Why You Should Start Your Business in Singapore (2018 Update)

Posted by admin
on January 29, 2018

Why You Should Start Your Business in Singapore 

KEYWORD PHRASES – reasons to start a business in Singapore 

Singapore is viewed as an amazing tourist destination. Its natural beauty, the historical structures, and the excellent infrastructure are a treat to the eyes. But, did you know that Singapore is also one of the best places to start a business?  

Aspiring entrepreneurs want a business-friendly atmosphere to kick start their venture. Since growth and profit are their main aims, they typically look for an environment based on strong virtues that can provide skilled manpower, low corporate tax rates, and hassle-free registration. And, all of this can be found in Singapore.  

Singapore has driven its economy to a highly profitable one and placed itself among developed nations within a short span of time. Global players like Apple, Google, Procter and Gamble, DBS Bank, etc., have already recognised the potential that Singapore has to offer entrepreneurs. Whether you want to expand your business or start a new venture, Singapore offers immense opportunities and a conducive environment. Here are some reasons to start a business in Singapore.  

 

open-business
start your own business

Singapore’s Strategic Placement Offers Excellent Connectivity 

Singapore is in the heart of South-east Asia. The world’s top companies that plan to expand to the South-east Asian region chose Singapore as their base. All thanks to its strategic location that offers excellent connectivity with other nations across the world. When doing business in Singapore, logistics should not be a worry. Singapore’s Changi International Airport serves around 80 airlines and offers connectivity to more than 330 cities. It also hosts leading logistics firms like FedEx and UPS. Considering this, there is no doubt Singapore tops the charts in Asia in the Logistics Performance Index by the World Bank. Apart from its great air connectivity, Singapore also houses the world’s busiest port. Its port offers 200 shipping lines with links to around 600 ports in 23 countries. Who wouldn’t like to set up business in a place that is so well connected with the world? 

Singapore has a Business-Friendly Ecosystem  

According to the World Bank’s Ease of Doing Business report, Singapore has ranked among the top two out of all the countries in the world. The reasons behind this are the nation’s hassle-free business registration process and the business-friendly laws. As compared to other nations, where it may even take a month to register your corporation, you can incorporate your business in Singapore in just three days. Its strong judiciary system and virtues offer entrepreneurs a stable environment to conduct business. The country-state is also a thriving start-up ecosystem. The government offers extensive support to budding entrepreneurs by providing funding support in various ways. One of its initiatives is Startup SG offers them with access to local support initiatives and connects them to the global entrepreneurial network. Whether you are looking for funding, guidance, or both, Startup SG is categorised to offer support in all forms to startups.  

You can take Advantage of Affordable Tax Rates 

According to the World Economic Forum’s report, Singapore is amongst the top 10 in the world in the list of countries having low tax rates. With the tax rate standing at only 17%, Singapore offers one of the most attractive corporate tax structures. One of the major considerations for entrepreneurs when setting up their business is taxes. After all, a huge amount goes into paying dues to the government. Also, there are no capital gain taxes in Singapore. Overall, Singapore has a progressive tax framework, which is base on a territorial policy. To reduce dependency on income taxes and enhance their competitiveness, the Singaporean government follows the Goods and Services Tax (GST) system. Again, Singapore is one such nation that maintains one of the lowest GST rates, which is currently 7%. These affordable tax rates are sufficient to entice entrepreneurs to set up their business in Singapore.  

Free Trade and a Stable Economy 

The government of Singapore has signed over 21 free trade agreements with 27 economies. In addition to this, it has signed 76 comprehensive avoidance of double tax agreement. Cost of trading with other nations, including additional taxes, is one of the biggest barriers in trading across the borders, the flow of investment, technical know-how and expertise. These agreements allow businesses to minimise these tax barriers and freely trade with other nations. Another lucrative reason to set up your business in Singapore is its stable political environment. According to the Global Competitiveness report 2015-16, the World Economic Forum ranked Singapore as having the best IP protection in Asia. The same report also cited that Singapore has a sound political framework and policy-making procedure.  

