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Betty B. Rogers is a 21-year-old tradesperson's assistant who enjoys theatre, horse riding and spreading fake news on Facebook. She is friendly and giving, but can also be very boring and a bit unkind.


US ‘underestimated vaccine hesitancy’, outgoing health chief admits

Statement comes shortly after US passed milestone of 75 per cent at least partially vaccinated News curated from
3 simple rules for cushioning yourself against inflation

3 simple rules for cushioning yourself against inflation

With inflation chipping away at your spending power, here's how can you protect yourself, and one way to earn more interest on your savings. Source:

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Things You Should Know With Regards To The Increase In CPF Contribution Rates

Things You Should Know With Regards To The Increase In CPF Contribution Rates

Hello Fellow Employers!

In the Budget 2022 speech, Finance Minister Lawrence Wong announced an increase in the CPF contribution rate for senior workers aged 55 to 70 years old in order to increase their retirement incomes and improve retirement adequacy. The first increase in CPF contribution rates for older workers was already implemented earlier this year, on 1st January 2022, and the second increase will be applied on 1st January 2023.

Below is a summary of changes in the CPF contribution rates that you HAVE TO know:

  1. The adjustments to the CPF contribution rates that will occur on 1st January 2023 will only apply to employees aged 55 to 70, while all other age groups will remain unchanged. You can refer to the graphic below for a more detailed description of the changes.
  2. Employees earning more than $500 to $750 per month will continue to contribute to their CPF at the same rate as before.
  3. For Singapore Permanent Residents (SPRs) in their first and second year, the graduated contribution rates will stay unchanged.
cpf 2

How would the new CPF contribution rates for senior workers affect you as an employer?

The increment of CPF contribution rates, which is intended to enhance senior workers’ retirement income, also implies that you have to contribute more to your employees’ CPF. Simply put, the adjustment in CPF contribution rates actually raises your labour costs.

However, as with this year, a one-year CPF Transition Offset (CTO) will be automatically supplemented for the 2023 increments to cover half of the increase in employer CPF contribution rates. You will not be required to apply for it. For more information on the CTO, you can visit here.

Despite the government offset, hiring senior workers aged 55 to 70 will cost you more than it did previously. While employing senior employees can help diversify the workforce, it is apparent that if you continue to recruit senior workers in the future, your operating costs will rise, making your business less profitable.

As illustrated, the cost benefits of hiring senior workers provided previously have been reduced. With the cost increase, you should reconsider recruiting senior workers. As compared to the seniors, a younger employee is more likely to possess up-to-date skill sets and knowledge, as well as be more in sync with current market sentiments. Therefore, it will be cheaper and more advantageous to hire a younger employee as you will not have to train them from the ground up.

Having said that, many seniors are constantly undergoing training classes and upgrading themselves in various areas in order to remain relevant with the current market and trends. Hence, if a senior person can deliver the same value as a younger employee, you should definitely consider hiring them. More importantly, this will also be less costly for you.

All in all, we hope that you’ve gained a clearer understanding of the updated CPF contribution rates that will be taking effect in the coming year and how it will affect you as a business owner. For further details on the increase in CPF contribution rates, please visit the CPF website or here.

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BizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at

Sole Proprietorship OR Private Limited?

Sole Proprietorship OR Private Limited?

“I want to set up a company. What type of company should I set up?”

Well, if you want to expand your business, raise funds, or take on a big project, always set up a Private Limited company. The reasons are as follows:

1. Raising Funds

Unlike private limited, you cannot raise funds with a sole proprietor company because it doesn’t have a shareholding structure. Since the nature of the company can only consist of one owner, the owner cannot split up his/her shares to raise capital. This is due to the non-existent paid-up capital for dilution.

2. Amount of Liability

If your company is accountable for a project/trade liability, a private limited company would be better as it is a separate legal entity that is distinct from its shareholders and directors. In this case, shareholders in a private limited company are not personally liable for company debts. The liability of a shareholder will only be limited to his investment in the company (which is normally paid-up capital). Whereas a sole proprietor company is owned by the sole proprietor himself without any separate legal identity of its own. The sole proprietor (owner) is personally liable for all debts and losses of the business

3. Increased Tax Savings

If you are making money, especially if you earn high revenue, there are more tax savings you can obtain as a private limited company than as a sole proprietor. In Singapore, there are many tax benefits to starting a business and getting a tax discount for the first 3 years. In addition, your personal expenses can be combined with your company expenses to be expensed out from your earnings to receive higher tax savings.

4. Ownership Transferability

In a private limited company, it is easy to transfer your ownership. You can always transfer or sell your shares to another owner (succession planning or selling of business), only if you are in a private limited company. In corporate law, a private limited company last perpetually. Unlike a private limited company, a sole proprietorship cannot last in perpetuity, the registration of a sole proprietorship has to be renewed either at the end of one or three years. Even if the registration is dutifully renewed, the business will still come to an end once the business owner either retires or dies.


