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Business operations during the taxing exam period!

posted 14 Nov 2016, 05:33 by RAMAMURTHY SWETHA   [ updated 10 Jan 2017, 06:26 ]
As the exams are drawing are closer, we are all struggling to manage our business operations simultaneously with our studies. However, we have made some significant progress. 

The two wood manufacturers that we were in talks with have finally reverted with the final quotes and we have decided to go with one of them (Maxcon Enterprises) as they seem to offer a very competitive price. However, we are yet to go down and check the quality of the products once before we seal the deal. With exams just round the corner, we are still negotiating a good time with the manufacturer to go and visit their factory. We are trying our best to get this task done before the start of all our exams on 21st November. 

On the financial side, we also tried to open our own bank account for ease of transactions and payments. We unanimously decided to open a personal account so that we don't have to maintain a minimum balance. We visited the OCBC Frank Branch in NTU only to find out that Shweta cannot open a second Frank account. The other available options were a savings account which requires a minimum of $2000 balance every month or a corporate account which requires a minimum balance of $3000 every month. The team has decided to open a Frank account under Nathaniel or Monisha's name as they don't hold a Frank account so far. 

On the legal side, Monisha is awaiting her government letter to complete her SingPass formalities. Once that is done, she will too endorse the ACRA registration and we will be a legally registered company finally!
This is  estimated to take another 1-2 weeks at the most. After that we will be all set to serve our customers, who are eagerly waiting for us to start our sales.