4th June: My Bad Day And Hopefully A Brand New Start

[Raiders]

agent fee is half a month only for 1 year lease. don't get cheated.

must be a profitable business, otherwise for $300 goods, just wonder how many times you have to turn to cover rental and your salary.

Thanks for the reminder on agent fees brother. The goods is sold at 5 times the cost price. My own business will need a turnover of 6k to breakeven. In my current company(the one I'm leaving) I just need to close one eye, tie one hand, I can earn that 6k turnover.

 

[Raiders]

Good luck raiders. Don't spend too much time banging PRC whores and focus on building your business

Thanks brother. Don't always disturb me hor

 

[Raiders]

Yes. Set up is the most difficult and to stable for next few year.
That why gov have ZERO tax on 1st $100k profit and next $200k tax at 50% discount for Pte Ltd for 1st 3 year of company register.
So if u think can get good profit register Pte Ltd. Tax will be lower.

Brother, can I start as sole proprietorship(my current own business name is registered as sole pro) and change it to Pte Ltd next time?

 

[KNNBCCB]

....

i know nuts about business, brudder... jus like bro erection...

wish you all the best ... got good lobang let us know , we will suppork you ...

 

[Raiders]

i know nuts about business, brudder... jus like bro erection...

wish you all the best ... got good lobang let us know , we will suppork you ...

Thanks brother. Alright, its been a very tiring day for me. Need to sleep. Going to ACRA tmr and viewing the office tmr also. Thanks everyone for their input. I really appreciates it.

 

[Cestbon]

Brother, can I start as sole proprietorship(my current own business name is registered as sole pro) and change it to Pte Ltd next time?

Yes. Gov allow.

 

[Cestbon]

Thanks for the reminder on agent fees brother. The goods is sold at 5 times the cost price. My own business will need a turnover of 6k to breakeven. In my current company(the one I'm leaving) I just need to close one eye, tie one hand, I can earn that 6k turnover.

Tell u the truth. Many customer said will support U this and that if u set up company. But when u set up depend on your relationship not many willing to change vendor/contractor/supplier even u offer cheaper price.
So hope u calculate into this base on my experience. U need to find new customer because only small portion will jump over.

 

[palden]

All the best wishes.

 

[toolanliao]

Tell u the truth. Many customer said will support U this and that if u set up company. But when u set up depend on your relationship not many willing to change vendor/contractor/supplier even u offer cheaper price.
So hope u calculate into this base on my experience. U need to find new customer because only small portion will jump over.

how true. probably 20% - 30% will actually follow you. the rest are just bullshitter hoping you don't screw up their business before you quit.

my humble advise to bro raider is to pay people to do all the work that you are not familiar with, focus on your core strength, otherwise you will tire out before you even started the fight. also you will have more time for your other activities.

get a corporate secretarial firm to do the registration and setup paperwork for you.

 

[sleaguepunter]

1. Register with ACRA (I already register as a sole proprietor a few months ago. Will sole proprietorship be ok or must I be register it under Pte Ltd?

2. Step 2 should be opening a company bank account. Can I just do it with the ACRA letter?

3. How do I go about paying my employee's CPF?

4. GST matter. Im charging my customers net charges inclusive of GST. Therefore, do I need to submit the GST?

5. Are there any other legal matters that I missed out?

Thank you in advance.

!) if your revenue is small, u can keep it a sole proprietor, but there are pitfall as a SP as u will be liable to your company debts, touch wood, in the event your biz fail. A Pte Ltd will protect you from any creditor up to the amount of paid up capital.

2) if i not mistaken, SP open bank account no need company memoradum. Only Pte Ltd need, together will a company resolution in order to open a bank account.

3) Once your company registered, u can go to www.cpf.gov.sg to open an account online. online cpf submittion is free, charges will be incurred if use old school cheque and paper forms submition. this one dont play a fool, better ask ppl with payroll experience to help u in cpf computation if u know nuts about cpf. it not a straight form 20% employee and 16% employer, age of the employee also determine how much cpf to contribute.

