1. I WANT TO START A BUSINESS IN SINGAPORE, WHERE DO I BEGIN?
Starting a business is a huge decision for anyone. Once you have decided on the type of business that you are going into, you will need to know what are the resources available to you. Understanding what resources available to you as well as who would be involved are key areas that needs to be clear, many businesses fail because of the lack of clarity in these areas. With our experience dealing with startups and SMEs, we will bring you through the entire process and propose the appropriate structures and processes to ensure you hit the ground running!
2. WHAT DOES A CORPORATE SECRETARY DO, WHY DO I NEED TO APPOINT ONE?
The role of a Corporate Secretary is to assist and ensure that the company is compliant with relevant regulatory authorities and implement and advise on all matters related to corporate governance. All companies are legally required to appoint a secretary within 6 months of incorporation. Many businesses do not see the need to appoint a professional secretary to handle this and very often find themselves receiving notice of offences from the authorities.
3. WHY DO I NEED AN ACCOUNTANT WHEN I CAN DO MY ACCOUNTS MYSELF?
We are not just administrators; our job is to look at the most important thing in your business and tell you what is wrong or how to improve them. That is the value of a good accountant. The same way professional athletes can train themselves, however, world-class athletes will always have a team of professional trainers working with them to improve themselves.
Most businesses’ definition of doing accounts is data-entry. Doing data-entry does not equate to accounting. Anybody with basic computer skills can perform such a task to a reasonably good standard. Accounting on the other hand is a profession regulated by international bodies and has its own set of different standards that are applicable to different jurisdictions.
4. I AM SPENDING TOO MUCH TIME ON MY ACCOUNTS, CAN YOU GUYS HELP?
We can most definitely help. As a business-owner, your job is to grow the business of the company. Let our team of specialists handle the accounts while you focus on the growth. With good financial data, we can help you to accelerate your growth and achieve your goals faster. Let accounting become a transformation tool for your business rather than an administrative function.
5. HOW DO I KNOW IF MY ACCOUNTANT/CORPORATE SECRETARY IS DOING A GOOD JOB?
Your accountant should be able to tell you things from your accounts that you cannot do so yourself. This would include all matters related to the finances of your business, including financing and profitability issues. In short, they should be helping you understand your business better and not be frustrating you with just mundane matters like issuance of invoices or recording or purchases.
Your corporate secretary should be able to answer all your questions with regards to the company’s act. This will also include all corporate governance matters and ensure your compliance with regulatory authorities. It is the RESPONSIBILITY of the corporate secretary to remind you to file your annual returns with the authorities, you should never be late if your corporate secretary is doing a good job.
6. WHAT ELSE DOES U VENTURES DO BESIDES ACCOUNTING?
U Ventures is primarily an accounting and business advisory firm. While our core strength is in accounting and taxation, we also assist our clients with matters relating to business incorporation, work permit matters as well as business expansion.
7. HOW DO YOU DETERMINE THE PRICES FOR YOUR SERVICES?
We adopt an active management approach towards our client’s accounts with us. The fees are determined by the nature of the work we are contracted to do, we do not believe in a fixed price model as different clients in different industries have different needs.
8. HOW DOES U VENTURES ADD VALUE TO MY BUSINESS?
Our firm was founded by Entrepreneurs for Entrepreneurs. We are entrepreneurs ourselves and accounting is our craft and specialty. We have the added benefit of understanding businesses, having amassed our own set of experience from our failed business ventures and working with more than 300 different clients over the past 7 years. As Warren Buffet says, “Accounting is the language of business. If you don’t speak the language, its difficult to win the game”.
We are partners in your business, we do not see ourselves as an administrative function but more of a transformational tool. We will listen, share and advise based on our past experiences with other businesses and provide you with all the support you need to grow and scale your business.