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The Future of Data Science

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In recent years, the popularity of data science has surged drastically. 

Industries such as agriculture, retail, risk management, fraud detection, marketing, media, and business analytics are the few among many to adopt data science as their integral part. 

Data science has proven to be a marvelous revenue generator. In the year 2015, it helped organizations generate $122 billion profit and is expected to be responsible for $274.3 billion by 2022, globally. 

Data backed business decisions have made organizations realize the value of data science and the right expertise to apply it. 

There is no doubt that the future of data science is very bright. Let’s understand in more detail.

What is Data Science?

Primarily, data science handles processes and systems used to draw information or insights from a massive quantity of data. 

Data science is extremely vast and involves the application of several statistical procedures. It is more of an exaggerated form of data analysis, such as statistics, data mining, predictive analysis, etc. 

How Will Data Science Rule in The Future?

Data science is applicable and vital to every business churning out a high volume of data. The data we have today is just a minor fraction of what it could be in the future. Let us see how data science will become inevitable in future. 

1- Organizations Will Adapt to Business Data Management

In recent years, a huge explosion of data was observed, which was held back both by organizations and consumers. By now, each person on earth is generating an average of about 1.7 MB of data per second, and the stored data is reaching 44 ZB.

Every business, organization, and consumer is generating data constantly and is expected to generate even larger data volumes as the IoT (Internet Of Things) devices will come into use in the near future. 

For example, by the end of 2019, consumers would have spent around 103 billion U.S. dollars on smart home systems, and the figure is expected to rise 157 billion U.S. dollars through 2023. Similarly, the industrial Internet of Thing’s market size is estimated to reach some 77.3 billion U.S. dollars by the end of this year.

Companies like an online grocery shopping can collaborate with a CPG data technology company to offer health and wellness information directly to its consumers.

Apparently, it will raise the need of data scientists for analyzing the data and acquiring the vital insights from it.  

2- The Regulations of Data Privacy will Still Exist

Data science also deals with using collected data in a beneficial way that meets privacy clauses. 

These days, consumers are more cautious about the consequences of sharing the data and the breaching of data. They are well aware of the GDPR that allows consumers to request organizations to delete certain data types. 

Hence, entrepreneurs cannot take the risk of handling such data casually. This is where the role of data science and scientists becomes more prominent. 

3- Data Science Will Keep Evolving

The magnitude of opportunities for data scientists will keep evolving in the near and distant future. The role of data scientists may be fragmented into multiple fractions, according to their specialization in different niches. Data scientists may be asked to focus on a specific area and hold expertise in the same. 

The specialization in areas could be anything from data mining and statistical analysis, cloud and distributed computing, data management and architecture, business intelligence and strategy, ML/cognitive computing development, data visualization and presentation, market related data analytics, etc. 

This field is highly intricate and sophisticated, and therefore the in-demand jobs, which involve data science like data scientist, data engineer, business analyst, research analyst, financial analyst, and others, require a degree in data science.

As data science requires more specialized skills, such a degree is an added benefit to cope with this ever-increasing and ever-challenging field. 

4- Data Science Will Have Extended Value to Business

Data science’s ability to extract more information from basic data is an added advantage to businesses. 

For example, a customer’s basic data in a customer service system can be used to draw more data by an employee, like rating of their business in different surveys by a particular customer, their retention period on a certain product page, return history, etc. 

This opens a source to understand the customer behavior, interest and feedback, which can be further used to create a business strategy or improve the services of an organization. 

In fact today, there are many tools available that are being used to analyze the performance of a business. For example, a comprehensive analytics tool uses data to make it easier for marketers to make measurable decisions. It helps to recognize bad traffic, perform audience analysis, check the performance of each page, and perform automatic conversion of real-time sources using an array of data.

5- Sources of Fresh Data Will Keep Growing

The concept of IoT is not new to the market but is not more common these days. But in the coming years there is a possibility that the interconnection between the devices will grow.  

This will further increase the need for collecting data from a more distinct range of sources, such as retail environments, manufacturing streams, employees, vehicles, etc. Certainly, the need for data science will keep growing.

Conclusion

With the above-mentioned factors, it is not difficult to understand why the need for fresh data scientists and data analysts is growing each year. It is not just the data scientists and data analysts, but every bright mind in related fields needed to fill the gaps. 

In the next few years, there will be a torrent of data, which will prove to be a propelling factor for the data science model, creating more scope for the data scientists and more possibility of using data innovatively.   

Summing up the whole article, you can be sure that the future of data science is bright and going to last for the next several decades to come.

