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Monthly Archives: September 2013

If you are starting a company you will likely have many questions. What product should I offer? What services can I provide? How will I get start up funding? How do I write a business plan? One of the first questions for every entrepreneur is where to locate your business and how to arrange it once you registered a company.

Some people prefer to start a company in their local area. They want to maintain it from the comfort of their home. Others want to start a business in a foreign country and eventually move there. Still some companies want to start a company in a foreign country and manage it remotely. This decision is based on things such as your financial situation as well as local and international laws and lastly on your niche. Your company may succeed in different areas better than others based on the niche. For example, if you are thinking of starting a fishing company and want to register a boat, you may have more success with registration of a company Singapore based. This location will provide you with a unique market and access to a diverse set of ocean highways.

There are many requirements for companies whether they provide a service to residents or are a business full of corporate accountants. Information on registration and getting foreigners registered is readily available from government websites. Starting applications for limited liability partnerships in Singapore and filing them immediately will ensure you are approved quickly.

In addition to incorporation information the government websites address personal work questions, how to employ foreigners from your home country, how to set directors within the company, as well as banking and tax information. You can contact the local government authority office and provide them with the necessary information. They will pass it on to the appropriate personnel within the office and act immediately to give you answers.

The process for registering your company in Singapore is very simple and very cost effective for both residents and foreigners. Foreigners must appoint a local resident manager to handle their registration while they live outside of Singapore. They can register so long as there is a local resident partner in their company. If every partner in the company is a foreigner then a local resident manager has to be appointed. As a foreigner you can set up a business in Singapore and manager the operators from the local area or from your home country. Once you register with the government websites as a foreigner you have to pay an additional foreign registration fee between three hundred and twelve hundred dollars.

Before You Register

Before you register as a permanent resident or citizen you need to apply for the SingPass which is used for all government transactions. Then you need to prepare all necessary documents for registration. If you are a foreigner you must apply for the EntrePass then the SingPass. You must also prepare the same list of documents.

Registration Websites

If you are registering a partnership in Singapore you have to go through the Accounting and Corporate Regulatory Authority. The company has an electronic filing and information system which enables you to submit your application online. You can register with a personal identification number and your SingPass online. You can do this at a local office or at home. You can then engage services for professional accountants or lawyers to help submit the application on your behalf.

Fees for Registration

There are various fees associated with each aspect of the filing process. For the name approval you must pay fifteen dollars. For the business registration you must pay fifty dollars. Your partnerships are often registered within fifteen minutes of paying the associated fees. However it can take authorities an additional two to eight weeks to refer your application for approval.

Overall this process is very fast and very simple. If you want to start a company in Singapore the fees are reasonable and there are many services and agencies ready and willing to help you through any part of the process along the way. You can start your dream company today!

 

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Knowing how to succeed at China Manufacturing means knowing how to invest in China. The current financials in Chinas billion dollar industry speak volumes for an investor. Every product and all services makes money for the share holders. If you buy now the listing price on the web sites is a great deal. You can get ample information about the business rating as well as any current news on the term or policy of your shares. As of July the comments about the industry said now was the economics you want to buy from the top international companies. There is room for funds and portfolio growth when you invest today.

Chinese manufacturing is among the top areas for growth when you invest your funds here because of the proficiency of the industry. This industry is one which has been designed never to stop. Literally. There are shifts of employees who work for 8 hours around the clock ensuring that all manufacturing plants are fully manned at all times. This ensures that products are made as soon as the order is placed and that the turnaround time for any delivery is faster than the competition. This industry also ensures better prices because it takes less time to meet any order that is placed whether overseas or locally.

China has been the preferred destination for many global sourcing initiatives until now, as Western corporations are continually searching for strategic alternatives. This is due to concerns rising over costs for labor, fluctuations in currency, shortages in labor, an aging population, and policy making in China.