Access to a Pool of Talent 

As per the Business Environment Risk Intelligence (BERI) report of 2014, Singapore enjoys the highest ranking for workers’ productivity and general attitude. Effective company policies, conducive working environment, and healthy living conditions can credit for a highly motivating workforce in Singapore. Additional, the Human Capital Report of 2015, also states that a huge 54% of Singapore’s workforce is highly skill. The nation’s emphasis on quality education and its progressive education policies. And the ongoing training programs, and attractive immigration policies have helped churn out skilled professionals time and again. Doing business in Singapore can let you access local as well as immigrant talent.  

Access to human and other resources and a sound economic framework is vital for the smooth growth of your business. While these reasons to start your business in Singapore are enough for anyone to be convinced, make sure you do your research before making such a big decision.  

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. Anything cash related, we will be able to help you. Our well train loan consultants will be able to come up with a good loan package to help you clear off all your outstanding bills or debts. In doing so, you will help you keep better track of all your expenses and money. We have been a licensed money lender since 2002.

We have the skills, knowledge and people to assist you through the entire loan process while providing you with excellent advice.

In addition, we have one of the highest positive moneylender reviews among money lenders in Singapore. Furthermore, Quick Credit is also one of the few moneylender open on Sunday!

Interested in knowing more about how you can get a loan from us? You can drop us an email at enquiry@quickcredit.com.sg. Our manager will get back to you as soon as possible. Or you can drop us a message here and our manager will get back to you soon.

Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A/B IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

Continue Reading...

How Exactly Does a Critical Illnesses Plan Work (2018 Update)

Posted by admin
on January 22, 2018

How Exactly Does a Critical Illnesses Plan Work

KEYWORD PHRASES: Critical illnesses plan in Singapore

critical-illnesses
critical-illnesses

 

 

 

 

 

 

 

One needs to be extremely blessed to live a long life without any serious illness. But not many Singaporeans are so fortunate. According to a study conducted by the Ministry of Health Singapore, out of the total number of deaths in 2016 (20,017 people), 29.6% Singaporeans died of cancer, 17% of them died of Ischaemic heart diseases and 1.9% of other heart diseases. The Singapore heart foundation states that 16 people die of cardiovascular diseases and stroke everyday. Additionally, in the past couple of years, these numbers have been on a steady rise, which means we can expect the same trend to continue even in the future.

The above statistics clearly show the prevalence of critical illnesses in Singapore. It is one of the primary causes of death, and you ought to be prepared to combat them. But are you really prepared for a critical illness? Do you have the funds in place for the treatment and payment of hospitalization bills? Will your insurance plan cover your expenses in case of a critical illness? Having a critical illness plan is of prime importance to cover your medical expenses at any stage of a critical illness. Read on to know more about a critical illness plan in Singapore.

What is a critical illnesses plan in Singapore?

A critical illness plan is a type of insurance product that covers your medical expenses at the time of a critical illness. As per the norms of the policy, you get a lump sum payment when you are diagnosed with a critical illness covered under the policy. There are usually a list of 37 critical illnesses that are covered under a critical illness plan in Singapore.

However, the money given does not depend on you incurring medical costs, once the amount is given you have full discretion as to how you want to use it. At times you may have the funds to spend on treatments for a critical illness but you might be unable to work for a couple of weeks after that. In such cases, the amount you get from your critical illness plan can be used to substantiate the temporary loss of income.

Some of the common products found in the market are AIA triple critical cover, early critical protector life plus, and the My Early Critical Illness Plan by Aviva. AIA triple critical cover is one of the few insurance plans that provide coverage for multiple critical illnesses. But there are some insurance plans that provide coverage only at the intermediate or the last stage of your illness. So, even if you were diagnosed with cancer at the first stage, you would be able to bank on your critical illness plan only when you reach the intermediate stage. Sounds absurd, right? The early stage critical illness plan covers this loophole.

How is it different from an early stage critical illnesses plan?

As mentioned above, to claim your money in a critical illness plan your doctor needs to ascertain the stage of your illness. But in an early stage, critical illness plan allows you to claim payouts upon the diagnosis of the critical illness (covered under the policy), irrespective of the stage of the illness.

