Flexi Works Scheme
Posted by admin on Nov 3, 2009
Flexi-Works! is an initiative by the Singapore Workforce Development Agency (WDA) and the National Trade Union Congress (NTUC) for companies to hire new workers on part-time or flexible work arrangements. The scheme offers a grant of up to $100,000 to support a company’s efforts in the recruitment of workers on part-time or flexible work arrangements. The programme has been enhanced and extended to run for another year from 1 Mar 2009.
Enhancement to Flexi-Works!
Enhancements to the Flexi-Works! Scheme included the following:
• Previously, workers to be recruited must be aged 35 & above. Under the revised scheme, this age criterion has been lowered and workers to be recruited need only be aged 30 & above
• In addition to encouraging the hire of economically inactive workers, Flexi-Works! now also include a tranche of funding dedicated specifically to help companies introduce flexible work arrangement.
• Extension of the scheme to run for another year starting from 1 Mar 2009
The Flexi-Works! scheme will also be extended till 31 March 2010.
Enhanced Flexi-Works!
Under the enhanced scheme, funding would be disbursed in 2 tranches as follows:
Tranche 1: Companies can claim up to $10,000 for introducing flexible work arrangements in the organisations. Dr. Dolittle: Tail to the Chief download
For this tranche, companies will have to:
• Send HR staff for MOM-approved Work-Life training;
• Make provision for FWA in their HR policies; and
• Communicate the policy to their staff
Grant Computation
The grant amount will be based on 80% of actual cost incurred, and will work on a reimbursement system, capped at $10,000 per company.
This tranche is common to the first tranche of WoW! Fund. Each applicant can only tap on this tranche once, either under the WoW! Fund or Flexi-Works! programmes. However, they are still eligible to tap on the 2nd tranche of both schemes.
Tranche 2: Companies are entitled up to $90,000 for recruiting eligible workers on part-time or Flexible Work Arrangements. Rush Hour 2 film
For this tranche, companies would have to:
• Fulfill the requirements of Tranche 1;
• Recruit workers with the following two requirements
o Aged 30 and above
o Singaporeans and/or Singapore Permanent Resident
Grant Computation
The grant amount will be based on:
• Number of workers recruited on part-time or flexible working arrangements and retained for at least 2 months multiplied by $1,800; OR
• 80% of the actual project costs, whichever is the lower, subject to a cap of $90,000 per company. Companies should aim to achieve their recruitment target 6 months from the date of approval for their application.
What can the Grant be used for?
• The grant can be used for costs incurred for job redesign, consultancy, recruitment, training, absentee payroll and equipment, to put in place part time or flexible working arrangements.
• The grant cannot be used for any form of retention bonus or salary support as well as on-the-job training.
Should you interested to find out more information on the above scheme, please contact ,
Evelyn Chng / Brian Ng / Michelle Chong
361 Degree Consultancy Pte Ltd
Customer Service Hotline: 3152 3152
Email: enquiry@361dc.com
FAQs:
What are the qualifying criteria?
Companies can apply if:
1. They intend to create jobs that are part-time or flexible in nature;
2. Intend to hire NEW workers. These workers have to fulfill the following requirements:
i) Singaporeans or Singapore PRs; and
ii) aged 30 and above.
What costs can I claim?
The grant will support costs incurred by the company for job re-design, consultancy, recruitment, training, absentee payroll, equipment and materials associated with making part time and flexible work arrangements possible. This can include one time cost of buying additional sets of uniforms, tools, materials, etc that arise because of part time work arrangements.
However, companies cannot claim against recurrent manpower cost or staff holding cost, such as wages, medical benefits, insurance, staff welfare.
How will the grant be computed?
For Tranche 1, the grant amount will be based on 80% of actual cost incurred, and will work on a reimbursement system, capped at $10,000 per company.
For Tranche 2, the eligible grant for each company will be based on
• Number of workers recruited on part-time or flexible working arrangements and retained for at least 2 months multiplied by $1,800; OR
• 80% of the actual project costs, whichever is the lower, subject to a cap of $90,000 per company.
What is the definition of a “part-time worker”?
A part-time worker is defined as an employee who is required under his contract of service with an employer to work less than 35 hours a week.
What is the definition of “flexible work arrangements”?
Flexible work arrangements include flexi-time, permanent part-time work, job-sharing, compressed work-week, tele-working or annualised work hours.
I am the owner of a small retail shop in the HDB heartland and in the process of recruiting two female workers to work on part-time basis. Can I apply for the grant?
Yes you can apply for the grant.