Easy Opportunities for You to Change the World

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For those who aspire to change the world, the clothes you wear doesn’t appear a likely place to start. However, dismissing the idea out of hand would be a mistake. Fashion and ‘fast fashion’ in particular, meaning the kind of clothes that are meant to be worn a few times at most, have serious environmental consequences. Read on to learn about easy opportunities you can take to change the world, starting with your closet.

Buy Responsibly

It takes an average of 7,000 liters to make a single pair of jeans, about as much water as an individual might drink in 5-6 years. The garment industry produces 2 billion pairs of jeans each year, and 20% of industrial water pollution is due to dyeing and treating textiles. Add to these facts that 80% of the groundwater from major rivers in China is polluted and unsuitable for human use and you begin to see another opportunity to make choices that will have far-reaching effects. It is estimated that about 3 billion people across 50 countries will be confronted with water scarcity or stress by the year 2025. By 2050, that number is expected to rise to 7 billion at-risk individuals. But jeans are not the sole culprit. We must clothe ourselves, hence the importance of careful consideration before making any purchases, such as when shopping for Mother’s Day gifts with the impending holiday. Another easy way to reduce your environmental impact is by investing in pieces that don’t go out of style, such as classic jewelry pieces like pearls. Finally, look for labels that identify the material as sustainable, GOTS (Global Organic Textile Standard) certified, carbon-neutral, responsibly produced and/or made from recycled fibers.

Wear What You Have

The average garment is worn only four times. Worse, Greenpeace estimates that some 20% of clothing is not even worn once. Wearing your clothes just a little longer can have a significant impact on the environment: an extra 9 months of use reduces your carbon, water and waste footprints by 20-30% each. Figures on worldwide textile waste are not readily available but in the United States alone, some 15 million tons of clothing wind up in landfills each year. A clear opportunity to make a difference in the world is to wear what you already own. Also, consider borrowing or consignment shops for special occasion items you only intend to wear once.

Invest in Humanity

Another important reason to invest in quality apparel rather than inexpensive throwaways is the prevalence of slave labor in the textile industry. An estimated 40 million people are enslaved worldwide, and labor enslavement is extremely common in the manufacturing sector. Unsafe work environments, low wages, and uncertain or non-existent labor contracts add up to dangerous and insecure working conditions for millions of apparel workers around the globe. Sixty to seventy-five million people work in the garment industry, and the vast majority of these laborers are female. Many of these women are the primary provider for their family, but minimum wage or below is often the standard. A living wage is not only a basic necessity, it has been proven to offer benefits to the business itself. Support textile workers by buying from fashion and jewelry companies that invest in fair trade and have transparent business practices and ethical supply chains.

In summary, do your research, choose wisely, invest in quality and above all, wear what you already own. These simple steps can make great strides toward changing the world for the better.

7 Trends That Will Make A Significant Impact On SEO In 2020

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With enormous technological changes sweeping across the world today, voice search augmented reality, virtual reality and a lot more have crept in the world of digital marketing.

SEO agency experts have already highlighted the impact that AI has had on digital marketing, which has also triggered major changes across businesses. According to web design agency professionals, ever-evolving digital marketing trends will have a profound impact on SEO in 2020.

Let us find out the 7 most significant trends that will impact SEO this year and beyond.

1. Optimizing code and search intent

Yes, it is a little shocking that keywords are losing their former charm because search optimization that depends on intent is making its way into the digital landscape gradually. Today the intent is important to feature in the top 10 list of SERP. Google doesn’t want people to waste their time on redundant stuff hence if you are searching something Google will show you the exact thing you’ve asked for. Information is a gem, so if the information is complete then your content will certainly make it to the first page of Google. The performance of the website must be optimized, the content should be relevant, complete, and utilizing CDNs, plugins, caching mechanisms along with organizing the scripts/CSS files strategically is proven to be efficient.

2. Optimizing the video content

The video content boom is already evident. Today video content has become one of the most important parts of digital marketing. To optimize the video content you must keep a few points in mind such as: get 500 subscribers as soon as possible and acquire a vanity URL, the usage of channel keyword elements relevant to YouTube will bring in traffic.

3. Online searches will largely depend on voice searches

Voice search is smart and precise which ensures maximum productivity. Voice search is easy for anybody even if the person is blind or anything. The terms such as ‘why’, ‘who’, ‘how’, ‘when’, etc. will have more weightage as far as voice search is concerned. It is the age of long-tail searches such as ‘How to make a beauty serum at home?’ So SEO strategies need to be formulated keeping this aspect in mind.

