Tips for Bookkeeping & Foreigner’s Guide to set up a Business in Singapore

Small bookkeeping for small business is the art of managing each business transaction in a structured manner, which allows the user to know the real state of any transaction in a fast and productive way.

So, a bookkeeper can help your business in the following ways,

Record Everything

Finance managers frequently find it problematic to reason out the faults between actual and recorded expenditures, more so when the parting of all expenditures is not recorded accurately. This then becomes a serious issue for the manager and later for the bookkeeper.

Thus, it becomes essential for a bookkeeper to go through a structured approach throughout the bookkeeping method. At times, it may not be feasible for a bookkeeper to note a transaction in a thorough manner. However, he has to take maximum efforts to manage the files in close accordance with SFRS.

Set Up a New Business in Singapore

If you are looking to setting up company in Singapore, you will have to go through the following stages.

Choose Your Business Entity

Though options subsist, most new companies registered with the Accounting & Corporate Regulatory Authority or ACRA as “private limited companies” due to its flexibility. Besides, the shareholders are not responsible for the bankruptcy and losses beyond their shared capital.

Set Up Your Company

The private limited company is regulated by the Singapore Companies Act and must follow its laws under ACRA and the Inland Revenue Authority of Singapore or IRAS.

Designations include:

1.      Company name

2.      Shareholders

3.      Directors

4.      Company Secretary

5.      Paid-up capital

6.      Registered address

7.      Open a Bank Account

After getting incorporated, you will have to open a bank account in Singapore, which can either be a local or an international bank.

Read more - Tips for Efficient Bookkeeping & Foreigner’s Guide to set up a Business in Singapore