consultancy

In 2009, Biz Vision Consulting (BVC), a member of Biz Vision Group, was incepted to provide a comprehensive range of professional business advisory and corporate services such as company incorporation and tax planning service. The company was selected as one of the business luminaries for the Promising SME 500 2014 Awards and has till date served several hundred clients, both local entrepreneurs and foreign clients of reputable MNCs and SMEs across various continents worldwide.

INCORPORATION OF SINGAPORE COMPANY

  • Singapore company incorporation

    Singapore company incorporation

    As a legal entity registered under the Singapore Companies Act, it is possible for a company to sue and be sued in its own name. It is also able to own or hold any property.

    The sizeable number of advantages such as limited personal liability and tax advantage make a private limited company the most preferred form of business entity in Singapore.

    For instance, for the first 3 years of assessment, the first S$100,000 of the chargeable income, is tax exempted. After exemption, the company chargeable income is taxed at corporate tax rate of 17%.

    To incorporate a Singapore company, the following information is required:

    • Name of Proposed Company
    • Singapore-registered office address
    • Minimum initial share capital is S$1
    • Minimum 1 Shareholder
    • At least 1 Local Director
    • 1 Company Secretary
    • -Passport/IC of Shareholder(s) and Director(s)
    • If the Shareholder (s) or Director (s) are foreigners, a proof of foreign residential address is required (a copy of recent utility bills or residential telephone fixed line bills, driving license or other documents that proof the validity of residential address)

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  • Corporate secretarial services

    Corporate secretarial services

    It is mandatory for every private limited company to appoint a qualified company secretary within 6 months of its incorporation. In addition, in case of a sole director/shareholder, the same person will not be allowed to act as the company secretary. The company secretary must be a natural person who is ordinarily resident in Singapore.

    The scope of Company Secretary includes:

    • Preparation and maintenance of resolutions and minutes in respect of opening of bank accounts, changes in the officers of the company etc.
    • Preparation and maintenance of minutes of general meetings in respect of the annual general meeting.
    • Preparation and filing of the statutory returns to be lodged with the Accounting & Corporate Regulatory Authority (“ACRA”).
    • Custody and maintenance of the company’s statutory registers, minute books and other statutory records.
    • Custody and use of the common seal.
    • Regular updating of minutes books and statutory registers.

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  • Business license applications

    Business license applications

    A very important part of setting up your business is ensuring you comply with all the laws and regulations. Part of this compliance is having the right licences and permits required to conduct business in your chosen industry.

    The different types of licenses include:

    Compulsory Licenses
    Certain businesses require special licenses before they are allowed to commence operations.

    This means that it is an offence to operate your business without this licence. For example, childcare centres require a Child Care Centre licence.

    Occupational Licences
    If you intend to offer professional services, you will require occupational licences for yourself and/or your employees.

    This would include doctors, lawyers, architects and accountants. These licences are usually obtained from the respective professional organisations.

    Business Activity
    Certain business activities require a licence or permit. For example, if you wish to sell liquor, you will need to get a liquor licence. You will also need a customs account (Tradenet) to carry out import export activity.

    If you need to import or export goods for sale, you will also need a Customs Account with Singapore Customs.

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  • Provision of registered address

    Provision of registered address

    In order to register a Singapore company, you must have a local Singapore address as the registered address of the company. The registered address must be a physical address and cannot be a P.O. Box.

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OTHER BUSINESS ENTITIES SETUP

  • Sole Proprietorship and Partnership (LLP/LP/P) registration

    Sole Proprietorship and Partnership (LLP/LP/P) registration

    Sole Proprietorship
    A sole-proprietorship is a business firm with only one owner. Such business structure is only suitable for very small single-owner type business that carries relatively lower risks. Unlike a private limited company, a sole proprietorship does not provide limited liability protection, hence your personal assets could be affected from business risks.Some useful information to note:

    • It is not a legal entity (i.e. it cannot sue or be sued in its own name and it cannot own or hold any property).
    • The owner is personally accountable for all risks, debts and losses.
    • Profits are taxed at personal income tax rates.

