time to look at some of the smaller details of the invoice. 

  • Check the Invoice Number:

It is crucial to ensure that the Invoice Numbers are in sequence and they cannot be repeated or skipped. This will ensure that your compliances are in order. When using bookkeeping softwares such as XERO or MYOB, the application ensures that the invoices are sequenced accordingly, but if you are doing them manually then it is important to double check that the numbers are in order and correct.

 

  • Have the right customer details: 

 

Remember to check if your customers details are right. Customer details which should be included on your invoice should be customer address, phone number, full name and the reference or customer number. This is crucial for both goods and service type businesses. 

 

  • Check the costs

 

Ensure that you are double checking the costs on the invoice. Checking if the totals have been correctly calculated. Additionally, make sure that any extras are also included in the invoice. This includes, any extra add ons or delivery fees. 

 

  • Get it approved 

 

Getting it approved by fellow staff members, managers or even someone you know is a good way to check if you are missing something. Remember an invoice should always be professional and should represent your company. 

 

  • Save as PDF

 

Always save an invoice in PDF format, no matter what you use to make it. This will not only look more professional but will save you from fraud as PDF is difficult to be edited. 

 

Modern Alternatives to A bank wire transfer (1)

Modern Alternatives to a Bank Wire Transfer

Bank wire transfers have been the most common way of sending money through to overseas. If you are someone who sends money overseas frequently, then you know how inconvenient and time-consuming a bank wire transfer can be.

Bank transfers are usually a painful experience, with long waiting lines at the bank and complicated forms to fill it. Transfers can also be expensive and may even take up to several hours or days. The expenses of a bank wire transfer tend to accumulate overtime, Brian from Salary Singapore explains bank transfers as “chain of hands, with every hand that it touches it adds a cost” 

 

To avoid the hassle of bank wire transfers, we have got a list of 6 modern alternatives to a bank wire transfers – 

 

ACH Payments

 

ACH payments stand for Automatic Clearing House; this is an extremely popular way to transfer money. This system is also the most like bank wire transfers. This system works by several thousand transactions being processed at once. An example of this may be an employer paying wages or bills. You may already be using ACH payments and not even realise it. 

 

Electronic Fund Transfer (EFT)

 

EFT’s work by electronically transferring debit or credit payments to vendors. This is a simplified way to send through money overseas, without the need of a bank. It is even possible for one too may purchases in foreign countries through this transfer scheme. Advanced technology has made it convenient and secure to transfer funds from one’s debit or credit account to another vendor. 

 

Person to person transfer (P2P)

 

FinTech experts’ predictions show that P2P transfers will most likely be the futures most prominent way to transfer funds. With already thousands of people across the globe using P2P to transfer. Apps like Shikhona are popular in Singapore which handle these fund transfers. 

 

Bitcoin and Cryptocurrency

 

Another technologically advanced system to send funds from is using cryptocurrency. The most popular of all cryptocurrencies, Bitcoin is a great way to send your recipients funds. However, to send and receive you do need to have the ability to do so. Therefore, for the sender to exchange fiat money into bitcoin using a Bitcoin vendor and for the recipient to also be on a bitcoin vendor site. This method may be a little costly since it is still an uncommon way to transfer.

Neobanking

A Neobank is one that is based utterly online, due to which there are limits on services offered. This is also due to the lack of legislations and insurance support. However, they offer money transfer services with very low costs to the user.

 

Hope you enjoyed this Article! Do you use any of the options listed above? Let us know in the comments!

 

 

marketing funnel

All You Need to Know About the Marketing Funnel!

Over a century ago, marketer Elias St. Elmo Lewis came up with a marketing strategy to convert prospects into customers (Autopilot, 2020). This strategy in today’s day is called the ‘Marketing Funnel’. The marketing funnel is a crucial aspect of every business no matter how big or small. Simply, if a business relies on customers, then a marketing funnel is necessary. 

 

A marketing funnel is merely a way to convert potential customers to real customers. According to an article by Autopilot, the funnel represents a customer journey from beginning to end and helps businesses understand their customers. The strategy additionally promotes a good relationship between customer and business, allowing businesses to assess how they can improve on reaching their customer needs. The conversion funnel is built up of four different stages used to analyse the customer journey. The four stages include awareness, interest, desire, and sale. 

 

Awareness – 

The awareness stage is when the potential customer becomes aware of their problem or pain point. This is the initial stage when companies start advertising their solution to the problems that the target market face. In this stage, customers are recognising pain points and being introduced to a solution. 

 

Interest – 

At this stage, customers have seen the product/service your company offers and are either interested in learning more or have dropped out. The customer journey begins with many interested prospects but drops down to a select few who remain in the journey, hence the name marketing ‘funnel’. 

