To Register or not to

[Captain_Crap]

I've just set up a web designing coy with my fren but are still considering whether or not to register with RCB...

So should i?
Comments pls....

[DoorKeeper]

Well, you can try the present arrangement for a while and see how things go. If more parties want to deal with you as a properly registered business entity, then go ahead.

[alva chew]

My advice is please spend that 300 dollars and get yourself registered.

[Captain_Crap]

Is is that Ex?
i thought it was cheaper....

[alva chew]

Hmm... I think I included the costs for renting an office address...
Yeah, should be cheaper.

[bkm]

for RCB, its only $105 for 3 years.

To register with RCB is a minimal for a company, provided you're serious about it of course.
Office is only neccessary depending on trade.

Web Design seems to be an easy set-up :
1) Company Name
2) Address (can borrow :D )
3) Office Tel./Fax. (can borrow also or apply n divert lor :D )
4) A Laptop for presentation
5) An attractive Namecard ;)

Good luck for your new venture !

[chin]

Originally posted by bkm
for RCB, its only $105 for 3 years.

To register with RCB is a minimal for a company, provided you're serious about it of course.
Office is only neccessary depending on trade.

Web Design seems to be an easy set-up :
1) Company Name
2) Address (can borrow :D )
3) Office Tel./Fax. (can borrow also or apply n divert lor :D )
4) A Laptop for presentation
5) An attractive Namecard ;)

Good luck for your new venture !

I had all the above "except" a labtop :(

[choon]

Originally posted by bkm
for RCB, its only $105 for 3 years.

To register with RCB is a minimal for a company, provided you're serious about it of course.
Office is only neccessary depending on trade.

Web Design seems to be an easy set-up :
1) Company Name
2) Address (can borrow :D )
3) Office Tel./Fax. (can borrow also or apply n divert lor :D )
4) A Laptop for presentation
5) An attractive Namecard ;)

Good luck for your new venture !

I have laptop only :(

Regards,
Choon

[Scroller]

My advice is to wait first. Govt will be releasing some new buiness formation guidelines which will make it much cheaper to incorporate a business. Things like Limited Liability Company and PTE with single director/shareholder will be introduced shortly. Together with the new ruling on audit exemption.

So wait, and you can possibily save a couple of hundreds.

[Captain_Crap]

Thanks guys for the info...

[bkm]

So wait, and you can possibily save a couple of hundreds.

eh, dont mean to be rude but how to save a couple of hundreds ah?

for RCB, its only $105 for 3 years.
This is definitely a must unless "some new buiness formation guidelines " whereby it becomes cheaper.

and the rest I mentioned, if you dont bother to have them, you can save a few THOUSANDS ! :D
2) Address (can borrow )
3) Office Tel./Fax. (can borrow also or apply n divert lor )
4) A Laptop for presentation
5) An attractive Namecard


Cheers

[bkm]

I had all the above "except" a labtop
I have laptop only

:D :D :D

I have ALL............................;)

but...........................

Laptop motherboard PICHAR ! :(

[Scroller]

Originally posted by bkm
eh, dont mean to be rude but how to save a couple of hundreds ah?


For example, you're scare to loose everything u have, so you decide to go for a PTE instead of a Business or Partnership since only PTE is limited in liability. You pay $100+ for registration, but u will need to pay another $2-3K each year to get your accounts audited.

If you wait till the new limited liability business entity comes out, you get the protection of limited liability with no requirements to do your audit. Alternatively, if govt implement the no audit requirement for PTE as well, you will also save ... get what i mean?

[bkm]

ah.......understood !

Although I do have Pte Ltd companies, I'm more happy with sole-proprietry or partnership.

I am afraid to loose everything too but as a responsible businessman, don't cheap or take advantage of others, what's ther to be afraid of? :)

Cheers

[royong]

agree ... with the cheating and taking advantage part.
but don't you feel more comfortable dealing with a PTE LTD .???

[Heng Chai]

[u]Pte Ltd[u]
Pro: Audit checks are done yearly
Con: Liability is limited to the paid up capital, which if you did read the new paper a few months ago, the minimum is $2.

So actually, its good and bad to deal with a Pte Ltd. Sole proprietory at least you know you can sue the pants off that person. :evil

[bluelights]

Captain_Crap, do you have a proper business plan and the time to do this business? Web hosting is a very competitive trade.

[bkm]

but don't you feel more comfortable dealing with a PTE LTD .???

No, I never felt comfortable dealing with a "PTE LTD" company.

hmm.......why would you feel comfortable dealing with "PTE LTD" ?
knowing that you can't touch them if anything happens?!!!:confused:

a simple question would be :
Would you give credit (let's say $5-10k) to a PTE LTD company?

[Scroller]

There is really no such thing as being comfortable or not dealing with PTE, LTD, sole-proprietry, partnership or any other forms of business. Even a litsted LTD can go bust, or an owner of a sole-propretry having nothing more than $10 to his name. You dun get protection from just seeing if they are a PTE or not, and definitely not decide whether to give credits based on that as well.

If the credit amt you're giving is big, get a bank to back you up, you dun say "Oh, you're a PTE LTD, I will only give you $2K credit" ... if that's the case, you can forget abt doing business in S'pore.