With that said, I personally feel that one should always set up a private limited company if you wish to expand and grow your business. Certainly, there are also advantages to operating as a sole proprietorship, such as the ease of establishing the company due to the fewer requirements. However, I suggest that you should only start a sole proprietorship if your business is a part-time hustle, and you are not serious about it. Otherwise, I advise you to always start a private limited company because the benefits far outweigh the cons of it. If you wish to succeed in growing a big and profitable business, then we should think and act like one.

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BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at 

Updates to Temporary Bridging Loan (URGENT!)

Updates to Temporary Bridging Loan (URGENT!)

Hello employers!

The US Federal Reserve has announced another interest rate hike to combat the relentless inflation. It announced yesterday that the Fed reserve rates would be raised by 75-basis points. This is a tremendous trigger for the entire world to increase their cost of funds. With the rising cost of living already taking a toll on consumers early this year, the return of rising rates will create a new form of obstacle for businesses and financial institutions.

What exactly does the federal funds rate mean to you?

The federal funds rate, which is regulated by the US central bank, is the interest rate at which banks borrow and lend to one another overnight. Although consumers do not pay this rate, the Fed’s actions have an effect on the borrowing and saving rates we see everyday.

For starters, the rate hike will correspond with a rise in the prime rate and immediately send financing costs higher for many forms of consumer borrowing. Our bank loan, which includes our housing loan, business loan, personal loan, car loan, will all have their interest rates raised.

On the flip side, higher interest rates also mean savers will earn more money on their deposits as the deposit rates will also increase. That is why our Singapore Savings Bonds rate has increased (recently went up to 3% p.a. on average)

My personal opinion:

As the Fed Reserve Rate increased, this is only the first tranche of hikes, more rounds of increases will be applied in the future. We should be prepared for even higher interest rates in the coming months.

Traders also expect that the Fed will raise rates again at its next meeting in September, then again in November and December before possibly lowering rates in the middle of next year, depending on the evolving economic conditions.

Therefore, there is no point in waiting for the interest rates to fall because it will not happen anytime soon.

Before I continue, let me give you an overview of the business loan environment in Singapore.

What I experienced over the past few days:

Yesterday, a couple of bankers from a local bank came to my office to share with me a potential interest rate hike next month. I was surprised to hear that the interest rate for the Temporary Bridging Loan may take place in “AUGUST 2022!”, which is next week!

Yes you didn’t see wrongly, it’s August 2022. I thought it would only increase after the Temporary Bridging Loan expired on 30th September 2022, and transit to Working Capital Loan; but now we are talking about the Temporary Bridging Loan increasing to a higher rate next month.

I was quite shocked at how quick this has arrived, and how many of my clients had little time to react to it. As compared to the current rate, the rise is relatively large (almost 50% increase).

I am not sure if this is simply a speculation or if the bank would actually raise the interest rates so soon. However, if the growing rate really happens, the cost of borrowing will increase tremendously, and future loan rates for Working Capital Loans after September and the Business Term Loans will increase even further.

Earlier today, I got another loan approved for my client who has already maxed out their TBL limit of $1million. They managed to get a $250k Working Capital loan at 6% p.a. and $250k business term loan at 8.88% p.a from a reputable bank. So this is the interest rate that banks are currently offering. This week, we will be signing the Letter of offer.

As we all know, the bank has the absolute right to adjust its interest rates at any time. Hence, if you have plans to take on more loans for projects, cashflow, or have any plans for cash in the near future, this is your LAST CHANCE to get a loan at a decent rate, which is still at 4.75% to 5% p.a.

Also, due to the anticipated high volume of applications, our banking partners have informed us that the deadline for new applications for the Temporary Bridging Loan is on 31st August 2022. As the bank and ESG requires a longer processing time to approve any rates or loan packages, if you submit the application after 31st August, it will be classified it as a Working Capital Loan, and the interest rate will be higher.

Therefore, although the news or website indicates the deadline as 30th September 2022, it is not the case.

At the end of the day, Bizsquare has been around for the last 9 years and has received numerous recognition and awards. People who know me well will know that I am more interested in marketing and media content work than in business loan consulting. So this email is not so much about making money for me, but more for your business cost.

Here are some photos of our recent influencer marketing work:

Influencer Collaboration with Zermatt Neo: 

Influencer Collaboration with Jeff Ng: 

However, I feel that if I do not inform all of my friends and clients about the impact of the business loan rate hike today, I will regret one day.

Cheers and all the best to your business!

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BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at 

Business Loan Consultant and their benefits for your business in Singapore

6 benefits of engaging a business loan consultant in singapore

Did you know that Business Loan Consultant can actually bring many benefits to your business and be of great aid for your future business expansion as well as its cash flow? In this article, we have summarized 6 key benefits in engaging a business loan consultant in Singapore! Do give it a read!