    Limited liability Partnership (LLP)

    Registering an LLP gives owners the flexibility of operating as a partnership while enjoying the many advantages one could derive from a corporate body like a private limited company (Pte Ltd). A LLP is primarily meant for carrying a profession (for example, accountants, law firms, architects, etc.) where two or more professionals would like to build a joint practice in a common field. The owners must enter into detailed agreements with regards to division of profits and management responsibilities. Partners in a limited liability partnership are usually responsible for cultivating their own clients based on the partner’s specific area of focus.
    Some useful information to note:

    • It is a legal entity (i.e. it can sue or be sued in its own name and can own or hold any property).
    • It is compulsory for all LLPs to appoint a local manager.
    • The personal assets of the partners are protected and owners are not personally accountable for the wrongful acts of other owners.
    • Any changes in the LLP (e.g. resignation or death of partners) do not affect its existence, rights or liabilities.

    Limited Partnership (LP)

    The concept of limited partnership is an alternative to the general partnership type of business form in Singapore. It introduces the concept of a limited partner in addition to a general partner. The liabilities of limited partners are limited to their investment in the partnership (capital or property). Nonetheless, such partners are unable to participate in the management of the business in a limited partnership. In a nutshell, even a limited partnership in Singapore is not a very appealing instrument for establishing a business for most people.

    Some useful information to note:

    • It is not a legal entity (i.e. it cannot sue or be sued in its own name and it cannot own or hold any property).
    • A general partner has unlimited personal liability and can be appointed as the manager of the LP.
    • A limited partner is not liable for any debts and obligations beyond his agreed investment in the LP.
    • If a limited partner takes part in the management of the LP, he will have unlimited liability as if he were a general partner.

    Partnership (P)

    Partnership suggests a business firm owned by 2 to 20 individuals or companies who carry on a business with the objective of making profit and sharing it between them. All partnerships must be registered with the Accounting and Corporate Regulatory Authority (ACRA).

    Some useful information to note:

    • It is not a legal entity (i.e. it cannot sue or be sued in its own name and it cannot own or hold any property).
    • Each partner is personally accountable for all risks, debts and losses.
    • Profits form part of each partner’s personal income and are taxed at personal income tax rates.
    • You can also be made accountable for losses incurred by other partners.

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  • Branch Office registration

    Branch Office registration

    Singapore branch office is one of the three options for foreign companies wishing to setup their presence in Singapore. The other two options include a Singapore subsidiary or a representative office. A Singapore branch is a proper legal entity once registered with the Company Registrar in Singapore. A Singapore branch is considered an extension of the foreign company and not as a separate legal entity.

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  • Representative Office registration

    Representative Office registration

    A foreign company that is keen to explore potential opportunities in Singapore and the region, may set up a representative office before committing any large scale investments. Unlike a subsidiary or a branch office, a Singapore representative office is viewed only as a liaison office and as such has no legal status. It cannot conduct any business activities of profit yielding nature.

    Given its lack of legal status, a representative office is disallowed from concluding contracts, negotiating or opening Letter of Credit, getting involved in trading, leasing a warehouse, etc. It can only engage in activities such as conducting market research and feasibility studies.

    In a nutshell, a representative office is a temporary administrative office that is setup to manage and coordinate non-commercial activities of a foreign company.

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TAXATION

  • Corporate Income Tax computation and submission

    Corporate Income Tax computation and submission

    Any income that is “accrued” or received in Singapore by a company will be subjected to tax.
    Since January 1, 2003, Singapore has adopted a single-tier corporate income tax system, which means there is no double-taxation for shareholders. Companies will be taxed at 17% from YA 2010 onwards. Tax paid by a company on its chargeable income is the final tax and all dividends paid by a company to its shareholders are exempt from further taxation. There is no tax on capital gains in Singapore. Examples of capitals gains include gains on sale of fixed assets, gains on foreign exchange on capital transactions, etc.