Implications of Budget 2009 for Companies
Posted by admin on Feb 5, 2009
Micro Loan Programme
Posted by admin on Dec 12, 2008
Very small businesses can get loans of up to S$100,000.
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More funding and bigger Government share of loan default for Micro Loan from 1 December 2008 to 30 November 2009 to help businesses during the economic downturn. Find out more about the changes. |
For who?
Your business qualifies as long as:
- you are registered or incorporated in Singapore
- 30% - 100% of your shareholding is local
- you have 0 - 10 employees
In addition,
- your company’s group fixed assets must be between S$0 - 15 million*
- your group employment size must be between 0 - 200 workers (for services sector)*
*Computed on a group basis. Where 20% - 100% of your shares are owned by other companies, the total value of your fixed assets and employees is calculated three levels up. Where your company owns 51% - 100% of another company (subsidiary), your subsidiary’s fixed assets and employees will also be added to the computation.
For what?
You can use the loan to:
- fund the daily operations of your business
- automate and upgrade your factory and equipment
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Types of loans
- Working Capital Loan#
- Machinery Term Loan/Machinery Hire Purchase
#Loan can be structured as a term loan of up to 4 years.
Interest rates and re-payment
- It is a fixed interest financing programme.
Things to note:
- Micro Loan is a loan for smaller businesses offered under Local Enterprise Finance Scheme (LEFS).
- Your combined loan exposure for Micro Loans cannot exceed S$100,000.
Facts & figures
- S$720 million worth of loans have been extended to 3,500 companies under the Micro Loan, Local Enterprise Finance Scheme (LEFS) and Loan Insurance Scheme (LIS) from 1 January 2007 - 31 December 2007.
Source: SPRING Singapore, Annual Report 2007/2008. - S$326 million worth of loans have been extended to 10,000 companies under Micro Loan from 2002 - 2006.
Source: SPRING Singapore, Enterprise Today, January - February 2007.
Changes from 1 December 2008 - 30 November 2009
|
Existing |
Revised |
|
|
Maximum loan amount |
S$50,000 |
S$100,000 |
|
Risk sharing of loan default |
Government: 50% |
Government: 80% |
PFI: Participating Financial Institution
Participating Financial Institutions
- DBS Bank Limited
- GE Commercial Financing (Singapore) Ltd
- Hong Leong Finance Limited
- IFS Capital Limited
- Indian Bank
- Maybank
- ORIX Leasing Singapore Ltd
- Oversea-Chinese Banking Corporation Limited
- RHB Bank
- Sing Investments & Finance Limited
- Singapura Finance Limited
- Standard Chartered Bank
- The Hongkong and Shanghai Banking Corporation Limited
- United Overseas Bank Limited
Local Enterprise Finance Scheme (LEFS)
Posted by admin on Dec 12, 2008
Strengthen, upgrade and expand your business with the help of a loan.
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Funding extended to all businesses under LEFS from 1 December 2008 to 30 November 2009 to help businesses during the economic downturn. Find out more about the changes.
|
For who?
- All local businesses that need to grow. Your business qualifies as long as 30% - 100% of your shareholding is local.
For what?
You can use the loan to:
- automate and upgrade your factory and equipment
- purchase factory (only for JTC Corporation or Housing & Development Board (HDB) properties)
Types of loans
- Factory Loan
- Machinery Term Loan / Machinery Hire Purchase
- Working Capital Term Loan (Unencumbered Assets)## Unencumbered assets could include both equipment and factories (commercial and JTC/HDB).
Interest rates and re-payment
- It is a fixed interest rate financing programme.
Things to note:
- Your combined loan exposure under LEFS cannot exceed S$15 million.
Facts & figures
- S$720 million worth of loans have been extended to 3,500 companies under LEFS, Micro Loan Programme and Loan Insurance Scheme (LIS) from 1 January 2007 - 31 December 2007.
Source: SPRING Singapore, Annual Report 2007/2008. - S$3 billion worth of loans have been extended to 2,800 companies under LEFS from 2002 - 2006.
Source: SPRING Singapore, Enterprise Today, January - February 2007.