Being diagnosed with a serious illness is already bad enough. It can have serious implications on all other areas of your life as well. If you are a working professional, then you might temporarily or in some cases permanently be unable to go to work. Amidst the stresses of having a critical illness, you do not want to wait to fall even more sick to get your insurance claim. This is where an early stage critical illness plan is necessary.

Which illnesses are covered under this plan?

Most critical illness plans in Singapore cover the following illnesses:

Heart Disease

Paralysis

AIDs

Stroke

Organ Transplant

Parkinson’s disease

Blindness

Cancer

Chronic Liver Disease

Loss of hearing

Fulminant Viral Hepatitis

Chronic Lung Disease

Loss of speech

Alzheimer’s disease

Major Head Trauma

Multiple sclerosis

Major Burns

Aplastic Anaemia

Primary Pulmonary Arterial Hypertension

Coma

Muscular Dystrophy

Heart Valve Replacement

Terminal illness

Benign Brain Tumor

Surgery to Aorta

Motor neuron disease

Encephalitis

Poliomyelitis

Brain Surgery

Bacterial Meningitis

Why opt for a critical illnesses plan?

Including a critical illness plan in your financial profile has many benefits. It can act as an income replacement. Whether or not you choose to use the lump sum amount for hospitalisation is upto to you. But in most cases, a person with a critical illness will need a temporary source of income to cover his other expenses. A critical illness plan will help you sustain your living expenses till the time you are fit enough to work again.

We hope this article has given you a fair idea of how a critical illness plan works.

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. Anything cash related, we will be able to help you. Our well train loan consultants will be able to come up with a good loan package to help you clear off all your outstanding bills or debts. In doing so, you will help you keep better track of all your expenses and money. We have been a licensed money lender since 2002.

We have the skills, knowledge and people to assist you through the entire loan process while providing you with excellent advice.

In addition, we have one of the highest positive moneylender reviews among money lenders in Singapore. Furthermore, Quick Credit is also one of the few moneylender open on Sunday!

Interested in knowing more about how you can get a loan from us? You can drop us an email at enquiry@quickcredit.com.sg. Our manager will get back to you as soon as possible. Or you can drop us a message here and our manager will get back to you soon.

Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A/B IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

Continue Reading...

What’s Challenging Singapore’s Successful Economy (2018 Update)

Posted by admin
on January 15, 2018

What’s Challenging Singapore’s Successful Economy (2018 Update)

KEYWORD PHRASES – challenges facing Singapore 

singapore economy
Singapore Economy

 

 

 

 

 

 

Singapore’s journey to development is an exceptional one. Starting as a small country-state with little to no resources and the lack of infrastructure and support from foreign nations, today Singapore has grown to be a developed nation, and is at par with the USA. There is no denying that Singapore enjoyed a rapid growth from being less economically advanced to one of the developed economies in the world during the past 50 years. Its progressive thinking leaders, open economy, and free trade acted as critical catalysts to its growth.  

However, since the last couple of years, the Singaporean economy is under the weather. Reports stating the slow growth pace has been doing rounds. As Singapore marked its 50th anniversary in 2015, Prime Minister Lee Hsien Loong cited some critical challenges facing Singapore and how the nation can overcome them.  

Although the country has shown great progress, the future is filled with challenges and constraints. As economic cycles are getting shorter, the developed economy has less room for catch-up growth and sharper constraints. Here are some key challenges facing Singapore, which may also lead to trends for the future:  

Technology Disruption 

The emergence of disruptive technologies is one of the biggest challenges faced by Singapore. The effect of technology on all industrial sectors is visible around the world. The emergence of technology has lowered costs and enabled more businesses to enter the global market. Whether it is in the manufacturing or retail sector, technology is taking over certain jobs. 3D printing and additive manufacturing are changing how factories are configured. Retailers are shifting online to serve their customers. Today, you don’t even have to go to a travel agent for your flight and travel bookings. You can do that through travel booking platforms.  

Yes, jobs of routine-nature are being eliminated. But, they will be replaced by newer, skilled jobs. Since new types of jobs are being created, Singapore will need to match up with a talented workforce to prevent unemployment and slow digitisation. Initiatives like SkillsFuture are the way to prepare the workforce for new jobs.  

