More Than Just An Accounting Firm
NUS x SCS x Maybank
Startups need a lot more than accounting help and SCS understands this.
1. No Risk For Clients:
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Trusted business partner of Institutes of Higher Learning
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NUS, NYP, SP, INSEAD, A*STAR, SMART and more. Click here
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"Best-price guarantee".
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Present us a official estimate from another firm and receive a refund for the difference paid
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"First-Year-Free*" guarantee.
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$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.
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Green-lane access to connect with business angels, venture capitalists and corporate gatekeepers
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On-campus access to services such as:
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compliance advice (nominee directorship, work-passes, accounting, legal and more)
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business mentors (shares-matters, valuation, strategy and more)
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setting up of corporate bank accounts by Maybank
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*Terms and conditions apply
3. Frequently Asked Questions ("Work Pass" FAQ here)
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Setting up a company in Singapore. How does it work?
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At least 1 local director and shareholder
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Appointment of a Corporate Secretary is mandatory
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Click here for details.
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Is a local shareholder needed to incorporate a Holdings Company?
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No need to. Anyone, including foreigners, can be a shareholder of a company in Singapore (including a Holdings Company).
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Secretarial Services. What services are available?
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Smaths Corporate Services offers the entire gamut of Secretarial Services and much more.
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Click here for details
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Bank Account. Can you touch on the setup, GIRO payments, annual fees etc.
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We recommend Maybank for the following reasons:
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Easy setup (bank officer will travel to your office)
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Quick account confirmation (within 7 business days)
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No annual fees + interest on current account balance (only 1 in Singapore)
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GST Criteria?
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Mandatory for companies with annual revenues exceeding $1,000,000
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Quarterly reporting
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Click here for details
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Taxation Rebates.
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Corporate tax rate at 17% of "Chargeable Income" (not the same as "net profits")
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Click here for details
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Loans. Are foreigners eligible for loans?
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Yes if loans can be securitised.
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Work Passes. How do they defer and which one is suitable for foreign entrepreneurs?
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Click here.
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Why provide the guarantees? How many times has SCS had to provide a refund?
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As a proof of ability and sincerity.
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Not once (since incorporation in 2013), as it was never necessary.
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So there will be zero accounting fees no matter what for the first accounting year?
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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.
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Why is it necessary to have the affiliation with the industry?
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Access to mentors = access to investors = access to resources.
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It is crucial for startups to have a go-to-market strategy planned right from the onset.
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How does the on-campus consultation work? Can I attend the consultation if I'm NOT a client of SCS?
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Depending on discussions with the school administrators, it may take the form of a weekly half-day clinic. More information will be released soon.
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The service is for ALL participants of the GRIP programme (including NUS staff) even though priority will be given to SCS' clients.
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OK, I am interested. What's next?
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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).
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Sign up forms are available here.
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4. Frequently Asked Questions - Work Passes
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Is having a director/ corporate-secretary mandatory? Are there any exceptions?
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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)
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I am currently employed by NUS on an S-Pass. How should I approach the new work pass-arrangement if we were to incorporate?
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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)
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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).
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Under Option 1, who pays me and who do I work for on a daily basis?
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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.
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Can I concurrently apply for both an Entrepass and EP?
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No, only 1 application may be taken out at one time.
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The approval periods take too long. Any other ways?
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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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