BizTech

Business and Technology News from NUS

Category: Business (page 1 of 3)

Singapore’s Start-up Culture and Its Future in Post Corona Landscape

Singapore has been a preferred hub for international business for decades. It has been consistently ranked as one of the easiest countries in the world to start business. Its business-friendly environment, various grants and transparent tax system offered by the Government make it an attractive destination for entrepreneurs and start-ups alike. Besides, it has a developed technological infrastructure, robust legal system (including IP laws) in place and huge pool of investors. With multiple advantages to offer, Singapore company incorporation becomes worthwhile for many businesses looking to accelerate their growth to unprecedented levels.

Let’s look at what makes Singapore an ideal destination for budding business owners.

Start-up Culture in Singapore

The start-up ecosystem in Singapore has a worldwide reach. The business hub is known to hold one of the largest Fintech events in the world which draws over 45,000 participants from 130 countries. Singapore prides itself with its vast network consisting of over 100 incubators and accelerators with over 150 venture capitalists (including the likes of Mistletoe, GGV and Wavemaker) vying for potential investment opportunities actively. 

In 2019, venture investors had invested more than S$ 14 billion into Singapore based start-ups, a 36% jump from previous year, highest in South-east Asia. Beside it’s also home to crowd funding platforms (such as Kickstarter and Indiegogo) and angel investors in the form of HNIs who have appetite for start-up companies in return of higher ROI. The career-oriented local culture combined with the dynamism of the island nation has given rise to a strong startup culture. 

Singapore emerged as the top destination for AI and robotics investment in 2018 as per reports by FDI Intelligence. It was also placed second in the 2019 Index of Economic Freedom. The island city-state’s pro-business mindset can be said to be the result of its geographic location and its politics. Conveniently located at the heart of Asia, it offers a level playing field to start-ups to rub shoulders with established businesses.

Grants Offered by Government in Singapore for Start-ups 

Apart from the VC funds and other private players that contribute to a healthy start-up ecosystem in Singapore, the Government agencies also champion them. For instance, the Government of Singapore set aside nearly $30 million for developing 5G technology, according to an announcement from the Minister for Communications and Information. The Singapore Government agency ‘Enterprise Singapore’ serves as a hub for start-ups and global trading. Whereas, SEEDS Capital (its investment arm) invests in multiple industry verticals including Health & Biomedical Sciences, Advanced Manufacturing & Engineering and Urban Sustainability & Solutions, to name a few.

Besides, Enterprise Singapore has also joined hands with private and public sectors to establish ‘Startup SG’ which is the umbrella branding for unifying all the support schemes for start-ups in the island nation. Here are some of the major Government grants and incentives you can enjoy after company formation in Singapore

  • ACE Startups

This scheme offers startup capital grant and mentorship support for first-time entrepreneurs who have an innovative idea. The Accredited Mentor Partners (AMP) selects applicants based on their business model feasibility, business concept, potential market value and management team. The ACE scheme is capped at $50,000.

  • Early-Stage Venture Funding (ESVF)

ESVF is an equity scheme wherein the Government co-funds startups alongside VC firms. The main beneficiaries are early-stage technology startups based in Singapore. The National Research Foundation co-funds startups up to $10 million on a matching basis.

  • Capability Development Grant (CDG)

The CDG scheme offers financial assistance to startups for developing their capabilities in ten business areas. Beneficiaries can apply for a grant of up to 70% of manufacturing processes, new product design, development, among other things. The grant is capped at $30,000.

  • Start-up SG Tech

Tech start-ups can immensely benefit from this scheme to realise their technology-based ideas. They can either apply for a Proof-of-Value (POV) grant of up to $5,00,000 or Proof-of-Concept (POC) grant of up to $2,50,000, depending on the development stage of their technology or concept.

  • Business Improvement Fund (BIF) for tourism-related businesses

Singapore Tourism Board is offering this scheme for small to medium enterprise applicants registered in the tourism sector to improve their productivity and competitiveness. They can receive support for 70% of the qualifying costs which include travel costs, training costs, hardware and software costs, among others.

  • Financial Sector Technology and Innovation (FSTI) Scheme

Momentary Authority of Singapore (MAS) offers benefit to the Singaporean Financial Institutions and technology or solution providers working with Singaporean Financial Institutions for investments made towards innovation and development of technology infrastructure. Under this scheme, MAS bears the expenses up to 50 to 70 percent of qualifying costs with a maximum cap of $200,000, for up to 18 months.

  • Technology Enterprise Commercialization Scheme (TECS)

Under this scheme, the Singapore Government offers benefit to the newly incorporated Singapore registered companies who are in existence for less than five years. With this scheme, companies having commercially viable and strong technology Intellectual Property and business model get assistance from the Government in their growth stage and later in obtaining the required funding from the third-parties. The grant is capped at Proof of Concept of $250,000 and Proof of Value of $500,000.

