Returning to France this time, Maxime J. and Bérangère BASSEN had the pleasure of representing MBiA, connecting with French companies, and sharing their perspective and insights on Singapore’s thriving business landscape.

Accompanied by co-speakers from the French Chamber of Commerce in Singapore (FCCS), and the Singapore Economic Development Board (EDB), the presentations shed light on the opportunities to do business in Singapore and Southeast Asia: by 2040, ASEAN is set to drive over 50% of global GDP, fueled by a digitally connected, and youthful population, leading to significant growth in the middle and affluent classes.

Individual B2B meetings were also organised to advise local French companies interested in exporting and expanding their businesses into new markets!

A big shoutout to Région Pays de la Loire, CCI Pays de la Loire, CCI International Nouvelle-Aquitaine, and CCI Bordeaux Gironde for their warm welcome and great organization.

Stay tuned for more adventures ahead!

The post Business trip to France: Exploring Business Opportunities in Singapore and Southeast Asia appeared first on MyBusiness in Asia.

The recent CFO Breakfast Session, co-hosted by Deel and MBiA – MyBusiness in Asia, was a great success, bringing together Deel’s Global Payroll Professional Andrew Knell and RBA’s General Manager Pierre Vanrenterghem

Attendees got an exclusive look into HR and payroll best practices in M&A. They also received expert guidance on executing financial due diligence in M&A transactions.

3 key takeaways:
Key aspects of different valuation methods in Financial DDs
The ins and outs of EBITDA/Revenue Normalization
Consider HR strategy alignment and employee transfer before the M&A for seamless Post-Merger Integration

But it wasn’t just about presentations, the breakfast networking sparked lively conversation among CFOs. They actively shared experiences and swapped invaluable insights, creating a collaborative atmosphere that was truly inspiring.

Did you miss out? Stay tuned for future events by Deel and MBiA designed to equip you with the tools to excel in today’s dynamic business landscape.

The post CFO Breakfast | Payroll Compliance and Financial Due Diligence in M&A appeared first on MyBusiness in Asia.

About the Singapore Xero Roadshow

Xero invited MBiA for this year’s edition of the Asia Xero Roadshow taking place in Singapore.

The Singapore Xero Roadshow 2023 focused on empowering the accounting and bookkeeping community with the theme of working “Smarter, Faster, Stronger, Together” to support small businesses across Asia.

Special Highlights of Xero Roadshow

The event aimed to unite this community, encouraging networking and interactions with app partners and exhibitors to enhance their practices and client support.

One key feature of the roadshow was the presentation of insights from Xero’s State of the industry report, which surveyed Singapore’s accounting and bookkeeping industry, highlighting current trends, challenges, and opportunities.

Follow us and attend our next events!

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The post MBiA participates to the Singapore Xero Roadshow 2023 appeared first on MyBusiness in Asia.

About the Singapore Fintech Festival

The Singapore Fintech Festival (SFF) 2023, held from November 15 to 17, stood out as one of the largest fintech festivals globally.

This event attracted over 60,000 attendees, including more than 650 exhibitors, and represented over 100 countries. It served as a convergence point for leaders and experts in finance, technology, and public policy.

Special Highlights of SFF 2023

The 2023 edition was marked by a special focus on the ‘Applications of Artificial Intelligence (AI) in Financial Services‘, discussing topics like driving low-carbon transitions, expanding financial access for underserved populations.

The event also bolstered digital economic resilience, and scaling AI and Web3 solutions both regionally and globally.

The event also featured prominent pre-festival activities like The Capital Meets Policy Dialogue, the annual Innovation Lab Craw and the event on companies’ expansion in APAC by Startups and Angels in partnership with MyBusiness in Asia.

About the HongKong Fintech Festival

Hong Kong Fintech Week, taking place this year from October 30, 2023 to November 05, 2023, is a cross-boundary fintech event held in Hong Kong, one of Asia’s biggest financial hubs, and Shenzhen.

The entire week drew a record high of over 35 000 attendees and over 5.5 million views online from over 100 economies, featured over 800 distinguished speakers and over 700 exhibitors, as well as attracting more than 30 Mainland and international delegations.

Special Highlights of HKFTW 2023

Under the theme “FinTech Redefined“, this year’s main conference explored FinTech development, covering key topics that shape the industry.

