Singapore – International Business Corporation (IBC)
Singapore International Business Corporation
Offshore financial centers are coming under strict scrutiny because of the regulatory pressures exerted by organizations such as OECD. In the present scenario Singapore with a strong reputation as an international financial center offers a tax system that is equally attractive to resident and non resident companies alike. Singapore’s status and reputation as a trusted and responsible business and financial hub committed to the international efforts to combat cross-border tax evasion, is attracting high net-worth individuals and companies who seek unsullied image along with effective tax management. Singapore Company, if properly-structured is an attractive, tax-efficient corporate structure to conduct international business. Certain inherent provisions make a Singapore resident company an attractive entity for holding foreign investments. Similarly a non-resident company is not subject to Singapore income tax on foreign sourced income if it is not received in Singapore. Therefore non-resident companies are also an attractive vehicle as international holding or trading companies
Features of Singapore Company
Ø Minimum paid-up capital of just S$1 and allows 100% foreign ownership
Ø Minimum 1 shareholder is required and corporate shareholders are allowed, the details of shareholders appear on public register, however nominee shareholders are allowed. Nationality of the Shareholder does not matter. Read more
Procurement Law – When is a contract not a contract?
Procurement Law – When is a contract not a contract?
Introduction
In order to answer the question “when is a contract not a contract,” its important to define the term “contract.” There are many variations defining a contract and several legal terminologies, however as a general principle, a contract is “a promise, or set of promises, for breach of which the law gives a remedy, or the performance of which the law in some ways recognizes as a duty.”
In other words, it means:
“ a contract is an agreement (or set of agreements) that is enforceable in court”.
Many people call contracts “agreements”, however, I prefer the term contract, because it can mean one or more agreements within the contract. In contract, the word “agreement” sounds as though only one agreement was made. Read more
Strategic Supply Chain Management
Strategic Supply Chain Management
Introduction
Supply chain management operates at three levels; strategic, tactical and operational. At the strategic level, company management makes high level strategic supply chain decisions that are relevant to whole organization. The decisions that are made with regards to the supply chain should reflect the overall corporate strategy that the organization is following.
The strategic supply chain processes that management has to decide upon will cover the breadth of the supply chain. These include product development, customers, manufacturing, vendors and logistics.
Product Development
Senior Management has to define a strategic direction when considering the products that the company should manufacture and offer to their customers. As product cycles mature or products sales decline, management has to make strategic decisions to develop and introduce new versions of existing products into the marketplace, rationalize the current product offering or whether develop a new range of products and services. These strategic decisions may include the need to acquire another company or sell existing businesses. However, when making these strategic product development decisions, the overall objectives of the firm should be the determining factor.
Customers
At the strategic level, a company has to identify the customers for its products and services. When company management makes strategic decisions on the products to manufacture, they need to then identify the key customer segments where company marketing and advertising will be targeted. Read more
Lean Supply Chain Management
ntroduction
Lean supply chain management is not exclusively for those companies who manufacture products, but by businesses who want to streamline their processes by eliminating waste and non-value added activities. Companies have a number of areas in their supply chain where waste can be identified as time, costs or inventory. To create a leaner supply chain companies must examine each area of the supply chain.
Procurement
Many businesses have complex purchasing operations. Large companies often have corporate purchasing groups as well as local purchasing. This can lead to vendors being given multiple contracts leading to variations in prices depending on location. Companies that practice lean supply chain management reduce their procurement function so that each vendor has one point of contact, one contract and offers one price for all locations. Businesses are looking to new technologies to assist them in improving procurement processes. These include internet based purchasing that allows requisitioners to purchase items from vendor’s catalogs containing company wide contract prices. Changes in payment options to vendors can also streamline processes. Companies that use a two-way match, which is payment on receipt rather than payment on invoice, will reduce resources in their purchasing department as well as improve supplier relationships. Read more
Best Practices in Green Supply Chain Management
Best Practices in Green Supply Chain Management
Introduction
The trend towards developing a green supply chain is now gaining popularity but most companies are still coming to terms with how this can be achieved and where do they start. For years businesses have been concentrating on improving supply chain visibility, refining efficiency and minimizing cost. Despite the focus being moving towards a green supply chain the goals of visibility, efficiency and cost reduction do not have to be discarded. By examining the companies who have already made strives towards to a green supply chain, we can begin to see some best practices that will help others to begin their own transition.
Align Your Green Supply Chain Goals with Business Goals
Creating a green supply chain that has little to do with your business will not help your company to achieve its business objectives. For example, if a company decides to use biodegradable packaging for its products that costs 25% more than traditional packaging, this goes against the businesses goals of reducing costs. If a business has an overall goal to reduce costs then the move to a green supply chain should dovetail with the business goal. A company should look at its overall business goals and identify how a transition to a green supply chain can help achieve those goals. For example if a business wants to reduce its energy costs it should start by looking at the consumption to see if a reduction can be made by using more energy efficient and greener equipment.