    There are three tax exemptions to help companies tide through economic downturns, encourage entrepreneurship and position Singapore as a business hub:

    • Partial Tax Exemption
    • Full Tax Exemption For New Companies
    • Tax Exemption For Foreign-Sourced Income

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  • Personal income tax computation and submission

    Personal income tax computation and submission

    Personal income tax rates in Singapore are one of the lowest in the world. In order to determine the Singapore income tax liability of an individual, you need to first determine the tax residency and amount of chargeable income and then apply the progressive tax rate to it.

    Some useful information to note:

    • Singapore follows a progressive tax rate starting at 0% and ending at 20% above S$320,000.
    • There is no capital gain or inheritance tax.
    • Individuals are taxed only on the income earned in Singapore. The income earned by individuals while working overseas is not subject to taxation barring few exceptions.
    • Tax rules differ based on the tax residency of the individual.
    • Tax filing due date for individuals is April 15 of each year. Income tax is assessed based on a preceding year basis.

    Individual residents in Singapore are taxed on a progressive tax rate. Filing of personal tax return is mandatory if your annual income is S$22,000 or more. You do not need to pay tax if your annual income is less than S$22,000. However, you may still need to file a tax return if you have been informed by Singapore tax department to submit your tax return.

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  • Goods and Services Tax (GST) registration and submission

    Goods and Services Tax (GST) registration and submission

    GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. The only exemptions are for the sale and lease of residential properties, the importation and local supply of investment precious metals and the provision of most financial services. Export of goods and international services are zero-rated.

    It is compulsory for businesses to come forward to register for GST when their taxable turnover exceeds $1 million per year. Businesses that do not exceed $1 million in taxable turnover may register for GST voluntarily.

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  • Tax planning

    Tax planning

    Despite the fact that Singapore taxation is well regulated, competitive and comes with a slew of tax incentives, it is imperative to make tax planning in Singapore for business and investment planning. Tax is an ever present cost of the businesses that needs to be minimized in order to maximize the level of business profits. Nevertheless, Singapore tax planning must not be seen as an attempt towards tax evasion. A proper tax planning helps businesses reduce its tax obligation and enjoy maximum business profits.

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ACCOUNTING

  • Book keeping

    Book keeping

    Bookkeeping involves the process of recording, analyzing and interpreting the financial transactions of a business or individual. The discipline of bookkeeping accounts for a large proportion of the accounting process. Accurate bookkeeping is a necessity if you run your own business. It may seem to be something of a chore but it’s vitally important that you keep track of your revenue and outgoings. Many businesses which would otherwise have been successful have been brought down by their failure to maintain proper financial records. Whether you do it yourself or hire someone else to do it, bookkeeping is essential.

    To close the accounts, the following documents are required:

    • Bank Statements
    • Invoices / Receipts for expenses
    • Sales invoices
    • Tenancy /Lease/Service level agreements (if any)
    • Payroll listing (if any)

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  • Compilation of Financial Statements

    Compilation of Financial Statements

    Companies are required to prepare the complete set of financial statements which includes the statement of comprehensive income, statement of financial position, statement of changes in equity, cash flow statements and notes to the financial statements. It is further supported by the IRAS that companies are required to prepare the Financial Statements for end of financial year for Tax Return filing purposes.

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  • Management Accounting (Costing)

    Management Accounting (Costing)

    Management accounting is a critical profession that drives business performance. By definition, management accounting involves partnering in management decision-making, devising planning and performance management systems, and providing expertise in financial reporting as well as control to assist management in the formulation and implementation of an organization’s strategy.

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  • Budgeting

    Budgeting

    Budgeting for a business is a process of preparing a detailed statement of financial results that are expected for a given time period in the future. Budgeting is usually prepared for short, mid-range, longer term time periods. A common set of time periods for budgeting might be a month, a quarter, and a year. It would help develop sets of reasonable and attainable goals using data that need control (such as sales data).