Check out our main website for more information on our services:

Successfully apply for a Commercial Property Loan in Singapore

Increase your chances of securing a commercial property loan in Singapore

A successful Commercial Property Loan application would really help your business operations and expansion in the long run. But to successfully apply for one, one might ask, how? Thus, you can read our article as we have listed 3 ways for you to follow and guide you through on how you can increase your application success rate. Click the link to read further!

Check our website for more information on how you can apply for one:

Best SME Loans in Singapore 2021

How to find the Best SME Loans for Small Businesses in Singapore 2021 and beyond, If you are a small and medium company or sme looking to improve your financial cash flow then you might want to think of the alternative and the best variety to identify and compare the loans.

For more enquiry on Best SME Loans , please visit our website at

#bizsquare #businessowners #smeowners #businessfinance #smecredit #businessfundraising #smeworkingcapitalloan #smeloan #enterprisesingapore

How To Apply For Temporary Bridging Loan In Singapore

The international financial slowdown has led to economy contraction by 2.2 percent in the first quarter of 2020. This has actually caused lots of business battling to acquire cashflow and also financing.

With added assistance from the federal government, the Temporary Bridging Loan and also Working capital Finance can help you survive the recession. Bizsquare offers obligation-free examinations on exactly how you can take advantage of funding your firm. We only alter upon success.

The Temporary Bridging Loan Program (TBLP) gives access to working funding for organization requirements. As introduced at Supplementary Spending plan 2020, eligible ventures may borrow as much as $5 million under the TBLP, with the rate of interest beginning with 2.5% per year onwards, from Getting involved Banks (PFIs). The federal government will give 90% risk-share on these loans.

There are 16 financial institutions (FIs) joining this program. Credit rating requirements & interest rate are various for all banks.
Qualified enterprises under the TBLP might additionally obtain as much as 1 year deferment of major repayment to assist handle their financial obligation, subject to analysis by the PFIs.
The Temporary Bridging Loan Program and also the Boosted Enterprise Funding Plan-loan will certainly be extended for an additional 6 months from Oct 1 this year to March 31, 2022. They were previously prolonged in October in 2014, from April 1 to Sept 30.

Just how Does The Temporary Bridging Loan (TBL) Job?
The Temporary Bridging Loan Programme allows qualified companies to borrow as much as SGD$ 3 million, with a settlement duration of approximately 5 years.

Under the plan, rate of interest charged by Taking part Banks (” PFIs”) are topped at a maximum interest rate of 5% per year. Depending upon your firm’s credit report and financial efficiency, you might have the ability to appreciate an interest rate of 3% per annum or less.

Due to the fact that the federal government will take on 70% of the risk-share on brand-new fundings, the TBLP is known as a government-assisted lending programme. In the event of a default, the PFIs can make an insurance claim versus Enterprise Singapore for the unrecovered amount in proportion to the risk-share embarked on by the government.

As an example, if a service takes a loan of SGD$ 500,000 and defaults on payments, the PFIs will certainly first follow their usual industrial healing treatment. Presuming that the PFI is only able to recuperate SGD$ 400,000 under its usual commercial healing treatment, the PFI will after that make a case of SGD$ 70,000 (equivalent to 70% of SGD$ 100,000) from Business Singapore.
Factors Business May Think About Occupying The Temporary Bridging Loan (TBL).

The Temporary Bridging Loan Programme supplies low-cost functioning resources finances for organizations throughout this Pandemic Duration. While lasting earnings are very important to develop a lasting company, it’s short-term cash flow that will figure out if a business endures.

Temporary Bridging Loan can be made use of for various business objectives during this duration.
Expenses can consist of paying salaries to your employees to retain and sustain them throughout this tough period, or various other temporary costs for the company to continue operating. This consists of rental, advertising and marketing expenses and also basic materials that are required for your items.

Requirements To Request Temporary Bridging Loan.
As a government-assisted funding, just Singapore business which meet the list below requirements are qualified to apply for this loan:.
1. At the very least 30% of shares held by Singaporeans or Permanent Residents; and also.
2. Registered as well as physically present in Singapore.

3. Meeting the eligibility criteria suggested by the Singapore government, eligible organizations will certainly likewise be subject to the standard credit analysis requirements established in location by the banks that are disbursing these loans.
While no collateral is called for, financial institutions will certainly need a 100% Personal Assurance for the financing. This indicates that if business falls short to pay back the lending, the person that assures the loan (normally the founder or a supervisor of the firm) is liable to pay the outstanding quantity.
Interested ventures can apply through Bizsquare.

With added assistance from the government, the Temporary Bridging Loan and also Working funding Loan can aid you get through the downturn. Bizsquare supplies obligation-free appointments on just how you can tap into moneying your company. The Temporary Bridging Loan Programme (TBLP) supplies access to working resources for company demands. As announced at Supplementary Budget plan 2020, qualified enterprises may borrow up to $5 million under the TBLP, with the interest rate starting from 2.5% per annum onwards, from Getting involved Financial Organizations (PFIs). The government will certainly supply 90% risk-share on these fundings.

Click HERE to submit your loan enquiry now!

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