4. Social media affects Organic SEO

Social media is all set to create a huge impact on SEO. The search is being integrated hugely with all social media platforms. Gradually there will come a time when the social media handles will start acting as search engines. For instance, consider Facebook, the Facebook watch portal is already functioning as a search engine.

5. Google’s algorithm and your content must complement each other

The click-through rate of your content will tell you clearly whether people are finding it relevant or not. The lack of viewership will make things clear, you will understand this when you’ll understand the very few people are clicking on your website link even when it is being featured in the top 10 list of SERP. Focus on optimizing the titles and descriptions to increase the CTR. Google loves it when your site gets clicks frequently. 

6. The Mobile-First Index of Google

This age is all about mobile phones. People are searching for something or the other on their phones on the go. So, your website must perform well on every gadget plus the consistency of the content must be well-maintained on all gadgets. It is important that your website is mobile friendly and the user interface is seamless because now the major crowd, who are mobile users, can visit your website. Remember Google spiders will check your content and website everywhere i.e. on the mobile phone as well as on the desktops or laptops so, now you know what to do right? Professionals recommend you to change the ‘m. version’ of your website and upgrade to a more precise design that is pretty responsive and works everywhere irrespective of what gadget you are using. Work on Metadata, content, social media metadata containing OpenGraph tags, XML plus media sitemaps.

7. The rise of long-form content

High quality long-form content can improve your page ranking remarkably. Today everything depends on what the users want and Google’s algorithm so; your long-form content must comply with these two factors. Long-form content is usually convenient for backlinks that help the search engines to recognize your content as highly relevant and improve the ranking. Remember better the utility, larger the circulation of the content. The content must be crystal clear and elaborate to eliminate even the last trace of doubt or ambiguity to sustain in the competitive market.

Now that you have all the tips you need, what are you waiting for? It is time for you to implement these and see how remarkably your website performs. You can talk to your SEO partner about aligning strategies accordingly, to reap maximum benefits from the evolving trends. 

 

 

Cloud Computing to Work During Coronavirus Pandemic

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Cloud computing is a technique in using networks in a number of servers that can manage, process host, and even store data online. This is known as the “cloud.” The cloud refers to how and where data is being stored. The cloud allows software and services to run on the internet. The data is generally stored across diverse servers instead of using one device. These software’s and services are only accessed on internet browsers, online apps and several devices including personal computers at home.

How cloud computing works from home

Cloud computing is usually based on the internet. Some time back, people ran programs and applications from software that were downloaded on the server or computer at their homes. Cloud computing allows users to access the same type of applications on the internet. Cloud computer-based infrastructure is sent to homes using virtualization technology. This helps individuals to build and manage their data, storage, operating systems, network, and servers. Depending on cloud computing, some are very highly flexible and can be replaced anytime, as required. This is done without any loss of the initial investments. Using cloud services put you in control of all infrastructures on your hands.

Usage of cloud computing from home

Several home users benefit from various features of cloud computing services like virtual data room providers. Many vendors and cloud providers target lots of their services to individual users and business clients, as they offer attractive cloud packages for both personal and other needs.

Among the element of using cloud computing services at home is getting the right services that will benefit individual users. This might mean going through a series of what cloud software offers. Some of the cloud computing individual services are more accessible, for instance, Microsoft, which offers its cloud computing on its Office 365 as well as other packages. For Other specific cloud computing services, the client may go through service specifications so as to know if the cloud offers may suit them or its right for them.

The client can also read service agreements to understand the level of service that is guaranteed and whatever they may expect to get from the vendor. In general, there isn’t lots of technical work when you are to implement cloud computing services at home. Users generally have to install software or may do other technical work. Several personal cloud packages may be bought easily and quickly with a credit card. This can be done the same way as you would purchase anything online. Users have to fill in personal profiles or review that’s related to the service, of which it can take some more time after someone finds the right cloud computing service and pays subscription fees.

Utilizing these services offers a great approach to the future as proof of doing business at home. You don’t need any external contractor to maintain your cloud as it is possible to access and maintain it all by yourself at any given time. It is beneficial to all individuals; this helps you to have complete control of your cloud infrastructure and its operation as well as that may fit your budget. It is the best choice for individuals that want to develop applications at home without spending lots of cash and take all the responsibility.

Cloud computing helps you to develop apps that are unique as they are cost-effective and time-effective when used software developers. This helps to solve the prevailing problem faced in society. The provide component that is used in software development as well as developing and customized applications. Some of the cloud providers offer hardware and software internet to individuals who use their services at home.

Cloud service virtual data room providers offer products whereby you just log in and access an application at home without being hosted by other servers at home. The choice of cloud computing service depends on the individual’s goal and objectives thus you can select the most appropriate service you can use at home.

