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. Prepared for directors of Singapore private limited companies. As of 2012 STARTING A COMPANY IN SINGAPORE: INTERMEDIATE
- 2. ACCOUNTING IS A SERVICE, NOT A TRANSACTION www.futurebooks.com.sg
- 3. FUTUREBOOKS SERVICES Sale of the business Bookkeeping, annual financials and company tax Incorporation , company secretary, work passes www.futurebooks.com.sg
- 7. ROLE OF THE BOOKKEEPER www.futurebooks.com.sg
- 8. ROLE OF THE ACCOUNTANT / AUDITOR www.futurebooks.com.sg
- 9. ROLE OF THE TAX SPECIALIST www.futurebooks.com.sg
- 10. ROLE OF THE COMPANY SECRETARY www.futurebooks.com.sg
- 11. ACCOUNTS ARE A SAUSAGE FACTORY www.futurebooks.com.sg
- 12. ACCOUNTS ARE A SAUSAGE FACTORY Bookkeeper makes management accounts Accountant makes annual financial accounts Tax advisor makes the tax computation Corporate secretary holds the AGM and files reports www.futurebooks.com.sg
- 13. TIMELINE Annual financial accounts Management Incorporation DIY bookkeeping accounts MONTHS 0 6 12 18 www.futurebooks.com.sg
- 16. BUDGET FOR ACCOUNTING SERVICES 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 $5,100 www.futurebooks.com.sg
- 17. BUDGET FOR ACCOUNTING SERVICES 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 $9,900 www.futurebooks.com.sg
- 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
- 20. SAVE 30% IN BOOKKEEPING FEES BY DOING FOUR THINGS www.futurebooks.com.sg
- 21. #1 OPEN A CORPORATE BANK ACCOUNT www.futurebooks.com.sg
- 22. #2 OPEN MAIL WEEKLY Get comfortable File mail Toss out www.futurebooks.com.sg
- 23. #3 PAY SUPPLIERS MONTHLY Promote the billing cycle to stakeholders Image as a good Make paymaster bookkeeping day sacred www.futurebooks.com.sg
- 24. #4 MANAGE PERSONAL CLAIMS MONTHLY Download http://futurebooks.com.sg/blog/5-useful-excel-template- sites-to-streamline-your-bookkeeping/1329 www.futurebooks.com.sg
- 27. COMPLICATED OPERATIONS Quarterly GST filing Monthly CPF www.futurebooks.com.sg
- 28. IT IS TIME TO GET A BOOKKEEPER Honey, shouldn’t you delegate that? www.futurebooks.com.sg
- 29. FOCUS ON WHAT YOU LOVE www.futurebooks.com.sg
- 32. GST REGISTRATION IS REQUIRED GST is 7% www.futurebooks.com.sg
- 33. STATUTORY AUDIT IS REQUIRED Most important triggers www.futurebooks.com.sg
- 34. PASSING RESOLUTIONS SIGNIFICANT RESOLUTION Change in shareholders Change in paid up capital Change in company name Change in address, SSIC, director, company secretary INSIGNIFICANT RESOLUTION www.futurebooks.com.sg
- 36. GETTING MONEY INTO THE COMPANY Appear on balance sheet www.futurebooks.com.sg
- 37. GETTING MONEY OUT OF THE COMPANY Appear on balance sheet www.futurebooks.com.sg
- 38. SCENARIOS
- 39. A LOCAL RUNNING A RESTAURANT Operations and customers in SG www.futurebooks.com.sg
- 40. A FOREIGNER RETAILING ON THE APP STORE No operations or customers in SG www.futurebooks.com.sg