Central Top Accounting Firms - Incorporation Company Registration

Ghim Moh SGP Account Information

Which is an ideal jurisdiction for company incorporation in Asia? Singapore and Hong Kong have been dominant players in the Asian region, vying for the position of “the best place to do business.” But the crucial questions are, which of these jurisdictions have an edge over the other? Is incorporating a business easier in Singapore or in Hong Kong?

Strategic location and attractive tax benefits make Singapore the most preferred location for the overseas companies to set up their business. Various options are – opening up a Branch Office, a Representative Office or a Subsidiary in Ghim Moh . The country also has liberal immigration policies. If the company wants to set up their regional head quarters in Singapore they are also provided with Financial Assistance.

Best Payroll Services In Central, SG

A key determinant for setting up a business in Ghim Moh is the tax regime in force. In this regard Singapore boast of being one of the lowest tax jurisdictions in the world. Detailed below is an overview of the tax system and Payroll Services in Singapore.

Tax jurisdiction Singapore: Taxes are levied on a territorial principle i.e. companies and individuals are taxed on Singapore sourced income. In addition, the Foreign sourced income (branch profits, dividends, service income, etc.) are taxed when it is remitted or deemed remitted into Singapore unless the income was already subjected to taxes in a jurisdiction with headline tax rates of at least 15%.

Benefits of Outsourcing Accounting Services to a Professional Accounting Firm

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

Private Ltd Company Registration Process

Corporate Taxation - Singapore Vs Hong Kong

The extent of your business financial transparency and the level of expertise of the people responsible for such transparency will influence the growth and expansion of your business as well as its survival. This is why accounting and bookkeeping are some of the most crucial aspects of any business and should only be taken care of by licensed professionals with wealth of experience.

Regardless of the size of your business and niche, as it grows, the need for keeping accurate and transparent financial records also grows with it. This is a good reason why such aspect of your business must never be treated with levity. Considering the relationship between in-house accountants and other employees under the same roof, outsourcing your accounting functions is often the most appropriate option in ensuring financial transparency in every facet of your business.

But what exactly is outsourcing? It is the practice of giving out some job functions or responsibilities to a company or an individual that specializes in providing services for such functions or responsibilities, rather than have an in-house employee or department handle such jobs.

Here are the key benefits of outsourcing your accounting functions to a professional accounting firm:

Gives you enough time to focus on business growth

Outsourcing your accounting functions will give you all the time you need to direct your attention on other crucial aspects of your business. Once your accounting responsibilities are outsourced, you can focus on delivering high-quality services or products to your customers and prospects.

Also, you can develop strategies to break into new markets and expand on existing market etc. focusing on these core business competencies and less on the burdens of accounting accuracy and transparency will translate into business growth and profitability that will outweigh the costs of outsourcing.

Your payments will always be on time

Once you outsource your accounting functions you no longer have to worry about missing payments such as unpaid bills or invoices not going out on time. If your invoices are delayed, payments get delayed too and your business cash flow ultimately suffers.

Also, if your bills are not paid when they are due, you will receive collection calls, vendors will limit or stop their discounts, and you may even spend more time trying to resolve shut-off notices, unhappy vendors and grumbling collectors. But with a professional accounting firm handling your accounting, you can seat back, relax and watch your entire business accounting functions run smoothly.

You don't have to bother about turnover or absence

With your accounting functions outsourced, your business accounting will be done every day, every week and every month and you wouldn't have to bother about things like vacation, illness or turnover. The company you outsourced your functions to will be working for you round the clock ensuring professionalism in every facet of your job without excuses such as vacations, illness, absences, etc.

Maintaining your cash flow during growth

The survival of almost any business is tied to its cash flow. Once a business begins to grow, it gradually sucks cash. During periods of major growth, accounting functions are often relegated to the bottom of administrative responsibilities list. During such moment, you may not have the time to review your business report, manage collections and invoices, and your bookkeeping may end up in a very bad shape.

At such periods you will easily notice that while your business is thriving, you have no cash in the bank to show for it. Digging yourself out of such hole may require twice of the effort it took to get into it and you can easily lose sight of your business core competence while trying to dig yourself out.

Save money

Outsourcing saves money! When you outsource your accounting functions you don't have to bother about things like health insurance, vacation, sick time, payroll taxes, retirement benefits etc. The company you outsource your accounting functions to will bill you for its professional services and workers time depending on the agreement you signed.

The money you should have spent on an in-house accountant can be re-invested into other crucial areas of your business. Also, in the long run, you get to save a whole lot of money by outsourcing your accounting services.

Your business accounting will be done by top-notch professionals

Accounting companies that perform outsourcing services are often made up of top class accounting professionals with several years of experience and education to survive without being hired by just one client. They have skills, experience and expertise to deliver with speed and accuracy.

