A Holiday in Turkey – Is it the New Spain?

Some four hundred thousand Brits now own holiday homes abroad, Spain has been the most popular of destinations over the past twenty years; it has however become very expensive and more than a little over developed in recent years.

As a consequence many have begun to look elsewhere for their ´place in the sun´. Turkey has seen a huge rise in interest both as a holiday destination and a place to invest in property, people who were astute enough to recognize it as a potential ´hotspot´ as little as eight years ago could have seen their property increase in value by as much as 500% in that time; and whilst Turkey too has seen a decline in demand during 2009, property values have not dropped in the more desirable Mediterranean resorts, (one such resort being Kalkan) to the degree they have in the likes of Spain.

The possibility of Turkey´s acceptance to the European Union has also fuelled speculation in the property market there, whether they will ever achieve acceptance (or indeed actually want to) is yet to be seen. This is the account of how I became one of those ´Brits abroad´: -

I first went to Turkey, rather reluctantly, I might add, on holiday in 2000, and was very pleasantly surprised at how green the country was, I had expected to find a dusty arid country, how wrong I was! I was also very pleasantly surprised at how warm and welcoming the Turkish people were; having holidayed in Greece for some years I had always believed the Greeks would be difficult to beat in their hospitality, the Turks did just that.

My wife and I returned some five years later, having booked a holiday in a very swish hotel on the Dalyan delta, we were disappointed six weeks before being due to depart, to be told by the holiday company that we could not go there as the hotel was having work done and that they, the holiday company, would not allow their guests to have what was not the perfect holiday experience. They told us to choose something else from the brochure and regardless of cost they would honour the price we had paid and even refund us if there was a difference. My wife had seen Kalkan but dismissed it due to the transfer time from the airport feeling that it would be too long, however, given the situation we decided that we would endure the two hour transfer (it turned out to be one and a half). We chose a villa holiday instead of a hotel and hit the jackpot!

Kalkan, we decided very quickly was an idyllic place to holiday and whilst walking down one of the narrow cobbled streets one evening to enjoy a pre-dinner drink stopped to look in an estate agents window (as I´m sure many of you have), before I knew it we were making an appointment with the agent to view some properties the following evening. Meeting that particular agent was yet another amazing stroke of luck, he was a charming intelligent man who´s English was impeccable.

The following evening arrived and I have to say that I personally was not too enthusiastic, as I believed that I was wasting valuable time, I never actually expected to be buying a house. The agent who we learned was called Kemal met us at the appointed time and took us to view the first property, which he had chosen as a possibility. It was an imposing four bedroom detached property with magnificent sea views and a swimming pool; it was newly built and was being marketed at £140,000. It was without doubt a lot of house for the money, however, there was an apartment block right along side it with twelve balconies all of which looked over the swimming pool, a serious privacy issue which immediately ruled that one out.

As we drove away from that villa Kemal asked, “what are you looking for, do you want detached?” I rather facetiously said ´of course´ (remember I had little or no intention of buying) “do you want a swimming pool?” ´ Well obviously!´ He then took us to another newly built in fact not completely finished villa, at what point my attitude changed I cannot actually say, I just knew it was going to happen! This villa again was a four bedroom detached with pool and panoramic views over the bay and astonishingly £15,000 cheaper! We left Kemal that evening feeling like excited school children, a couple of days later and a couple of telephone calls back to the UK to our bank manager and we were signing on the dotted line!

From thereon Kemal did everything we gave him power of attorney (not an easy decision to make with someone you have only just met) and he completed the deal, we became the proud owners of our own piece of paradise seven months later. The piece of paradise is called Villa Katmar, a vaguely Turkish sounding word? No just a combination of parts of our names.

Becoming a property owner in Turkey for us was a very easy and stress free experience, however, a WORD OF WARNING, not everyone we know had such an easy transition into becoming a Turkish villa owner! As in any country it depends very much on the people you deal with and applying a little common sense! I have to say we were very fortunate to have had that almost accidental meeting with Kemal; it could have been a very different tale had we done ´business´ with someone else.

If you are contemplating buying in Turkey then I would urge you to consider Kalkan and if you do then again I would have no hesitation in recommending Kemal Safyurek of Mavi Estates.

Best Tips on Group Health Insurance

Perhaps many of you are wondering what a group health insurance policy really means. Well, the answer is not complicated at all! It is just an insurance coverage made by an employer or other authority that is meant to cover all individuals in a particular group!