Using cloud computing service at home is generally an easy task, such as the execution of the software at home or individual computers. Clients may take advantage of these cloud computing services to store videos, music, and other personal files in the cloud. You can have remote access to personal information as well as providing helpful features of the new wireless networks and cloud computing technologies.

The Influence of Technology in Modern Photography

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Welcome to what will one day be known as the humble beginning of the digital era. This is a modern world that is positively immersed in and surrounded by rapidly widespread (even global) digitalisation and technological influence. These days, technological advancements and enhancements have impacted just about every aspect of life as we know it, every thriving industry. All it takes to understand this is to look around in any given direction at any given time. In fact, we have become absolutely comfortable, familiar, and even reliant on these modern marvels.

In creatively inclined industries, there is a definitive edge of technological absolution that has kicked into gear in recent years, effectively and successfully creating an entirely new frontier in these industries that is driving them in exciting and (sometimes) unprecedented directions. While technological influence is having a significant impact across the board and around the globe, it is the creatively fuelled industries that are feeling the weight of these modern marvels most effectively and most unexpectedly.

The photography industry feels the influence of technology

Think of the flourishing photography industry, for instance. Photography is an industry that was quite literally designed and intended to be a creative expression of moments in time. Poetic, yes, but photography is also about effectively creating captured moments and ensuring that those moments are brightened and significantly savoured not only in the moment, but as treasured moments and glimpses back in time. Now, as technological influence is felt more and more in the photography industry, the devices, programs, and systems used by photographers are getting bolder, brighter, smarter, and more secure.

Modern photographers have the world at their feet

Photographers today quite literally have the world at their feet. There is an exceptional amount of growth that has taken place over the years in photography. In recent years especially, this rate of growth has grown and expanded significantly. From the many image editing services available for budding photographers to the backup devices that all photographers (and videographers, for that matter) should make ample use of (and every form of technology in between and beyond in the photography field), there has been been a more exhilarating and vibrant time in the global photography industry. 

Photography and technological advancement in the future

Heading into the future, the technological advancements in the global photography industry are only going to get better and better. What we have seen so far has been undeniably impressive and thrilling, however the best part of all is that this is just the start. The best is yet to come, and the future for photography has never looked brighter. As rapidly widespread digitalisation and technological advancement get bolder and brighter all the time, there is so much room for hope and promise going forward. This is an industry that has been exceptionally driven to all-new (and frankly sometimes unprecedented) heights by technology, and there is a whole lot more where all this came from. So, buckle up.

Grasping the Need to Change Workplace Culture

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Critical Skills That Can Lead a DevOps Team to New Heights

There is no denying that human beings, in general, resist change. As American author Stephen King once said, “Resistance to change is proportional to how much the future might be altered by any given act.”

And one factor that brings about the most impactful changes in life today, is technology. Every dawning day introduces some form of new technology in the market. And introducing new technology in workplaces bringing forth a new workplace culture, is a challenge to most employers, because people generally resent change in workplace culture.

Even in earlier times, such as in the early 1990s, and today as well, a significant time lag exists between identifying a need for new technology and its actual implementation in the business, which creates enormous frustration.

Out of this frustration was born a concept – the DevOps  Movement (Development and Operations together)– founded by IT expert Patrick Debois in 2009. Debois, known as founder of the movement as well as of DevOpsDays. is an independent IT consultant, whose goal is  bridging the gap between projects and operations. During 15 years as a consultant, he worked in large businesses as developer, network specialist, system administrator, tester and project manager. Having been on both sides of the fence, as developer and as operations professional, he understands where the problems lie.

As it becomes apparent that the whole concept of DevOps is based on different teams collaborating to ensure speedy results, but fail because many individuals are unable to fathom its purpose, professionals with DevOps Foundation, become oriented toward a cultural shift of improved collaboration between the software development and operations teams.

Furthermore, according to MyCustomer.com, a unique site that helps organizations “to deliver better engagement and experiences across the entire customer journey,” 40% of employees of organizations state they feel inadequately supported by their colleagues because “different departments have their own agendas.”

As it happens, in the course of creating innovative new software, developers necessarily juggle around with codes. Experiments conducted during the development cycle identify the best path forward for success, with changes sometimes made in quick succession. Simultaneously, operations teams aim for the highest level of quality in production, focused on customer satisfaction. Therefore, DevOps means improving collaboration, integration and communication in software development and implementation, to create an enhanced product.

