This article will explain what the EP Eligibility Calculator is, how it works, the key requirements, and how you can use it to assess your EP application chances.

Overview:

• What is the EP Eligibility Framework?
• How to Use the EP Eligibility Calculator?
• Reviewing Your Results
• Benefits of Using the EP Eligibility Calculator

What is the EP Eligibility Framework?

To qualify for an Employment Pass (EP) in Singapore, applicants need to satisfy two main requirements:

1. EP Qualifying Salary

The first requirement is meeting the minimum qualifying salary, which is adjusted by age and sector. This salary threshold is based on the top third of local PMETs’ salaries by age:

– The minimum salary starts at $5,000 for younger applicants, increasing with age, up to $11,500 for those aged 45 and above.

Note: The salary should reflect your fixed monthly salary, exclusive of bonuses, overtime, or any other non-fixed components.

What is a PMET employee in Singapore?

PMET means Professionals, Managers, Executives and Technicians, but factually refers to all (local or foreign) employees earning at least SGD 3,150 per month.

2. COMPASS (Complementarity Assessment Framework)

After meeting the salary requirement, candidates must pass COMPASS, a points-based system that evaluates individual and company attributes. COMPASS ensures that EP holders bring skills that complement Singapore’s workforce.

To pass COMPASS, candidates need at least 40 points from multiple criteria.

How to Use MBiA EP Eligibility Calculator

Our EP Eligibility Calculator is designed to make it easy to assess your qualifications based on the COMPASS framework. Follow these steps to get your eligibility score:

To begin, input the following information into the calculator:

• Your Age
• Educational Qualifications (such as bachelor’s degree or higher)
• Proposed Monthly Salary
• University Attended
• Job Sector
• Company’s Workforce Size
• Job Role (particularly if it’s on the Shortage Occupation List for a skills bonus)
• Company’s Workforce Diversity

The calculator will assess your profile based on the following COMPASS criteria:

Salary Benchmark (C1)

The salary is based on the MOM’s definition of Fixed Monthly Salary in Singapore dollars, which consist of your basic monthly salary and your fixed monthly allowances.

Your salary is compared to sector-specific benchmarks. Higher salaries relative to the sector average can earn up to 20 points.

Qualifications (C2)

Points are awarded based on your educational level and the reputation of your institution. Higher degrees from recognized universities can contribute up to 20 points. If your university is not listed in the drop-down menu, select “Other Universities” to continue the assessment.

Note: Candidates without degree-equivalent qualifications can still pass COMPASS by earning at least 40 points from other criteria. This means you can make up for a lower qualification score by performing well in other areas like salary or workforce diversity.

Also, it does not make a difference if your highest degree is a Bachelor, Masters or PhD, since they all award a total of 10 points by default.

Workforce Diversity (C3)

Companies with a diverse workforce, especially in terms of nationality, score higher. A diverse workplace can add up to 20 points to your eligibility score.

Share of PMETs from Specific Nationality = (Total Number of PMETs/Number of PMETs from Specific Nationality) ×100

Small companies with less than 25 PMETS, will score 10 points by default on this criterion.

Local PMET Share (C4)

Companies with a higher percentage of local (Singaporean and PR) PMET employees earn more points, reflecting a commitment to supporting local talent. This criterion compares your company’s share of local PMETs to others in the same sector:

• 50th Percentile and Above: 20 points (your company has a higher share than 50% of others in the sector).
• 20th to Less Than 50th Percentile: 10 points (your company has a moderate share, below the top half).
• Below 20th Percentile: 0 points (your company has fewer local PMETs than 80% of others in the sector).

This can contribute up to 20 points toward your overall COMPASS score.

Small companies with less than 25 PMETS, will score 10 points by default on this criterion.

Skills Bonus (C5) If your role is on the Shortage Occupation List (SOL), you may receive bonus points, up to 20 points. These roles address critical skills gaps in Singapore.

Strategic Economic Priorities Bonus (C6) An additional 10 points may be awarded if your company is involved in programs supporting Singapore’s strategic economic goals and conducted in partnership with Singapore public agencies. These benefits industries contributing to long-term growth.

Once you enter all the information, the calculator will total your points and indicate if you meet the minimum 40 points required by COMPASS.

Reviewing Your Results

After generating your score, you can easily see if you meet the requirements for an Employment Pass:

• Stage 1: Does your salary meet the EP qualifying salary for your age and sector?
• Stage 2: Do you have at least 40 points across the COMPASS criteria?

If you meet both requirements, you should be eligible to apply for an Employment Pass in Singapore. If not, the calculator will highlight areas where you can improve, whether by adjusting your salary, enhancing qualifications, or joining a company with a more diverse workforce.

Benefits of Using the EP Eligibility Calculator

Quick and Accurate: Get instant results on your EP eligibility, without waiting for official responses.

Transparent: The calculator is based on the COMPASS points system applied by Singapore’s Ministry of Manpower, ensuring results you can trust.

Guidance for Improvement: If you don’t qualify, the calculator helps you pinpoint areas to focus on, such as increasing your salary or upgrading your qualifications.

Ready to Check Your EP Eligibility?

Try our Employment Pass Eligibility Calculator today to see if you qualify. Simply enter your details, and the tool will provide a clear, detailed assessment of your eligibility for an EP in Singapore.

Don’t wait—start your journey toward securing your Employment Pass in Singapore now!

Eligible? Contact MBiA to assist with your EP application!

MyBusiness in Asia Pte. Ltd. is an authorised filing agent in Singapore. This means that MBiA can apply for Employment Passes in other visas for your company and ensure to leverage extensive experience and secure your candidate’s next visa.

Further understand COMPASS and EP requirements

• Understanding the COMPASS Framework: Learn the full details of the COMPASS system and how each criterion is scored.
• COMPASS: The New Employment Pass regulation in Singapore: A closer look at the regulation changes, requirements, and what foreign professionals should know.

The post Evaluate Your Employment Pass (EP) Eligibility with MBiA COMPASS Calculator appeared first on MyBusiness in Asia.

This article will explain what a Nominee Director is, their responsibilities, who qualifies for the role, how to appoint one, and the potential risks involved.

• Who is a Nominee Director
• What are the roles and responsibilities of a Nominee Director
• Eligibility criteria for a Nominee Director in Singapore
• What differentiates a Nominee Director from an Executive Director
• Steps to appoint a Nominee Director
• Risks of hiring a Nominee Director

What is a Nominee Director

Under Singapore’s Company Act, every company incorporated in Singapore must have at least “one local resident director on its company’s board at all times” for compliance purposes.

These directors are responsible for overseeing and ensuring that companies established by foreigners comply with Singapore’s local laws.

A local resident director is defined as an individual who physically resides in Singapore (verified by proof of a local residential address) and is not disqualified from holding a directorship role.

If the company’s beneficial owner or appointed directors are not residents of Singapore, they may appoint a Nominee Director to meet this requirement.

The term “Nominee” signifies that this director role is strictly non-executive within the company. The primary function of a Nominee Director is to represent the appointing party without holding shares or having executive directorial responsibilities.

