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More Than Just An Accounting Firm
NUS x SCS x Maybank
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Startups need a lot more than accounting help and SCS understands this. 
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1. No Risk For Clients:
 
  • Trusted business partner of Institutes of Higher Learning
    • NUS, NYP, SP, INSEAD, A*STAR, SMART and more.  Click here
       
  • "Best-price guarantee".  
    • Present us a official estimate from another firm and receive a refund for the difference​ paid
       
  • "First-Year-Free*" guarantee.  
    • $1,000 off professional fees for the 1st year
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2. Deeply Connected to The Industry:
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  • Accounting arm of Venture Capital Firm, SEED Ventures.
    • Green-lane access to connect with business angels, venture capitalists and corporate gatekeepers
       
  • On-campus access to services such as:
     
    • compliance advice (nominee directorship, work-passes, accounting, legal and more)
       
    • business mentors (shares-matters, valuation, strategy and more)
       
    • setting up of corporate bank accounts by Maybank
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*Terms and conditions apply
Smaths Group
Distribution
Investors/mentors
Sales
Cash (co-matching)
Corporate Services
3. Frequently Asked Questions ("Work Pass" FAQ here)
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  1. Setting up a company in Singapore.  How does it work?
    • At least 1 local director and shareholder
    • Appointment of a Corporate Secretary is mandatory
    • Click here for details.
       
  2. Is a local shareholder needed to incorporate a Holdings Company?
    • No need to.  Anyone, including foreigners, can be a shareholder of a company in Singapore (including a Holdings Company).​
       
  3. Secretarial Services.  What services are available?
    • Smaths Corporate Services offers the entire gamut of Secretarial Services and much more. 
    • Click here for details​
       
  4. Bank Account.  Can you touch on the setup, GIRO payments, annual fees etc.
    • We recommend Maybank for the following reasons:
      • Easy setup (bank officer will travel to your office)
      • Quick account confirmation (within 7 business days)
      • No annual fees + interest on current account balance (only 1 in Singapore)​​
         
  5. GST Criteria?  
    • Mandatory for companies with annual revenues exceeding $1,000,000
    • Quarterly reporting
    • Click here for details
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  6. Taxation Rebates.
    • Corporate tax rate at 17% of "Chargeable Income" (not the same as "net profits")
    • Click here for details
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  7. Loans.  Are foreigners eligible for loans?
    • Yes if loans can be securitised.​
       
  8. Work Passes.  How do they defer and which one is suitable for foreign entrepreneurs?
    • Click here.​​​
       
  9. Why provide the guarantees?  How many times has SCS had to provide a refund?
     
    • As a proof of ability and sincerity.
    • Not once (since incorporation in 2013), as it was never necessary.
       
  10. So there will be zero accounting fees no matter what for the first accounting year?
     
    • Yes, free or almost free. >90% of SCS' new startup clients paid nothing.
      (in terms of professional fees, government fees NOT included)
    • New startups usually incur approximately $1,000 in their first year, as their accounts are still fairly straight-forward.  The $1,000 credit is usually sufficient to cover this amount entirely.
       
  11. Why is it necessary to have the affiliation with the industry?
    • Access to mentors = access to investors = access to resources.
    • It is crucial for startups to have a go-to-market strategy planned right from the onset.
       
  12. How does the on-campus consultation work?  Can I attend the consultation if I'm NOT a client of SCS?
     
    • Depending on discussions with the school administrators, it may take the form of a weekly half-day clinic.  More information will be released soon.
    • The service is for ALL participants of the GRIP programme (including NUS staff) even though priority will be given to SCS' clients.
       
  13. OK, I am interested.  What's next?
     
    • Paperwork.  Please approach our colleagues to fill up the paperwork.  They will be able to answer further questions if any.  (Company incorporation and bank account opening will be completed offline within 3-5 working days).
    • Sign up forms are available here.
Work Pass FAQ
4. Frequently Asked Questions - Work Passes
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  1. Is having a director/ corporate-secretary mandatory? Are there any exceptions?
     

    • Yes, mandatory. The director/corporate-secretary must be PR or Singaporean and of at least 18 years of age (exception: a foreigner may become a director via the Employment Pass or Entrepass routes)

       

  2. ​I am currently employed by NUS on an S-Pass. How should I approach the new work pass-arrangement if we were to incorporate?
     

    • ​Option 1. Apply for Employment Pass(EP). Once approved, have the S-Pass cancelled. Incorporate the company after that. An EP holder may be the director of the company if he/she manages to get a Letter of Consent from the Ministry of Manpower. (LOC takes up to 5 weeks. E-pass takes up to 8 weeks)
       

    • ​Option 2. Apply for an Entrepass under “Innovator”. Once approved, have the S-Pass cancelled. Incorporate the company after that. An Entrepass holder may be the director of the company (approval takes up to 8 weeks).

       

  3. Under Option 1, who pays me and who do I work for on a daily basis?
     

    • NUS will continue to hire the EP holder. The LOC allows said EP holder to work in the newly incorporated entity on a daily basis.

       

  4. Can I concurrently apply for both an Entrepass and EP?
     

    • No, only 1 application may be taken out at one time.

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  5. The approval periods take too long. Any other ways?
     

    • A nominee-director/secretary may be appointed in the interim while waiting for the various work-pass applications to be approved.

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