A warm welcome to all Entrepreneurs

An entrepreneur is someone who assumes significant accountability for the inherent risks and the outcome. An entrepreneur is also someone who observes his/her own conduct and possess leadership, management ability, and team-building as essential qualities.
Let us welcome you to our big family of entrepreneurs. Being entrepreneurs ourselves, we understand the adversity of entrepreneurs. The path taken by many entrepreneurs is an extremely challenging one. In sync with our comprehensive business solutions, we assist you to fulfill your dedications to your clients and seize opportunities that arise in the face of adversity.

Lastly, on behalf of Paramount Assets Corporation, We’d like to express our appreciation for giving us the chance to make your life a little easier. We also take this chance to wish you the very best in your endeavor.

Let your journey begin ..................

Why Paramount Assets Corporation was founded?

Paramount Assets Corporation was officially incorporated back in 2007. It’s not so official presence was backdated to 2005.

Looking back, in 2004 when we were looking for small office to rent. The proprietors are charging exorbitant rental, the furnishing was sub-standard or the location is not appropriate for office use. Some offices don’t come with Internet broadband and some are really dirty. Some of proprietors rented out their partial office to fully utilize their unused space and to gain some income. Especially proprietors are business owners and invested into office properties for capital appreciation are often mismanaged as they often do not have the capacity to manage it well or they can’t be bothered. Often than not, most of them took several days to response to our feedbacks. This is what we didn’t like.

So I thought I can do a much better job and started sourcing for a commercial property to purchase. Some sellers didn’t want to entertain me due to my age. What I was thinking at that time, how could you judge a person based on his age? After many tries, I found something I like and the agent is willing to serve me.

I still remember the whole process didn’t take more than 5 minutes for me to consider. The seller was the one in dilemma, deliberately delaying my time in a bid to find another buyer who is willing to pay his asking price. Finally the seller agreed to my asking price, not without asking me to foot the bill for his lawyer.

Finally, we inaugurate our presence in office leasing in 2006 and responses were pretty encouraging. Today, we have owned 2 properties with another 2 joining our strength soon and another under our management.

How our properties are managed?

We are pretty selective about who rents our office. If anyone came with a mindset that as long as I have the money, we should rent you a place, you may be go away disappointed.

To safeguard the interest of our current tenants, we have to be very selective in who rents our offices. Like many businesses, we are in dilemma turning away money and lose a deal forever or get a signature on the dotted line and bag the deal. It’s a battle within us. Profits are very important to any organizations however safeguarding the interest of our tenants is more important.

Our currents tenants have placed their trust in us by renting our offices; there is no concession to misplace this trust they had in us. That is also the main reason why we enjoy great success during the economical down time. In fact, we have to keep expanding to keep up with the demands.

We couldn’t afford anyone who is in shady business to be part of our big family. I always like to liken the concept of a kampong (village) to our serviced office. We are working in the same place as a community. We have to respect each other’s work place.

Free basic accounting software for Entreprenuers

Most new start-ups are a little tight on their budgets. We recognize the need of having proper book keeping, regardless of its size, its turnover.

Advantages of having a proper book keeping system:

• Enable you to verify any payments or receipts should any error occurs
• Banks will need proper financial statements to grant you any loan
• When the Taxman knocks on your door, it is mandatory to keep proper records
• For analysis of company’s health for expansion or cost management
  

The differences between our Book keeping services and DIY is you have someone to:

• Double check every entry, making sure every entry is true and accurate
• Keep proper records of your accounts
• Deal with the Taxman when the needs arises
• Advising on tax management and capitalizing on eligible tax reliefs, deductions thus reducing tax liabilities

Please CLICK HERE to get your free accounting software now or refer to our website www.paramountassetscorp.com/corpservices/accounting.php for more information on accounting services.

Types of Companies in Singapore and their charactistics

To officially start a business, you need to register with Accounting and Company Regulation Authority (ACRA).

There are essentially 4 kinds of registrations namely

• Sole-proprietorship
• Company (Private Limited)
• Partnership limited liability (LLP)
• Limited Partnership (LP)
  

Characteristics of a sole-proprietor/Partnership

A business can be a sole-proprietorship or a partnership and you can limit to 20 partners. The business is owned by 1 person in sole-proprietorship or 2 to 20 persons in partnership. Sole proprietor/Partnership is subject to personal income tax from the business profits.