Hence, if you plan to incorporate a company in Singapore without a local resident director, you will need to appoint/hire a Nominee Director to complete the incorporation process successfully.

What are the roles and responsibilities of a nominee director

The roles and responsibilities of a Nominee Director in Singapore generally include:

• Meeting Legal Requirements: The primary role of a Nominee Director is to satisfy the legal obligations under Singapore’s Companies Act, which requires all companies registered in Singapore to have at least one resident director.
• Compliance: Ensuring the company adheres to all relevant laws, regulations, and corporate governance standards in Singapore. This includes filing annual returns, maintaining statutory registers, and meeting tax obligations.
• Fiduciary Responsibility: The Nominee Director represents the appointing party on the company’s board, upholding their interests within the legal framework of Singapore. They must also maintain strict confidentiality regarding company matters and sensitive information, safeguarding the appointing party’s interests.

Overall, the Nominee Director acts as a local representative to facilitate the company’s smooth operation within Singapore’s regulatory framework, ensuring compliance and protecting the appointing party’s interests.

Eligibility criteria for a Nominee Director in Singapore

According to the Singapore Companies Act, a nominee must be:

• A citizen or permanent resident of Singapore or a holder of an Entrepass work visa with a permanent Singapore address; and
• At least 18 years of age and
• Has a clean criminal record with no disqualifications

What differentiates a Nominee Director from an Executive Director

While nominee directors and regular directors share similar obligations, there are key differences between the two roles. Nominee Directors do not hold executive authority or engage in the company’s management, whereas regular directors have an executive role that includes making management decisions and overseeing daily operations. This distinction is crucial as it clarifies the roles and responsibilities of each type of director, ensuring effective and compliant company operations.

In essence, nominee directors act as a local presence for foreign entities in Singapore, assisting them in navigating the legal and regulatory landscape and establishing a local foothold. Conversely, regular directors are more actively involved in the company’s daily operations and decision-making processes, guiding its strategic direction and growth.

Outsourcing Nominee Director services is often one of the first recommendations for foreign companies looking to expand into Singapore, especially if the business owner does not yet possess an Employment Pass. MyBusiness In Asia is proud to offer a team of Nominee Directors in Singapore who can help ensure your business is set up successfully and all local compliances are met.

Steps to appoint a Nominee Director

The process of appointing a Nominee Director in Singapore typically involves the following steps:

1. Identify a Suitable Nominee: Select an individual who meets the eligibility criteria to serve as a nominee director. This person should be a resident of Singapore with a clean record and a solid understanding of the role.
2. Agreement: Reach an agreement with the chosen nominee director regarding their appointment. This agreement should outline their responsibilities, remuneration (if applicable), and any other relevant terms.
3. Documentation: Prepare the necessary documents to formalize the appointment. This may include a director’s consent form, an indemnity agreement, and any other required legal documentation.
4. Submission to ACRA: Submit the relevant forms and documents to the Accounting and Corporate Regulatory Authority (ACRA) of Singapore. This usually involves filing the necessary forms online through ACRA’s BizFile+ portal.
5. Payment of Fees: Pay any applicable fees for the appointment of the nominee director. These fees may vary depending on the service provider and the complexity of the appointment process.

Once the appointment is processed and approved by ACRA, the nominee director will be officially added to the company’s board and can begin fulfilling their legal duties and responsibilities.

Risks of hiring a Nominee Director

Hiring a Nominee Director for your company in Singapore comes with certain risks and considerations, including:

• Confidentiality Concerns: The Nominee Director may have access to sensitive company information, raising concerns about confidentiality and potential misuse. It is essential to establish clear confidentiality agreements and safeguards to protect your company’s interests.
• Legal Liability: Even though they serve as a Nominee Director, they may still be held legally liable for the company’s actions. If the company engages in unlawful or improper activities, the Nominee Director could face accountability, which could lead to legal consequences.
• Reputation Risk: Should the Nominee Director’s reputation suffer or if they become involved in controversies, it may negatively impact your company. This could affect your business relationships, credibility, and overall reputation in the market.

To minimize these risks, it is crucial to choose a capable and trustworthy Nominee Director who understands well Singapore’s Companies Act and local laws and regulations. Collaborating with reputable nominees, establishing clear agreements and safeguards, and maintaining open communication can help mitigate these risks and ensure compliance with applicable laws and regulations.

Summary

In conclusion, appointing a Nominee Director is essential for foreigner aiming to incorporate a company in Singapore. Nominee Directors play a vital role in ensuring compliance with local laws, providing a local address, and acting in the best interests of the company. By understanding the eligibility criteria, roles and responsibilities, and the appointment process, you can effectively navigate the complexities of appointing a nominee director in Singapore.

Moreover, seeking professional assistance can help ensure adherence to local laws and regulations, thereby mitigating potential risks and challenges. Remember, the success of your company in Singapore largely depends on the competence and reliability of your Nominee Director, so it’s important to choose wisely.

The post What Is A Nominee Director In Singapore appeared first on MyBusiness in Asia.

Overview:

• What is a Contact Address?
• Differences Between Contact and Personal Addresses
• Who Needs to Update Their Address?
• Why Register a Contact Address?
• How to Update Your Contact Address with ACRA
• Important Deadlines for Updating Addresses

What is a Contact Address in Singapore?

A Contact Address (or Alternate Address) is a publicly available address that company officers (directors, shareholders, secretaries) can register to protect their Personal Address (residential address) from being displayed in ACRA’s public records.

ACRA introduced this option to give company officers greater control over their personal privacy, while still ensuring that they can be contacted for official business purposes.

Key Features of a Contact Address:

• Publicly Displayed: The Contact Address will appear in public business profiles available through ACRA’s BizFile+ portal.
• Physical Address: It must be a valid physical address, such as an office or a corporate service provider’s address. P.O. Boxes are not allowed.
• Same Jurisdiction: The Contact Address must be in the same jurisdiction (country) as the officer’s residential address.

Example of Jurisdiction Requirement:

If a company director’s residential address is in Singapore, their Contact Address must also be in Singapore. For example:

• Acceptable Contact Address: “123 Robinson Road, #xx-xx, Singapore.”
• Not Acceptable: A Contact Address located in Malaysia, or another foreign country, would not meet ACRA’s jurisdiction rule.

This ensures that the officer can be reliably reached at a valid address within the country.

Differences Between Contact and Personal Addresses

It is important to understand the distinction between these two address types, as each serves a different purpose in ACRA’s records:

Who Needs to Update Their Address?

Any company officer in Singapore — including directors, shareholders, and secretaries — can choose to update their public address to a Contact Address. This option is available to those who wish to protect their Personal Address from public visibility.

By the end of 2024, company officers who wish to replace their Personal Address with a Contact Address must update their records with ACRA to avoid public disclosure.

Why Register a Contact Address?