Many clients now consider countries such as Vietnam, Thailand, Indonesia, India, and Malaysia for sourcing product due to the cost, quality, risk-management and increased capacity (Abdul-Aziz, 2004). A myriad of companies throughout the United States and Europe no longer maintain a monogamous relationship when it comes to sourcing their products overseas. While China was once the only place to turn, many other Asian countries in the same geographic region are quickly becoming appealing alternatives. As the sourcing relationship extends to other credible and rising alternatives, there are particular sectors suitable for diversification beyond China (Holz, 2004).

The start of the outsourcing relationship has taken the last decade by storm as it has shifted the global position of many manufacturing jobs to offshore factories. Traditionally the minimum sourcing fee was $2,500 per item if a third party is used for negotiations and quality control. The use of a third party meant that companies were supplied with an average of four sources in China and given quality control. Companies could rest assured that representatives from said third party would visit the factory during production and inspect all goods upon completion. Random samples would be pulled from production and sent back to the company for review along with video or photographic footage if applicable. No longer did western companies have to fear the backlash of failing to meet western product standards, a backlash only comparable to that of an angry mob aided by the media witch hunt, as independent laboratories and engineers could be hired to conduct material testing. This ensured that finished products were free from lead and nonflammable (China Sourcing n.d.).

Companies who outsourced products to China saw a significant increase in production and profit as they were now able to source a product in China within 2-6 weeks for products which had become commoditized and were not based on in time delivery or if 30 or 60-day terms. The Chinese government often allowed medium sized and large companies to fly under the radar while third parties handled exporting and marketing products in the Yangzi River Delta Industrial Zone and The Pearl River Delta Industrial Zone (China Sourcing n.d.).

As national and international laws have changed, so too has the framework of the outsourcing relationship. When it first hit, western companies outsourcing their production and manufacturing to locations such as China were seen as the enemy of all that capitalism had created. Protests slandered their company names with the argument that they were removing jobs from western countries, taking away opportunities for things such as achieving the American Dream (China Sourcing n.d.).

 

When you start a new company in Singapore you will find that there are many employees who are willing to help you register a company in Singapore. Registering a company in Singapore has never been easier for Singapore citizens or for permanent residents. You can turn to Acra business websites for residents and get help online from your home with corporate registration services. The accountants on this site have the authority to help companies that are registered by foreigners or Singapore local citizens. They can help starting applications for a limited liability company or give information on how to employ other citizens. You can register your company this year with a Singapore address and other forms required for banking and incorporate approval. When you meet the requirements the banking offices will set up the tax forms and all of the directors will ensure you receive the documents you need to start running your company immediately. Whether you visit Singapore when you incorporate or you hire an agent to act on your behalf the company will be registered quickly.

Currently Singapore offers business globally competitive costs. There is a high quality of products and a young population to produce them. This workforce boasts being highly educated as well. There are currently supportive government policies in favor of sourcing companies and a strong availability of natural resources. Unfortunately, Singapore mirrors some of its surrounding countries in that the country is technologically dependent upon other global players. There is a language barrier much the same as China and the country lacks the necessary infrastructure to currently achieve a high ranking spot in terms of sourcing for western countries. There are no major, local players rising from the dirt bringing international attention to local brands and there is a large problem with piracy (Holz, 2004).

However, Singapore still holds potential for becoming a popular hub for global markets when the demographics and wage rates in China become unfavorable. Singapore also holds free trade agreements with a range of other countries presenting the possibility for expansion from sourcing. However, the currency is weak against the USD and is prone is continual fluctuation. The country remains exceedingly dependent upon importing raw materials such as plastic, cotton, iron, and steel (Holz, 2004).

Thailand has continual and steady GDP growth at a rate of 5% per year since 2001. As of late the working force is highly educated, skilled, and motivated. There is a literacy rate of 93% in the country. In addition, the country boasts seven international airports and eight deep sea ports offering world class infrastructure. As of late all of the major international players are involved in trade with Thailand to some extent. They have signed FTAs including the Australian FTA and ASEAN FTA all of which have guaranteed access to the market, the value of which is 700 billion USD (Investment News and Commentary from Emerging Markets in Asia – China, India and ASEAN (n.d.).