Pros of registering as a business (Sole-proprietorship or Partnership)

• Easy and relatively cheap way to start a business
• $65 for registration and $20 renewal annually
• Lesser compliance matters and requirements

Cons of registering as a business (Sole-proprietorship or Partnership)

•  Full liability (Your personal assets is not safe from debtors)
• The perception of your business operation may be relatively small scale

Requirements to register a sole-proprietorship/Partnership

• Legal age of 18 and not a bankrupt
• A business name (Some names take longer to get approval, seek professional advice if you need help)
• A business address (Can be your residential address or need to seek approval from HDB if you are residing in a HDB apartment (Not advisable as you don’t want people to visit your house for all kinds of reasons) or get a virtual office package which includes a registered business address)
• Start up capital

(For printing of name cards, website and email hosting, printing of invoices, virtual office cost/rental and other miscellaneous cost that may be involve in your business)

Characteristics of A Company (Private limited)

A company is a business entity registered under the Companies Act, Chapter 50. It can have a number of shareholders limited to 50. It is a legal entity of its own meaning it has rights to own properties, it has perpetual succession and it can sue or be sued in its own name. It usually has the words 'Pte Ltd'.

Pros of Registering Company

• Has limited liabilities as company and shareholders are different entities (unless the directors sign personal guarantees)
• Able to employ employees
• Enjoy tax exemption for corporate tax of up to SGD$100,000 profit for its first 3 years of incorporation
• The perception of your business operation is bigger than a sole-proprietorship

Cons of Registering Company

• Costly to register($315) and yearly accounting and submission fees
• Many compliances and requirements
• Every company must appoint a secretary within 6 months of the date of incorporation
• Every company needs to strike off by application if it is believe that the company is not carrying on business and the company is able to satisfy the criteria for striking off and it takes about 5 months.
• Obligations to conduct and submission of Annual General Meeting (AGM)

Requirements to register A Company

• A company must have at least one director who is a “ordinarily resident in Singapore” i.e. Singaporean Citizen, Singaporean Permanent Resident, or a person who has been issued an Entrepass/Approval-In-Principle letter/Dependant Pass
• A business name (Some names take longer to get approval, seek professional advice if you need help) (Usually a professional corporate secretary can advise you on this)
• A business address (Can be your residential address or need to seek approval from HDB if you are residing in a HDB apartment (Not advisable as you don’t want people to visit your house for all kinds of reasons) or get a virtual office package which includes a registered business address)
• A professional corporate secretary to do your filings and compliances with ACRA. (Please refrain from doing it yourself if you do not have the experience)
• Start up capital

(For printing of name cards, website and email hosting, printing of invoices, virtual office cost/rental and other miscellaneous cost that may be involve in your business)

Characteristics of Limited Liability Partnership

• A Limited Liability Partnership (LLP) gives owners the flexibility of operating as a partnership while having a separate legal identity like a private limited company. A LLP is seen separate entities from its owners. The LLP has perpetual succession, which means any change in the partners of a LLP will not affect its existence, rights or liabilities.

Pros of registering a Limited Partnership

• Has limited liabilities as owners and corporate body are 2 different entities (Unless owners sign personal guarantees)Will not be held personally liable for such wrongful acts or omissions of any other partner of the LLP
•  Relatively cheap to register as a Limited Liabilities Partnership ($165)
•  Has the flexibility of a sole-proprietorship yet has limited liabilities (Not as many compliances and requirements as a private limited company)

Cons of registering a Limited Liabilities Partnership

• Obviously you need at least 1 partner before you can register this (Sometimes it can be quite a pain to find the right partner)
• A partner may, however, be held personally liable for claims from losses resulting from his own wrongful act
• A LLP have to apply to ACRA to strike its name off the register pursuant to Section 38 of the LLP Act. ACRA may approve the application if there is reasonable cause to believe that the LLP is not carrying on business and the LLP is able to satisfy the criteria for striking off.
• The perception of your business operation may be relatively small scale

For more information or assistance in formation of a company, please refer to www.paramountassetscorp.com/corpservices/incorp.php

Documents require for proper book-keeping

GOOD ACCOUNTING PRACTICE

We realize most of the new start-ups have little knowledge of good book-keeping practice. Good accounting practice is beneficial to all businesses as it is a statement that gives insights of a business’s health. It is also mandatory that a business adopts proper accounting standards for annual reporting to the Inland Revenue Authority of Singapore (IRAS) for tax assessments.

We will share with you a systematic approach to adopt a proper book-keeping practice.

• Sales invoices in running sequence with mode of payment
• Sales Credit Notes & Debit Notes
• List of Trade Debtors in Aging format
• Payment Vouchers describing the nature of payments in running sequence
• Bank-in Slips and Cash Receipts describing the nature of receipts in running sequence
• Cheque butts stating clearly the cheques’ payees date, amount paid and nature of payments
• A complete records of payment vouchers for all of cheque payments
• Monthly bank statements
• Stock lists as at the current financial year 

If you need more comprehensive services, kindly visit us @ www.paramountassetscorp.com/corpservices/accounting.php to find out more how we can assist you in your business endeavors.