Registering a Contact Address offers several practical benefits:

1. Protect Your Privacy: By providing a Contact Address, company officers can keep their Personal (Residential) Address private. This prevents unsolicited contact or unwelcome visitors and ensures personal privacy.
2. Avoid Overwhelming Mail at Home: Using your home address for business purposes can result in a flood of business-related mail and documents being delivered to your residence. By registering a Contact Address, you can direct business correspondence to a more appropriate location, such as your company office or service provider.
3. Professional Image: A Contact Address that’s linked to a business location (like an office or corporate service provider) presents a more professional appearance when displayed on the BizFile+ profile.
4. Compliance: Registering a Contact Address ensures that you remain fully compliant with ACRA’s regulations, while also offering flexibility in how you manage your contact information.
5. Public Accessibility: Anyone who pays SGD 5.50 to download your company’s business profile from ACRA’s BizFile+ portal will see your Contact Address instead of your Personal Address, ensuring that personal details are kept confidential.

How to Update Your Contact Address with ACRA

Updating your Contact Address is straightforward and can be done online through ACRA’s BizFile+ portal. Here’s how:

Step 1: Log in to BizFile+
Access BizFile+ using your CorpPass or SingPass.

Step 2: Navigate to the “Update Address” Section
Once logged in, find the section for updating the officer’s address. Select the relevant company officer whose address you want to update.

Step 3: Enter the New Contact Address
Input the new Contact Address (e.g., the company office address or the service provider’s address). Remember, it must be a physical address within the same jurisdiction as the officer’s Personal Address.

Step 4: Submit the Change and Verify
Review the information, submit the update, and verify the changes. If you complete this before November 30, 2024, there will be no filing fee.

Important Deadlines for Updating Addresses

• No Filing Fee Until November 30, 2024: Officers who update their Contact Address before this date will not incur any charges.
• Filing Fee After November 2024: Starting December 1, 2024, a filing fee of SGD 40 per officer will apply for updating addresses in BizFile+.

It is advisable to update your Contact Address before this deadline to avoid extra fees.

Conclusion

Registering a Contact Address is a simple yet important step for company officers who want to maintain privacy, project professionalism, and comply with ACRA’s regulations. By switching from a Personal Address to a Contact Address, officers can protect their residential details from public exposure, avoid receiving business-related mail at home, and ensure they are accessible for official matters. Be sure to update your Contact Address before the deadline to avoid unnecessary fees.

The post Understanding the Contact Address and Personal Address in Singapore: A Complete Guide appeared first on MyBusiness in Asia.

In this article, we will walk you through the process of how to change your company name in Singapore: 

• Steps to change company name in Singapore
• Public disclosure of changes
• The role of the Company Secretary

Steps to change company name in Singapore

Selecting a New Company Name

When your business grows and evolves over time, there may be a need for a new name that reflects a fresh outlook and its achievements. However, renaming is not just a brainstorming session – it’s crucial to choose a name that not only sounds great but also follows legal guidelines. 

In order to ensure compliance with Singapore Companies Act, selecting a new name for your company must fulfill the following criteria: 

• Avoid similar, identical, or phonetically matching names in Singapore ACRA’s reserved company name list. 
• Do not infringe reserved trademarks or brand names. 
• Avoid offensive names, connections to religious names or government entities. 
• Avoid names prohibited by the Minister of Finance (e.g. “Temasek”). 

To verify your company name availability, you can consider utilizing BizFile+ – an ACRA’s filing platform that allows company directors to check business name eligibility and make all their changes online. 

Applying for approval of the new name with ACRA 

Once a new name is chosen, the next step is to submit a “Change in Company Information” form with the details of the proposed name to the Accounting and Corporate Regulatory Authority (ACRA), accompanied by a nominal fee of $15. To submit the application online, you can log in to the BizFile+ website using CorpPass. Upon ACRA’s endorsement, the new name is reserved for 120 days. 

Passing a resolution for the new company name 

One crucial step in changing a company’s name in Singapore is to necessitate the passing of a special resolution during a general meeting to formalize the change. This resolution must be duly prepared, and shareholders notified at least 14 days in advance. The meeting can also be held at shorter notice with flexibility for shorter notice periods upon agreement from most voting rights holders. 

During the meeting, securing approval from shareholders holding at least ¾ of the voting rights is imperative. Subsequently, a notice of resolution must be promptly filed with ACRA within 14 days. Upon receipt, ACRA issues a notice certifying the name change, the new name therefore taking effect. 

Public disclosure of changes 

Following the successful name change, diligent communication with stakeholders is essential. This includes customers, suppliers, and partners, ensuring they are promptly informed. Moreover, updating all marketing collateral, such as social media profiles, websites, letterheads, business cards, signage, brochures, and rubber stamps, is imperative to reflect the new identity accurately. 

The role of the Company Secretary  

In Singapore, the company secretary plays a crucial role in ensuring compliance with the Companies Act, serving as a conduit between the board of directors and the shareholders of a company, and the authorities. Their responsibilities encompass various administrative and reporting tasks, including those pertinent to a company name change.  

Our dedicated team specializes in facilitating seamless and expedient company name changes, by providing the services of a company secretary. From verifying regulatory compliance to preparing requisite documentation, notifying stakeholders, and overseeing the procedural aspects until ACRA’s final approval, we offer comprehensive support throughout the entire process. Trust us to navigate the intricacies, ensuring a swift and efficient transition for your company’s new identity. 

If you would like to learn more about Company Secretary in Singapore, here is the related article that you might find helpful: Corporate secretarial services in Singapore

The post The process of changing a company name in Singapore  appeared first on MyBusiness in Asia.

In helping entrepreneurs navigate their way towards the most suitable incubators and accelerators, this article provides a list of top 5 incubators/accelerators in Hong Kong in 2024:

• Cyberport
• The Hong Kong Science and Technology Parks Corporation (HKSTP) 
• Brinc 
• HKAI LAB 
• Hong Kong Startup Council 

1. Cyberport

Owned by the Hong Kong SAR Government, Cyberport is one of the driving forces for Hong Kong digital technology development. It offers various programs aimed at cultivating talents, supporting start-ups, and promoting industrial and economic growth.  

Cyberport entrepreneurship programs target entrepreneurs in the industries of Smart Living, FinTech, E-Sports and Digital Entertainment, AI, Big Data, Blockchain, Cyber Security, and Corporate Services at various stages:  

Source: Hong Kong Cyberport Management Company Limited

Cyberport’s Creative Micro Fund offers financial support to creative projects and startups in Hong Kong. It’s tailored for ventures in digital media, entertainment, design, and tech, providing seed capital to fuel innovation and entrepreneurship in these industries.  

The details for other sub-programmes are listed below. 

Cyberport Incubation Programme 

Who is this for?

Early-stage Hong Kong registered digital tech company limited by shares (or in progress of incorporation) and incorporated in Hong Kong less than 7 years upon application deadline.

