Query on setting up small biz

[DigDub]

My friend is setting up a small biz. He got someone advising him. The advisor say need to get a company bank account and deposit $300k into it as "guarantee for the biz and its assets" within 6 months of setting up the biz. I googled and there doesn't seem to such clause in sg. If need, then means every small biz min need $300k to set up, which sounds like a lot?

 

[PiKa]

thought $1 can register liao..
probably he is doing something else ..

 

[Laguna123]

Then like that all hawker must have $300k before selling you CKT/prawn mee?

 

[DigDub]

thought $1 can register liao..
probably he is doing something else ..

It's a small biz in a hdb shop house. Not sure why need to put so much money as "guarantee" for the biz.

 

[DigDub]

Then like that all hawker must have $300k before selling you CKT/prawn mee?

A small biz underneath HDB shop. Means those HDB small shops biz are actually very rich?

 

[Spike]

It's a small biz in a hdb shop house. Not sure why need to put so much money as "guarantee" for the biz.

Never heard this nonsense before for a retail business.

What exactly is the type of business?

 

[Laguna123]

A small biz underneath HDB shop. Means those HDB small shops biz are actually very rich?

Think the $300k is collateral for bank to give the business loan?

 

[MizunoVolley]

Depends what small biz bah. Some trade like travel agent need a deposit of 100k with govt before u can get the licence to do guided tour or bring people overseas for tour just in case u collect money already then run away

 

[PiKa]

Depends what small biz bah. Some trade like travel agent need a deposit of 100k with govt before u can get the licence to do guided tour or bring people overseas for tour just in case u collect money already then run away

thats to get the Travel Agent License.

https://www.stb.gov.sg/licensing-support/licenses/travel-agent-licence/

Requirements

1. Register the business with the Accounting & Corporate Regulatory Authority (ACRA) to conduct the travel agent business.
2. A registered travel agent business must have a minimum paid-up capital of S$50,000 (for Niche Licences) or S$100,000 (for General Licences) and a net value of the same amount.

 

[AndroidComa]

no head no tail
is 250K franchise fee? 7-11? good price center?
did he go and put his startup capital as 300k?
isit selling alcohol?

 

[Dividends]

My friend is setting up a small biz. He got someone advising him. The advisor say need to get a company bank account and deposit $300k into it as "guarantee for the biz and its assets" within 6 months of setting up the biz. I googled and there doesn't seem to such clause in sg. If need, then means every small biz min need $300k to set up, which sounds like a lot?

Business owner here, $1 capital is enough to start, but of course, people don't usually do that since your business needs money for running costs. The "advisor" is talking ****. But of course, with $1, no bank is going to entertain your request to open an account (I think certain FIs like WISE will), and business accounts usually have a minimum balance requirement or they'll charge a monthly fee.

 

[PiKa]

ya, smells like some franchisee fee

 

[ramlee]

do molly tea ba

 

[s-ghost]

if your friend haven't put money, stop him at all costs!

is his advisor a partner who will have access to the bank account?

 

[PiKa]

in before fren = TS

 

[s-ghost]

Business owner here, $1 capital is enough to start, but of course, people don't usually do that since your business needs money for running costs. The "advisor" is talking ****. But of course, with $1, no bank is going to entertain your request to open an account (I think certain FIs like WISE will), and business accounts usually have a minimum balance requirement or they'll charge a monthly fee.

maybank flexibiz don't even need minimum balance

 

[impressionimage]

Nonsense la, no such thing

 

[Bad kids]

Sound like the advisor is very good into his (advisor) business...

 

[Bad kids]

If I know you have $300K to stash away.... as a advisor I will charge you literally on whatever service that I offer... (just like a insueren agent... monthly recurring to sarpok my merc and condo)... and of course you are just one of them....

 

[Full_Cream_Milk]

What exactly is the type of business?