As Jez Humble, co-author of the DevOps Handbook, says, “DevOps is not a Goal, but a Never-Ending Process of Continual Improvement.” And, as it happens, one of the most challenging aspects implementing DevOps successfully in a business, is changing its culture. People will not easily change how they work together, or how individual employees perceive their role and their connection to one another to achieve timely delivery of an application, or their collective connection in the organization.

It is only gradually that employees fathom DevOps is not about improving either development or implementation individually , but both simultaneously. Gradually they perceive that DevOps is a means to change the status quo all round, so that IT will not be the bottleneck in creating a better product. They begin to understand that DevOps is a combination of processes, best practices, and techniques to drive IT to raise the bar in delivering high quality business solutions at record speed.

As organizations focus on DevOps, they are able to identify the organizational silos that impede DevOps.

  • Broken Customer Experience – A California-based company CEO, Matthew Harris, said, “The most obvious sign of siloed teams, and what ultimately makes them extremely undesirable, is a broken customer experience.” If a customer is already an existing customer of an eCommerce brand but is treated as a potential customer by the marketing team, it shows how siloed sales and marketing teams are.
  • Internal Unfamiliarity – Jay Goldman, co-founder and Managing Director of Toronto, Canada-based Sensei Lab, said, “The first sign of working at a company with silos is when you don’t know the majority of people working outside your team, or what they do at your company.”
  • Us Vs Them Mentalities – When departments get isolated, they begin to develop an “us vs them” mentality, seeing other departments as competitors and obstacles to success.
  • Disenfranchised Employees – If some employees feel they are treated differently, they will be unhappy and unproductive, and could share negativity with co-workers.
  • Task Duplication – If different departments within an organization do not communicate, they run the risk of duplicating the same task.

Perceiving silo mentality, organizations try to adjust, which is easier for smaller organizations and startups, than for the larger ones that have been around longer.

However, big or small, most organizations are trying to follow strategies that break down silos and promote a collaborative cross-functional production environment.

  • Help everyone understand the common vision and goals

From the inception, individuals and teams need to understand the big picture, how each individual and team contributes to the final output. Engaging as equal links in a chain helps prevent building of separate silos.

  • Assign cross-functional liaisons

Early recognition of organizational silos will result in more streamlined processes by establishing interdepartmental liaisons responsible for encouraging communication between multiple departments working on a project.

  • Encourage cross-functional training

Training employees on skills and tasks that are not their job responsibility, gives them a clearer picture of their colleagues’ job responsibilities. This helps individuals understand what resources or information will help other departments.

  • Develop multi-functional teams for critical launches

A launch team should comprise at least one member from each core department, such as engineering, marketing, sales, and customer service, which will help prevent the silo mentality.

  • Take advantage of the IKEA effect

The IKEA effect means that when individuals and teams expend creative effort at the start of a process, they will have an emotional stake in the project, which will lead to sharing resources to make it successful.

As famous scientist, Charles Darwin, once said, “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”

And not just survive, but reach the pinnacle as well.

Singapore Company Registration Process – A Detailed Guide

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Singapore is arguably one of the easiest places to do business in. The country has taken pains to ensure a smooth operational ecosystem free of bureaucratic paperwork for all types of industries. In fact, the World Bank ranks Singapore as number 2 among 190 economies in the ease of doing business.

However, you still have to fulfil some legal requirements for setting up a company in Singapore. The Accounting & Corporate Regulatory Authority (ACRA), the regulatory body that oversees the workings of all Singaporean businesses, has detailed guidelines regarding the functioning of companies in the country and, as per ACRA’s rules, the first step to starting a business (as a private limited company) in Singapore is registering your company. Here are the details of how you should go about doing so –

Requirements of Company Formation

Before you start the registration procedure, it is best to understand the mandatory requirements of the process. These are –

  1. Getting the name of the company approved by ACRA
  2. Appointing at least one resident Singaporean director. You can, of course, have more directors, but ALL of them must be at least 18 years old, financially, and legally sound.
  3. You will also need shareholders (at least 1 or maximum of 50). They can be Singaporean residents or non-residents and there is no minimum requirement of local Singaporean shareholders.
  4. Your company must have a minimum initial paid-up capital of S$1
  5. You need to appoint a resident (i.e., a citizen, permanent resident, or work visa holder) Company secretary within six months of company incorporation in Singapore.
  6. You also need a local registered company office address.