Programme Benefits  

Up to HK$500,000 (≈ US$64,000) financial assistance including:

• HK$100,000 (≈ US$13,000) Initial Working Capital Grant
• Up to HK$200,000 (≈ US$25,500) grant to be allocated upon completion of Six-monthly Progress Reviews
• Up to HK$200,000 (≈ US$25,500) for Performance-driven 2-Tiered Assessment
• Rent-free working space (only for incubatees who chose to work on-site at Cyberport)
• Free use of Cyberport shared meeting rooms, conference rooms, co-working spaces, and other facilities
• Meetings with entrepreneurs and investors, and networking opportunities 

Application Procedure and Selection Criteria 

After submitting an online application form, the applicants will be screened and selected based on five main criteria, namely:

• Market viability with milestones and contribution to Cyberport’s strategic clusters.
• Quality and competence of the management team.
• Business scalability.
• Functional prototype or product secured by design or to solve a real problem.
• Innovativeness and social impact.

If you are interested in the programme, please refer to Hong Kong Cyberport Management Company Limited – Application process for further application guidelines.  

Cyberport Accelerator Support Programme (CASP) 

Who is this for? 

Cyberport existing or graduated incubatees, or Cyberport Creative Micro Fund (CCMF) grantees as per Hong Kong Cyberport Management Company Limited – FAQ 

Programme Benefits 

The Cyberport Accelerator Support Programme offers a maximum of HK$300,000 (≈ US$38,500) for: 75% subsidy on accelerator programme fees, office rental, marketing and promotion, professional services, travel, and accommodation, as well as 50% subsidy for interns. 

Application Procedure and Selection Criteria 

Applicants shall first submit a CASP online application form. They will then be vetted to ensure all requirements are met before the final selection is announced.

If you are interested in the programme, please refer to Hong Kong Cyberport Management Company Limited – Cyberport Accelerator Support Programme for further application guidelines.  

Overseas/Mainland Market Development Support Scheme (MDSS)

Who is this for?  

Cyberport incubatees, grantees or alumni from the CCMF and/ or CIP. This programme also focuses on HKCMCL incubatees, grantees, or alumni from CIP and CCMF who have not raised equal to or more than US$10M of funding in total on the date of filing a reimbursable claim can also qualify for this Scheme.

Programme Benefits 

A maximum of HK$200,000 (≈ US$25,500) for up to 75% of eligible expenses, which are the following: Market Development Activities for Overseas/Mainland Market, including Delegation mission to Overseas/ Mainland, Marketing exhibition/ conference/ event, Landing service for Overseas/ Mainland market expansion, and online/ offline marketing services for Overseas/ Mainland market expansion.    

Application Procedure and Selection Criteria  

The application criteria are the same as the previous programme. After submitting an online application form, applicants shall carry out the Market Development Activity. They can claim the eligible Market Development Activities after such services incurred and paid and within the financial assistance period by submitting the Expenses and Post-Programme Evaluation Form, together with supporting documents. 

For further detail, please refer to Hong Kong Cyberport Management Company Limited – Overseas/Mainland Market Development Support Scheme (MDSS) 

Cyberport Macro Fund

Who is this for? 

Scalable digital technology companies with operations based in Hong Kong, which also bear one of the following identities: Incubatees or graduates of Cyberport’s other programmes; Cyberport Smart-Space companies; or Cyberport office tenants. 

Investment Amount 

Between HK$1M (≈ US$130,000) to HK$20M (≈ US$2.5M) for Cyberport’s accumulative investment per new investee. Total equity from the CMF shall be less than 20% post investment throughout the life cycle of the digital entrepreneur. 

Application Procedure and Selection Criteria 

Following the online application form submission, applications will be selected based on three main areas, namely:

• Thorough business assessment includes compliance, governance, financial position and business viability.
• Potential return on investment.
• Proven involvement in the Cyberport community.

For further details, please refer to Hong Kong Cyberport Management Company Limited – Cyberport Macro Fund. 

2. The Hong Kong Science and Technology Parks Corporation (HKSTP)

The HKSTP is a government-owned organization established to fuel Hong Kong technology and innovation growth. To date, HKSTP has facilitated the success of 850+ incubation graduates, among which 80% are still in business, and 4 have filed an IPO. The corporation operates programmes that assist startups in reaching their goals, ranging from the earliest stage of entrepreneurship – Ideation, to Incubation, Acceleration, and Elite programmes. 

Ideation 

Who is this for? 

Participants with innovative Technology start-up ideas, supported by R&D and business planning, in the early stage of their entrepreneurial journey.

Programme Benefits

• Seed Funding: Up to HK$100,000 (≈ US$13,000) financial grant
• Coaching: A dedicated account manager to accompany you on your startup journey. 
• Training: Topics include Market Validation, Business Modelling, Pitching, etc.
• Center Facilities: Co-working space access
• Potential to bridging programmes: Prepare for HKSTP incubation programmes admission.

Application Procedure and Selection Criteria            

To apply, applicants shall submit the application via ‘Apply Now’ using the template provided. Shortlisted ones will then undergo the Panel Assessment. If you are interested in the programme, please refer to The Ideation Programme | HKSTP for further guidelines.

Incubation  

Who is this for? 

The HKSTP Incubation Programme is divided into 2 sub-programmes, namely General Incubation and Incu-Bio. The former is for startups of 5 years or less specializing in deep tech research to develop innovative solutions, whereas the latter is for startups of 2 years or less focused on diagnostic, therapeutic, medical device, or other biomedical areas. 

Programme Benefits  

• For General Incubatees, the programme will offer Account Management, Technical Support, Business Support, and Financial Support of up to HK$1.29M (≈ US$166,000) to cover your technology and business development expenses.
• For Incu-Bio Incubatees, the programme will offer Workspace Support, Technology Support, Business Support, and Financial Aid of up to HK$6M (≈ US$770,000). 

Application Procedure and Selection Criteria  

• For General Incubatees, the procedure commences with an Online Application Submission, followed by Due Diligence Meeting and Admission Panel Meeting (10 Mins Presentation + 10 Mins Q&A). For further information, please refer to Incubation Programme | HKSTP. 
• For Incu-Bio Incubatees, they shall submit a business proposal outlining their innovation and technology, business model, team and four-year milestone plan. After providing the required documents to support the application, the applicants will undergo an eligibility check conducted by an assessment panel of independent experts. Please refer to Incu-Bio (hkstp.org) for further guidance.    

Acceleration 

Who is this for?  

Growth-stage company looking to scale globally, engaged in a technology intensive business, such as: Information Technology & Telecommunication; A.I and Robotic; Electronics; Fintech; Biotechnology; Precision Engineering; Green Technology.

Programme Benefits 

Successful applicants will be offered Fundraising Support of Financial Support of up to HK$4.8M (≈ US$615,000) in subsidies, Business Development Support, Professional Services Support, and the opportunity to Accelerate to the Next Stage.  

The programme requires entering the SAFE (Simple Agreement for Future Equity). 

Application Procedure and Selection Criteria  

Once the online application form with all the required supporting documents is submitted, the application will undergo evaluation by the Admission Panel. More information can be found at The Acceleration Programme | HKSTP 

Elite

Who is this for? 

Robust growth potentials who target to further groom the business and eventually become a unicorn.  

