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Monthly Archives: November 2013

It is different to make use of Business opportunity in Myanmar as a result of the isolation that the country has had for a long time. Being a Southeast Asian country, Myanmar has a large number of ethnic groups most of who are Buddhists.

However the influence of the colonialists on the country has allowed for some recognizable customs and the speaking of English as well.

You will be better advised to learn some of the business etiquette in Myanmar as this will spare you a lot of trouble. For instance, when offered a business card you need to take some time to read it after accepting it with your two hands which bespeaks respect. Remember not to offer a woman your hand as a small bow is in order unless she offers you a hand herself. This speaks of the limit in contact that should be seen in public between a man and a woman. For you to live and do business in Myanmar these practices that are of importance to the cultural blend in the country should be observed closely to avoid any conflict of behavior.

Use the first few meeting as a chance to know each other better as business here is not rushed and any attempt to do so could afford you frustration and even bring about offense. Be patient on getting to the serious matters concerning business in regard to the culture of the people there. Appearing indecisive, the people usually are in agreement to any ideas and you might need to ascertain their commitment from having several encounters with them. Seemingly small matters such as paper work and even big business issues could take some time to conclude although this is not always the case.

The people of Myanmar take hospitality to a whole new level since it is normal for one to stay on with relatives when visiting a different part of the country for as long as they like. Even the idea of staying in a hotel is only just getting accepted here.  Gifts are a big factor in the culture here and you will be well advised to take note of their importance here. When offered one remember that you are expected to return the favor at a later date.

It helps for you to have connections so as to allow networking since one who is known and trusted here will be able to link you up for any deals in business. Leisure activities such as golf serve as a means for people to be able to establish a network as well.

Myanmar has lagged behind in some of the most basic things such as electricity and internet connection which is not even established in most of the banks here. The infrastructure is not very conducive for business at the transport system is not constant and the mobile phone services for international level remain wanting in most parts. The banks are only just beginning to accept foreign credit cards and allow for the transfer of money to accounts other than those in Myanmar.

With a view to improving education standards in the country which have been affected by poverty and the ruling junta to keep a check on students the current agenda of reform hopes to address this. Most of the workforce does not possess the necessary skills to work as a result of these unfortunate circumstances.

The issue of corruption is being handled under the government reforms to allow for more open dealings as well as to lower corruption levels in the end. The issue of entrenched interest is slowly fading away in Myanmar after the previous regime.

English is the widely used language for business meetings despite the fact that Burmese is the main language here. You might need to have a basic grip on Burmese for social needs too. The official wear is shirts for men that have no collar and the women a display of the shoulders and legs is a no-no. Business is usually conducted by men here even though an increase in the number of women coming aboard is now being witnessed across the whole country. Elders are held in deep regard and the necessary respect accorded to them on encounter.

Opening company bank account in Singapore is a must for those entrepreneurs who are intending to own a company in Singapore. There is a wide network of banks, mainly International, spread out all across Singapore at the service of Singapore companies that wish to open corporate bank accounts. It is required that a company needs to open a corporate bank account after registration in order to be able to begin business operation as required by the statutory law.

Monetary Authority of Singapore (MAS) standardizes all the banks in operation in Singapore be they International or national. There are benefits that present on opening a company account in Singapore and these are such as credit cards and trade financing alongside multi-currency accounts too.  These services are only exclusive to some banks and therefore it is important for one to do a thorough research based on the company needs so as to settle on the bank that best suits their needs.

It therefore follows that a company’s financial requirements will determine the bank that they settle for in the end. There are three major national banks in Singapore namely the Development Bank of Singapore, Overseas Chinese Banking Corporation and United Overseas Bank. The major International banks also have a presence in Singapore and these are such as Citibank, Standard Chartered among others.

Requirements to opening an account demand that the signatories of the account go to Singapore themselves to do the paper work at the time that the company bank account is being opened. This is a good step since the process will be executed faster in the presence of the company account signatories and directors. Some banks allow those papers to be signed at a branch abroad as long as this is done in the presence of notary public.

There are some documents that one is required to have when opening a Singapore bank account and these include a licensed copy of Singapore company incorporation permit as well as consent of the Board of directors to the company allowing the account to be opened. The business profile of the company from ACRA is required and a certified copy of it could be needed just as a copy of the memorandum and article of association of the company is wanted. There is also need for the complete form of corporate bank account opening fully signed by formal signatories as agreed on by the board. Take along copies of signatories’ passport copies that have been certified as well as the address of the directors too.

The benefits that a bank offers a company that has a corporate account with them should be considered as they could reduce the account operation cost for the company in the long run. A keen observation is bound to reveal any hidden charges to any of these offers. Look out for the time that the bank takes to process the account opening request as it should not go more than the allowed 4 weeks to go through. Where the bank account that is settled on is also based in the person’s country of birth then it makes it easier for them to open a branch account in Singapore.

More attractive benefits that come with account opening at a Singapore bank account such as internet banking which allows one to perform transactions while not physically at the bank only requirement being a good internet connection. This way one is able to transfer money from one bank to another as well as settle their credit card and bill payment among others.

You are also able to do overseas cash withdrawal when on travel for company business and this should cushion any emergencies that could require cash while out of Singapore. The cost could be slightly higher of course to withdraw money from at ATM abroad.

In case your company processes inward and outward remittance this is provided for and you only need to find out what the limit is from your bank of choice they differ from bank to bank.  Singapore adheres to banking regulations and has won the respect worldwide due to way that banks follow the set banking laws to the letter.