How to Register a Business in Singapore in 3 Steps

Like we mentioned earlier, Singapore has made it extremely simple for businesses to operate in the country. The red-tape is reduced to the minimum, and the entire process is streamlined, transparent, and available online. Here are the 3 main steps of the registration process – 

Step 1 – Company name approval

Before you start the company incorporation process in Singapore, you must get your organization’s name approved by ACRA (The Accounting & Corporate Regulatory Authority). The process is straightforward and is done to ensure that 

  • The name is not similar to the name of an existing business entity in Singapore
  • Is not reserved by another company 
  • Doesn’t infringe any trademarks 
  • And is not obscene or vulgar

The approval process is swift – takes around an hour – if your proposed company name follows the above guidelines. If you use generic industry terms such as Legal, Finance, School, Media, etc. then your name will be reviewed by another government institution, which will delay your name approval by days or sometimes even weeks.

The fee for name approval is S$15.

Step 2 – Prepare and submit the required documents 

Once the name approval comes through, you have to get together all the documents ACRA requires (mentioned in detail below) and submit a duly signed set to ACRA.

Step 3 – Apply to ACRA

With the correct documents and an ACRA approved company name, the application takes less than an hour. The whole process is online, and you will need to do it on BizFile+ – the business filling portal of ACRA.

The company registration fee is S$300. 

Documents Required To Register A Company In Singapore

ACRA has a very clear list of the documents for company incorporation in Singapore. You will need to put together the following documents in English or with translations of non-English documents –

  1. Your company’s constitution (also known as Articles of Association).
  2. A brief description of your business activities
  3. Identification and address of each director along with his/her signed consent to act as a director for the company.
  4. Particulars of the company secretary along with a signed consent 
  5. Identification and residential address details from each shareholder 
  6. If you have hired a professional agency to do the filing on your behalf, then you will also need to submit your verified identification and address proof documents. For Singaporeans, a copy of their identity card would suffice. However, non-residents must provide a copy of their passports, proof of overseas residential address, and Know-Your-Client (KYC) information such as bank reference letters, personal and business profiles, etc. 

Selecting a Business Structure for Maximizing Tax Benefits

Before you open and incorporate a business in Singapore, you must decide on the type of company structure that is most suitable for your work.

There are 3 types of companies which can be incorporated in Singapore –

  1. Private Limited Company (Pte.Ltd.)
  2. Sole Proprietorship
  3. Limited Liability Partnership (LLP)

Here’s a quick look at the pros and cons of each business structure –

Pte. Ltd. Sole Proprietorship LLP
 

Owner liability

Limited  Unlimited  Limited 
Taxation Has many corporate tax benefits Based on personal income tax rates hence cannot access corporate tax benefits. No corporate tax benefits 
Succession Perpetual  Not Perpetual Perpetual
Compliance Strict compliance requirements and a fixed code of conduct Minimal compliance requirements Not too stringent compliance needs
Registration process Easy process but incorporation and administrative costs of running a Pte. Ltd. Company are high Registration is straightforward but must be renewed annually. It is also quite affordable.  Easy process, but requires at least 2 partners at all times.
Transfer of ownership Simple No separate legal entity from its owner hence can be transferred. Ownership transfers and investment are not easy
Termination  Complicated  Easy  Moderately difficult
Legal entity Separate No separate legal entity Separate

The table above makes it clear that the strict compliance requirements of a Pte. Ltd. company are offset by corporate tax benefits that could prove financially useful in the long term – especially as the business expands.

To recap, setting up Pte. Ltd. company in Singapore will put your business in a corporate tax bracket (0%-17%) as compared to the personal income tax slab (0%-22%) that sole proprietors and LLP owners fall under. When properly leveraged, the corporate tax benefits can make the company extremely tax efficient.

Some Faqs And More Details On How To Set Up A Company In Singapore 

First, let us give you all the official information put out by ACRA. Much of this has been covered above, but in case you want to refer to the official website, then here are all the essential links.

Setting Up A Local Company  Important Links
Company Name  Choosing a Name –  https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company/choosing-a-company-name
Reserving a Business Name –  https://www.acra.gov.sg/how-to-guides/before-you-start/reserving-a-business-name
Company Type  Private Vs. Public 

https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company/determining-the-company-type

Appointing Directors, Company Secretary, and key officers Appointing Officers in Your Company  –

https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company/appointing-directors-company-secretary-and-other-key-personnel

Share and Shareholders Shareholders –

https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company/shares-and-shareholders 

Registered Office Address & Constitution Registered address –

https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company/registered-office-address-and-constitution
Model constitution –

https://www.acra.gov.sg/docs/default-source/default-document-library/how-to-guides/setting-up-a-local-company/10-companiesact-companies(modelconstitutions)regulations2015.pdf 

Fixing the financial year end  https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company/deciding-on-a-financial-year-end 
Applying for registration via BizFile+ How to register –

https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company/submitting-your-application-via-bizfile
BizFile+ portal 

Your annual filing compliance  What you have to file every year – 

https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company/what-you-have-to-file-each-year 

Other Information https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company/other-important-information 

Q. How long does it take to register a company in Singapore?

Singapore has made it incredibly fast and easy for businesses to set up shop. In theory, the registration process can all be wrapped up in one day if you have all the documents ready and if your company name approval is not referred to another department. 