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  • Financial Analysis

    Financial Analysis

    Today’s economic climate calls for executives who can apply vigorous financial analysis as they evaluate business performance, weigh potential acquisitions, and assess global competition.

    Financial analysis often refers to the process of evaluating businesses, projects, budgets and other finance-related entities to determine their suitability for investment. Typically, financial analysis is used to analyze whether an entity is stable, solvent, liquid, or profitable enough to be invested in. When looking at a specific company, the financial analyst will often focus on the income statement, balance sheet, and cash flow statement. In addition, one key area of financial analysis involves extrapolating the company’s past performance into an estimate of the company’s future performance.

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HUMAN RESOURCE

  • Payroll calculation and CPF submission

    Payroll calculation and CPF submission

    Payroll is directly associated with employee compensation. If the system you use to process your payroll has a weakness, it could affect paycheck accuracy. Payroll involves more than simply compensating your employees for time worked, and inaccuracy may lead to consequences other than paycheck errors.

    Correct payroll processing saves precious time and resources for the organization. It eliminates the need to cancel payments, recalculate and issue manual replacement checks. The payroll department builds trust in its processes, reducing the incidence of employee complaints and grievances. It also can spare the company from legal cases and penalties in case of incorrect remittances for taxes and other payment to third parties.

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OTHER PROFESSIONAL SERVICES

  • Striking off company

    Striking off company

    A company may apply to ACRA to strike its name off the Register pursuant to Section 344 of the Companies Act. ACRA may approve the application if there is reasonable cause to believe that the company is not carrying on business and that the company is able to satisfy the criteria for striking off.

    To be struck off the register a company must fulfill the following conditions:

    • The company has ceased operation; or not commenced business from the date of incorporation
    • The company has no assets and liabilities
    • The company is not and will not be involved in any court proceedings, whether in or outside Singapore
    • The company has no outstanding penalties or offers of composition fine owing to ACRA and not indebted to other government departments
    • the company has no outstanding tax liabilities owing to the Inland Revenue Authority of Singapore (“IRAS”)
    • The company has no outstanding charges in its charge register eg. no mortgages etc.
    • None of the officers of the company have outstanding ACRA summonses
    • Obtained the written consent of the majority of the shareholders

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  • Trademark registration

    Trademark registration

    Although it is not compulsory to register a trademark in order to use it under Singapore law, a trademark registration adds significant value to a business. Filing for trademark registration allows the trade mark owner to obtain a right to ownership and the right to prevent others from using a similar mark without the owner’s permission.

    Key features of Singapore’s Trade Marks Act include:

    • Trademark registration under the Trade Marks Act is only effective in Singapore. To obtain trademark rights and protection in other countries, it is necessary to register the trade mark in those countries or pursue international trade mark registration through Madrid Protocol. As Singapore is a contracting country under the Madrid Protocol, an international application may be filed through IPOS in Singapore after the trademark has been successfully registered in Singapore. For more details, see Worldwide Trademark Registration through Singapore Trademark Office.

    • A Singapore registered trade mark must be capable of being represented graphically. This sign can be any letter, word, name, signature, numeral, device, brand, heading, label, ticket, shape, color, and aspect of packaging or a combination of these. Unlike jurisdictions like the United States, the Singapore trademarks regime does not require evidence of use to be filed before a trade mark registration is granted.

    • There is no time limit for filing according to the Trade Marks Act. However it should be noted that a suit for an infringement of a registered trademark is only possible if the trade mark is registered. A trademark registration takes effect from the date of filing. The validity period of a registered trademark in Singapore is 10 years, and can be renewed indefinitely at the end of each 10-year period.

    • With the introduction of service mark registration, the classes have been extended from International Classification 35 to 45. As a result of the inclusion of service marks, the search for prior rights will now extend to cover: with respect to trade marks applied on goods, those services which are closely related to the goods for which registration is sought, and, with respect to service marks, the examination will include marks for goods which are closely related to those services.

