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Seeking Intelligent Advisory Platform for Business Compliance

Background / Description

The Open Innovation Platform (OIP), an initiative by the Info-Communications Media Development Authority of Singapore (IMDA), aims to connect real business challenges to problem solvers. 

CONTEXT

Value Consultancy (Singapore) Pte. Ltd. is an integrated Business Consultancy Company that provides companies in Singapore with professional services such as Accounting, Tax Services, Business Systems Advisiory, Corporate Risk Management and Corporate Secretarial Services.  They are a local SME specialist with many years of experience providing proferssional services to startups and SMEs such as the landlord and the tenants of ORTO park (formerly Bottle Tree Park), Okeanos Trading Company, Alston Publishing House Pte. Ltd., Superluck Food Court Pte. Ltd. etc. 

Corporate compliance and tax filing are yearly processes that businesses large and small need to undertake. Small businesses, especially new ones, struggle with these processes because they:

  • do not understand the terminologies used
  • are unsure of the documentation that is needed
  • are unsure of the time period when they should take action
  • are unsure about the implications of certain business decisions

As a result, small businesses usually pay a substantial sum to have professional accountants complete these processes on their behalf when most of these processes are easily self-helped. Value Consultancy is looking for solutions to facilitate the process for small businesses to submit compliance information, so that it can serve its SME clients more productively and cost-effectively.

 

PROBLEM STATEMENT

How might we develop an intelligent solution to facilitate the submission of relevant business compliance information, and recommend appropriate solutions for small businesses ?

Technical Specifications

WHAT ARE WE LOOKING FOR 

  • Prototype of a solution that enables Value Consultancy (Singapore) Pte. Ltd.to
    • Allows small businesses to self-help as much as possible instead of turning to professional services
    • Reduce manual data-entry as much as possible 
    • Serve appropriate advice / solutions based on provided information
    • Be able to make recommendations of service providers eg auditors when automated solutions are no longer possible for small businesses

There are no restrictions on the geographic location of the problem solvers who may choose to apply to this challenge. However, the prototype needs to be demonstrated in Singapore.

 

POSSIBLE USE CASES

  • The user has just incorporated a private limited company. He/She logs into the platform solution offered by Value Consultancy and it will show him/her the basis period and when corporate taxes are required to be filed.
  • Based on the volume of transactions input by users, platform will also suggest when he/she should start entering transactions into the platform and constant reminders/alerts (whatsapp, email, sms) will be sent to him/her.
  • Platform will also remind him/her the penalty and fines involved for late filing etc.
  • Indicative personal/corporate tax will be computed based on inputs below
    • Salary, Dividends, Director fee/remuneration, keeping profits in the company
    • Tax & CPF implication
  • Not long after, he/she received a letter from ACRA asking to appoint secretary and auditors. Platform will be able to show him/her the process on how to appoint the secretary and auditors and to make recommendations on suitable candidates through the platform.
  • The easier processes are now self-helped through the platform, allowing Value Consultancy to serve their clients more productively by focusing on the more complicated processes.

 

WHAT’S IN IT FOR YOU

  • SGD 50,000 of prize money for each winner of this challenge (see Award Model)
  • Access to test data and domain expertise pertaining to the corporate compliance and tax filing to test and refine the prototype.
  • Opportunity to demonstrate and validate solution in partnership with Value Consultancy, an established business consultancy for SMEs.

 

Award Model

30% of the prize money will be awarded to each selected finalist at the start of the prototype development process, with the remainder 70% to be awarded during the prototype development process, based on milestones agreed between Value Consultancy and the solver.

Note that a finalist who is selected to undertake the prototype development process will be required to enter into an agreement with Value Consultancy that will include more detailed conditions pertaining to the prototype development. 

 

Eligibility

We are open to global and Singapore-based individuals, research providers and companies that have digital technology expertise and innovation capabilities. Some of these include Info-Comm and Media (ICM) start-ups, SMEs and larger companies. Problem Solvers should have the ability and desire to co-create and innovate with Problem Owners or/and other partners to translate their ideas into solutions that can address real business needs. 


Global solvers may apply for challenges on the OIP. However, from time to time, some Problem Owners may require applicants to have a physical presence in Singapore in order to perform a demonstration of the Proof-of-Concept or Prototype. Global applicants must be prepared to bear the additional cost of travel. Applicants are encouraged to check the respective challenges if there are such requirements before applying.


Further Details

Technical details of the problem statements as well as information related to the innovation calls can be found on the IMDA Open Innovation Platform (OIP) which you will be redirected to after clicking on the 'Proceed To Details' button below and filling up a short form with your basic information.

Preferred Business Model

  • R&D Collaboration
  • Business Collaboration (Joint Venture, Distribution)

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