The discussions spanned global regulations and trends, the intricacies of funding and venture capital, and the evolving landscape of family office investments.

The exploration also extended to cutting-edge domains such as artificial intelligence (AI), Web3, and emerging frontiers that push the boundaries of financial technology.

Follow us and attend our next events!

Keep in touch with us and follow our next events by subscribing to our LinkedIn page to be informed of all the news of MBiA and its events.

The post MBiA attendance at the Singapore Fintech Festival and Hong Kong Fintech Week 2023 edition appeared first on MyBusiness in Asia.

From Local to Global: Mastering International Expansion Strategies

On 15th of November 2023, the International Expansion event was laid out to share perspectives from different stakeholders on how to approach a company expansion in the APAC region.

We were pleased to have the events hosted by our venue partner, Only U Space: 10 Anson Rd, #31-06 International Plaza, Singapore 079903

Line up and experience sharing

The first speaker was Katrina Shen, CEO and founder of Only U Space who shared about her company. This pitch emphasize the plans and ambitions of startups willing to raise funds to expand their business.

Jason Williamson of Dedoco, a scale up shared his experience on handling expansion of successfully funded scale up and the Dos and Don’ts in expanding in APAC.

More in-depth insights were also provided through a panel discussion which was moderated by Natasha Prévot of Techvisa. Other members of the panel included:

• Erin Padilla CEO & Co-Founder at Accela Group
• Leo Denes CEO & Founder of Australiance
• De’Angello Harris Partner at Think & Grow
• Ilana Elbaz Head of Sales for Deel

Networking after the event

Attendees also got the chance to network after the event. Some of them were coming from other countries as a global attendance was also expected during the Singapore Fintech Festival happening that same week.

The event welcomed around 50 attendees and MBiA team as well as representants of the RBA Group also joined to make the most of this opportunity to discuss partnerships and meet new people.

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Keep in touch with us and follow our next events by subscribing to our LinkedIn page to be informed of all the news of MBiA and its events.

The post MBiA Singapore w/ S&A event: From Local to Global: Mastering International Expansion Strategies appeared first on MyBusiness in Asia.

This article summarizes some of the information shared during this first session.

How to Obtain an Employment Pass in Singapore?

The Employment Pass (EP) is the most common visa to work and live in Singapore. The Pass is targeting foreign talents willing to come and work in Singapore.

Obtaining an EP consists of different steps:

1. Passing Eligibility Criterion #1: Salary threshold

Each candidate must pass 2 eligibility criteria for their EP application, the first one consists of a salary threshold. Candidates to the EP must be paid at least a fixed salary of SGD 5,000 per month. The threshold increases along with the candidates’ experience. A candidate with 10 years of relevant professional experience is often recommended to apply for EP with a fixed monthly salary of at least SGD 10,000.

To learn more about the exact definition of a fixed monthly salary, you can review the MOM’s website.

2. Passing Eligibility Criterion #2: COMPASS Framework

The COMPASS Framework is the second eligibility criterion to apply for an Employment Pass in Singapore. Passing the COMPASS criterion requires for each candidate to score at least 40 points. This requirement applies from September 1^st 2023 onwards. The COMPASS framework will be required for EP renewals starting September 1^st 2024.

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About MyBusiness in Asia – MBiA

We are a tech multi-disciplinary advisory firm providing accounting, tax and corporate secretarial solutions to entrepreneurs, startups and SMEs for all their business matters.

Our experts help you to understand all aspects of doing business in Asia. Feel free to reach out to know more.

3. Complying with the Fair Consideration Framework (FCF)

As the EP is sponsored by the future employer of the candidate, the company will have to ensure complete compliance with the Fair Consideration Framework. This means that companies must consider each candidate fairly and do no discriminate against race, religion, local applicants, etc.

The FCF also requires posting the job description of the opened position on the governmental portal MyCareersFuture, where local candidates can apply. The position should be posted for a minimum of 14 days before foreign candidates can be considered for the EP application.

Small companies will less than 10 employees are exempted from the 14 days job posting requirement.

Moreover, candidates with a fixed monthly salary of SGD 22,500 and above are also exempted from the 14 days job posting requirement.

