As Swiss and other private banks are increasingly moving asset protection and wealth management functions to Singapore subsidiaries, another interesting news item recently was the opening of Singapore FreePort. Singapore FreePort is a state-of-the-art secure storage facility that operates in its own duty-free zone adjacent to Singapore’s Changi Airport.
It is no longer privileged knowledge that Information and Communication Technology has launched the entire globe into what is now known as the e-world-meaning electronic world. Today Governments the world over are somersaulting to reinvent and re-engineer governance so as to be more effective, efficient and transparent in the provision of information, goods and services to their citizens electronically.
A lot of readers contact me to ask about offshore banking and wealth management services in Singapore. Unquestionably, Singapore has some very sophisticated banks and bankers, and it has developed a well-earned reputation for discretion and confidentiality.
Starting a new business is a very exciting experience for sole proprietors who want to get the highest return based on their efforts and managerial skills, as the entire operation grows the need for investors and business partners becomes a priority. A very common mistake sole proprietors do is to reinvest a weak amount of money back into their business, the lack of capital which goes back to the operation is key for the successful growth of the venture.
Singapore’s ideal geographical location and first world infrastructure has always attracted many companies and businesses to set up companies here as a launching pad to the rest of Asia. There are many benefits in incorporating a company in Singapore, the most important being the tax benefits for new start up companies.
Nowadays in these tough times all businesses must not only work harder, but also innovate and smarter in every possible way. Part of this are seeing the available opportunities or re-evaluating the business strategy.
I believe that one of the reasons that it is so hard for a CIO to get the IT department to align with the rest of the business is that finding the correct opportunities where alignment is possible can be a big challenge. Well I’ve got some good news for you: it looks like such an opportunity is getting ready to show up and it’s called XBRL.
The infamous data-tagging financial software XBRL (eXtensible Business Reporting Language) hit many sides of the wall since its introduction in 1998 and became famous at the early years of 00s’ to the middle. While there may be debates on this ‘minor inconvenience’ which includes changes in standardized formats and templates, this invariably saves time and allows automated comparison with quick look-up functions for their filing.
XBRL stands for eXtensible Business Reporting Language. It is an electronic communication of business and financial data language developed to present financial statement on the Internet. The key advantage of this new “language” is that an identifying tag is applied for each individual item of data instead of treating them as a block of text.
When you’re starting a business there are a million and one things to think about so it might be necessary to find company formation services so that you can relax about a few aspects of starting your company. A service like this can allow you to concentrate on other matters and there are plenty of options available on the web.