  • ComCare Enterprise Fund (CEF)

The scheme aims to help social enterprise startups that assist disadvantaged Singapore citizens become self-reliant by providing employment and training. The benefit can be availed for the capital expenditure up to 80% and operating costs up to $300,000 for the first two years.

  • Startup SG Founder

This is the latest addition of grants for Singaporean startups announced on 17th August 2020 up to $150 million for enhancements of the Startup SG Programmed. It will involve two tracks namely That Startup SG Founder “Train” track and Startup SG Founder “Start” track. Prior to 25th September 2020, Enterprise Singapore will offer eligible startups with a startup capital grant of $30,000 with a co-matching fund of S$10,000 to be raised and committed by the startup. Effective from 25th September 2020, to help cope with the financial difficulty in COVID time, the grant will be enhance to S50,000 whereas the co-matching fund requirement of the startup remains the same at S$10,000.

Impact of COVID on Singapore Start-ups and Entrepreneurs 

COVID-19 has turned many lives upside down on a global level. Start-ups across all countries and sectors have been facing huge challenges, both from operations’ and business perspective. However, the start-up ecosystem in Singapore has been continually striving to beat the odds and adapt to the pandemic as flexibly as it can. 

The Economic Development Board and the investment arms of Enterprise Singapore are launching a fund worth $206 million (SG$285 million) to offer financial support to start-ups working on “national priorities”. These include start-ups in food security amidst the ongoing pandemic. To soften the blow of the pandemic, the Singapore Government announced a Special Situation Fund for Startups (SSFS) outlining a variety of spending plans. Under the scheme, the Board’s EDBI and SEEDS Capital will co-invest with private sector partners to support early to late-stage innovative start-ups that can contribute to the city-state’s national priorities.

Moreover, the Singapore Government announced nearly S$ 100 billion to support its economy during this time of crisis to cope with the economic impact of COVID-19.

Future Post COVID

“Singapore will not return to a pre-Covid-19 world, and must chart a new path by building a new economy now”, said Trade and Industry Minister Chan Chun Sing. The need of the hour is to re-plan business models and strategies, reimagine the future, and adopt an entrepreneurial mind-set for recovery.

With the various support packages, grants and incentives offered by the Singapore Government, measures are being taken to revive the healthy business hub Singapore is known for. The need of the hour is to re-plan business models and strategies, reimagine the future, and adopt an entrepreneurial mindset for recovery. 

Firms with good opportunities in areas such as biopharma, supply chains and precision engineering will be given a boost. There will be a conducive and attractive environment for new businesses to start up and plant their investments here for the long term, The Government will also train Singaporeans for the jobs of tomorrow and strengthen job matching efforts.

The Government is already focusing on developing new capabilities and helping innovative start-ups kickstart their business thereby capitalising on emerging sectors based on the demands during the pandemic. The support is more towards helping to generate fresh revenue and become more cost-efficient.  The Government will establish the right macro conditions, including strengthening Singapore’s links to the global markets for supplies, technology and talent.

Takeaway

The pandemic may have adversely hit economies worldwide, but with this comes many opportunities to seize during this adversity. Singapore is a thriving business hub which is backed by the Government taking a leading role in bringing its economy back on track. Its strategic location, attractive taxation rates and ease of doing business remain unparalleled making it a hotspot to set shop even today. Besides, like other countries, Singapore is also giving its citizens a financial cushion to emerge stronger from the pandemic and return to normalcy.

Rising Demand for Data Science Courses in Singapore

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The world today is happily embracing new technologies like Artificial Intelligence, Big Data, and Data Science. Smart devices are making their way into our daily lives, and soon we would become accustomed to automation. Data is now becoming fuel for the economy of many countries, including Singapore. The country has made considerable progress in making its digital economy strong. Singapore is heading towards becoming a smart nation, and data analytics have been identified as an important growth sector for the country.

The data analytics industry is reported to contribute at least S$1 billion (US$730 million) per year to Singapore’s economy. The regional big data and business analytics services worth is expected to reach US$27 billion by the year 2022. Supporting great data connectivity and a thriving business ecosystem, Singapore is ideal to set ground on for analytics and data science-based companies. OCBC Bank, Google, EY, Dell, and Siemens are some of the renowned names that have good job opportunities for data scientists in Singapore. So, it is logical to take up a data science course in Singapore and lead your career towards becoming a successful data scientist. 

How is Data Science Rising in Singapore?

