Singapore is quite an easy country for setting up a business, but you may need help or expertise with various aspects, from employee benefits to branding. Here are three areas to look at when setting up a business, including corporate service providers, insurance providers and tech-support companies who can help you with starting a company in Singapore the right way.
Setting up a Business
#1 Developing an employee benefits package
When starting a company in Singapore, it’s worth keeping in mind that your employees will play a pivotal role in your success and growth. Companies need employees who can quickly adjust to new challenges, where automation, robotics, and artificial intelligence are advancing rapidly and changing the way industries operate. So business owners should rethink their hiring practices to compete for top talent.
Businesses are now prioritising employee benefits in response to challenges of technological disruption and employee attraction and retention. Companies can make themselves more attractive by understanding each employee’s individual needs and providing personalised benefit packages that offer long-term financial stability and comprehensive health coverage.
Providing group medical insurance should be a top priority when building your workforce. In 2024 and beyond, attracting and retaining top talent requires a more comprehensive and personalised approach. That’s why Pacific Prime CXA recommends creating flexible employee benefits that cover varying career and personal stages. By customising employee coverage, you support their wellbeing and professional growth, in turn winning their commitment and empowering them to succeed.
Employees today are gravitating toward benefits focused on financial wellbeing and solvency, work-life balance, mental health, retirement and long-term health coverage. Therefore, designing a flexible employee benefits plan is an absolute must.
How do flexible benefits work? They give employees the opportunity to pick and choose from a wide range of benefits to suit a diversity of needs. Whether they are starting a new job, buying their first home, or starting a family, they can find suitable coverage for their stage in life. This involves purchasing add-ons and customising their benefits to create a personalised plan each year. The result is the ability to maximise the value of their package.
This process has become easier than ever with online administrative systems. So you’ll want to ensure the platform you choose has a smooth portal and the best technology to assist in creating flexible benefits.
Gym reimbursements, work-from-home flexibility, and time off are just some of the many benefits employers should consider. Employee Assistance Programmes (EAPs), in particular, became increasingly popular during the pandemic, especially services that address anxiety, stress and burnout.
Additionally, financial wellness support – from debt management tools and resources, one-on-one financial advice and retirement planning, to cost of living and education allowances – should be taken into account, as it goes hand-in-hand with mental health.
As a global employee benefits specialist and health insurance broker, Pacific Prime CXA can help you personalise a benefits plan to best suit your needs when setting up a company. Pacific Prime CXA also has the latest technology so creating flex benefits packages is intuitive and easy.
To learn more about employee benefits in Singapore, get in touch with an expert at Pacific Prime CXA for impartial advice and a free plan comparison today. For a more detailed look at emerging employee benefits trends, plus actionable steps for employers, download your free copy of Pacific Prime’s Global Employee Benefits Trends Report 2024.
Pacific Prime CXA Singapore
#09-02 Cross Street Exchange, 18 Cross Street
6346 3781 | pacificprime.sg
#2 Tech support when starting a business in Singapore
Setting up the IT infrastructure for a new business, such as registering your company domain, setting up a business email, data storage and backup, plus a website, can be time-consuming and complicated if you don’t have the right skill set. For all of your IT business needs, it’s a good idea to turn to experts like Tekkie Help. They can provide all sorts of IT support to small- and medium-sized businesses – from the setup of your core business infrastructure, to all other aspects of technology including sound systems, WiFi, security cameras and point of sale. You can choose to have ad hoc support, or sign up for an ongoing support plan so that you always have someone to call in tech emergencies and ensure that regular maintenance checks are conducted.
The Tekkie Help.Biz team is highly experienced and can assist with everything from technical support (such as software troubleshooting and repairs) and advice on how to use certain technology, to improving your operations and setting you up with the necessary infrastructure and systems right from when you start a business in Singapore.
Starting a new business? They’re also able to source computers and other equipment at good prices. With Tekkie Help managing everything, you won’t need to juggle contacting and communicating with different vendors. Instead, you can focus on starting and running your new business.
Tekkie Help
#02-17 UB.One, 81 Ubi Avenue 4
8113 8682 | tekkiehelp.biz
#3 Bookkeeping, payroll & business support services
You love what you do, that’s why you started your business. But are you spending too much of your time and resources on your accounts, while under pressure to grow and optimise your core business? It’s very common when starting a company in Singapore to lack time to complete accounting, or to ensure you’ve organised your documents to substantiate your transactions. Add to that the need to pay your staff correctly, and focus on bookkeeping, and things can slip through the cracks!