4)GST-while only need to GST register only when sales exceed $1m but can also register at any amount as long it advantage to u. Let said your biz export based, then GST registered can help u get back GST u paid to supplier while not charging the extra 7% to customers. if i a gst register biz, i would prefer to buy from a gst register supplier if both suppliers charge the same price as i can claim or offset the 7% gst i paid to the supplier from iras.

5)legal-bro, u will need to buy workmen comp for your employees, the most basic of all insurance. Then there the fire/burglar/public liabilities insurance. These insurance shd be cheap, all in shd be less than $300 a yr if u can find a good deal. dont get an agent, get a broker as he will source for u the cheapest in the market.

 

[rodent2005]

No.1 and foremost, whether if you going to run a company as a soLe-proprietorship, or as a Pte Ltd; your 1st
set of FY01 account have to be properLy done by an auditor..
FaiLing which you may Land yourseLf into a Lot of queries from IRAS, which can be quite mentaLLy taxing..

Crap lah, exempt pte ltds are exempted from audit if revenue is less than S$5m.

 

[I_Hate_Pappies]

You need to spend less time here.....

All The Best, Bro!HUAT AH!

 

[zhihau]

Thank you in advance.

bro,

all the best! 發啊！

 

[Froggy]

Not big time. The start up is actually quite low capital. I am lucky that I know the trade very well and I was given a chance to set up the Sydney branch and manage the Singapore one also. I even know how to fulfil all the roles within the organization.

Bro Raiders, when I read the above I felt that your leaving is a blessing in disguise. You have been trained and given the opportunity to do stuff on your own and even starting up a branch overseas, hell, your leaving is like a graduation that ready you for greater things in your life, remember that bro.

Hey if you have time go read this short story its very funny and inspirational

 

[Khun Ying Pojaman]

Otherwise known as 忠心耿耿，死路一条。

You mean 忠忠直直。終衰客吃 as in Cantonese.

 

[Conqueror]

How Can You Believe In That ?

Today is one of the darkest period in my life. After being with the company for 5 years, it was time for me to moved on. In the past, there were chances to stike it out on my own when some of my colleagues left and started their own businesses. However, I stayed put due to my loyalty to the company.

1. Register with ACRA (I already register as a sole proprietor a few months ago. Will sole proprietorship be ok or must I be register it under Pte Ltd?

Better check your weather radar. The general economic sentiment is not good. Cut cost if possible - no fancy renovation or high rental shop or office. If possible use free things to do your marketing like the internet - you can ask Leongsam for tips.

Some people threw in lots of money with their severance package and ended up much worse than being an unemployed. Like Cao Cao, one Red Cliff was good enough for him to call it a day.

Anyway, there's no such thing as loyalty. No use = kick out. Simple as that. You make use of them, and they make use of you.

Cut cost is for the poor. Make more is for the rich.

 

[Froggy]

Re: How Can You Believe In That ?

Better check your weather radar. The general economic sentiment is not good. Cut cost if possible - no fancy renovation or high rental shop or office. If possible use free things to do your marketing like the internet - you can ask Leongsam for tips.

Some people threw in lots of money with their severance package and ended up much worse than being an unemployed. Like Cao Cao, one Red Cliff was good enough for him to call it a day.

Anyway, there's no such thing as loyalty. No use = kick out. Simple as that. You make use of them, and they make use of you.

Cut cost is for the poor. Make more is for the rich.

Wah-lao-eh he already show us his budget liao I think now more to cut liao la.

 

[besotted]

Re: How Can You Believe In That ?

Congrats, this is the best thing that can happen to you.

As long as you don't do anything that requires decent command of English - your grammar sucks - you will be fine

I've always urged people to start their own business and not be a fucking tar kong zai and complain no end about the boss, the colleagues and the government

 

[Asura]

Re: How Can You Believe In That ?

Congrats, this is the best thing that can happen to you.

As long as you don't do anything that requires decent command of English - your grammar sucks - you will be fine

I've always urged people to start their own business and not be a fucking tar kong zai and complain no end about the boss, the colleagues and the government

You left out this in your agenda, employing of PRC.

 

[besotted]

Re: How Can You Believe In That ?

You left out this in your agenda, employing of PRC.

I knew I have many supporters like you who will come out and assist me