You cannot imagine the amount of data we can generate each day simply by spending, for example, an hour on social media. While it may not be important for you to know the stats, the data generated is highly crucial for businesses across the world. They derive meaningful insights by analyzing that data and make informed business decisions so as to deliver best-in-class products for the customers. This is nothing but data science – the process of acquiring the data, processing it, modeling it using various algorithms, and finally visualizing the outcome.

Singapore is at the heart of Asia and aims to become a Big Data hub of the continent. The country has a robust information technology infrastructure, global connectivity, and capability of hosting and processing a massive amount of data. Data analytics could bring about great transformations in the following sectors of Singapore:

  • Retail
  • Healthcare
  • Logistics
  • Cybersecurity
  • Manufacturing 
  • Finance 
  • Urban services 
  • Transportation 

The country has set up the Singapore Data Science Consortium, under the National Research Foundation, to spur the nation’s advancements in data science and analytics. Moreover, many companies are embedding some form of intelligence into their operations. The country is also hosting high-impact projects like Facebook’s S$1.4 billion (US$1 billion) data center and Chinese e-commerce giant Alibaba’s first joint research institute.

Demand and Salary Prospects 

According to LinkedIn’s 2020 Emerging Jobs Report Singapore, jobs in the field of artificial intelligence, data science, cybersecurity, and robotics are rapidly growing in the country from the past five years. The Data Scientist job role also appeared in its list of Top 15 Emerging Jobs in Singapore, with Python programming, Machine learning, R, Apache Spark, deep learning as the top skills that employers look for.

Singapore is also a hub for tech start-ups, which are investing in digital transformation along with big enterprises. This means data science has a bright future in the country, and professionals can find good career opportunities along with high salaries in this field. As per Payscale, data scientists in Singapore earn an average annual salary of S$72,105. By gaining experience of 5 to 7 years, data scientists could earn as high as S$87,080 annually. The most popular skills that help professionals earn higher pay are Tableau proficiency, deep learning, Apache Hadoop, big data analytics, statistical analysis, and data modeling.   

How Can You Learn Data Science?

Singapore government’s big ambition for data analytics also involves securing the best talent in the field. There are universities like Nanyang Technological University (NTU) and the National University of Singapore (NUS), which have partnered with tech companies to offer programs related to AI and data science. Apart from the university programs, professionals can take up an online data science training course. There are many courses like data science with R programming, Tableau tutorial, data science with Python, Apache Spark and Scala, machine learning, and more.

The benefits of taking an online course include learning from industry experts, working on real-life projects, hands-on knowledge of various data science tools, and getting job assistance as well. All you need to do is research for a trustworthy training provider, enroll in a course, and get started. A good data science course should cover important topics like:

  • Working with tools like MySQL 
  • Python/R programming
  • Data preprocessing, data wrangling
  • Machine learning 
  • Deep learning, neural networks
  • Big Data tools like Spark, Hadoop, Cassandra 
  • Data visualization with tools like Tableau or QlikView

Singapore has already started with its data analytics initiatives. Are you ready to fill in the available job opportunity? Gain the right skills with a data science course and you will be!

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.

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.

Effective Risk Management Strategies for Forex Trading

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It goes without saying that investing and trading in the Forex market requires meticulous a careful planning.

Of course, the same could (and should) be said for any investment or trading opportunity, but it is arguably truer in the case of the Forex market than it is anywhere else. Trading is about investing at the right time, and knowing how to work in as much alignment with the market as possible.

The nature of investing is all about taking adequate advantage of the market when those opportunities arise. Together, these two ideals form the underlying framework of how the Forex market operates on a global basis.

Of course, it is always important to know the most effective and successful risk management strategies when trading. This is especially true in the Forex market. There are many risk management strategies that you could approach the market with, but there are three that are more important than any other contributing factors out there. These three effective risk management strategies have the most potential for impact and the highest success rate across the board.

Knowing and sticking to your risk limit

Obviously, any investment opportunity taken inevitably comes along with some risk involved. However, if you are going to have any hope of successfully investing and playing in Forex trading, you must know your risk limit. This is first and foremost.

Knowing the market is all good and well, but if you risk too much or too little, you can blow the entire opportunity all too easily. So, before anything else, know your risk limit – and stick to it as much as possible. This is crucial for your continued longevity and success in the field of Forex trading and investment.

Knowing that time management is crucial

You must have an understanding of when the best time to move in the market is. The nature of the Forex market is that it is literally always shifting and transforming. There is never a dull moment, but that also means that there is never a truly stable moment.

Even if a trading move seems concrete, you must be aware that it could fall through at any second. Nothing is certain here. Time management is paramount in the investing and trading of the Forex market, so it literally pays to know the opportune time to make your moves.