Thailand does face weaknesses such as the unstable political situation, the language barrier, and the same technological dependence upon other global players as many of the smaller Asian countries (Promsaka Na Sakolnakorn, T., Khamanarong, S., Khamanarong, K., Imtawil, V., & Overton, J. 2010). Thailand also faces a significantly decreased promotion in terms of human resource development. Nonetheless, Thailand has signed FTAs with a variety of countries. The country also enjoys the expansion of R & D (Promsaka Na Sakolnakorn, T., Khamanarong, S., Khamanarong, K., Imtawil, V., & Overton, J. 2010). There is increased access to the most current technology. The government currently provided a variety of tax and non-tax benefits for those western companies who source to the area Investment News and Commentary from Emerging Markets in Asia – China, India and ASEAN. (n.d.).

Currently Thailand faces threats from competing countries such as China, India, Thailand, Malaysia, and Singapore (Abdul-Aziz, 2004). The currency is appreciating and there remain uncertainties related to the global economy. The country is currently battling a slower growth rate when compared to other trade partners, likely linked to the increased labor cost which has concurrently led to a reduction in profit for OEMs.

Applying for an employment pass particularly in Singapore can cause an applicant many hassles along the way.  This can be a very hectic task as it requires many requirements and documents. This, too, can be very strict when it comes to guidelines and even more, deadlines. But, the good news is that there are ways to make an application simple as possible. It can be simplified as it can be. One just has to remember to follow the provided procedures.

Here are some of the basic things about the EP (Employment Pass):

Firstly, unlike what other applicants believe, the presence of an applicant is actually not needed during the assessment of his application. In other words, the applicant need not go in Singapore to assess his application. He can stay in his own country. In fact, the application can even be done online.

All the more, if the applicant is in Singapore and the application is not yet done, his visa for staying in Singapore will not be guaranteed an extension even with the given fact that his application is still going on.

As stated above, the application may be done both online and manually. For online applications, here are some of the details:

For the submission, the online application for the employment pass is made through the online portal EP Online that is used for selected employment pass transactions.

For every new application, an administrative fee of $70 is charged. However, this can be done easily as online applications can be also be paid online by different modes of payments like VISA, and other online banking payment methods.

In submitting the required documents, the applicant can easily upload his documents within he given time-frame. Applying for an EP visa has a strict deadline. It would be much better to primarily search for information and prepare all the needed documents beforehand.

Mostly, the documents that are required are for verification purposes. Below are some of the things to consider:

The documents must be legit, genuine, and correct. They should be clear enough for scanning.

Documents should be in PDF formats.

All the documents should be in the English language. Non-English documents should be translated.

For the assessment and approval, the maximum timeframe is 7 days. It usually takes about 7 days for an application to be processed. Fortunately, the application status can be readily checked online whenever the applicant wants to.

It takes about 7 days to process an application. The status of the application can be checked online.

Now, after the approval of the application for the Employment Pass, the online In-Principle Approval letter can now be printed by the employer. The letter can be accesses through logging in to EP Online. Take note that the letter is only valid for 6 months from the time the letter was written which means that it is not about when the letter is read by the applicant, but when the letter is written.

For online submissions:

There is an Employment Pass application form that can be downloaded online

However, once the supporting documents and application form for the Employment Pass are completed, they must be submitted personally at the collecting agent that is appointed by MOM. This is the time when the applicant must go to Singapore.

The post office will then issue a “SingPost payment advice slip” at the time the application is submitted. All applications are then forwarded to MOM.

Lastly, for the Assessment and Approval,

The processing time takes for around 5 weeks but it usually takes longer for the processing time to last in certain situations where various economic agencies require additional information or in peak periods. This simply means that the processing time for the applications vary from country to country.

Then, around 21 days following the submission of the application, the assigned FIN or Foreign Identification Number as well as the application status online may be checked by the applicant.

Remember that once the application for the Employment Pass is already approved, the In-Principle Approval letter is then sent to the employer. This letter is very important.

Collecting the Employment Pass

Before collecting the Employment pass, the applicant must first read all the procedures that are in the letter since the letter consists of all the things that the applicant needs to do upon collecting. The letter should also be brought by the applicant when he/she comes to Singapore to collect the Employment Pass.