There are plenty of $1 company around, you'll be surprised that even the biggest name actually did only a dollar paid up. It's nothing to do with whether the company can afford it, but more of a loop hole in the system.

as for running a web design business ... yes, you'll need a super powerful business plan to get you through, esp when even primary 6 students go around peddling their "web design" business. sometime I think the web design business in S'pore is becoming a joke ... every Tom, Dick and Harry has got a web design company.

[bkm]

If the credit amt you're giving is big, get a bank to back you up
eh...I don't understand this statement, care to explain?
buy insurance ah?!

Another thing I wished to seek your expertise, so how do you decide whether to give credit or how do you deal with a "PTE LTD" differently from a "unlimited" company?

:rolleyes:

[Scroller]

Originally posted by bkm
eh...I don't understand this statement, care to explain?
buy insurance ah?!

large credit request is usually supported by banks ... meaning, if your customer request a large credit from you, you should get his bank to prove that he will be able to pay.



Another thing I wished to seek your expertise, so how do you decide whether to give credit or how do you deal with a "PTE LTD" differently from a "unlimited" company?

:rolleyes:

Is this a question? Whether a company is limited or not, it is not really a factor of consideration when it comes to giving credits, most businesses dun treat it any differently. Different industry has got different "standard" credit terms. But for most trading companies, the max credit you'll get is equivalent to your last transacted amt with them. So if you're a first time customer, you will effectively have zero credit.

[royong]

Clarification :
Dealing with a PTE LTD doesn't mean one doesn't need to take all the necessary precautions. Business in these times is very risky. Cash on delivery is the way to go. Pte Ltd or not.

What I meant by being more comfortable with a PTE LTD is the fact that the owners are more willing to pump in money to get the accounts audited. However with the new regulations, this could mean that it is no longer complusary and is now on a voluntary basis.... Where does that leave everyone ? How much trust can you invoke on a company that does not carry out an audit on its books ?

As far as I'm concerned, I would spend the few thousand dollars extra a year if it provides my company with a little edge from the others.

What are your thoughts ? Would you voluntarily carry out an audit on your business ?

[bkm]

large credit request is usually supported by banks ... meaning, if your customer request a large credit from you, you should get his bank to prove that he will be able to pay.

So how does this help?
so what if the pay-up is $1000000..................and someone comes along and sue the company for $100000000 X2 times the pay-up.
The bank gaurantees to pay you first ? :rolleyes:

Is this a question? Whether a company is limited or not, it is not really a factor of consideration when it comes to giving credits, most businesses dun treat it any differently. Different industry has got different "standard" credit terms. But for most trading companies, the max credit you'll get is equivalent to your last transacted amt with them. So if you're a first time customer, you will effectively have zero credit.
You sure know how to give a lot of reasons but maybe I'm not smart enough to understand them :bangwall:

never mind. :o


Cash on delivery is the way to go :bowdown:

What I meant by being more comfortable with a PTE LTD is the fact that the owners are more willing to pump in money to get the accounts audited
It is a must to get the accounts audited >>> because you want a "PTE LTD" company >>> because you don't want any liabilities :rolleyes:
If I am the sort, I too would spend $3-4K than let people sue for 10, 20 times the amount, agree?

[Scroller]

Originally posted by bkm
So how does this help?
so what if the pay-up is $1000000..................and someone comes along and sue the company for $100000000 X2 times the pay-up.
The bank gaurantees to pay you first ? :rolleyes:


You sure know how to give a lot of reasons but maybe I'm not smart enough to understand them :bangwall:

never mind. :o


I'm still trying to figure out if you're actually asking a question, or tryin to make a point rather sarcastically ? :confused:

what you get from your customer's bank is a SLC (standby letter of credit). if you buyer fails you, the bank will. it's got nothing to do with the pay up capital. Banks usually decides whether to issue the SLC by taking on some form of collateral and based on the buyer's credit profile.

[giggss]

Originally posted by Scroller
For example, you're scare to loose everything u have, so you decide to go for a PTE instead of a Business or Partnership since only PTE is limited in liability. You pay $100+ for registration, but u will need to pay another $2-3K each year to get your accounts audited.

If you wait till the new limited liability business entity comes out, you get the protection of limited liability with no requirements to do your audit. Alternatively, if govt implement the no audit requirement for PTE as well, you will also save ... get what i mean?
About when will this be released?

[Minggeng]

For sole proprietor firms, wat is the audit requirement? how do i keep a set of accounts? is it required to be checked by authorities?

Wat is the tax liability of such a biz firm?

thanks,
mg

[bkm]

I'm still trying to figure out if you're actually asking a question, or tryin to make a point rather sarcastically ?
Why do you bother? Do I need to answer you? :rolleyes:
If you like, just continue the thread, if not, dont ask stupid questions!

what you get from your customer's bank is a SLC (standby letter of credit). if you buyer fails you, the bank will. it's got nothing to do with the pay up capital. Banks usually decides whether to issue the SLC by taking on some form of collateral and based on the buyer's credit profile
You alien? Local clients gives you SLC? :rolleyes:

:o



**************************************************


For sole proprietor firms, wat is the audit requirement? how do i keep a set of accounts? is it required to be checked by authorities?
Sole proprietor is not required to audit.
(also means you can mess with your own account:D )

Hope the info helps ;)