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BUSINESS SUPPORT SERVICES

  • Administrative Support

    Administrative Support

    We place importance in the efficient workflow of a business by having administrative support in place to assist with office management, accounting and other administrative related matters.

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  • Others

    Others

    It is our pleasure to assist you in other areas of services not stated above. Feel free to share your thoughts.

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search

BVES’ dedicated team of professionals has helped hundreds of its clients nail their Employment Pass (EP), Permanent Resident (PR) and Singapore Citizen (SC) application. Working with high level of commitment and dedication, the team goes the extra mile to ensure that each case receives highest level of attention so as to maximise the chance of application approval.

BVES SERVICES

  • Employment Pass and other work passes application

    Employment Pass and other work passes application

    Though there is no fixed formula that guarantees a successful Employment Pass Application, it is important that you get the application correct the first time. Aside from filling up the right content, other factors such as company structure, academic qualification and salary do play a part in determining the success of your application. At BVES, we draft a customized appeal letter to assist in your appeal cases. We will submit a comprehensive Appeal Letter highlighting the various ways of your contributions and long-term commitments in Singapore so as to make your case stand out among the rest.

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  • Singapore Permanent Resident (SPR) and Singapore Citizen (SC) application

    Singapore Permanent Resident (SPR) and Singapore Citizen (SC) application

    The number of foreigners opting for permanent residency in Singapore is in the region of several thousand a year. Despite recent changes to the immigration legislation, the Lion City is still welcoming of foreign talent, and permanent residency in Singapore is often the preferred option for expats.

    There are a few reasons why becoming a permanent resident, or PR for short, is often a good idea. Permanent residency in Singapore comes with a number of benefits that “regular” expatriates do not enjoy, for example lower charges at government subsidized clinics, lower schooling fees for PR children, the possibility of buying public housing flats from the Housing Development Board, and participation in the Central Provident Fund (the social security system), to name a few.

    The most interesting benefits of permanent residency in Singapore for expats, however, include the heightened flexibility PRs enjoy on the job market in comparison to work pass holders, and being eligible to live and work in the city-state for at least five years.

    In another spectrum, being a Singapore Citizen also brings about many advantages such as the ease of travelling with a Singapore passport and benefits in education, health-care, housing and employment. Singapore Passport holders have very few travel restrictions around the world while most companies prefer to hire citizens or PR’s than foreigners as there is less paperwork, formalities and expenses involved.

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  • Global Investor Programme (GIP)

    Global Investor Programme (GIP)

    The Global Investor Programme (GIP) is a comprehensive project spearheaded by the Contact Singapore to help foreigners obtain Singapore Permanent Residence (SPR) by starting a business or investing in Singapore. To elaborate, the programme assists high net worth foreigners who wish to support a potential investment or business options of S$2.5million & above for a period of five years.

    Some useful information to note:

    (Key Criteria)
    Option A
    • Invest in a new business start-up or existing business in approved industries. -3 year detailed business plan with projected employment and business spending in Singapore is required.
    Option B
    • Invest in a GIP fund that invests in Singapore-based companies.

    (Eligibility)
    Entrepreneurial Track Records
    • At least 3 years of entrepreneurial track record supported by audited financial statements of the last 3 years by an audit firm of their country. -At least 30% shareholding for privately-held businesses. No shareholding requirement for listed businesses. Minimum Turnover Requirement -At least S$50m per annum in the most recent year; and at least S$50m per annum on average for the last 3 years
    Real Estate and Construction-related Industry
    • At least S$200m per annum in the most recent year; and at least S$200m per annum on average for the last 3 years.

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concept

As the creative entity of Biz Vision Group, BVCS complements the works of its other entities, through its creative approach in the collateral and logo design. BVCS also helps its clients with the creation, management and maintenance of their Facebook page in besides writing effective business proposal and developing marketing programme for its diverse clients.

