There’s a lot that goes into starting a business – including various aspects that you have no expertise in. The good news is that you don’t have to figure it out on your own. Here’s five common matters to look at when setting up a business in Singapore and corporate service providers, legal firms, insurance providers and tech support companies who can help you start a company the right way.
#1 Group health insurance when starting a business
When starting a company, group medical insurance should be one of the first things on your agenda. Healthcare in Singapore is expensive; without the right cover, standard procedures can become a huge financial commitment for your staff. Get advice from an insurance broker such as Expat Insurance – they can help you review and put together a comprehensive group health insurance plan for your company.
Not providing any cover at all can be costly – one large claim can seriously damage your margins. You might also be keen to cover bills for those who cannot afford them so they can return to work more quickly. Some employers may choose to purchase individual plans for staff, however it is usually a more expensive option which offers less flexibility (for example continued payment for employees that leave midway through the policy). Whether you should opt for a local or international plan will depend on various factors. This includes the nature of your operations, for example, and the frequency of your employees’ business travels. A local plan is the cheaper option, but the coverage tends to be lower. The most basic benefit to provide would be hospitalisation and outpatient coverage.
Deal! From 8 May to 31 July 2020, enjoy up to a 10% discount on Group Health Insurance for your employees (for new corporate clients, terms and conditions apply).
#2 Cyber risk and data protection insurance when starting a company
Data breaches are becoming more and more common – they’re increasingly reported on a daily basis as more businesses and operations move online. Common cyberattacks include phishing scams, malicious malware and Distributed Denial of Service (DDoS). These can cause substantial damage to your operations, revenue, trust and reputation. To protect your company against such losses, opt for comprehensive cyber insurance. An insurance broker like Pacific Prime can advise a suitable plan when you’re starting a business.
Leveraging on their market position and years of experience, the Pacific Prime team offers tailor-made solutions to fit the needs of your company. They can conduct a risk analysis of your business by studying the typical risks unique to your industry. This includes competitive intelligence through benchmarking the safeguards taken by other companies, as well as analysing various types of coverages offered by different insurers. The company’s advisors will keep you updated on changing trends and the emergence of new risks and market requirements. Plus, they can manage your business claims and offer year-round administration of your policy.
#3 Financial reporting and filing – what’s required
If, like most of us, you find financial reporting and filing processes tedious and time-consuming, and it’s pretty stressful when you’re just starting a business. Why not enlist the expert help of Hawksford? The company offers a wide variety of corporate services and help you keep on top of essential reports and submissions.
All Singapore-incorporated companies are required to comply with annual filing requirements according to the Singapore Financial Reporting Standards (SFRS). They’re also required to hold their Annual General Meeting before filing annual returns and presenting audited accounts. Due dates are determined on the company’s financial year end (the completion of a fiscal accounting period) – usually 12 months. Common choices of dates by companies include 31 March, 30 June, 30 September or 31 December. The documents need to be sent to two local government authorities: the Accounting & Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). Hawksford can help in the preparation of the AGM and the declaring of accounts to shareholders. They can also do the annual returns report according to SFRS, prepare financial statements, and compile and submit corporate taxes.
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#4 Business incorporation for setting up a company
Legal firms such as Consilium Law Corporation are able to guide you through the process of getting your company incorporated in Singapore. You will first need to provide them with some details. This includes the proposed name of your company, the particulars of the directors and shareholders, whether you need assistance setting up the company’s bank account, who your employees will be, your registered office address, type of constitution and paid-up capital.
The firm will also review supporting documents and advise whether you require any licenses and approvals from government agencies to carry out your business activities. If required, they can recommend providers for sourcing a local nominee director, and for accounts, payroll, tax and corporate secretarial services. Consilium Law Corporation will carry out the company incorporation on your behalf and keep you updated throughout the process. They’ll also be on hand to answer any other legal questions you may have. If necessary, they can also help you apply for CorpPass and Employment Pass online accounts, work visas for foreign employees and draft employment contracts. All of this is very time consuming when you’re starting a businesss.
#5 Tech support when setting up a business
Putting together online business essentials such as your website, business email and cloud storage can be time-consuming and complicated if you don’t have the right skill set. That’s when it’s a good idea to turn to experts like Tekkie Help, who provide all sorts of IT support to small and medium-sized businesses. They offer varying support plans customised to your needs. You can choose to have dedicated ongoing management or ad hoc support when required. Then, a dedicated specialist will follow you through the process.
The Tekkie Help 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 to run your business. Starting from scratch? 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.
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