 

Desire – 

This is the point where potential customers start to examine whether or not the proposed good/service is what is needed to fit their needs and eliminate pain points. Prospects in this stage who are convinced by the product/service are highly likely to continue to the commitment stage of the funnel. In this stage, prospects may also be comparing similar products in the market. 

 

Action – 

Once the prospect has reached the action part of the funnel it means that they have either made their final decision, the brand or product either fits with their needs or it does not. If the prospect is completely sure about the brand, they are evaluating then the prospect successfully converts into a customer, if not they continue on examining other brands. 

 

The marketing funnel allows companies to meet their potential customers’ desires. Understanding the buying journey from a customer’s point of view is essential to any business if they aim to continue growing their customer reach. It is also important to note that the marketing funnel has many aspects and details that are continually changing with new innovative ideas. However, the four stages listed above will always be essential to any marketing funnel.

 

virtual debit card

Benefits of using virtual debits cards

What is a Virtual debit card?

A digital version of a regular plastic debit card is called a virtual debit card. Similar to regular debit cards, it allows you to create an account where you can add money and pay for services and your purchases. It also provides a 16 digit card number, an expiration date and unique security code that allows online purchases. However, certain kinds of purchases that require chip and pin cannot be made via this virtual debit card. You will also not be able to withdraw and deposit money via ATMs using your virtual card.

Benefits of using virtual debit cards

Your virtual debit card can be used while making online payments or certain in store purchases via your phone. Here are some of benefits of using virtual debit cards:

  • Easy and Fast

When you open an account, it takes up-to 10 days for your physical card to arrive by post. However, virtual cards are sent immediately once your application is complete. Since there is no requirement of making the physical card, you can easily view your card details in few minutes. In other words, you can start adding and spending your money via virtual debits cards as soon as your card has arrived. 

  • Easily cancellation

There might be various reasons that you may want to make a one or two purchases on a particular card. This could be your one-off purchase that you want to avoid appearing on your regular bank statement, or you want to make purchases on websites that you do not trust. A virtual debit card can be easily cancelled after making a purchase immediately.

  • Safety Features 

One of the most important feature of virtual debit card is its safety and security. It cannot be virtually stolen or copied unlike traditional debit cards. Where regular debit cards are copied via account theft and e-commerce fraud, virtual debit cards would be impossible to get copied.

  • Multiple cards can be issued

There might be times where your employees are required to make purchases on behalf of your company. It can be very hard to keep track of who made which purchases on a single card. However, virtual debits cards give you an option to request and issue multiple cards at once, so you can easily track who made the purchases.

 

 

Importance of Conducting a TM Search

Importance of conducting a Trademark Search

Almost every company has a Trademark, whether it be the name of the company, an image, logo or even the name of a product. In preparation of starting a new business it is advised that a trademark search takes place. This is a crucial step that should be taken prior to any advertising or marketing material has been released to the public.

A Trademark is the focal point of a business’s brand, it is what gives the company a competitive advantage against their competitor brands. Your trademark should represent the originality of your brand or product. Capturing its personality, distinguishing what makes a product/brand different from one of its competitors. 

Therefore, having not done a trademark search prior to a launch can mean you may be putting your business at risk of potential infringement. Having to deal with copyright infringements can be costly and highly time-consuming. A similar trademark to another business may lead to customer confusion, promoting an unstable reputation for your brand. Furthermore, imitating another businesses trademark can also cheapen a brands image, which can result in a decline in customer trust.

According to a recent Forbes article titled Brand Trust is Built on the Cause Consumers Care About Most: Themselves, it was found that originality in a company’s brand can help build trust with customers and promote customer loyalty. To avoid putting your company through the pain of dealing with a trademark infringement, run a quick trademark search. 

Here are some ways you can perform a Trademark Search Singapore according to the Intellectual Property Office Singapore (IPOS): 

 

  • Identical trademark search 

Preforming an identical trademark search is checking to see if the exact desired trademark has already been taken.  

  • Similar trademark search

Although the trademark itself may have some slight differences, a similar trademark to another entity may lead to customer confusion. This can apply to a company name or logo. 

  • In-use verification search

An in-use verification search will examine whether a third-party has already claimed legal rights to the trademark. Using an in-use trademark will ensue legal issues when registering a trademark. 

  • Trade-name search 

A trade-name search finds similar or identical names that may already be registered and trademarked. 

  • Index search 

An index search is another way to examine whether the desired trademark has identical or similarity to another existing one. 

 

Additionally, trademark infringements don’t just stop at logos and company names. It is also crucial to ensure that there are no identical or similar goods/services. In Singapore it is important to register any goods/services your company offers with the International Classification of Goods and Services (ICGS). 

Conducting a Trademark Search with the help of online tools or with the help of a n IP Agent can make the possibility of you running into a lawsuit very unlikely. It also ensures that you waste no time and money on advertising materials that you may need to take down due to a trademark infringement. International Trademark Search

To conduct a Trademark Search, speak to our team today!