Need for Local Innovation 

Singapore’s growth has been exceptional since its inception. However, in the last few years, it is moving from a phase of rapid catch-up growth to trend growth, which is mark by a low GDP growth. To avoid an economic doom, Singapore must focus on local innovation along with using resources developed abroad. Promoting small and medium-sized enterprises (SMEs) can help the nation as they provide a continuous flow of business and employment opportunities, which rejuvenates the ecosystem. Although SMEs have a tough time competing with big players, those who survive the competition usually emerge to be a large fish themselves.

The surviving SMEs grow faster, drive productivity, and act as a supporting pillar to the overall economic growth. And, as they expand to international waters over the time, they become stalwarts for Singapore’s economic growth. Since SMEs also create more jobs, they act as a buffer for employees after a recession. While this is the need, Singapore must not overlook the importance of MNCs. MNCs provide abundant job opportunities and also expose employees to different facets of doing business. This exposure is important for entrepreneurship. The nation can also look at collaborations between MNCs and SMEs to boost economic growth.  

Decline in Local Workforce 

People create ideas and ideas lead to innovation. To maintain economic growth, Singapore needs more productive and skilled workforce. Yes, businesses in Singapore do have access to a pool of local and immigrant talent. But, the growth of local workforce is expected to slow until 2020. You can attribute this to low-birth rate and the growing ageing population. Churning out productive workforce and providing quality education are major challenges face by Singapore. Since Singapore plans to harness technology to create more opportunities, it must train its human resources to take over the new jobs created in a digitised world.

The education system needs to prepare children to think critically and out of the box. It must also promote undying motivation in students, so they live with a ‘never give up’ attitude. While SkillsFuture helps Singaporeans upgrade their skills, the nation also needs to remain open to skilled foreigners. Greater diversity brings in fresh ideas and helps in bettering the innovation.  

The Problem of an Ageing Population 

Singapore is one of the fastest graying populations in the world. In an event, Mr. Shanmugam shared a news article on how adult diapers will soon outsell baby nappies in Japan. While doing so, he noted that Singapore is ageing even faster than Japan. In his lecture on June 30, 2015, when the country-state celebrated its 50th anniversary, PM Lee spoke about the concerns of ageing population. Demography indicates the future of any country. Singapore’s population growth rate in 2014 was 1.3%, the slowest in a decade. He also stated that according to some statistics, two adults would support a senior citizen by 2030 as compared to 5:1 ratio in 2015.

Increasing fertility rate from 1.2 to 1.5 over 25 years is one of the solutions give by him. While he assured that the government would do its part to facilitate this, he also admitted that Singapore also required a cultural change to become a more family-friendly country.  

So, here were some of the challenges facing Singapore currently. The way it tackles these challenges will tell us whether Singapore succeeds in retaining its successful economy and the strong pillars of virtue that it is based on.  

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. Anything cash related, we will be able to help you. Our well train loan consultants will be able to come up with a good loan package to help you clear off all your outstanding bills or debts. In doing so, you will help you keep better track of all your expenses and money. We have been a licensed money lender since 2002.

We have the skills, knowledge and people to assist you through the entire loan process while providing you with excellent advice.

In addition, we have one of the highest positive moneylender reviews among money lenders in Singapore. Furthermore, Quick Credit is also one of the few moneylender open on Sunday!

Interested in knowing more about how you can get a loan from us? You can drop us an email at enquiry@quickcredit.com.sg. Our manager will get back to you as soon as possible. Or you can drop us a message here and our manager will get back to you soon.

Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A/B IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

Continue Reading...

Bad Financial Habits You Need To Get Rid Of NOW!

Posted by admin
on January 4, 2018

Bad Financial Habits You Need To Get Rid Of NOW! 

KEYWORD PHRASES: Good money habits, good financial habits, financial habits 

bad habits
bad habits

When renowned American clergymen and historian, Jeremy Belknap, coined the phrase ‘Old habits die hard’, he may not have realised that this applies to every aspect of life including your finances. Most of us struggle through our life longing to be rich. Some of us get there, while others continue wishing for it. The difference between people who become wealthy and those who don’t are their financial habits. People with good financial habits succeed in growing their wealth whereas others end up dealing with their finances carelessly.  