Q. What does the entire company incorporation in Singapore cost? 

The ACRA fees are S$15 for company name approval and S$300 as registration fee. However, these are just basic costs. If you hire a professional filing agency, then they will charge you a service fee for facilitating your work. Along with this, if you are foreign national, you might have to pay for hiring a nominee director, company secretary, for a registered office address, and more.

Q. How can foreign nationals register a company in Singapore?

Singapore has made it easy for foreign nationals to start a business in Singapore. You can easily operate your company from outside the country and don’t even need a work visa to incorporate a Singaporean company. However, you do need –

  • at least one local, resident director. Resident for this purpose is defined as a person who is a Singaporean citizen, is a permanent resident in the country, or has a Singaporean Employment pass.
  • To use a professional filing agent or registered incorporation services to register the company in Singapore. Foreigners cannot self-register a company in Singapore.

If you do plan to move to Singapore, you can travel on a visitor visa to get the process started and, in the meantime, apply for an Employment Pass or Entrepreneur Pass, which will give you the status of a resident Singaporean.

Q2. How can you find out when your Singapore company has been incorporated?

As soon as our company has been incorporated in Singapore, you will receive an email notification from ACRA informing you of your status. 

This email is considered the official incorporation certificate and can be used for all company-related legal transactions. It contains the date of incorporation as well as the Unique Entity Number (UEN) issued to the company.

However, you can obtain a hardcopy from the ACRA office by submitting an online request and paying S$50. The hardcopy certificates are usually made available within 24hours and must be collected from the ACRA office.  Additional payment can get it sent by post as well. 

Q3. What must I do after registering my Singapore company?

Company incorporation in Singapore has several benefits –

Firstly, you need to be a locally registered company to open a corporate bank account. Without an incorporation certificate, it is impossible to access traditional business banking facilities in the country.

Secondly, many industries (such as restaurants, educational institutes, import/export-related industries, etc.) in Singapore require business licenses to operate legally. These can only be obtained if you are a registered company in Singapore.

Finally, as your business expands, you will have to apply for a GST registration. This is typically for companies that have annual revenues exceeding S$1 million. Again incorporating your company in Singapore is mandatory before registering for GST.

Along with benefits, registering a company in Singapore comes with some very specific compliance requirements as well. These are – 

  • Holding an AGM (Annual General Meeting) unless exempted
  • Filing annual returns
  • Submitting the Register of Registrable Controllers, Register of Members, Register of Directors, Secretaries, Auditors and CEOs
  • Estimated Chargeable Income (ECI) 
  • Preparation of financial accounts as per Singapore’s Financial Reporting Standards (FRS) 
  • Annual audit of your financial accounts by an outside auditor
  • Annual filing of accounts within 60 days of AGM (Annual General Meeting)
  • Filing of income tax return
  • Any changes in company information or information regarding company officers and shareholders must be updated with ACRA
  • Determining the financial year

Networking in Modern Business – Its Necessity and Benefits

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The modern landscape of business is one that is paved to the brim with modern innovation and technological influence. Of course, this is to be expected, considering that the world as we know it has steadily become more and more digitally inclined in recent years. In fact, one could argue that we are currently living in a world that is likened to the many plot summaries that played out in fictional books and movies decades ago. Every aspect of life as we know it (including, of course, business) has shifted and transformed tenfold over time.

In the landscape of business, the transformation has been massive and ongoing. It still is to this very day. More than ever, we are faced with the awareness and the understanding that the world around us is more capable than ever – and a large part of the reason why that is lies in the technological influence that has been felt over the years. There is something important to be said about the sheer power of technological influence in modern businesses (not to mention all the ongoing positive movements of it all).

Introducing technological disruption into modern business

Now that we live in the beginning of the digital era, it almost goes without saying that the landscape of business (along with the rest of the world) has evolved and shifted over the years. This is especially true in recent years, and it is a testament to the positive influence of technological advancement. After technological influence was first introduced to modern businesses everywhere, the influence was felt in small doses. Now, that influence is everywhere, and it is growing more prominent all the time. From the automation of key processes and systems, to the outright inclusion of AI capabilities, the power is here.