A little research on the internet will enable you to find out what each bank requires for the opening of a corporate bank account.

 

Most of those who wish to apply Singapore PR are already in possession of an employment or entrepreneur pass in Singapore. This does not apply to persons over 50 years of age unless in special cases and includes the persons dependants and spouse as well. Done under the PTS scheme, it is a simple process only requiring some research and a bit of moving around.

There are determinants on when a person can apply for PR in Singapore. Since pay slips for six months are required, it is only possible to apply for PR in Singapore after that period has elapsed even though ideally application is open as soon as a person has an EP. Depending on the kind of EP that one holds it determines how soon one can apply for the PR and since there is a section for the boss to fill in it is important to be in good terms with one’s boss.

Other determining factors are the applicant’s education background since this is of importance in Singapore. The length of time that one has lived in Singapore also matters since it reflects their desire to stay on. Job stability and the credibility of the company one works for also matter as does one’s financial status. Character also matters and this touches on how well you keep the law as does any family ties that you might have in Singapore. All the requirements are geared at ensuring that one who gets it will be an asset to the country and is not a law breaker.

When applying for PR in Singapore it is important to know that in case one is interested in applying for the dependants, there is a need to ensure the understanding that this has on the male children of the person. At the age of sixteen and a half the male child is obligated to register for military service that lasts two years. A person therefore needs to determine whether they are comfortable with this before going ahead to include their son’s application.

One can download the PR application forms online once their eligibility has been established. The details that are required are mainly family details as well as a part for the employer to fill out for the person. After reviewing all the information that is required one can then make an appointment to go to the Immigration and Checkpoints Authority (ICA). This could take a while after the time one books an interview because there are many applications to be considered in Singapore.

A person’s supporting documents need to be ready as specified in the EP4. Important to have both the original documents as well as copies of the same since on going to the interview the originals will be verified and given back while the copies will be filed.

Ensure that any documents that could be in any other language other than English are translated on time and this could be done through your embassy and presented together with the original copy on the visit to the ICA office.

Your appointment details from your employer should also be presented alongside any recommendation letters and appraisal reports. Be ready to declare if you have any property in Singapore as well.

You are now ready to make your application which lists details about your education details starting from high school diploma and above. List also your employment history in a proper way. Ensure that you have the supporting documents of everything that you have listed in case there is demand for it on your visit to the ICA office. Your family member details also need to be put down on the PR form, even those for whom you do not wish to apply for the PR.

You will be then need to submit the form at the ICA office for verification of the details that you have given on the application form. This is just to ensure that your information and the one of your documents are in sync and should not be cause for anxiety to anyone. After that you will have to await the results between 3-6 months after which the results of your application will be communicated to you in a letter from the ICA. On approval you need to fill up the Singapore Permanent residence paperwork within 30 days.

Offshore company incorporation usually requires the services of a formation agent due to the distance involved and the new setting that comes with unfamiliar local systems. It is commonplace for the selected agent to then go ahead and delegate the processing to a local advisor or perhaps even to a registered mediator. However, the process is quite simple really and there are no complications or unnecessarily high expenses. Just as in forming a corporation, there is no requirement to involve a lawyer in the process.

The process kicks off with the initial subscriber, in this case the lawyer or the local mediator files the two documents that are needed for the formation. These two are the memorandum of association as well as the articles of association. Being the one who subscribes the first documents taken to the Registrar of companies, this person is regarded as the initial subscriber in the process.

As much as it is probable to straightforwardly hire a local professional it is not always that simple since they are not found through the internet. The formation agencies often attain major discounts and have the benefit of offering options in diverse jurisdictions.

Contained in the Memorandum of Association are facts about the company which include its name as well as its activity, registered office and the name of the local representative or registered agent who undertakes the process on behalf of the company. The amount of capital that is put in also has to feature in the memorandum.

Articles of Association also known as articles of incorporation stipulate the required working formation of the new company. It is up to them to look into issues such as the control of directors and the annual meetings that are held and even about the safekeeping of accounts and records. These do not contain any reference to the names of shareholders and executive as this information is not given when incorporating the offshore company rather is kept confidential by the agent. On completion of the process in about two days, a certificate of incorporation is issued by the registrar of companied which indicates the coming into being of a new company.

In order for the company to begin operation, the first director is then appointed and in case there are multiple then the Board of directors is appointed. It is at this point that the incorporator will no longer be needed since the running of the company will now go to the director or Board. There will be a meeting held by the directors where major corporate decisions will be undertaken. Various positions will get appointees which includes the managing director. Issues such as the bank which will hold the company’s accounts and the approval of the articles of association binding the company are among the issues that are discussed in the first meeting of directors. At times the incorporation agents often offer a draft about the issues that need to be addressed in this first meeting.

Names of the director or directors are then entered in the register of directors with details of the name and address as well as nationality and passport number of each are kept in private with the address registered for the company or any other that is agreed upon by the incorporation. Share certificates are issued out during this meeting of directors indicating the share ratio of each company share holder and the names are then put in the stock ledger. This is where any changes will be registered regarding share ownership and the ledger is kept by the owner or even the registered agent.

A certificate of Incumbency is issued by the registered agent if requested and paid for it. This confirms the identity of the people who hold shares in the company as well as the company representatives who are mainly the director and his secretary. This comes to use when requiring services from banks especially as it reflects the legal owners of the company. The certificate serves to support of the appointments that are made at the first meeting of directors.

With the availability of all the necessary documents that are needed the proper process of incorporation is easy. Having paid its annual license fee the company is then issued with the certificate of good standing which is an added benefit for the record.