Start a company singapore Intermediate

Prepared for directors
of Singapore private
limited companies.
As of 2012
STARTING A
COMPANY IN
SINGAPORE:
INTERMEDIATE

www.futurebooks.com.sg
SPONSORS

LAUNCH YOUR
BIG IDEA
@futureb00ks

FUTUREBOOKS
SERVICES
Incorporation ,
company secretary,
work passes
Bookkeeping, annual
financials and
company tax
Sale of the
business

FINANCIAL + JUDICIAL
RESPONSIBILITIES
Download

ACCOUNTS ARE A
SAUSAGE FACTORY

WHO DOES WHAT?

ROLE OF THE
BOOKKEEPER





ROLE OF THE
ACCOUNTANT / AUDITOR



ROLE OF THE
TAX SPECIALIST



ROLE OF THE
COMPANY SECRETARY

ACCOUNTS ARE A
SAUSAGE FACTORY
Bookkeeper makes
management accounts
Accountant makes annual
financial accounts
Corporate secretary holds
the AGM and files reports
Tax advisor makes the
tax computation

TIMELINE
Incorporation DIY bookkeeping
Management
accounts
Annual financial
accounts
0 6 12 18MONTHS

IMPORTANT
DATES

BUDGET FOR ACCOUNTING
SERVICES YEAR 1
One-time fees Annual fees
Incorporation $750
Company secretary $700
Annual bookkeeping $3,600
Unaudited annual financial
accounts
$1,500
Personal tax $300
TOTAL $750 $5,100

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

HIDDEN FEES
Annual fees
Audited annual financial accounts +$1,000
Quarterly GST filing +$1,200
TOTAL $2,200
Corporate holding
or S$5million+ in
turnover
S$1million+
in turnover.

#CAAA
AASH

ENTREPRENEURS
HATE BOOKKEEPING
I have no
time for it.
I don’t
understand it.
It adds no
value.
I hate it.
It’s for bean
counters
Whatever

AWAKEN THE CFO
Setup a finance
email address
Establish a
budget
The money
belongs to the
company

SETUP A CFO
AVATAR
PEACEFUL AGGRESSIVE

IDENTIFY YOUR
STAKEHOLDERS
Transaction type Stakeholders Risk
Accounts receivable
(AR)
Customers Default on
payment
Cash payments (Cash) Customers Security
Accounts payable (AP) Suppliers Cashflow
Payroll Staff + Government
(IRAS + MOM)
Penalties and
staff turnover
GST Government (IRAS) Penalties

ANALYSE TRANSACTIONS
ACROSS 3 BUSINESSES
Consulting business
Restaurant business
App store business

IDENTIFY YOUR
STAKEHOLDERS
#Cash, 2
AR,
80
AP (variable),
50
AP (fixed),
50
GST,
20
Payroll,
20
Consulting business (B2B)
Stakeholder:
customer
220
TRANSACTIONS

#Cash,
90
AR, 10
AP (variable),
200
AP (fixed),
50
GST,
50
Payroll,
60
IDENTIFY YOUR
STAKEHOLDERS
Restaurant business (B2C)
Stakeholder:
suppliers
450
TRANSACTIONSStakeholder:
staff + Govt
Stakeholder:
Govt.

#Cash,
1,000
AR, 10
AP (variable),
150
AP (fixed), 30
GST, 10 Payroll, 100
IDENTIFY YOUR
STAKEHOLDERS
App store business (B2C)
Stakeholder:
staff
1500
TRANSACTIONS

TRANSACTION
COMPARISON
0 100 200 300 400 500 600
Cash
AR
AP (variable)
AP (fixed)
GST
Payroll
App store
Restaurant
Consulting

SAVE 30% IN
BOOKKEEPING
FEES BY DOING
FOUR THINGS

#1 OPEN A CORPORATE
BANK ACCOUNT

#2 OPEN MAIL
WEEKLY
Get comfortable File mail Toss out

#3 PAY SUPPLIERS
MONTHLY
Promote the billing
cycle to stakeholders
Make
bookkeeping day
sacred
Image as a good
paymaster

Download
#4 MANAGE PERSONAL
CLAIMS MONTHLY
http://futurebooks.com.sg/blog/5-useful-excel-template-
sites-to-streamline-your-bookkeeping/1329

#4 MANAGE PERSONAL
CLAIMS DAILY
http://futurebooks.com.sg/blog/5-useful-excel-template-
sites-to-streamline-your-bookkeeping/1329

GST REGISTRATION
IS REQUIRED
GST is 7%

STATUTORY AUDIT
IS REQUIRED
Most important
triggers

PASSING
RESOLUTIONS
SIGNIFICANT
RESOLUTION
INSIGNIFICANT
RESOLUTION
Change in
address, SSIC, directo
r, company secretary
Change in
company name
Change in
shareholders Change in
paid up capital

PASSING
RESOLUTIONS

GETTING MONEY
INTO THE COMPANY
Appear on
balance sheet

GETTING MONEY
OUT OF THE COMPANY
Appear on
balance sheet

REASONS TO
OUTSOURCE
BOOKKEEPING

COMPLICATED
OPERATIONS
Quarterly GST filing
Monthly CPF

IT IS TIME TO GET A
BOOKKEEPER
Honey, shouldn’t
you delegate that?

FOCUS ON WHAT
YOU LOVE

INCOMING
INVESTOR

A LOCAL RUNNING
A RESTAURANT
   
   
   




Operations and
customers in SG

A FOREIGNER RETAILING
ON THE APP STORE
   
   
   




No operations or
customers in SG

TERMS OF USE

Start a company singapore Intermediate

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Start a company singapore Intermediate