How technological advancement comes hand in hand with networking

For this reason, networking has steadily become one of the most important business strategies in the world. The power of networking comes down to establishing, building, and continuing to strengthen networking connections in the industry. In a world that becomes more digitally inclined all the time, and thus more competitive, the impact of networking is stronger than ever. Networking is the new superpower in modern business, and it is likely going to continue its rule for quite some time (if not for the foreseeable future and even beyond).

What all this means for the future of modern businesses

Quite like technological advancement in the landscape of modern business, networking is well and truly here to stay. This is the reality, this is the now. It is also the reason why concepts like digital marketing courses and leadership seminars and the like are continuing to become more popular all the while. The power of networking and technological influence in modern business is at an all-time high, and this is the truth of the matter. There is a lot more where all this came from. This is just the beginning.

Understanding Basic Trading Strategies

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The global Forex market (foreign exchange market) is one that is quite literally constantly changing and evolving. It is the very nature of the currency market that it is ever-evolving and never quite stagnant. 

At the end of the day, there are thankfully ways to navigate this ever-changing landscape. Forex trading strategies, for example, are key to expertly and successfully navigating one’s way through the Forex market. Many people make the mistake of not doing nearly enough research into their trading strategies, to the point where it can easily become a demerit to their capabilities to perform well in the market in the first place.

When it comes to properly understanding basic Forex trading strategies, there are several moving pieces that must ultimately be addressed for one to successfully be able to flourish and perform at their highest self in the market. Believe it or not, the three most instrumental basic Forex trading strategies are so ridiculously easy to work their way through, that it is near impossible to mess them up once you have a strong grasp on how they operate and what they mean, as well as what can be expected going forward. 

Understanding that there is no easy solution

Coming up with and properly executing a successful Forex strategy might sound simple enough, but the fact is that even the most seemingly basic trading strategies demand the attention to detail and respect of their more complex trading strategies. If you decide to approach the market utilising a “basic” Forex trading strategy, make it your business to understand that basic does not in any capacity mean easy in this case. This is paramount to your understanding of the entire Forex market as well as the influence you can potentially have within its reach. Always start here.

Knowing your limitations before going in

 More than anything, it is so important to know your limitations before going into the Forex market. Nothing will tip you off the pathway you were easily navigating quicker than believing that you got this if you have not done your research. The Forex market is not an environment that you want to be trading in without doing your homework – believe that. So, it is so important that you adequately understand your limitations before diving into the market so that you are better able to handle yourself and your movements going forward. 

Learning the opportune times to make moves 

As is the case in practically any market, the Forex market has opportune times to make big moves and opportune times to take a step back and hold your ground. One of your base strategies in Forex trading should always be to learn the opportune movements of the Forex market. If you successfully do this, you have more of a chance of turning a general interest in Forex trading into an ongoing source of entertainment and income. For example, the best time to trade is as close to 4pm as possible, so that you can get as close to suggested prices as possible. This is because this is the time that the market flips trading prices back to basics for a short period.

How to Verify a Company in Singapore

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One unfortunate side of the business world is dealing with scams. There are always companies who seem good on paper but are operated by fraudsters only interested in making a quick buck. For entrepreneurs dependent on new partners, vendors, or suppliers, this is a risk they have to take. However, there are ways to mitigate these threats by checking the reliability of their potential clients or partners.

How to get information on a Singaporean company?

There are many ways to find information about a company registered in Singapore. If you have the time, then an extensive search on social media and online forums could give you a broader idea of the company’s reputation, but for time-strapped business owners, ACRA’s Singapore BizFile website is an excellent place to start. Here you will be able to verify the status and legal standing of a business quite easily.

Company Status – Live means the company is functional

Address details – ideally, this should be a proper address and not a mailbox. If it does turn out to be a mailbox, then you can ask for the mailbox provider’s contact to investigate further.

Industry – this should be similar to what the company advertises. If they have several different types of services listed, then it could be cause for concern.

Annual General Meeting – private companies don’t have to hold an AGM, but if there is an AGM date listed, then that would be a positive mark in the company’s favour.  

Annual Returns – this is another statutory compliance for all companies which must submit the correct documentation within 30 days of holding an AGM.

Financial Statements – regular submission of financial statements is another favourable point.

Is it important to verify a company?

Well, yes. An underperforming or fraudulent partner will most certainly affect your business – either in terms of monetary loss or reputational damage. Not only will the time spent digging up this information will save you much more effort and money down the line, but it will also help you approach your new partnerships with confidence. 

Doing business is a test of character – doing business papers shouldn’t be. Osome helps entrepreneurs with company incorporation and establishes all the accounting online 24/7 via one cloud-based platform.

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