You don't have to bother about the level of competence of their workers or if they have the required experience to do your job as expected. Once you outsource your accounting services, be assured that your business accounting functions are in good hands. Also, you don't have to go through the rigor of screening accountants, conducting tests, interviews etc. before hiring. You can skip all that once you outsource your accounting functions.

You're still in charge

It is easy to assume that once you outsource your business accounting functions you will lose control of your money. That is a pure fallacy. Outsourcing gives you greater power to control your money and puts you in the driver's seat of your business financial matters. Every payment will require your approval before it is done. You will be involved in every relevant communication chain with your clients and prospects and your accounting reports will be consistent and up to date.

Without a strong bookkeeping and accounting services, it will be difficult for any business to thrive and compete in its niche. Outsourcing your accounting services will give your business the edge it requires to be at the forefront of financial transparency, recording and absolute accuracy in all its transactions and accounting related matters.

http://financial-guide.net/central-singapore/

Payroll Services In Singapore

Kent Ridge SGP Top Accounting Firms

Strategic location and attractive tax benefits make Singapore the most preferred location for the overseas companies to set up their business. Various options are – opening up a Branch Office, a Representative Office or a Subsidiary in Kent Ridge . The country also has liberal immigration policies. If the company wants to set up their regional head quarters in Singapore they are also provided with Financial Assistance.

Best Audit Firm In Central, SG

A key determinant for setting up a business in Kent Ridge is the tax regime in force. In this regard Singapore boast of being one of the lowest tax jurisdictions in the world. Detailed below is an overview of the tax system and Audit Firm in Singapore.

Application For Incorporation Of A Company

Steps for Preparing a Business Lawsuit

Tax information exchange agreement (TIEA) is an agreement between parties to transfer domestic tax information. It possesses no benefit to private third party. In fact, the government is the only party getting the benefit. The existence of such an arrangement will affect financial secrecy. It is considered as an important feature for some offshore investors. Experts of offshore banking and investments would not suggest their clients to do business in a country with a TIEA attachment.

TIEA is implemented to avoid a harmful tax practice. According to Organization For The Economic Co-Operation and Development (OECD), the lack of effective exchange of information is one of the key criteria in determining harmful tax practices. It even has a working group aimed to develop a legal instrument that could be used to establish effective exchange of information. The Agreement represents the standard of effective exchange of information for the purposes of the OECD's initiative on harmful tax practices. The OECD even has developed a manual and tool-kit for automating the process of information exchange between countries. It also lists countries, which deemed to be unco-operative. Andorra, Liechtenstein, and Monaco listed by The OECD's Committee on Fiscal Affairs as unco-operative tax havens.

A recent act by the OECD was forcing tax haven characterized countries to favour for greater transparency and exchange of information. Singapore and Hong Kong was among the countries devoted to such and arrangements with OECD countries. Both of them were categorized as a tax haven country by offshore specialists.
For individuals this could means less privacy and little space to move. Tax haven is great place for an internet-based business. Own a monetized website, create an offshore account in a tax haven country, and you have a tax-free income. However, this strategy would soon be neglected, since the information and exchange agreement would be implemented and propagate rapidly. For your own convenience, offshore investment as a tax avoiding strategy should not be relied on. Contact a well-known CPA's or tax consultants for a better and legal tax minimizing strategy.

6 Reasons That Make Doing Business in Singapore Very Attractive

Introduction

The increasing awareness of financial crimes is growing the demand for forensic accountants to help detect illegal financial activity by companies, individuals, and organized crime rings. No matter how much fraud activities increase, there must always be an anti-fraud scheme to shield against it. To provide availability of balance and protection from illegal business acts is the main reason why Forensic Accounting (FA) exists.

With the pressing need for Forensic Accounting as a tool to fight fraud, this article studies its applicability in countries of opaque business practices, probes the accessible means that would help in introducing it to the culture, and spots the areas where it is radically needed especially in the countries of financial cloudiness and opacity. The results are based on quantitative and qualitative studies in Lebanon for being perceived as an opaque country, sharing the same characteristics that define nations with fraudulent financial behaviour suffering from a high level of financial corruption such as money laundering, lack of transparency or adequate financial disclosures as well as corruption at the level of management, supervisory boards and even governments themselves.

The results of the studies reveal that Forensic Accounting is perceived as a means to overcome fraudulent behaviour. Most of the respondents either agreed or strongly agreed on the need to incorporate it in order to prevent fraud and for detection purposes as a primary need. However, the respondents considered this to be new in Lebanon with a highest percentage of people (56.36%) reporting that it wasn't used by Lebanese companies due to the lack of awareness, privacy issues, the nature and type of businesses (family businesses and SMEs), lack of guidance concerning the standards (local or international) that should be applied and lack for proper regulations. Yet respondents showed a positive attitude towards the implementation in Lebanon as financially corrupted country. Thus with such an encouraging perception amongst respondents, the issue remains in the introduction and diffusion of Forensic Accounting.

