Process to temporarily reduce wages of local and foreign employees

Apr 01

Here is a quick overview for employers considering short term measures to reduce working hours and wages, in accordance with the Tripartite Advisory on responsible retrenchment . This applies to CPF paying employees, as well as foreigners on Employment Passes (EP), and Letters of Consent (LOC). *** The below steps are DIY. If you are a Futurebooks payroll client, please drop us a note, we will assist with the...

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Connect Xero to Peppol e-invoicing; collect $200 grant in 2 mins flat

Apr 01

What: This is a quick guide for Singapore companies on Xero, to signup for free to the Peppol e-invoicing framework; and receive IMDA’s e-invoicing registration grant of S$200 to their PayNow corporate. How:  Follow the steps on the Xero-Peppol Setup Page . This is free and should take about 2 mins flat. If Futurebooks is an Advisor on your Xero, let us know, we can do this complimentary. Ensure...

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Flipping your startup to Singapore 101

Mar 29

Flipping your startup to Singapore 101

Startup founders from South and South East Asia are often asked by their incoming investors to establish a HoldCo in Singapore. Futurebooks as experienced Company Secretaries have assisted numerous startups accomplish this by rolling up their IP, existing OpCo, investors and ESOPs into a newly established Singapore parent. Let’s dive into the nitty gritty.   Step 1: Incorporate a private limited company in Singapore Incorporating a company is relatively...

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Is Singapore Business Federation [SBF] Membership compulsory?

Mar 28

Is Singapore Business Federation [SBF] Membership compulsory?

Startup FAQs – Is Singapore Business Federation [SBF] membership compulsory? Startups that receive a funding round, and update their paid up capital to S$500,000 or its equivalent, are often unpleasantly surprised to receive a notice from the Singapore Business Federation that they have been mandatorily conscripted into the federation, and are now obliged to pay annual fees that range as per the chart below which is accurate as of March...

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Balance requirements of two major banks in Singapore for BVI and Singapore incorporated companies

Mar 26

Balance requirements of two major banks in Singapore for BVI and Singapore incorporated companies

Quick overview of balance requirements by two major banks in Singapore for companies incorporated in Singapore and the British Virgin Islands. This list is updated as of March 2019. Jurisdiction of company incorporation : Singapore 🇸🇬 Bank SGD account USD account OCBC S$5,000 (waived for first six months) US$1,000 (waived for first six months) UOB S$10,000 US$8,000   Jurisdiction of company incorporation : British Virgin Islands 🇻🇬 Bank   SGD account USD...

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