4. Application to Employment Pass (EP)

Upon eligibility to both Criteria #1 and #2 and completion of the FCF requirements, the company can prepare the EP application of the candidate.

The employer (this can also be done by an Employment Agency of the authorized filing agent) will need to assemble the candidate’s supporting documents such as passport, and diplomas (which require to be verified).

The EP application is then reviewed by the Ministry of Manpower (MOM) and the stated timeline is 3 weeks.

5. Application acceptance and In Principal Approval letter (IPA)

Candidates whose application is successful will receive an In Principal Approval (IPA) letter. The letter allows for candidates to enter Singapore without tourist visa and prepare for the issuance of their pass.

An important point is that the IPA letter is valid 6 months. This means that upon acceptance of the EP application the candidate will have 6 months to organize relocation to Singapore and starting work. It is also possible to start working in Singapore as soon as the candidate reaches Singapore (provided the pass is properly issued).

The Employment Pass application is sponsored by the future employer. Although the process can be tedious, and your corporate services provider is often able to support with extensive experience and know how to avoid delays.

How to Score 40 Points on COMPASS Framework?

The COMPASS framework consists of 6 criteria to score points for candidates to the Employment Pass application. To understand in greater details how to score points for the COMPASS framework, you can refer to the MBiA COMPASS article that cover the topic extensively.

There are 4 main criteria onto which 0 to 20 points can be scored:

• COMPASS Criteria #1: Salary: Candidates with a higher salary (relative to the relevant industry standards of the applicant company) can score up to 20 points.
• COMPASS Criteria #2: Qualification: Candidates who hold a degree from top-tier institutions can score 20 points while candidates holding a degree can score 10 points.
• COMPASS Criteria #3: Diversity: Candidates whose nationality is seldom represented within the hiring company can score up to 20 points.
• COMPASS Criteria #4: Local Employment: Hiring companies with a higher percentage of local employees (relative to the relevant industry standards of the applicant company) can score up to 20 points for their candidate.

The 2 additional criteria are considered bonus:

• COMPASS Criteria #5: Shortage Occupation List (SOL): Job positions corresponding to the Shortage Occupation List grant up to 20 points to their applicants.
• COMPASS Criteria #6: Strategic Economic Priorities: Companies partnering with specific local government bodies and agencies’ programs can score an additional 10 points.

By summing up the points gained through each criterion, candidates shall score at least 40 points to be eligible for EP application.

Since some criteria depend on the company industry for scoring, the sponsors of the application (companies) can determine the COMPASS score of their candidates by accessing the Assessment Test available on the Employment Pass Online platform (eService) of the MOM. This enables to determine if the candidate will be eligible before starting the application process.

What are the exemptions to the COMPASS Framework?

Since a lot of small and medium companies have no internal Human Resource structure we recommend referring to the following points to understand how SMEs are impacted by COMPASS.

The main exemption to the COMPASS framework is for candidates with a fixed monthly salary of SGD 22,500 and above. Not only will the candidates be exempted from COMPASS but also from the salary criterion and the job posting of the Fair Consideration Framework (FCF).

You can also note that candidates with a fixed monthly salary of SGD 30,000 and above might be eligible to the ONE Pass, which gives extra flexibility for both the employer and the employee to work in Singapore. You can read more about the ONE Pass and the advantages of this pass on this page.

For Small and Medium Companies, the COMPASS framework scoring is slightly different. Indeed, companies with less than 25 PMETs (Professionals, Managers, Executives and Technicians, which include all employees earning at least SGD 3,000 per month) will score 10 points by default on some criteria:

• COMPASS Criteria #3: Diversity: Small companies (less than 25 PMETs), score by default 10 points
• COMPASS Criteria #4: Local Employment: Small companies (less than 25 PMETs), score by default 10 points

This means that small companies can score 20 points on Criteria #3 and #4 but require their candidates to score an additional 20 points, most likely through the Salary criterion and the Qualification criterion. Indeed, the bonus criteria are less frequent for small and medium companies in our experience.

MyBusiness in Asia’s experts are available to answer your questions and discuss with you how to bring the most fitted talents to your company in Singapore.