Anyone can orient themselves to modify one’s bad financial habits with conscious efforts. But to do this, you need to be aware of your bad financial habits. As the popular saying goes, ‘The first step towards change is awareness’. With awareness, you will be in a better position to employ changes in your financial decision making. To help you get started, we have listed 6 common bad financial habits. Let’s take a look at them one by one. 

Using credit cards for the points 

Let’s accept one fact that in the world of banking, the motive of every player is to do business. The reward points on your credit card are no doubt helpful for you. But in the long run, it can weigh you down financially. The reward points will act as a catalyst in increasing your overall purchases. Suppose if you were going to buy goods and services worth $100; the reward points will tempt you to expend a lot more than $100. It is, therefore, a bad idea to use credit cards for points. However, if you use the credit card responsibly, then it can have a place in your wallet.

Buying more than you can afford 

In the initial phases of your career, it may seem tempting to not live within your means. You might want to be carefree about your expenses as you start using your earnings to buy a better house, car, clothes and so on. There is nothing wrong with wanting a good lifestyle as long as it is within your means. When you buy more than you can afford, you are incurring unnecessary debts. This habit is indeed harmful to your financial health.  Imagine if Mr. Lee who earns $60,000 a year spends only $45,000 whereas Mr. John who earns $1,50,000 and spends $1,75,000. Who do you think will be in a better financial position in the long run? It goes without saying that Mr. Lee will have a better financial scenario. He will have lesser chances of going bankrupt in his life. Hence, it is essential to get rid of this bad financial habit. 

Ignoring the importance of saving 

Most people who are careless with their lifestyle expenditure tend to ignore the importance of saving. If you look at any working professional who has done well for herself, you will see that they were able to grow their wealth only because they started saving money from the very beginning. It is only when you save that you can consider investing your funds and good investments are key to growing rich. Moreover, saving is essential to maintain emergency funds. Life is uncertain and at times, you could be in a situation where you cannot work or are jobless. At such times, your emergency funds should be enough to help you survive for at least 2-3 months. Ideally, you should save up at least 20-25 % of your income every month.  

Not budgeting your expenses 

A stipulated monthly budget is the financial benchmark you set for yourself. It helps you spend in a limit and allows you to effectively allocate funds in the right places. But most of us either – fail to stick to our budget or simply don’t budget our expenses well enough. This can be detrimental to your finances, especially if you are prone to impulse buying. Without a proper budget, it is difficult to curb your expenses or set reasonable financial goals to grow rich. A monthly or a quarterly financial budget will give you an overview of your expenses and thereby enable you to come with efficient cost-cutting strategies. Budget your expenses is one good habit, you need to start with right away! 

Complaining about your paycheck 

This might seem as a weird financial habit but constantly complaining about your paycheck can go against your desire to grow rich. Complaining will only add to your misery and marr your ability to grow. Instead, it is wiser to spend the energy to devise ways to help you earn better. If you are being paid less, then maybe you should consider putting in more efforts to get promoted, which in turn will increase your the amount on your paycheck.  

These were the a few bad financial habits that have been deterrents to your financial growth.  Work conscientiously to get rid of them and nothing will stop you from growing rich. 

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. If you currently need help in anyway, do not be shy and let us know. Anything cash related, we will be able to help you. Our well train loan consultants will be able to come up with a good loan package to help you clear off all your outstanding bills or debts. In doing so, you will help you keep better track of all your expenses and money. We have been a licensed money lender since 2002.

We have the skills, knowledge and people to assist you through the entire loan process while providing you with excellent advice.

In addition, we have one of the highest positive moneylender reviews among money lenders in Singapore. Furthermore, Quick Credit is also one of the few moneylender open on Sunday!

Interested in knowing more about how you can get a loan from us? You can drop us an email at enquiry@quickcredit.com.sg. Our manager will get back to you as soon as possible. Or you can drop us a message here and our manager will get back to you soon.

Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A/B IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

Continue Reading...