Possible Legal issues faced by Startups in Singapore

Possible Legal issues faced by Startups in Singapore

Possible Legal issues faced by Startups in Singapore – When it comes to setting up a business, you need to know that the legal structure is one of the most important things that you need to take note of. Singapore thrives as a business hub not just because it has a strong financial system but also because it has a strong rule of law in place so that businesses can thrive and do well in this environment.

Contracts in Singapore are highly binding and when it comes to getting into legal trouble with anyone in Singapore, you can be assured that the laws of Singapore will protect you the same way they protect the other party. There will be no such thing as power play in Singapore and this is what makes Singapore one of the best places to trade and get things done and get contracts signed.

Startups are usually run by young or inexperienced persons who have an idea and want to bring it to market. But at the same time are not aware of the possible pitfalls that can come about when they want to get something done up for investors or for getting it out in the market as fast as possible.

Possible Legal issues faced by Startups in Singapore

So what are some of the topics and items that we will like to give advise on when you are getting into contracts and also what to watch out for when you run a startup:

  1. Check what you sign, no matter who the other party is

The worse kind of issues that you can face is when your other party is a close friend or someone that you have known for a long time and end up making you sign something that leaves you with the shorter end of the stick. When it comes to money and power, people can do all kinds of things. This could also mean getting you into a contract that puts you in the disadvantage.

You need to be clear that when it comes to getting contracts done up and signed in Singapore, it holds both of you strongly into this contract and there is no way to say that you signed it under trust that your benefits are protected. Always be clear about what you signed and in this manner you will not get involved in a skewed contract.

Its not tough to read through what you sign and making sure the terms are fair and negotiate with the other party if it is not.

Always remember the saying that goes by, “Better to be safe than to be sorry”

2. Get lawyers or legally trainer persons to draft shareholder contracts

Drafting a contract that is able to cover most of the legal issues involved is not easy. You should always get someone who is legally trained to help you out with such requirements because there are definitely items that most of your shareholders may not have taken note of. There are also clauses which may not stand in the eyes of the law and therefore should be changed.

There is always a reason to get such contracts done up and it can be quite cheap to get this done if you are trying to just get a review of the contract that you have prepared. Most people fear that the contract reviewing will require lots of money and this is not the case.

Shareholder contracts are the most sensitive of contracts and therefore should be treated with the utmost importance when it comes to getting them done up properly and checked by legally trained persons.

KCA is a proud partner of a few law firms and contract drafting organizations, if you require said help, do contact us for a quick contact point with our partners to get your contracts done up!

3. Make sure you get trained persons to help you with Corporate Secretarial work

Most businesses in Singapore do not like to get someone to act as their corporate secretary. There is a common practice that many startups will just put one of their co-founders or their friends to just “act” as their corporate secretary in ACRA documents without realize the importance of such a professional.

Corporate secretaries are key to ensuring the governance of the company is done right and for someone to be able to act as a professional one, there needs to be many years of experience acting as one for other companies or they are trained and gone through many years of studying to get their charter.

Corporate secretaries will ensure that you share transfers are done right and with the proper documents signed and filed up. Appointing of directors are done with proper meetings and also with the necessary paperwork signed by all the relevant stakeholders.

Deadlines such as those of the Annual General Meetings and Annual return will also be abide by properly when you get someone who knows what they are doing to act in this important role.

Corporate secretarial services in Singapore can be affordably packages with accounting services in Singapore if you really do need them, contact KCA to find out more about this.

4. Know how your paid up capital affects your accounts

Most people who have no idea what shares are will confuse that it is just a number that they can declare high to look good. Paid up capitals are important to the bank, the supplier, the landlord and any one who is willing to do business with you. They will be keen to trade with a company that has a decently high paid up because that means this business has the financial capabilities to pay up when there is a need to. This also shows that shareholders have the confidence in the business to sink in so much money.

There are situations where investors may cause issues if you do have a paid up capital in the system that is not really paid up in the accounts and this will mean that you are still owing money to the company which is a bad thing considering that you may not have that amount to be placed in the company in the first place.

You won’t want a good progress in your business be delayed because you are not aware of what is your paid up capital and how it can affect you and this is something that will be around for quite awhile, so make sure you know what you are doing with your paid up capital before you start working on it.


Possible Legal issues faced by Startups in Singapore

K Cloud Accounting is a leading Xero Accounting Singapore Specialist that is keen to work closely with startups to provide startup accounting services at a competitive rate.

Call us to find out more 98638665.

 

Possible Legal issues faced by Startups in Singapore

5 reasons small SMEs and Startups choose Xero Cloud Accounting

5 reasons small SMEs and Startups choose Xero Cloud Accounting – Xero Accounting software is now one of the more popular software around the world and in Singapore. There are many reasons why they are preferred and we will now share more about the great features of this software that allows small businesses and startups to thrive and how it will help the businesses that choose this software to do better than the rest in terms of competitiveness and reporting.