If you appreciate our content, you will also appreciate our other articles:

• Trends and View of the Startup Environment in Hong Kong
• Understand how the ONE Pass and how to apply for this special Pass in Singapore
• Apply for an EP in Singapore and understand the new COMPASS framework
• Learn everything about the Stamp Duty for shares and calculator in Singapore
• Making Sense of the Dividends Taxation and Regulations in Singapore

The post #BetterBusiness Recap: Understanding the COMPASS Framework appeared first on MyBusiness in Asia.

The Singapore Fintech Series

In 29th March 2023, the Singapore Fintech Series event was structured to get a snapshot of the Fintech landscape in APAC in early 2023. As the global economy was hit by very high banking uncertainties following the collapse of the Silicon Valley Bank, speakers from different horizons gave their opinions on the impact it would have in APAC.

The event was indeed structured in 2 parts with 4 Fintech startups pitching first and then an expert panel discussion on the Fintech landscape in APAC.

The lineup of the event

Panel of Experts

Moderator: Pauline Wray – Stealth Startup

Koren Wines – Managing Director, Xero

Emma Arora – Managing Director, Cognito

Reuben Lim – COO, Singapore Fintech Association

Sabrina Tachdjian – Head of Fintech & Payments, HBAR Foundation

Startup Pitch & Scaleup Success Stories

Makoto Tominaga – Founder @ Credify.one

Malcolm Tan – CSA @ Technicorum Holdings

Uzair Javaid – Founder @ BetterData.ai

Sanjay Upal – Founder @ Finbots.ai

Networking in TEC

MBiA partnered with The Executive Centre to provide an exclusive venue for attendees to gather in the core of Singapore Business District, at One Raffles Quay! Participants and attendees were invited to network after the event and connect with future business partners and potential clients alike.

With about 70 participants, the event proved very successful and led to many follow up business meetings and higher awareness over Fintech’s challenges and opportunities in APAC.

About the Fintech Series event

The Fintech sector has the fastest growth rate in the Asia-Pacific region, where some of the major financial businesses are headquartered. Therefore, MBiA and Startup&Angels hosted an exclusive fintech event in Singapore on the 29th of March 2023 to give the opportunity to tap into this evolving market and network with game-changers and next-gen disruptors in the field of fintech. The primary goal was to bring together innovative financial technology companies that are changing the face of financial services. This is an excellent opportunity for fintech startups and other fintech companies looking to launch new products in the Asia-Pacific market.

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Keep in touch with us and follow our next events by subscribing to our LinkedIn page to be informed of all the news of MBiA and its events.

The post MBiA Singapore Fintech Series Event w/ Startup & Angels appeared first on MyBusiness in Asia.

Special thanks to Monetary Authority of Singapore (MAS)ElevandiConstellar and The Association of Banks in Singapore for organizing a world-class Fintech Festival.

We look forward to next year’s edition and seeing you there!

The post MBiA X SFF 2022 Singapore Fintech Festival appeared first on MyBusiness in Asia.

Our team members, Vincent and Maxime, attended the #XeroRoadshow 2022 in Singapore on November 8. We were happy to catch up with Bryan and be a part of the Xero community at this insightful event with thought leaders from Southeast Asia across the #finance & #accounting sector.

Xero has been an important partner of MBiA through its cloud accounting software that enables us to deliver digital accounting services to our clients!

The event was a great opportunity to connect with the Xero teams and learn about the next features under development in Xero.

The post MBiA X Xero Roadshow 2022 Singapore appeared first on MyBusiness in Asia.

The judges had a hard time choosing a winner amongst these amazing pitches. Congrats to Jan Gasparic and Nathalie Rafeh for winning the competition!

A special thank you to our #judges and #startups :

The fabulous 5 startups pitching:

Adele Leong | OnTheList
Jan Gasparic | Fairmart
Nathalie Rafeh | Splashup
Jerome Tam | Rush Hour Digital
Chrystie Dao | @Hoobuyz

 The key industry leaders that joined the judges panel:

Sylvain Rouri | OVHcloud
Jay Frame | DFS Group Limited Group
Roselan Araf | SGTech / Hammer Treasury
Gaelle Decolnet | IWD Retail Software
Derek Tang | Xero
Lutfillo Yuldoshev | Worldpay

Massive congratulation to Jan Gasparic and Nathalie Rafeh for winning this pitch night! You wowed our 6 talented judges!

Our team can’t wait to co-host more events like this in the near future!

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