A group health insurance gives an employer the advantage of not paying the whole premium for the insurance policy in order to cover his employees. In the past, an employer was expected to pay for all the benefits of the employees, but fortunately, now the times have changed and an employer only has to donate just a part of the health insurance premium of the employees.

The general attitude of the insurance companies is to offer lower rates for a group health insurance than on an individual one. This is the main reason why people who are self employed to be aiming for a small business health insurance too. These persons can not be blamed, even if they incorporated to give the insurance company the impression of a larger corporation, as they are only trying to get a good deal on their small business health insurance rates. The result is that each and every person struggles to get an insurance plan, as a small business health insurance is very cheap when compared to individual health insurance.

It is a commonly known fact that group health insurance plans are very much appreciated by all the employees. This is the main reason why most employees value it very much too. A group health insurance policy or a small business health insurance has contributed to the success of many organizations. They have that enabled them to continue employ new people and, at the same time, keep the best people in their business!

No matter what group health insurance plans, service suppliers or a health maintenance plans that a company may offer, there are so many places where you can get informed about these things. You must carefully analyze the group health insurance quotes that a number of insurance companies offer, before deciding if there is something to suit your expectations.

In order to make the best decision regarding a group health insurance, a recruiter must study all the websites and brochures of the health insurance companies that the employee has selected and intends to engage. After comparing their service plans, costs and methods of payment, you must also keep an eye on the starting and ending dates of the insurance policies. The interesting, but disturbing thing is that some health insurance companies only cover you from your third payment, therefore you must be very well informed before making such an important decision.

Last, but not least, there is one more thing you'll have to consider before choosing a group health insurance plan or a small business health insurance: there should be any services or illnesses that are excluded from the policy, it is best to know it from the start. This is the main reason why it is for the best interest of any employee to keep away from any group health insurance policy that only covers a small number of diseases.

What Does the Word Website Designer Stand For?

Today anyone seems to call themselves web designer just because the learned to create a web site.

Is it traditional graphic design involved or is it just experts on programs like Flash, Dreamweaver, etc. who call themselves designers?

One guy looking for work told me he had a web design education and when I looked at his work it was like 5 pages crap made in FrontPage!

For me as an art director and graphic designer it all seems a bit strange. I have spent years in art- and advertising classes, over 30 years in the advertising business in Sweden and Spain and I’m still not sure I can use that title. Even if I have designed hundreds of websites last 10 years.

So be aware when you looking for help, with internet anyone seems to be whatever they like and advertise their services, trust them or not. You will never know for sure.

Today I saw the following ad in a local magazine: “We design web sites for 130EUR”. That guy must be something of a superman. Or is the education these days so fantastic that you can learn it all in a few years?

The “Graphic design” education is just a small part in building your web site.

The natural way was (back in the 80:s in Stockholm) that your advertising agency produced your website and designed it so it fit your company’s profile. A few years later a lot of digital production companies started, but still with people educated in the advertising business.

Short after that anyone with money could buy a computer, copy machines and some colour printers and start a Copy shop without any education in advertising. Unfortunately they after a while also offered help in layout and design.

That’s where we are today. Anyone with a computer can offer you anything online.

It’s up to you to find out who they are.

Financial Reporting & Auditing in Singapore

The Accounting Profession of Singapore

The Institute of Certified Public Accountants of Singapore (ICPAS) is the national body representing the accounting profession in Singapore. It maintains a register of qualified accountants comprising mainly local graduates. Membership is open to members of the Institutes of Chartered Accountants of England and Wales, Australia, Scotland, Ireland and a number of other accounting bodies. Generally, prior to being admitted as a full member, they must attend a week-long pre-admission course. Members are designated as certified public accountants (CPA).

The Public Accountants Board, whose council members are appointed by the Ministry of Finance, licenses and registers accountants who wish to practise. It also handles practice monitoring, disciplinary matters and regulations on professional conduct.

Accounting Records in Singapore

All companies incorporated under the Companies Act are required to maintain books of accounts that sufficiently explain the transactions and financial position of the company.

The books may be kept either at the company’s registered office or at another place the directors think fit. If the books are maintained outside Singapore, sufficient records must be maintained in Singapore to facilitate the preparation and/or audit of financial statements that reflect accurately the company’s financial position.