Use Green Supply Chain to Improve Processes
Companies do not often change their businesses processes and it is this attitude allows inefficient processes to continue unabated causing unnecessary waste and pollution. For example ineffective processes in the US automotive industry allowed the innovative Japanese automakers to become market leaders. Businesses that want to transition to a green supply chain should take the opportunity to review all their business processes to identify areas where adopting a greener outlook can actually improve their business. Companies should review each process along the supply chain to identify if a more environmentally sound approach will help cure the inefficiencies that occur. Many companies that have been through this exercise have identified processes where raw materials were wasted; resources underutilized and unnecessary energy used due to inefficient equipment. Read more
Elements of a Purchase Order
ou’ve just been appointed as a buyer for your organization and at it seems pretty simple, right? After all, you buy things for your home and family every day, how difficult can it be? But how many times have you actually solicited competitive prices for those items? How many times have you compared specifications, negotiated finance terms, or arrange for special deliveries, and all to please another person? Does it still sound easy? Maybe not, but a little knowledge goes a long way toward making buying easier.
There are many variations of a Purchase order. The following are the elements of a typical Purchase Order:
Item Description: Generally, what you order is what you get. Therefore, it is critical that the item description on the purchase order clearly identifies the item requisitioned by the ordering department OR the item which was offered and accepted as a result of a bid. If the item description has been altered as a result of bidding, or for other reasons, care should be taken to ensure that the new description is used and that the old item description on the requisition is not transferred to the purchase order.
Quantity and Unit: This may seem simple, but actually a lot of mistaken orders are received as a result of incorrect quantities and units. First, determine how many actual pieces of an item are needed. Then determine the lot size (100 per box, 10 per package, etc.) Divide the pieces needed by the lot size, and voila, you have a correct quantity. When in doubt as to the actual quantity needed, check with the ordering department. Quite often, the user will order 100 of an item that comes packaged in lots of more than one. They really don’t want 100 packages; they want 100 pieces. When in doubt, check it out! Also, be sure the purchase order reflects the correct unit which will be “each,” “package,” “box,” etc.
Price: Again, a seemingly simple element. Beware! Is the price quoted price per piece, per package, per ton, etc.? Does the price include shipping and handling? For what period of time is the price firm, 10 days, 30 days, 90 days? (By law, a buyer cannot hold a seller to a firm price for more than 90 days prior to placing an order.) Read more
An Introduction to Supply Chain Management
upply chain management (SCM) is the management of a network of interconnected businesses involved in the ultimate provision of product and service packages required by end customers. Supply Chain Management spans all movement and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption (supply chain).
A simple supply chain is made up of several elements that are linked by the movement of products along it. The supply chain starts and ends with the customer.
Customer: The customer starts the chain of events when they decide to purchase a product that has been offered for sale by a company. The customer contacts the sales department of the company, which enters the sales order for a specific quantity to be delivered on a specific date. If the product has to be manufactured, the sales order will include a requirement that needs to be fulfilled by the production facility.
Planning: The requirement triggered by the customer’s sales order will be combined with other orders. The planning department will create a production plan to produce the products to fulfill the customer’s orders. To manufacture the products the company will then have to purchase the raw materials needed. Read more
RIL becomes 1st private firm to buy Cairn crude
Mukesh Ambani’s Reliance Industries Ltd is going to be the first private refiner in the country to process domestic crude, with the company entering into an initial agreement to buy oil from Cairn’s fields at Barmer in Rajasthan. The deal comes within a week of the UK explorer’s Indian arm getting government nod to sell crude to private refiners.
Though Cairn did not disclose the volumes agreed upon, sources said the company will sell seven parcels of 200,000 barrels each, totalling 1.4 million barrels, this year. Crude will be transported in heated trucks and the first parcel will reach Reliance’s Jamnagar refining complex by the third week of November.
Relinace will pay the same price as agreed between Cairn and government-nominated buyers such as ONGC subsidiary MRPL, IndianOil and Hindustan Petroleum. “The implied price realisation represents an average 10-15% discount to Brent (crude) on the basis of prices prevailing for the six months to September 2009,” Cairn said in a statement on Wednesday. Read more
E-PROCUREMENT: the difference between the Public Sector and the Private Sector
Introduction
There is a growing consensus that e-Procurement is the single most important area of development in procurement.
Within the public sector context e-Procurement has been widely embraced by governments seeking the administrative and cost reductions experienced in the private sector. As a result a number of ‘proven’ private sector e-Procurement solutions such as e-marketplaces, desktop purchasing systems, and tendering platforms have been employed by various public sector organizations.
However, public e-Procurement differs from the private sector in various aspects mainly because of its economic and social considerations. These differences result in a number of specific regulations and standards that have been developed for public e-Procurement. Read more
Fund Accounting Software for Non Profit Organization
Nowadays, the number of non profit organization is greatly increasing. This happens since there are many issues that need to be concerned. Though those organizations re non profit, they are still need to be managed professionally so that they can run well. Financial condition of a non profit organization should become the major concern since it directly related to organization operational capabilities.
Fortunately, there has been Fund Accounting Software that will simplify all financial management of a non profit organization. As you can see at Jmtconsulting.com, this software is developed to meet unique needs of non profit organizations which are surely different from enterprises. This software is applicable for all types of organization, from small to large organization. Fundraising Software offered by this website has special features and great benefits which will meet your organization special needs. If you have difficulties to find the right Nonprofit Fund Accounting Software for your organization, this website will assist you to find the right one. There will knowledgeable staffs that are able to help you make a well informed decision.
In addition, this company also provides training to the staffs that are going to operate the software. In sum, this company provides complete solution to your accounting software needs. Therefore, if you are interested in their software, you had better visit their website.