Changes from 1 December 2008 - 30 November 2009
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Revised Senseless full movie |
|
|
For who?
|
SMEs with: |
All businesses. Non-SMEs qualify if: |
|
For what? |
• Automate and upgrade factory and equipment • Purchase factory and business premises |
• Expanded to provide term loans using fully-paid assets as collaterals • Expanded to include purchasing of more types of construction equipment and heavy vehicles |
|
Risk sharing of loan default |
Government: 50% |
SMEs Non-SMEs |
PFI: Participating Financial Institution
Participating Financial Institutions
- DBS Bank Limited
- GE Commercial Financing (Singapore) Ltd Nim’s Island video
- Hong Leong Finance Limited
- IFS Capital Limited
- Indian Bank
- Maybank
- ORIX Leasing Singapore Ltd
- Oversea-Chinese Banking Corporation Limited
- RHB Bank
- Sing Investments & Finance Limited
- Singapura Finance Limited
- Standard Chartered Bank
- The Hongkong and Shanghai Banking Corporation Limited
- United Overseas Bank Limited
Internationalisation Finance (IF) Scheme
Posted by admin on Dec 12, 2008
Need funds to expand overseas? Get a loan of up to S$15 million to buy fixed assets and finance your overseas projects or orders.
|
Relaxed criteria and bigger Government share of loan default under IF Scheme from 1 December 2008 to 1 December 2009 to help businesses during the economic downturn. Find out more about the changes. |
For who?
- Singapore-based companies who wish to expand overseas. The Singapore-based company or its overseas subsidiary can apply directly for the loans. download 1408 movie
- Your overseas expansion must: My Blue Heaven movie full
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- result in economic spin-offs to Singapore (e.g. jobs or R&D in Singapore)
- Your company’s group turnover cannot exceed the maximum amounts listed in the table below:
|
Type of Company |
Maximum Group Turnover |
|
|
Trading Company* |
Non-listed |
< S$500 million Planet 51 download |
|
Listed |
< S$300 million Gallipoli psp |
|
|
Non-Trading |
Non-listed |
< S$300 million |
|
Listed |
< S$300 million |
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* Your company will be considered a trading company if more than 50% of your turnover comes from buying and selling goods.
For what?
You can use the loan to:
- buy fixed-assets that will be used overseas
- raise working capital for secured overseas projects
- raise working capital for confirmed overseas sales orders
- issue banker’s guarantee for secured overseas projects
Types of loans
|
Types of Loan Facilities |
Maximum Tenture
|
Maximum Quantum of Financing1 |
|
Asset-based financing: |
|
90%2 |
|
Structured loan |
3 years |
90%3 |
|
Banker’s guarantee |
5 years |
100% |
1. Maximum quantum of financing will be pro-rated based on the percentage of the Singapore-based company’s shareholding in the overseas operations, unless the asset financed is for the Singapore-based company’s equity injection purposes.
2. Based on valuation or purchase price whichever is lower.
3. Based on contract amount.
Interest rates and re-payment
- Interest rates, repayment structures and collateral requirements will be determined by the participating financial institutions. The interest rate may be fixed or floating.
- Repayment period is also tailored to your needs.
Things to note:
- If your overseas subsidiary is applying for the scheme, the Singapore-based parent must be willing to put up a corporate guarantee.
- The maximum loan amount of S$15 million is computed on a group basis, i.e. S$15 million is the maximum amount the parent company and all its subsidiaries and associated companies can obtain under the Scheme.
Changes from 1 December 2008 - 1 December 2009
|
Revised A Day Without a Mexican move |
||
|
Your maximum group turnover |
Trading Company |
Trading Company |
|
Non-Trading Company |
Non-Trading Company |
|
|
Risk sharing of loan default |
Government: 70% |
Government: 80% |
PFI: Participating Financial Institution
Participating Financial Institutions
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- DBS Bank Limited
- GE Commercial Financing (Singapore) Ltd
- Hong Leong Finance Limited
- IFS Capital Limited
- Maybank
- ORIX Leasing Singapore Ltd
- Oversea-Chinese Banking Corporation Limited
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- The Hongkong and Shanghai Banking Corporation Limited
- United Overseas Bank Limited
Tax Exemption for Start-ups
Posted by admin on Dec 12, 2008
Start-ups that meet certain qualifying conditions do not need to pay tax on the first S$100,000 of chargeable income (excluding Singapore franked dividends Kill Bill: Vol. 1 movie download
For who?
New companies that meet these criteria:
- From Year of Assessment (YA) 2005 to YA 2008: Americanizing Shelley dvd
- incorporated in Singapore (except companies limited by guarantee)
- a tax resident of Singapore in that YA
- has its total share capital beneficially held, directly or indirectly, by no more than 20 individuals throughout the basis period relating to that YA.
- With effect from YA 2009:
- incorporated in Singapore (except companies limited by guarantee)
- a tax resident of Singapore in that YA Once Upon a Time in Mexico buy
- has no more than 20 shareholders throughout the basis period for that YA where:
- all of the shareholders are individuals beneficially holding the shares in their own names; OR
- at least one shareholder is an individual beneficially holding at least 10% of the issued ordinary shares of the company
For what?