Sources of Accounting Principles

Financial Periods Commencing before 1 January 2003 The principal source of accounting principles in Singapore, namely Statements of Accounting Standards (SAS) and Interpretation of Statements of Accounting Standards (INT), are issued by ICPAS. These standards are essentially International Accounting Standards (IAS) modified for certain transitional provisions. They provide guidelines on the accounting measurements and disclosure requirements. Businesses may depart from such standards if the standards conflict with disclosure exemptions granted by law. Otherwise, ICPAS may take disciplinary action against any of its members who are in violation of the standards.

Rules on accounting measurements are generally established by SAS and INT. Disclosure requirements are governed by SAS, INT and the Companies Act.

ICPAS is a member of the International Accounting Standards Committee (IASC). Compliance with IASC standards are not mandatory, but the institute supports the IASC objectives of formulating and publishing standards for observance during presentation of audited financial statements and promoting worldwide acceptance of such standards.

Financial Periods Commencing on or after 1 January 2003 With the implementation of section 37 of the Companies (Amendment) Act 2002, SAS issued by ICPAS will not be used with effect from annual financial periods commencing on or after 1 January 2003. Instead, Singapore Financial Reporting Standards (FRS), issued by the new accounting standards-setting body, the Council on Corporate Disclosure and Governance (CCDG), are now effective. FRS are essentially adopted from International Financial Reporting Standards (IFRS). The previous SAS were adopted from the same set of IFRS (formerly referred to as IAS) but with modification to certain transitional provisions. Consequently, there are differences between FRS and SAS.

Interpretations of Standards are authoritative guidance on the application of the relevant standards. CCDG adopted all international interpretations as Interpretations of FRS (INT FRS) with effect from financial periods beginning on or after 1 January 2003.

Compliance with FRS is a statutory requirement whereby any non-compliance amounts to a breach of the Companies Act by the directors.

Financial Reporting in Singapore

The Companies Act requires that an audited set of financial statements, made up to not more than six months before every Annual General Meeting, is to be presented to the shareholders at the meeting. Generally if a company incorporated in Singapore has one or more subsidiaries, it must prepare consolidated financial statements unless it meets certain criteria as provided for in FRS 27 Consolidated and Separate Financial Statements. Currently, financial statements under the Companies Act consist of the balance sheet, income statement together with explanatory notes. With the Companies (Accounting Standards) Regulations 2002 coming into operation for financial periods on or after 1 January 2003, a complete set of financial statements will comprise the balance sheet, income statement, statement of changes in equity, cash flow statement and explanatory notes.

The financial statements must be accompanied by the directors’ and auditors’ reports and by a statement from the directors declaring that the financial statements show a true and fair view and that it is reasonable to believe that the company can reasonably pay its debts as they become due.

Companies which meet specific provisions in the Companies Act may be exempt from having their accounts audited but nevertheless must prepare financial statements that comply with the Companies Act.

Annual Requirements for Companies in Singapore

The Companies Act requires every company, except for those exempted in accordance with the provisions in the Act, to appoint one or more auditors qualified for appointment under the Accountants Act to report on the company’s financial statements. The auditors are to ascertain whether proper books of accounts have been kept and whether the financial statements agree with the company’s records. They will then report on the trueness and fairness of the financial statements to the shareholders at the Annual General Meeting.

Audit Exemption Starting with the financial year beginning on or after 15 May 2003, the following companies are no longer required to have their accounts audited. However, they are still required to prepare accounts (and consolidated accounts where applicable) that comply with FRS.

o Small exempt private companies An exempt private company with revenue in a financial year below S$5m is exempted from appointing auditors and from audit requirements. Revenue is defined according to the statutory accounting standards, i.e. the FRS.

o Dormant companies A dormant company is exempted from appointing auditors and from the audit requirements if it has been dormant either (a) from the time of its formation or (b) since the end of the previous financial year. A company is considered dormant during a period in which no accounting transaction occurs, and the company ceases to be dormant on the occurrence of such a transaction. For this purpose, transactions arising from the following are disregarded:

  • Taking of shares in the company by a subscriber to the memorandum
  • Appointment of company secretary
  • Appointment of auditor
  • Maintenance of a registered office
  • Keeping of registers and books
  • Fees, fines or default penalties paid to the Registrar of Companies