Programme Benefits 

The programme provides Financial Support of up to HK$21.5M (≈ US$2.8M), Fundraising Support, Business Development Support, Professional Services Support, and Infrastructure Support. 

The programme requires entering the SAFE (Simple Agreement for Future Equity)

Application Procedure and Selection Criteria  

Applicants shall submit the current company overview presentation through the programme enquiry. Selections will be made based on the applicant’s business plan; financial resources and performance; technology and R&D plan; management capacity and team competencies; and the applicant’s contribution to the ecosystem. 

More information can be found at Elite Programme | Funding | Unicorn | IPO | M&A | Science Park | HKSTP 

3. Brinc 

Brinc is a venture capital and accelerator firm based in Hong Kong with a global footprint. It focuses on entrepreneurs with innovations and approaches that can solve the world’s biggest challenges. Brinc’s acceleration programs are divided into 8 sub-programs, namely Artificial Intelligence, Climate Tech, Gaming, Hardware & IoT, Health, Web3, A4X, and Enterprise SaaS. The first six programs are available for Hong Kong, Singapore, and global startups, while the other two are active in India.

Who are these programmes for? 

Early-stage founders who are operating in an industry directly linked to the specific project they are applying for.

Programme Benefits 

• Participants can attract investments of a maximum US$100,000 (For Decentralized Health and Artificial Intelligence), US$150,000 (For ZK Advancer of Web3 and Health Innovation), and US$200,000 (For Gaming, and Climate Tech). 
• The programs also offer Mentorship, Customized Curriculum, Strong Network Connections, Ongoing Support, and other Perks.  
• The programme requires a token grant of 2% of the company’s total token grant supply, and a US$35,000 program fee. 

Application Procedure and Selection Guidelines 

The application is straightforward. Applicants can choose from a list of accelerator programs and quick apply via apply to Global Venture Accelerator Programs at Brinc. For further information, please refer to Accelerators Programs – Brinc for further guidelines.  

4. HKAI LAB 

HKAI LAB is a platform focused on advancing the frontiers of Artificial Intelligence with innovative technologies and expertise, and empowering startups to develop and commercialize their AI inventions and technologies. Its acceleration program lasts 12 months, with 2 cohorts running annually. The focus is on commercializing AI inventions and technologies developed at the lab. 

Who is this for?  

Early-stage startups with a team, and engaging in research, development, and application of AI. 

Programme Benefits 

The selected companies are eligible to be evaluated by Alibaba Hong Kong Entrepreneurs Fund (AHKEF) and/or SenseTime to get their funding support. However, it is not a guaranteed investment. They can also gain access to: 

• Extensive investor network 
• Proprietary ai technologies 
• Strong advisory, network, and business opportunities 
• Dedicated support and resources 
• Office space

Application Procedure and Selection Criteria 

Applicants shall submit the online application form with the required supporting documents including, but not limited to a business plan; CVs of the founders; and the certificate of incorporation of the company. Following that, the Selection Panel will vet the applicants and invite the shortlisted ones to an interview. Selections will be made based on the applicants’: 

• Depth Of R&D
• Innovation Quotient
• Viability Of Business Plan
• Competence Of the Founding Team

Further information can be found at HKAI Lab Accelerator Program – HKAI LAB (hongkongai.org) 

5. Hong Kong Startup Council 

Hong Kong Startup Council is a platform devoted to ramping up the growth of early-stage and growing startups by connecting them with seasoned industrialists, like-minded innovators, investors, the R&D sector, and the youth. Startups can obtain resources from the STARS Programme, which is a mentorship and partnership-centric programme on a zero-equity basis.

Who is this for?

Since its inauguration, the STARS Programme has hosted 5 cohorts with specific themes, namely: “Internet of Things” (IoT); “Smart Energy and Eco-Home”; Toys and Electronics Industries; Food Technology; PropTech + ESG.  

Programme Benefits 

Selected Startups can expect to receive:  

• SYNERGIES: Accelerate the development of startups and enhance the competitiveness of the Hong Kong industries. 
• TRAINING: Tailored mentorship programme and workshops developed and delivered by industry experts. 
• ANGELS: Opportunities to meet angel investors from valuable networks, specifically business and investor matchings, 
• RESOURCES: Dedicated one-stop platform providing technologies and services  
• SUPPORT: Build your business through expanding plans and go-to-market opportunities  

Application Procedure and Selection Criteria 

Since the featured topics vary from cohort to cohort, interested startups are encouraged to stay updated by regularly checking the programme website (Hong Kong STARTS Programme). 

Disclaimer: Information accurate as of June 7, 2024. This content is for general informational purposes only. Always refer to the official website for the most current and authoritative information. We are not liable for decisions based on this potentially outdated information. The linked website remains the primary and authoritative source for all updates and details. 

The post Top 5 incubators accelerators in Hong Kong  appeared first on MyBusiness in Asia.

This article will provide an overview of the BRN and its significance to Hong Kong’s businesses:

• What is a Business Registration Number (BRN)? 
• Which business requires a BRN? 
• How to obtain a BRN?
• What is the Business Registration Number of my Entity? 
• Where is the BRN used? 
• What are the benefits of having a BRN? 

What is a Business Registration number (BRN)?

In Hong Kong, every registered business entity receives a Business Registration Number (BRN) from the Business Registration Office, which operates under the Inland Revenue Department (IRD). This 8-digit identifier is important in ensuring businesses adhere to local regulations and meet their tax requirements.  

Which business requires a BRN? 

Under the Second Phase of the Unique Business Identifier (UBI) system, effective from 27 December 2023, a Business Registration Number (BRN) is compulsory for most business entities. They include:  

• Limited Partnership Funds (“LPFs”); 
• Companies incorporated or registered under the Companies Ordinance;  
• Open-ended fund companies incorporated or registered under Part IVA of the Securities and Futures Ordinance; 
• Limited partnerships registered under the Limited Partnerships Ordinance; 
• Registered trustees corporations incorporated under the Registered Trustees Incorporation Ordinance; 
• Other entities formed or registered under various Ordinances administered by the Registrar of Companies; 

The Business Registration Number (BRN) replaces the company registration number on certificates issued by the Companies Registry for incorporation, registration changes, and name changes. It must also be included on specified forms and documents submitted to the registry. The BRN will become the primary identifier used to search for and identify companies or entities across various services provided by the Companies Registry. 

How to obtain a BRN?

Obtaining a business registration number in Hong Kong is a straightforward process with several key steps: 

• Register your business with the Hong Kong Companies Registry. 
• After successfully registering your business, the next step is to obtain a Business Registration Certificate from the Inland Revenue Department. This certificate confirms your business registration status and includes details such as your business name, address, and the assigned business registration number.  
• Your business registration number is issued to you along with the Business Registration Certificate by the Inland Revenue Department.  

What is the Business Registration Number of my Entity? 

For companies incorporated/registered on or after 27 December 2023, the BRN is the eight-digit number as the “No.” on the “Certificate of Incorporation” or “Certificate of Registration of Non-Hong Kong Company” issued by the Companies Registry.  