 

5 reasons small SMEs and Startups choose Xero Cloud Accounting

 

1. Having the flexibility of location and time

When you use Xero, you can issue you invoices and quotations wherever you are and whenever you want. This is one of the best features. Sales staff are always on the go and there are many requirements that only they are aware of. Customers demand fast response and also fast issuance of documentations.

There are many reasons why you should be fast, you get to close the deal and you give the customers a great impression of your service standards.

The application of Xero allows you to issue your invoices wherever you go!

 

2. Checking cashflow and being paid at a faster pace

You are able to check how much cash you have in the bank and make a decision how to use the money and whether you even have enough to transact in certain businesses. You are also able to allow online payment through payment gate ways such as paypal to get paid faster and easier instead of just using traditional methods of cheques and cash methods. Also with the daily update of the bank statement from banks such as DBS and UOB. You are able to be aware the next day if you’re paid, when you are paid you can use the system to do your bank reconcilation easily and help you to monitor how well or how badly you are doing cash wise.

This prevents over spending and also being in the idea that you know how much cash reserves you have for doing the expansion of your business and also knowing when you are spending too much and need to watch out for it.

 

3. Work with Advisors to get better advise on accounting

Xero Advisors are accountants who are professionals in Xero software and they can advise you not only in how to use Xero to improve your business productivity but at the same time to have you work closely with them to give the best results for your business based on how your accounts are performing.

When you are working on a business sometimes you ignore things that are happening within the numbers and its the numbers that can make or break your business. Most people do not realize that if they do not take a good look at their business, they will end up in debt or be paying too much for something that does not need to cost so much.

This is one good reason why people work closely with advisors to provide them with new insights on their business to help them better manage their whole business as a whole.

5 reasons small SMEs and Startups choose Xero Cloud Accounting

4. Xero is growing as you are growing

Xero is a company that is coming up with new features every new year and there are feedback loops that allow it to continuously grow with the needs of its customers which is you and me. We as advisors are the ones that give feedback on how to better improve our productivity. Same for paying customers, the feedback allows Xero to make tweaks and also add-on features that will better help businesses to do up their accounts and at the same time be able to give a better response to the use of the software.

Xero is funded with a great vision and plan to be one of the leading cloud based accounting software in the world.

We grow with Xero and you will grow with Xero too!

 

5. Affordable and does not increase in cost as you grow

Cost is constant for Xero software and this is one thing that most people will be concern about. The price is affordable and if you use our accounting packages, the prices are actually included within the price and the software price is absorbed by us.

We aim to be affordable and also an one-stop shop for people who require help with their management services needs and this is one thing that many businesses do not realize that they can just go to one place to get everything done up properly.

 


K Cloud Accounting is proud to have become a Bronze Partner of Xero in two months and will strive to work harder for our clients to grow and build their businesses together.

We look forward to working with you and your team to provide you high quality accounting services.

Benefits of using Xero Cloud Based Accounting Software for Bookkeeping Services

Benefits of using Xero Cloud Based Accounting Software for Bookkeeping Services – There are many software that are available for businesses that wish to improve their productivity and generate more revenue and income for their businesses. The best software are those that are convenient to use and able to help you improve your business processes and able to save you time and money overall. We shall now explore some of the Benefits of using Xero Cloud Based Accounting Software for Bookkeeping Services.

Benefits of using Xero Cloud Based Accounting Software for Bookkeeping Services

Benefit 1: Xero Accounting Software updates on a regular basis

Xero accounting is a New Zealand based company which has raised quite an amount of money over the past few years. The company has worked hard to deliver quality functions that most businesses can use for their operations and there has been updates on a regular basis to include more functions as standards.

The most important thing about Xero is that it keeps all its platforms updated as well. So whether its their website or their application, you get the new functions as they are updated.

 

Benefit 2: Xero Accounting Software has multiple platforms for ease of usage

Other than just having the features of the software on the computer screen, Xero also has a multiple function application on mobile allowing you to access quite some features when you are on the go.

For business owners that are starting up, being able to be flexible to run the business is very important. You are able to issue invoices and check the receipts of payments on the go when you are on transport or waiting for the next client, helps you to improve your efficiency and sales.

You are able to take photo of receipts and send them to your accountant immediately, this is really a great feature for most owners to just make records and move on.

Benefit 3: Xero Accounting Software is affordable to most users

If you are not using most of the invoicing feature, it starts from $12 a month. For those who require invoicing features, it starts from $30 a month. This is something that most people dont realize, that the price is great for companies that are just starting up. No high up front cost, you pay the monthly usage fees and you get support all year round when you need them.