Knowing the ideal time to make your moves

If there is an ideal time in the Forex market to make your moves (regardless of if those moves are investments or trading opportunities), it is around 4pm. Why? Because this is the time in the market where the price points are effectively moved to their most ideal points. Referred to as a “fix up”, these movements allow investors and traders alike the opportunity to do their business in the market at the time where there is as close to opportune value as possible for the parties that are initiating their business deals during that time.

Tech Businesses Continue Their Rising Dominance

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Thanks to ongoing modernisations, the world that we live in is one that is paved with good intentions, digitalisation, and technological advancement. Even (and especially) the business landscape is experiencing an incredible shift in recent years. The fact is that technology is becoming more and more of a central component in many aspects of our lives. In the case of the ever-evolving professional landscape that is business, technology continues to prove its ever-heightening value time and again. So much so, in fact, that there are more technology-centred or otherwise technologically focused businesses than ever.

What is more, is that there are more emerging out of the woodwork all the time. The growing pool of tech businesses is one that is showing no signs of slowing down any time soon. There is something truly and unrelentingly intriguing about the growing dominance of tech businesses, and it all comes to a growing willingness and ability to not only accommodate these technologies, but to use them to build up a business when the time and the occasion suits best.

Tech businesses introduce pivotal shift

From the introduction of the online business that services your tech devices, to the tech companies that are designed to work on and improve the tech-savvy framework of not only businesses, but all aspects of the world around us, technology-focused businesses are the very same businesses that have pioneered a pivotal shift into motion. Essentially, that shift is centred towards the goal of creating and advancing a time where technology is a prominent piece of any business. This is the new norm, and it is only just starting to take flight.

Why tech businesses are still rising up

At the end of the day, the most exciting part of the rise of tech businesses is that this is a rise that is seemingly always rising to new heights. Perhaps more than anything else, there is the distinct realisation that what is most important in the world is a movement towards an exceedingly technologically paced future – not just in the landscape of business, but throughout the modern (and future) world. Tech businesses became more popular and necessary the more relevant they became, and now they are continuing to become more important all the time.

The future for tech businesses from here on out

As time goes on, the need for tech businesses is not going anywhere. In fact, one could argue that the necessity for tech businesses is only going to continue growing with demand around the globe. Tech businesses are all about bringing the best out of life and giving it back to people. This effective presence and exchange of power is the dominating force behind the continuous growth of tech businesses around the globe. It might seem like tech businesses are close to hitting their peak, but best believe that this could not be further from the case. If anything, the best is yet to come. Tech businesses are only just starting their dominance.

Three Steps to Keeping Your Team Motivated and Passionate

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When it comes to inspiring motivation and productivity in the workplace, it goes without saying that this can sometimes feel like an uphill battle. Sometimes, employees are too busy to feign interest, and other times you feel like you are too busy to check in on their progress often enough. However, it is of vital importance that you make the time. Even the strongest businesses and empires alike can crumble to the ground if they are not kept accountable and motivated throughout the working week.

From corporate training modules, to team building events, and every manner of innovations in between, there is something intriguing to be said about the power of communication and togetherness. Even when an employee leaves your team, it is important to conduct an exit interview. The best workplaces are ones that take the right steps to keep their teams motivated and on track. It can be difficult to know where to begin. So, there are three key steps that you can meticulously follow, adding your own flare whenever you feel necessary, to keep your team motivated and passionate.

Having monthly events outside of the workplace

It might sound strange, but getting together outside of work is an instrumental part of keeping the team passionate and on track. Not only does this encourages employees to band together and communicate, forging stronger friendships outside of the office, but it effectively places them in a setting where they can discuss their work in a healthy way that does not distract from the tasks at hand in office. Additionally, this fosters a keen sense of appreciation for the role that others play in the office, which can make everyone want to work harder to boost the team up, rather than potentially flailing and letting the team down.

Having regular brainstorming questions

In having set brainstorming questions in the workplace, you are ensuring that the creative juices are always flowing, encouraging and enticing the best out of your people. Starting off a brainstorming session by providing food and drinks is a great way to fuel them for the session and break the awkward ice that seems to build up in these types of professional environments. In brainstorming sessions, encouraging employees to bring their ideas to the table fosters constructive feedback, team bonding, and creative excitement, all of which are the building blocks that create a more productive and motivated workplace.

Putting their career trajectory in their hands

Have them play an active and constant role in setting, meeting, and even exceeding their professional goals. Many companies like to be in control of their employees, deciding how they should perform and where they are falling short. But good companies are those that sit down with their employees privately and ask them how they think they are going, what they think they can improve on, where they want to go next. In making employees an active part in their own professional goal setting and ongoing development, you are making them more motivated to perform better, to reach the goals they set out for themselves.

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