BVCS SERVICES

  • Lifestyle product distribution

    Lifestyle product distribution

    Biz Vision Concepts (BVCS) commences its business foray as the sole Singapore distributor for the Intelligent Ice products- a New Zealand base designed ice chillers that cool drinks without dilution. Having built the Intelligent Ice brand locally over the past years, the brand has made presence in several retail premises such as Hermitage Wines, John Little Department Store and John Erdos Home.
    Today, BVCS continues to reach out to potential lifestyle product distributors abroad who wish to promote their products through distribution in Singapore.

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  • Social media

    Social media

    The web 2.0 era we live in today, is heavily characterized by two way communication through users generated content. The ubiquity of social networks has led BVCS to establish a Social Media Management programme encompassing Facebook business page management through generation of effective blog posts that reach out to your desired target audience.

    • Facebook business page design
    • Facebook blog post writing
    • Weekly Facebook update

    Having worked with a strong pool of bloggers, our business associate is also able to build community through the development of business blogs that provide your small business with a chance to share your expertise and knowledge with a larger audience. This is a valuable opportunity for your business to expand its reach.

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  • Collateral design & copywriting

    Collateral design & copywriting

    First impression counts. The increasing importance of a good corporate image has led BVCS to extend its creative wings by assisting its clients with their corporate identity development. Together with the creation of effective marketing collaterals furnished with a creative copywriting, you are a step closer to creating that first outstanding impression.

    • Logo design
    • Slogan copywriting
    • Marketing collateral design:
      • Name card
      • Folder
      • Brochure

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  • Business proposal writing & marketing development programme

    Business proposal writing & marketing development programme

    We assist our clients by writing an effective proposal to help them nail the desired business deals. In addition, BVCS also looks into a 3-month programme aimed in kick starting a marketing and business development plan for start-up companies who have minimal knowledge on marketing their products or services at initial stage. BVCS believes that through its services, its clients would be able to grow and succeed with excellence.

    • Business proposal content writing
    • Marketing plan
    • Business development plan

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studio

Crystallizing ideas with an edge has become the motto of BVS, a Biz Vision Group entity whose forte lies in delivery high-quality printing. From digital to large-format printing, BVS is able to fulfil all of your printing needs with excellence. Under its and other public relations matters.

BVS SERVICES

  • Printing

    Printing

    Again and again we are reminded that visuals speak a thousand words. You may have a compelling corporate story but a poorly printed collateral. How justifiable can that be to your company?

    With the assistance of its business associate, BVS has gained momentum through its quality digital, offset and large-format printing delivery enabling its clients to reach out to its target audience effectively through the production of high quality print of marketing materials. Whether it is for corporate or personal need, we are here to help you.

    Our printing services include:

    • Name cards
    • Corporate folders
    • Brochures/flyers
    • Vouchers
    • Banners
    • Posters

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  • Website development & search engine optimization (SEO)

    Website development & search engine optimization (SEO)

    As the platform that connects your business to the rest of the world, your website ought to look and function good. An unattractive or poorly constructed site will do more to hurt your business than to help it.

    BVS is working hand-in-hand with its business associate to deliver a full-fledged solution to your website development which includes the user-friendly content management system (CMS) that allows publishing, editing and modifying contents and the customer relationship management (CRM) system which facilitates your company’s interactions with current and future customers.

    From a website enhancement or revamp to a new development, BVS’ extensive services cover the aspect of your site’s aesthetic, functionality and usability. We also build online traffic by increasing your website’s visibility through the function of search engine optimization (SEO).

    • Website design and development (company, e commerce sites)
    • Search engine optimization (SEO)
    • Content management system (CMS)
    • Customer relationship management (CRM)

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  • Public relations (PR)

    Public relations (PR)

    BVS also looks into public relations (PR) as a means to enhance your existing marketing strategy. The integrated marketing communications allows our clients to tap on our business associate’s existing pool of journalists and reporters, whom work closely with to produce newsworthy story ideas that appeal to large audience.

    • Public relations campaign management
    • Media relations
    • Press releases
    • Product launches
    • Folder
    • Brochure
    • Folder

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