Start a Company Singapore Intermediate

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Take our two hour bookkeeping tour. Everything a foreigner or local should know about bookkeeping and accounting in the first year of operation.

Learn what you are likely to encounter in your first year of operation and how do-it-yourself bookkeeping can save your business 30% on accounting fees.

This is the definitive event for those who are set on getting their first year of company accounts in order. We examine some common mistakes made by directors, and how to avoid repeating them.

We have helped foreigners from Australia, US, UK, Europe and Asia successful establish their businesses in Singapore.

Register now for one of our public events or webinars. More here: http://futurebooks.com.sg/events-and-webinars

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Start a Company Singapore Intermediate

  1. 1. Prepared for directorsof Singapore privatelimited companies.As of 2012STARTING ACOMPANY INSINGAPORE:INTERMEDIATE
  2. 2. ACCOUNTINGIS A SERVICE,NOT ATRANSACTIONwww.futurebooks.com.sg
  3. 3. FUTUREBOOKSSERVICES Sale of the business Bookkeeping, annual financials and company tax Incorporation , company secretary, work passeswww.futurebooks.com.sg
  4. 4. LAUNCH YOURBIG IDEAwww.futurebooks.com.sg
  5. 5. WHO DOESWHAT
  6. 6. WHO DOES WHAT?www.futurebooks.com.sg
  7. 7. ROLE OF THEBOOKKEEPER    www.futurebooks.com.sg
  8. 8. ROLE OF THEACCOUNTANT / AUDITOR  www.futurebooks.com.sg
  9. 9. ROLE OF THETAX SPECIALIST www.futurebooks.com.sg 
  10. 10. ROLE OF THECOMPANY SECRETARYwww.futurebooks.com.sg
  11. 11. ACCOUNTS ARE ASAUSAGE FACTORYwww.futurebooks.com.sg
  12. 12. ACCOUNTS ARE ASAUSAGE FACTORY Bookkeeper makes management accounts Accountant makes annual financial accounts Tax advisor makes the tax computation Corporate secretary holds the AGM and files reportswww.futurebooks.com.sg
  13. 13. TIMELINE Annual financial accounts Management Incorporation DIY bookkeeping accountsMONTHS 0 6 12 18 www.futurebooks.com.sg
  14. 14. IMPORTANTDATESwww.futurebooks.com.sg
  15. 15. BUDGETING FORACCOUNTING
  16. 16. BUDGET FOR ACCOUNTINGSERVICES YEAR 1 One-time fees Annual fees Incorporation $750 Company secretary $700 Annual bookkeeping $3,600 Unaudited annual financial $1,500 accounts Personal tax $300 TOTAL $750 $5,100www.futurebooks.com.sg
  17. 17. BUDGET FOR ACCOUNTINGSERVICES YEAR 2 Annual fees Company secretary $700 Annual bookkeeping (inc GST + CPF) $7,200 Unaudited annual financial accounts $2,000 Personal income tax $300 TOTAL $9,900www.futurebooks.com.sg
  18. 18. HIDDEN FEES Annual fees Corporate holding Audited annual financial accounts +$1,000 or S$5million+ in Quarterly GST filing +$1,200 turnover TOTAL $2,200 S$1million+ in turnover.www.futurebooks.com.sg
  19. 19. DO-IT-YOURSELFBOOKKEEPING
  20. 20. SAVE 30% INBOOKKEEPINGFEES BY DOINGFOUR THINGSwww.futurebooks.com.sg
  21. 21. #1 OPEN A CORPORATEBANK ACCOUNTwww.futurebooks.com.sg
  22. 22. #2 OPEN MAILWEEKLY Get comfortable File mail Toss outwww.futurebooks.com.sg
  23. 23. #3 PAY SUPPLIERSMONTHLY Promote the billing cycle to stakeholders Image as a good Make paymaster bookkeeping day sacredwww.futurebooks.com.sg
  24. 24. #4 MANAGE PERSONALCLAIMS MONTHLY Download http://futurebooks.com.sg/blog/5-useful-excel-template- sites-to-streamline-your-bookkeeping/1329www.futurebooks.com.sg
  25. 25. IMPORTANTDATESwww.futurebooks.com.sg
  26. 26. REASONS TOOUTSOURCEBOOKKEEPING
  27. 27. COMPLICATEDOPERATIONS Quarterly GST filing Monthly CPFwww.futurebooks.com.sg
  28. 28. IT IS TIME TO GET ABOOKKEEPER Honey, shouldn’t you delegate that?www.futurebooks.com.sg
  29. 29. FOCUS ON WHATYOU LOVEwww.futurebooks.com.sg
  30. 30. INCOMINGINVESTORwww.futurebooks.com.sg
  31. 31. OTHERCONSIDERATIONS
  32. 32. GST REGISTRATIONIS REQUIRED GST is 7%www.futurebooks.com.sg
  33. 33. STATUTORY AUDITIS REQUIRED Most important triggerswww.futurebooks.com.sg
  34. 34. PASSINGRESOLUTIONSSIGNIFICANTRESOLUTION Change in shareholders Change in paid up capital Change in company name Change in address, SSIC, director, company secretaryINSIGNIFICANT RESOLUTION www.futurebooks.com.sg
  35. 35. PASSINGRESOLUTIONSwww.futurebooks.com.sg
  36. 36. GETTING MONEYINTO THE COMPANY Appear on balance sheetwww.futurebooks.com.sg
  37. 37. GETTING MONEYOUT OF THE COMPANY Appear on balance sheetwww.futurebooks.com.sg
  38. 38. SCENARIOS
  39. 39. A LOCAL RUNNINGA RESTAURANT   Operations and   customers in SG            www.futurebooks.com.sg
  40. 40. A FOREIGNER RETAILINGON THE APP STORE   No operations or   customers in SG            www.futurebooks.com.sg
  41. 41. www.futurebooks.com.sg
  42. 42. TERMS OF USEwww.futurebooks.com.sg

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