Certificates for companies or entities established prior to the introduction of UBI will not be reissued to replace existing ones. 

Existing companies and entities in Hong Kong registered before 27 December 2023, which do not have a BRN (such as companies exempted from registration) have been assigned a dummy BRN. This dummy BRN is derived from their existing Company Number, CR Number, or Company Registration Number stored in the Registry’s records. This dummy BRN serves as the Unique Business Identifier (UBI) for these entities.  

The public can find the BRN associated with a company/entity using its previous CR No., and vice versa, through the “Quick Search > CR No. / BRN Mapping” tool on the Registry’s e-Services Portal. 

Where is the BRN used?

• The BRN serves as the identifier in communications with government departments and businesses. 
• After the implementation of the UBI, all specified forms and documents filed with the Registry must use the BRN. 
• The Electronic Search Services of the Registry utilizes the BRN as the primary number for searching and identifying companies or entities. 

What are the benefits of having a BRN?

A BRN can be useful for business advancement. With your BRN, you can: 

• Ensure adherence to tax regulations: The BRN serves as a tax identification number, used for filing various tax forms and conducting audits to review a business’s financial records. 
• Optimize operational efficiency: As an identifier, the BRN enables quicker recognition by government departments and other entities, thereby enhancing business operations. It can also allow businesses to streamline such processes as tax compliance, licensing, or permit acquisition. 
• Simplify financial transactions: The BRN is pivotal in facilitating precise and efficient financial transactions as a tax identification number. It can also: act as a routing transit number for banks, thereby ensuring accurate currency transfers; and improving security during transactions.  
• Reduce possible errors: errors caused by the use of different identifiers in identifying the same entity.

In conclusion, the Business Registration Number (BRN) is essential for regulatory compliance and operational efficiency in Hong Kong. It serves as a crucial identifier in dealings with government agencies, financial institutions, and in business transactions. Understanding the use of the BRN is key for businesses aiming to thrive and expand in Hong Kong’s competitive market.

The post Implementation of a New Unique Business Identifier (UBI) for Hong Kong  appeared first on MyBusiness in Asia.

As a business, it is imperative to always gear up for busy seasons and ensure you have the necessary resources to achieve your highest sales. Adhering to key compliance deadlines is important because failing to meet regulations can result in significant penalties for non-compliance.

In this article, we will provide a simplified summary to help you easily keep track of important compliance deadlines in Singapore:

• Corporate compliance deadlines in Singapore
• What are the common penalties for non-compliance?
• What is a Compliance Calendar?
• Why is Compliance Calendar important?
• MBiA’s Singapore Compliance Calendar

Corporate compliance deadlines in Singapore

Success in Singapore requires understanding and adhering to their established regulations. To stay on track with regulations and keep things running smoothly, there are some key deadlines all corporations need to be aware of. Here is a breakdown of these essential compliance deadlines:

Holding Annual General Meeting (AGM)

All companies (except private dormant companies) must hold an Annual General Meeting (AGM) with shareholders within 6 months after their financial year end (FYE). However, there are some AGM exemptions that companies can get:

• Private companies can skip the AGM if they send their financial statements to shareholders within 5 months of FYE.
• However, the exemption does not cover cases where shareholders request an AGM within 14 days before the end of the sixth month after FYE.

Filing Annual Returns with ACRA

The date on which your business is required to file Annual Returns is any time within:

• For non-listed companies: 7 months after the FYE
• For listed companies: 5 months after the FYE

In addition, there is also a secondary factor to consider when filing Annual Returns, which is shareholder approval. Regardless of listing status, you can also file your annual returns one month after the date your shareholders approve the company’s financial statements. This can be a helpful option if your shareholder meeting falls a bit later in the year, but it is important to ensure both the meeting and filing occur within the designated timeframe.

File Estimated Chargeable Income (ECI)

Estimated Chargeable Income (ECI) is an estimate of a company’s taxable profits after deducting allowable expenses. Companies that don’t meet exemption criteria must report their ECI to the Inland Revenue Authority of Singapore (IRAS) within 3 months of their financial year-end. Companies typically receive a notification from IRAS to file their ECI in the last month of the financial year. This reporting requirement ensures companies estimate and remit their tax obligations in a timely manner.

Corporate tax return filing for previous YA (Form C-S/C)

Form C-S/C is the tax declaration form companies in Singapore must use to report their income to the IRAS. Companies are required to file either the shorter Form C-S or the more detailed Form C, depending on their revenue and eligibility for the simplified filing option.

The government introduced Form C-S to streamline the tax filing process, particularly for smaller companies. Starting on YA 2021, the deadline for filing Form C-S/C is 30th November of the year following the financial year.

IR8A filing/AIS submission

Form IR8A, also called the Return of Employee’s Remuneration, is a mandatory document that employers must submit to the IRAS on an annual basis to report the annual earnings of their employees. IR8A must be submitted to IRAS by 1st March following the end of the calendar year for which income is being reported. Failing to submit before the deadline may lead to fines under Section 94 of the Income Tax Act.

Auto Inclusion Scheme (AIS) is an arrangement by the Inland Revenue Authority of Singapore (IRAS) that allows employers to submit the income details of their employees electronically to a centralized digital platform. By automatically incorporating the information submitted by companies or employers through AI, this scheme aims to simplify income tax calculations for employees in Singapore As an employer, you must prepare all the employment income information, and submit the information using AIS software by March 1st.

For a quick overview of key compliance deadlines specific to non-listed companies, take a look at the following table:

What are the common penalties for non-compliance?

Failure to adhere to these regulations can result in significant consequences, impacting both the organization’s financial health and its reputation. Understanding the common penalties for non-compliance is essential for employers to proactively manage their obligations:

Keeping track of compliance deadlines requires investing significant time and resources. To optimize workflow and avoid resource strain, it is essential to make use of effective supporting tools.  Among these, a compliance calendar can be a game-changer for your business. 

What is a Compliance Calendar?

A compliance calendar is a critical tool that keeps track of all your important business obligations, deadlines, and regulations. It helps you ensure your company has all the information you need and file everything on time to avoid any fines or penalties due to missing information or late filings.

Why is Compliance Calendar important?

• Increase transparency: A compliance calendar enables effortless progress tracking, keeping stakeholders well-informed and reducing compliance uncertainty.
• Improve efficiency: Compliance calendars streamline recurring task fulfillment by storing key details (instructions, past learnings, required documents,…), which simplifies revisiting tasks and delegation.
• Circulate compliance information throughout the organization: Proactive management of regulations allows for planning, data gathering, resource allocation, and employee education, reducing non-compliance risks,…
• Circulate compliance information throughout the organization: Proactive management of regulations allows for planning, data gathering, resource allocation, and employee education, reducing non-compliance risks,…
• Take a proactive stance on regulatory measures: Compliance calendars allow organizations to plan ahead for compliance needs, rather than reactively addressing issues as they arise.

Compliance calendars play a pivotal role in managing legal requirements and ensuring regulatory compliance. An effective compliance program can bolster and reinforce your company’s values and desired culture.