- To help start-ups preserve their cash flow and profits.
How much?
- Tax exemption on the first S$100,000 of chargeable income (excluding Singapore franked dividends) for any of the first 3 consecutive years of tax assessment from YA2005.
- Starting from YA 2008, a further 50% exemption is given on the next S$200,000 of the normal chargeable income (excluding Singapore franked dividends) for each of the first 3 consecutive YAs.
Things to note:
- Elegy dvd Singapore franked dividends are dividends paid out of the profits of a company on which tax has already been paid in Singapore.
- The first YA of a qualifying company is the YA relating to the basis period during which the company is incorporated. The Poet
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E.g. Company A is incorporated in Singapore on 15 April 2003. The accounting year-end of the company is 30 June. The first YA of Company A is YA2004 (basis period 15 April 2003 to 30 June 2003). If Company A meets the qualifying criteria for YA2005 (i.e. second YA), Company A would enjoy full tax exemption of up to S$100,000 on its normal chargeable income (excluding Singapore franked dividends) for YA2005. Similarly, if Company A meets the qualifying criteria for YA2006 (i.e. third YA), Company A would enjoy full tax exemption of up to S$100,000 on its normal chargeable income (excluding Singapore franked dividends) for YA2006. |
Enterprise Investment Incentive (EII) Scheme
Posted by admin on Dec 12, 2008
Attract more investors for your start-up business by giving them tax breaks for any investment losses.
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- Start-ups registered in Singapore who are developing new products, processes or services.
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- Investors can deduct up to S$3 million worth of losses against their taxable income.
Regional Headquarters Award (RHQ)
Posted by admin on Dec 12, 2008
Get RHQ status for your business and enjoy lower corporate tax rates.
For who?
- All companies managing their Asia-Pacific headquarters activities out of Singapore.
For what?
- To encourage companies to use Singapore as a base for conducting headquarters management activities to oversee, manage and control their regional and global operation and businesses.
- Headquarters activities include strategic business planning and development, marketing control, planning and brand management, and technical support services.
How much?
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- Companies with RHQ status pay a lower corporate tax rate of 15%. The current corporate tax rate is 18%.
Things to note:
- Personnel hired for headquarters operations should be based in Singapore and can include management, professionals, technical and support staff. I Now Pronounce You Chuck and Larry buy
International Headquarters Award (IHQ)
Posted by admin on Dec 12, 2008
Get IHQ status for your business and enjoy lower corporate tax rates.
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For who?
- All companies managing their headquarters activities out of Singapore. The company must commit to exceed the minimum requirements of the Regional Headquarters Award
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- Headquarters activities include strategic business planning and development, marketing control, planning and brand management, and technical support services. Supergirl rip Triloquist buy
How much?
- Offers concessionary tax rate of 10% or lower. The current corporate tax rate is 18%.
Things to note:
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- Personnel hired for headquarters operations should be based in Singapore and can include management, professionals, technical and support staff.
Workplace Health &amp;amp;amp; Sports Promotion (WHSP)
Posted by admin on Dec 12, 2008
Get a grant of up to $10,000 to create health and sports programmes for your employees.
For who?
- Singapore-registered organisations with at least 30 employees (including companies, government agencies and statutory boards).
For what?
- To encourage organisations to create and sustain health programmes and sports and physical activities for staff by subsidising the cost of programmes/activities.
- Examples of programmes and activities:
- health screening, lifestyle and health practice survey Ultraviolet hd
- health-related talks, workshops and activities
- sports, exercise and fitness classes
How much?
- For every dollar your business puts into health programmes, you will receive S$1 from the grant up to a maximum of S$5,000.
- For every dollar your business puts into sports and physical activities, you will receive S$1 from the grant up to a maximum of S$5,000.
- You can apply for the grant twice. Only one grant will be given per year. You should apply for the second grant only after completing all the programmes and activities for the first grant.
- For each award (Bronze, Silver, Gold or Platinum) you attain under the Singapore HEALTH Award (SHA), you can apply for 2 additional rounds of funding.
Things to note:
- You can only start your programme/activities after the grant is approved.
- Once your grant has been approved, you must apply for SHA
and Champions For Sport 2009 when the Awards are open for application. - The programme/activities funded must be completed within 12 months from the date of approval.
- The grant is jointly funded by the Health Promotion Board (HPB) and Singapore Sports Council (SSC).