The accounting and bookkeeping services at Zeros Matters are perfect for small and medium-sized businesses. The team leverages the cloud to implement affordable bookkeeping processes to offer you peace of mind and the freedom to focus on ensuring your business profitability.
The team can help with recording financial transactions and expenses, producing invoices and receipt entries, and completing bank and ledger reconciliations. They can also assist in the preparation of financial reports including balance sheets and P&L statements. Plus, if you need to squeeze all of this between important meetings, they’ll provide dedicated in-person support.
Zeros Matters also provides a comprehensive range of business support services including payroll and pension calculations and submissions, budget and cashflow forecasting, and GST(F5) preparation and submission services. You can relax knowing that you’re in compliance with legal and accounting requirements. And, for when you’re ready to take your business to the next level, their CFO services will give you real financial insights to help you grow.
Flexible packages are available, allowing you to sign up for exactly the level of support you need. Why not get in touch to discuss your business requirements and have a free assessment of the services you require? Keeping your accounting expenses low while enjoying the dedicated services and expertise of qualified top chartered accountants sounds good to us!
Zeros Matters
#04-95 Hong Lim Complex, 531A Upper Cross Street
9023 5747 | info@zerosmatters.com
zerosmatters.com
#4 Digital solutions for cloud accounting and professional services
D Next Stop has been in the business of professional services since 2017. It’s a one-stop digital solutions provider and primarily does outsourced cloud accounting (bookkeeping) and other corporate services such as company secretarial and outsourced payroll. Plus, the team are pros at corporate tax services like corporate tax filing and GST filing services.
Darren, the founder of D Next Stop, began his career with one of the Big Four audit firms. He believes in fostering client relationships and building trust when working together. “As a service business, service quality is also a key element of how our clients come to trust us across time,” he says.
Ideal for small-to-medium businesses, D Next Stop allows owners to take care of all their compliance needs of running their business under one roof. There’s no need to engage multiple companies! Business owners can also access a range of other digital business solutions that can address their pain points while running their businesses.
Darren likens his company to a pharmacy. “We continuously partner with solutions providers (the equivalent of medicines for a business) to offer a wider range of solutions to our clients on top of simple accounting services. Having more partners is similar to acquiring more medicines (solutions) to prescribe to our clients to treat their pain points (areas of sickness).” Darren and his team work around the Xero ecosystem of solutions. These solutions all integrate seamlessly with Xero such as payroll solutions, payment solutions, data processing solutions and more. After receiving the D Next Stop “treatment”, a business is fighting fit!
The platforms allow businesses to manage and track their financial health, sales, payroll and expenses. And data analytics are on hand to gain valuable business insights. The result? Business owners can expand their reach, enhance efficiency and improve customer satisfaction.Here’s a snapshot of the four broad categories of services with transparent and competitive rates:
- Accounting – monthly accounting inclusive of the preparation of annual unaudited financial statements starts from $350 per month. Fees vary per client depending on complexity and number of transactions. Preparation of unaudited financial statements start from $1200 per set.
- Company secretary – $1000 per year for annual company secretary retainer.
- Monthly payroll processing – starts at $200/month (for one to four headcount). Additional headcount is charged at $50/month per person.
- Corporate taxes – corporate tax filing starts from $800 per filing (depending on the complexity of each client) and quarterly GST submissions are from $300 per filing.
That’s quite a few things that D Next Stop can take off your mind, leaving you to focus on growing your business.
A client testimonial
“Darren and his team were very helpful in driving our business from a manual process to a digital and efficient process. They genuinely understand our business model and spend time listening to our pain points, before making proper recommendations to address the challenges. They continue to guide us with a fresh perspective, covering any blind spots in our accounting and business processes. With their expertise and guidance, we’re assured that we’re in good hands.” – Danny Hoe, Singapore Motor Cycle Trade Association
Reach out to Darren and his team to find out more about how they can help.
D Next Stop
enquiry@dnextstop.com | 6333 5886
dnextstop.com
Now you have great tips on starting a company in Singapore, read on for more about businesses and living in Singapore!