MBiA’s Singapore Compliance Calendar

To assist busy business owners in navigating their compliance requirements, we’ve crafted a detailed and concise checklist of crucial due dates. This calendar visualizes a representation of all important compliance deadlines, offering a big picture of financial operation guidelines for businesses.

The calendar covers the 5 most crucial corporate compliance deadlines (AGM, ECI, Annual Returns, Corporate Tax Return, IR8A filing/AIS submission).

It is designed for companies with 4 different financial year-ends on 31st December, 30th June, 30th September, and 31st March.

Download our compliance calendar for free!

FAQs

1. What should I do before beginning my annual tax filings?

You can’t accurately do your annual tax filings without first completing some important preparatory tasks:

• Keep a complete record of sales income and operating expenses: Bookkeepers are responsible for regularly “balancing” the books , ensuring that debits and credits in the accounts are equal. If these numbers do not align, it is necessary to review past documentation to detect any inconsistencies, miscalculations, or other errors, and complete the process again.
• Account for employee costs during the year: Companies calculate employee costs by adding up all relevant costs associated with an employee throughout the year and dividing the sum into an annual, monthly, or hourly rate. The costs largely include gross salary and employer payroll contributions.
• Confirm the amount due from customers and the amount due to suppliers: This involves reviewing invoices, payment records, and outstanding balances to ensure all accounts receivable and accounts payable are accurately reported.
• Ensure accurate inventory management: Make sure your inventory records are precise and up-to-date. This includes raw materials, work-in-progress, and finished goods. Regular inventory counts and valuations help provide an accurate picture of your assets, which is essential for both financial reporting and tax purposes.

2. Which financial statements do I need to prepare?

Every company must submit annual financial statements in accordance with the Financial Reporting Standards of Singapore, unless they are exempted. These statements typically include:

• Profit and Loss Statement: The Statement of Comprehensive Income provides a summary of your company’s total revenue and expenses for the financial year. It indicates whether your company made a profit or incurred a loss, detailing the key drivers behind these financial outcomes.
• Balance Sheet: The balance sheet lists all your company’s assets, liabilities, and stockholder equity. It is essentially a measure of your firm’s net worth and long-term financial health.
• Cash Flow: This document lists your firm’s cash inflows and outflows and shows if you’re generating enough cash from business activities to fund your daily operations.
• Statement of Changes in Equity: The Statement of Changes in Equity informs you about changes in the beginning and ending balances of your company’s equity during the financial year.

3. Do My Financial Statements Have to Be Audited?

Your company, at consolidated level is required to have its financial statements audited if it meets any two of the following conditions:

• Your total annual revenue exceeds S$10 million
• Your total assets are greater than S$10 million
• Your company has more than 50 employees

4. Can tax exemptions be carried forward to subsequent years if there is no profit in the first 3 years?

No. If during any of the first three tax years, your company incurs losses or it has no income (e.g. business has not commenced), your chargeable income and tax payable will be zero. Therefore, the company cannot benefit from the tax exemption scheme for new start-ups for that tax year. However, that particular tax year will still be included in determining the first three consecutive tax years.

5. What if I disagree with the Notice of Assessment issued by the Inland Revenue Authority of Singapore (IRAS) for my company?

The company must file an objection to the IRAS within 2 months from the date of the Notice of Assessment. If no objection is received within that period, the assessment will be treated as final.

6. For how long can the company’s losses be carried forward?

If your company experiences business losses in a tax year and these adjusted losses exceed its other sources of income, or if there are no other sources of income to offset the trade losses, you will have unutilized losses (unutilised capital allowances, trade losses and donations) for that tax year. These unutilized losses can be carried forward to offset against your company’s taxable income in future tax years, provided the company passes the Shareholding Test. This test requires that there be no significant changes in the company’s shareholders and their shareholdings as of the relevant dates determined by the authorities. Unutilised capital allowances can only be applied to future income if the company remains operating in the same trade or business for which the allowances were originally given.

The post Singapore Compliance Deadlines appeared first on MyBusiness in Asia.

Aim to transmit share in Singapore? Take a glance at our simplified guide on how to pass down shares legally from person to person:

• Understanding Share Transmission
• Recipient of the shares
• How To Effect A Share Transmission
• Conclusion

Understanding Share Transmission

A share transmission refers to the automatic transfer of legal title of shares when a major legal event occurs, such as a shareholder’s demise. Unlike share transfers, which are voluntary, share transmission occurs without the need for an instrument of transfer or the payment of stamp duty fees.

Recipient of the shares

The recipient of the shares is typically designated in the company’s constitution. However, in cases where the Constitution is adopted without specific provisions for share transmission, the recipient varies depending on whether the deceased was the sole shareholder or a joint shareholder.

Death of a joint shareholder

In instances where the deceased shareholder was part of joint ownership, the principle of “right of survivorship” applies. This principle dictates that surviving joint shareholders automatically inherit the deceased shareholder’s shares, irrespective of provisions in the deceased’s will or intestacy rules.

Death of the sole shareholder

When the sole shareholder of a Singaporean company passes away, their shares become part of their estate. Consequently, only the shareholder’s personal representatives, such as the executor or administrator (depending on if the shareholder had a will), can be recognized as the owners of the transmitted shares. Once recognized, personal representatives can distribute the shares to beneficiaries according to the deceased’s will or intestacy rules, often requiring validation from the courts.

How To Effect A Share Transmission

If there is no will from the deceased shareholder, the administrator must approach the court to seek Letters of Administration. Conversely, a Grant of Probate from the court must be obtained from the court if the deceased shareholder did leave a will.
These documents grant legal authority to the administrator/executor to manage the deceased shareholder’s assets. Without either of these documents, the administrator/executor cannot claim ownership of the transmitted shares.
Aside from determining eligible recipients, a company’s constitution might impose additional constraints on share transmissions. For example, it could allow directors to reject the registration of a legal holder of shares as a company member. These restrictions specifically vary based on the company’s unique constitution, necessitating reference to it for clarity.

Conclusion

It’s crucial to plan for the transfer of shares in a Singapore company upon a shareholder’s demise to facilitate a seamless transition to the next generation of management. Beyond the general guidelines outlined, thorough examination of the company’s constitution is essential, as it may contain specific restrictions pertaining to share transmission. We stand ready to assist our clients in understanding and effectively managing this process by conducting analysis of existing related documentation, ensuring a smooth transition of shares in accordance with their wishes and legal obligations.

FAQ

1. Is share transmission similar to share transfer?

While both involves the transfer of share ownership, there are some differences. A share transfer is the deliberate share ownership transfer from the transferor (the party transferring) to the transferee (the party receiving). Meanwhile, a share transmission is a share transfer occurs due to the original holder’s death, mental incapacity, or insolvency.

2. How can the recipient of the transmitted share from a lone shareholder dissolve the company?

If the recipient of the sent shares from the sole shareholder intends to dissolve the company, the process remains consistent with standard cessation procedures. However, in this case, the company strike-off is only applicable after the completion of the share transmission.

