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Finance

A Complete Guide to Applying For Foreigner Loans in Singapore

Working in a different country and leaving your native land is a daunting task for anyone, but imagine how much worse it could be to run short of funds while there. A recent survey conducted by an independent organization has concluded that foreigners constitute almost 30%, or around 1,600,000, of the entire population in Singapore. Out of those foreigners residing in Singapore, 11% are serving professional jobs, and about 12% of the foreign population is working as health care providers, retailers, manufacturers, and are engaged in other business sectors.

What Are Foreigner Loans?

Singapore is counted amongst the cities with the highest costs of living in the world. Working professionals may find it difficult to cope with daily expenses and lie in bed stressed at nights. In unfortunate cases, working professionals can be even worse off when paid in their native country currency, and in those cases, a poor exchange rate can lead to even tougher odds against survival.

To help stave off this unfortunate circumstance, one can obtain a foreigner loan in Singapore to avert crisis or to lead a happy and successful life. These short-term, personal loans can help in raising immediate cash for urgent requirements and help in resolving issues or expenses related to daily survival. Most of the loan providers in Singapore ask foreign residents to show their employment pass or a proof of minimum income of around S$40,000 per annum to obtain a loan.

What If the Foreign Loan Requirements Aren’t Attainable?

Foreigners, who reside and work in Singapore, have plenty of options available for accessing personal loans and fulfilling their immediate cash requirements. If the bank or the moneylender refuses to provide them with a sizeable loan, then they can always still apply for payday loans. Application for a payday loan in Singapore grants a relatively small amount of money, roughly a pay check, to the applicant at a high interest to tide over any short term exigencies. The loan term is based on the agreement that the loan will be repaid as soon as the borrower receives their next wage. Offering immediate support to innocent borrowers and working professionals, these loans are offered in small increments, feature fast processing time and are guaranteed with a deed that clearly states payment terms upon receiving the next wage.

What Are the Basic Requirements of Applying for Foreigner Loans in Singapore?

Both loans are highly beneficial for borrowers who have urgent monetary requirements for meeting their daily needs or for meeting sudden large expenditures. However, loans for personal use aren’t recommended for people who have regular cash flow needs. Singapore’s licensed moneylenders offer immediate support in the form of a personal, foreigner, or payday loan and provide customized solutions to raise funds instantly. The following are some of the key factors that the applicant must fulfill to take advantage of a loan:

A Complete Guide to Applying For Foreigner Loans in Singapore
A Complete Guide to Applying For Foreigner Loans in Singapore

A duly-filled application form is required to be submitted to the bank or moneylenders
Fill in all the necessary details accurately to prevent delays in getting loan approvals
Attach the supporting documents serving as a proof of education, employment, current wealth, or any other important documents.
Provide a proof of identity with valid passport, Singaporean work pass, proof of current income, latest monthly pay slip or bank statement, and proof of Singapore residential address.
Once the loan applications and relevant documents are submitted, foreigners will get notifications about the changes in the status of their loan request. If the loan gets approval, the foreigners will be required to go through the agreement and sign the contract to get extra cash to meet their requirements.

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Finance

Is Investing in Commodities a Good Idea For Individual Investors?

Let us share a strange thing with you all today. A couple of years back also a very less number of individual investors were aware of the investment vehicle called commodities. They mostly used to opt for equities, mutual funds and bonds and keep commodities as their last choice of resource. Wasn’t that strange? But now with the passage of time, the game is turning around. People (investors) have become much more aware of commodities investment than before and even willing to indulge in it due to the recent volatility in the stock market.

Besides this, many individuals are also investing in commodity Exchange Traded Funds (ETFs). Commodity ETFs either invest in a single commodity or in futures contracts that track the performance of a particular commodity or a group of commodities. This means, when an investor purchases a commodity ETF, he does not own a physical asset but owns a set of contracts instead that is being backed by the commodity itself.

Now coming to the point that why investing in commodities is a good idea for an individual investor, the prices of commodities like crude oil, gold, and silver tend to go high during the time of inflation or when the nation’s currency loses value. Since the prices of commodities are no way related to the prices of stocks and real estate, they tend to operate differently. An Investment portfolio consisted of 5% to 10% commodities can overcome any losses incurred by equities, mutual funds or any other financial tool.

However, investing in commodities too has its own set of pros and cons because of which it is essential to be a little more cautious, especially, during deflation, because the prices of commodities tend to fall during such situations.

Having said that, let us now take a look at a few things that you must keep in mind while investing in commodities.

Is Investing in Commodities a Good Idea For Individual Investors?
Is Investing in Commodities a Good Idea For Individual Investors?

Invest as a part of a diversified portfolio: Investing in commodities is likely to provide you with a potential gain along with equally large potential for losses. Hence, it is advisable to invest in commodities with a long-term goal or just consider it as a part of a diversified portfolio. Commodities can reduce the risk of losses as a part of a diversified portfolio since their movements are not directly related to the fluctuations of other types of securities in the portfolio.