The price range is also absorbed by partners or advisor you work with when you run Xero software with this accounting companies.

Benefit 4: Xero Accounting Software is very popular in Singapore with startups

The most important thing about using a software is when most of your other friends are using them. Xero is now one of the most popular cloud based accounting software in Singapore. There are features where you can send invoices and get payment online. With you and some of your customers working on the same platform. The transaction is almost seamless.

You also get support from the strong local team of Xero when you work closely with Xero in Singapore. With a strong presence means they will have to spend more to ensure service standards are strong in Singapore.

Benefit 5: Xero Accounting Software, there is no fear of security problems 

The biggest problem is when you lose your accounting information after they are all entered into the system. This is something that is the worse nightmare for most business owners. Xero has its back up systems to ensure that they are also working strong.

Xero also has 2 factor authorization for you to go through before you can login. Ensuring that unauthorized personnel are not able to access your system data.

 


K Cloud Accounting is a Singapore based Xero Accounting Services firm. We are able to assist startups and SMEs in accounting, tax, corporate secretarial and payroll services needs.

You can find out more on our page: http://kca.sg

 

Benefits of using Xero Cloud Based Accounting Software for Bookkeeping Services

5 reason Xero Cloud Accounting Software can help companies run better

Running a business with very little experience as a startup founder is something that is very foreign to many people in Singapore. For founders who come from an education system that prepares you only to be a great employee who delivers high quality work to MNCs, most Singaporeans are not very well equipped for entrepreneurship.

Accounting is something that will require special skills that most people are not equipped with. Even for those that graduate Business school will only know very basic accounting knowledge.

Xero Accounting Software is a cloud based software that has in recent year took on a more prominent role in the Singapore economy. Xero has managed to capture a good amount of market share and is able to lead the business world in the cloud based sector of accounting software.

5 reason Xero Cloud Accounting Software can help companies run better

We will share and discuss 5 reason Xero Cloud Accounting Software can help companies run better:

Reason 1: Xero Cloud Accounting Software is used by many startups in Singapore

You might be thinking how is this going to help you run better?

Having many people on the same platform means you can perform certain parts of the business through the app and you will be able to monitor them closely. For example payment can be requested in app and you will be able to update immediately through the platform. With more people on board the platform, Xero will also be able to learn the needs of the companies in Singapore and figure out what functions to update and change when it is needed.

 

Reason 2: Xero Cloud Accounting Software is updated on a very regular basis

The most important part of doing a business is to have the most updated equipment and software that you can rely on. Why is that important you might be thinking? The thing about having updated software is so that you are relying on the most productive software. Time is money in the business world and this is something that many people will need to understand.

With also new inclusions there is a lot more that the startup can take advantage of to do well for the productivity of the company. 

Xero does an update every other month on their core software and it includes making many interesting function standard and this helps the company and also the accounting firm to better deliver their services for businesses.

 

Reason 3: Xero Cloud Accounting Software works with top 3 banks of Singapore for bank reconciliation ease

We just received latest news that OCBC has started working with XERO to integrate the bank reconcilation system with XERO. 

That makes all three major local banks, UOB, OCBC and DBS being partners with XERO. Most local businesses run one of this bank accounts and for startups, one of this 3 banks will definitely be your preferred choice for startup bank accounts. 

Bank reconciliation is made easy with this function, saving time for your accountants and also allowing the entrepreneur to find out the bank balance of the company when they access the application to find out more about their bank details. 

 

Reason 4: Xero Cloud Accounting Software is easy to use and learn

The strength about using Xero as your accounting software is that it is a very easy to learn software. It takes just 1 to 2 hours to figure out most of the function and there is many functions that the entrepreneur can use to improve their own business.

We will provide free training for new customers and at the same time it is available as an app on the iPhone and Android.

 

Reason 5: Xero Cloud Accounting Software has apps that are able to do more than just accounting

Similar to the app store of iPhones, Xero has its own app store that is able to give you additional functions that will allows to do more. Apps such as receipt bank for example helps you to scan receipts and make them into expenses documents within the software.

There are also new apps that are developed every month to help the users of Xero to improve their needs and this is something that makes Xero stand out better than the rest because of the full environment that it develops for other producers to produce software that can help businesses run better.

 


 

5 reason Xero Cloud Accounting Software can help companies run better


K Cloud Accounting is a Xero Based Cloud Accounting Services firm that is able to assist startups and SMEs to carry out accounting, bookkeeping, taxation, corporate secretarial and incorporation services.

We look forward to working with startups and SMEs as our founder is also a young founder himself. 

Find out more about our Xero accounting services here: http://kca.sg/

5 reason Xero Cloud Accounting Software can help companies run better