3. How will the share be distributed if the deceased shareholder is also the sole director of the business?

Since all companies in Singapore are obliged to have at least one director residing in Singapore, upon the death of the sole director, a new director must be appointed. They will then perform.

If you are interested in topics related to shares in Singapore, explore our library of articles below for further insights:

• Share Certificates in Singapore: Overview and Legal Considerations
• Roles and Rights of the Shareholders of a Private Limited Company in Singapore
• How to set up a Private Company Limited by Shares in Singapore?

The post Share Transmission in Singapore: Dealing with Shareholder Demise appeared first on MyBusiness in Asia.

ESG proposes several initiatives and programs to enterprises; however, we will focus only on two of them:

• The enterprise financing scheme – Project Loan (EFS-PL)
• Market Readiness Assistance (MRA) Grant
• Case study

The enterprise financing scheme – Project Loan (EFS-PL)

The Enterprise Financing Scheme – Project Loan finances the fulfillment of secured overseas projects. There are multiple supportable loans, including:

• Working capital loan
• Factory/ Building/ Land (including Purchase/ Renovation/ Construction)
• Equipment/ Machineries/ Vessels/ Other Fixed Assets/ Machinery Hire Purchase
• Guarantees

The maximum loan is S$50 million per borrower for overseas projects and S$30 million per borrower in case of a domestic project: the amount of the latter will have a 50% reduction (S$15 million) from the 1^st of April 2024 to the 31^st of March 2025. The borrowers, which are subject to the same limits in the borrower group, have a repayment period of up to 15 years, requiring an underlying contract, secured sales order, or specific project tie-in.

ESG will bear 50% of the overall risk with financial institutions, a percentage that can be increased to 70% in case young enterprises or enterprises operating in a challenging market. Borrowers are still considered responsible for the overall repayment of the loan amount, and, in case of default, the participating financial institutions will follow their standard commercial recovery procedure, including the realization of security before claiming the unrecovered amount from EnterpriseSG based on the risk share. The financial institutions are also involved in the assessment of the interest rates, considering the level of risk involved.

The eligibility terms for this initiative are the following:

• Business Registration: must be a business entity registered and operating in Singapore.
• Eligible Entities: ACRA-registered Sole Proprietorships, Partnerships, Limited Liability Partnerships, and Companies.
• Loan Approval: subject to the assessment of the participating Financial Institution.
• Ownership Requirements: at least 30% local equity held by Singaporeans and/or Singapore Permanent Residents, determined by ultimate individual ownership.
• Financial Threshold: Group Annual Sales Turnover must not exceed S$500 million.
• Industry-Specific Eligibility: enterprises with SSIC codes starting with 41, 42, or 43 can apply for the enhanced EFS-PL for domestic projects.
• Usage of Funds:
  • For acquiring fixed assets to discharge a contractual obligation under a project
  • Must be tied to secured sales orders and/or projects, not for general working capital or operating expenses.

Market Readiness Assistance (MRA) Grant

The Market Readiness Assistance (MRA) Grant provides financial support of up to S$100,000 per company (per new market) to help cover 50% of the costs for companies expanding into new overseas markets. This amount will be split into the following activities:

• Overseas marketing promotions (capped at S$20,000): includes Overseas Marketing & PR, and Overseas Physical & Virtual Trade Fair.
• Overseas business development (capped at S$50,000): includes identification of Potential Overseas Partners, In-Market Business Development, and Overseas Marketing Presence.
• Overseas market set-up (capped at S$30,000): includes Market Entry and FTA & Trade Compliance Consultancy.

Each application is limited to one activity in a single overseas market and must be made by a single company (group applications are not allowed) no more than 6 months before the project’s start date. Each project shall not exceed 12 months.

In terms of eligibility for the MRA Grant, the company must meet the following criteria:

• Business Registration: must be a business entity registered and operating in Singapore.
• Ownership Requirements: at least 30% local equity held by Singaporeans and/or Singapore Permanent Residents, determined by ultimate individual ownership.
• Target overseas: the company’s annual sales in the target market must not have exceeded S$100,000 in any of the preceding three years.
• Size: the company must have a Group Annual Sales Turnover of no more than S$100 million or a Group employment size of no more than 200 employees.

Case study

Secretlab, a Singaporean gaming chair company, utilized the Market Readiness Assistance (MRA) Grant to expand into new markets, including Malaysia and Australia. The grant helped them connect with local partners, understand market regulations, and subsidize expansion costs. This support facilitated their successful entry into these international markets.

In conclusion, the EFS-PL and the MRA Grant are both designed to support the growth and expansion of Singaporean companies However, they serve different purposes and offer distinct types of support in terms of activities and financial aid. Also, the EFS-PL has more stringent eligibility criteria compared to the MRA Grant and includes a risk sharing component with financial institutions for a more structured framework.

The post How can Enterprise Singapore help your business? appeared first on MyBusiness in Asia.

The rebrand unveils an exciting new chapter for MBiA, marking the culmination of a decade-long journey in establishing MBiA as the digital arm of RBA Group, a comprehensive advisory firm providing legal, accounting, tax, and consulting services to entrepreneurs and corporations across Asia.

Embarking on this transformative journey, the rationale behind the rebranding decision is motivated by our commitment to freshening up our image to better resonate with our values and evolving mission. By revitalizing our brand with renewed energy, we aim to authentically align ourselves with the principles that define us – a dedication to embracing technological advancements while prioritizing the human element in all endeavors. This strategic shift is evident in our recent communication approaches, which have emphasized a tone of voice that is both tech-forward, friendly and deeply human. It reflects the entrepreneurial spirit and our belief in the power of human connection that drives us forward.

“At MBiA, we’ve always set our sights high, driven by the ambition to leverage our in-house technology and the expertise of our dedicated team to provide the highest standard of service, customized to meet the diverse needs of future entrepreneurs and innovators”, said Tommaso Barindelli, General Manager of MBiA. “Today, after months of meticulous planning, dedication, and anticipation from our entire team, we have finally achieved our goal of visualizing our mission and vision through a new branding, the best possible way to define us. This rebranding marks an important step forward for all of us, and we are ready to welcome fresh changes, growth, and opportunity within our community.”

As part of the rebranding effort, we are thrilled to bring our new brand identity assets, including a refreshed logo, redesigned website, and enhanced digital presence across platforms such as LinkedIn and Facebook. Looking ahead, we are eager to observe how these changes breathe life into our brand image and culture, igniting renewed energy and enthusiasm throughout MBiA.

About MyBusiness in Asia:

MBiA, a digital arm of RBA Group, is a tech-forward, multi-disciplinary advisory firm specializing in accounting, tax, payroll, immigration, and corporate secretarial services. Leveraging our unique technology complemented by professionals and experts, rest assured that you will get the best of tech and human ingenuity in one package. For entrepreneurs eyeing Singapore or Hong Kong to expand your business, reach out to us now!

The post MBiA unveils a human-centric rebranding backed by tech-powered strategies, presenting a bold vision for an empowered future! appeared first on MyBusiness in Asia.