Decide how much money you want to invest: As we just said in the aforementioned point that commodities investment has a high potential for losses. So, analyze your risk appetite first and then invest in commodities. Decide how much money you want to invest or how much money you can bear to lose should there be any adverse situation.

Seek for advice: Like any other financial tool, investment in commodity market requires an extensive research, knowledge and expertise. If you do not have the time or inclination for it, then it’s best to hire the services of a professional who would guide you through every step of investment and provide with the best possible solutions.

Invest in exchange-traded funds: Exchange traded funds are consisted of shares that trade like stocks and allow investors to invest in a more diversified portfolio of other securities. Since the commodity funds, ETFs are generally comprised of futures contracts that track the value of commodities, they allow the investors to invest in fluctuations of commodity price without the risk of holding futures contracts.

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Finance

4 Tips To Become Successful In The Hospitality Business

If you are venturing into the hospitality industry, you have to account for certain factors that can increase the chances of your success. Four such simple, yet important, things that you should always remember include-

Be Smart With Your Finances: As with any other business, the smarter you are with your finances, the more likely you are to taste success in the hospitality industry. And this starts right from your investments. Do not make all your investments from your own funds. Instead, use a healthy mix of capital, loans, and other financing options. For example, for acquiring all equipment, you can opt for a hospitality equipment lease from reputed leasing companies. This will allow you to change the equipment whenever you want by just canceling the lease and taking a new lease on the new equipment. As such, wasting capital on purchasing the equipment makes too little sense. In the same way, be very careful with your expenses. Cut down any expense that you feel is unnecessary. But remember to apply discretion here and do a thorough research to ensure that the expense you are cutting off is truly non-productive.
Develop Strong Business Relationships: Build beneficial relationships with other businesses and develop your network. But remember that the arrangements should be mutually beneficial. Else, those business relationships won’t last long. For example, you can contact a local store and arrange for them to distribute a 10% discount at your restaurant coupon when customers purchase anything from their store. In this case, both you and the store owner benefit in some way. Such types of marketing and business relationships are far likelier to last than any deal in which only you end up benefitting.

4 Tips To Become Successful In The Hospitality Business
4 Tips To Become Successful In The Hospitality Business


Always Be Ready For Emergencies: Unfortunate events can happen anytime. And in the hospitality business, if you are unable to handle such events with minimal damage, you not only risk suffering, loss but may even have to shut down your operations. For example, if there is a fire in your restaurant, then you must ensure that all customers are properly rescued from the place. For this, you must have already taken precautions against fire hazards, preparing strategic exit points at all important locations. This would ensure that people can quickly get out of the place without any mad rush. Not foreseeing such potential hazards can end up costing you dearly, both financially and in terms of reputation.
Hire The Most Pleasant Customer Relationship Staff: Always hire the most pleasant person to handle the customers. The more they are able to make the customer feel comfortable and happy, the more your business will grow. As simple as that. As such, if you have to pay a higher salary for getting the right person for the job, don’t hesitate to do it.
If you keep the above in mind, whether it be getting the hospitality equipment by lease, foreseeing emergencies or any of the other things, you will surely taste more success in the industry.

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Finance

File US Taxes From The UK – Know The Basics of US Expat Tax Returns!

No matter where you live in this world, if you are a citizen of US, then you should always pay attention to file US taxes. And in case you live in a country like UK and you are still considered as the US citizen, then paying attention to US expat tax returns can save a lot of money for you. There are many US citizens who use to live in UK. This nation has become a more favorable place for these people and there are some good reasons behind it. Here, they don’t need to communicate in such a language that is new for them. At this part of the world English is the first language. Due to this reason, US people coming here to find their bread and butter often prefer to stay here and find a good lifestyle. In UK they also feel secure and can avail all the facilities that are needed to live a better lifestyle. In case, you also live in UK due to these reasons and you are still not paying attention to file US taxes from the UK, then the time has come for you to go for it.

In this way, you can easily get rid of the double taxation. So, the prime thing is that what is double taxation? As you are living in the UK, you have to pay taxes to the government of this country. On the other hand, your native country is also there where you need to pay the tax. Why? USA is among those few nations in this world, where they have implemented taxation on the international income. So, you have to meet those taxation needs of US. And in that case, you always need to pay it. So, once you file US taxes from the UK, you can easily save money while paying tax to only one country. And this is where the US expat tax returns service can come in handy. Such a professional service provider can show you the right way to file US taxes from the UK.

File US Taxes From The UK - Know The Basics of US Expat Tax Returns!
File US Taxes From The UK – Know The Basics of US Expat Tax Returns!

The same rule is also applicable for the US natives who use to live at other parts of the world. In case you miss or you ignore to file the US taxes, you may also come across legal activities. And this is what you will surely not like to face whatsoever. This might be a reason that you are in UK for a job. Well, that’s good! After all, you are going to earn for your family. But at the same time, you also need to take decision about knowing how to file US taxes from the UK. You should understand how the US expat tax related needs are going to reflect you living in the UK. You need to know what sort of expat taxes you need to pay to the native country even when you are living the UK. Opting for the US expat tax returns service can help you determine all those things in a better way.