The outcomes of the studies also supported the idea of setting a law that mandates all sectors to submit a Forensic Accounting report. The idea of setting a law that enforces companies to file such a report was embraced by the majority of respondents who also considered that the best means of introducing this system in a country of opaque business country is through the educational curriculum via the graduate programs. DIFA (Diploma in Investigative & Forensic Accounting) as well as the CPA (Certified Public Accountant) were recommended as the certifications that should be granted in the corrupted countries as in the case of Lebanon.

Research Question and Hypotheses

The discussion of the study results are based on the research questions that investigated "To what extent is Forensic Accounting applicable? And how could it be introduced?" In order to answer these questions, there is a need to identify if such a scheme is known at any levels and sectors or if it is used or applied as a procedure by financially corrupted companies or governmental institutions.

The suggested hypotheses are analysed and evaluated according to the findings.

Hypothesis 1: Countries with Opaque Business Practices Need Forensic Accounting as a Tool to Fight Fraud and Corruption.

This study revealed that there is an eagerness to have Forensic Accounting in financially fraudulent countries due to the extensive corruptive acts that are committed and still are without any observation and punishment because the fraudster always gets away with it due to the absence the adequate and proper tool to identify and discover these acts. Hereby the urgent need to introduce it in countries with opaque business practices and to create awareness about this procedure in different fields and sectors mainly in the financial fields and governmental sectors.

This anti-fraud scheme was regarded as an appropriate tool to fight corruption since it has the legal accessibility and techniques needed to reveal fraud. An additional point is the positive perception towards it and the high acceptance to implement it in financially opaque countries, with a lot of encouragement to use it in institutions or companies.

Hypothesis 2: Forensic Accounting is Not a Common Practice at Present.

The findings indicate that Forensic Accounting is known in the countries of business opacity such as Lebanon, by practitioner accountants, educators, and auditing & accounting firms. Despite that the survey and interviews' results proved that this practice is known, it is not commonly used or practiced by audit firms since it is not frequently requested.

On the educational level, there is no emphasis on the subject in the educational systems. FA is not given as a course or as part of a course in universities' curriculum. Moreover, there are no certifications specialized in this field such as DIFA, but there are other well-known accounting certifications, such as CPA.

Therefore, what can be concluded is that there are no auditors or accountants, who are expert in this anti-fraud field in the countries where fraudulent business practices prevail. These countries lack the skills that could be acquired from the educational background and from the experience gained from working in this field.

The governmental and legal sectors suffer from a total absence of Forensic Accounting. That being the case, there is no regulation that imposes its use in solving financial issues or in evaluating financial statements, and there is no law that distinguishes the testimony of Forensic accountants from the testimony of any other audit. Forensic accountant in financially corrupted countries has no privilege on the credibility level inside courts, he/she is not used as an expert or reference inside courts.

Hypothesis 3: Different Means to Introduce Forensic Accounting in Countries with Opaque Business Practices

Respondents, as the results show, were very positive regarding introducing Forensic Accounting in countries with opaque business practices and they suggested many ways to be effectively executed in order to provide a good implementation of this new tool.

The suggested means involved many solutions and targeted different sectors. It even targeted the psychological factor, which was developed by cultural and social aspects, and which could play a major role in making the change to fight corruption and fraud in the financially corrupted countries.

Results and Discussion

Main changes should be performed to introduce Forensic Accounting in countries with opaque business practices. These changes must target four basic elements that would contribute in creating a solid ground and positive perception, the strategic plan includes:

I. Cultural & Sociological Changes:

"There Must Be a Change in the Culture of People in the Countries with Opaque Business Practices."

The results of the conducted in-depth interviews showed that many respondents drew attention about the fact that the mentality of people in the countries with opaque business practices should be changed in order to increase the level of acceptance and consequently increase the commitment in applying Forensic Accounting.

The participants stressed on the importance to modify the culture of financially disrupted countries because they believe that having someone to look into their internal operations is a violation to their privacy. Besides, they don't trust someone outside the company or institution to come and scrutinize their financials.

Another problem that exists in the mentality of people in the countries with opaque business practices is that the employees, managers or business owners feel unfairly paid and are stolen all the times by the government. For that reason, they believe that they have the right to steal back having the permissible excuse to commit fraud.

These facts that were expressed by the interviewees are also compatible with the findings of previous researches indicating that the cultural and sociological factors provide a solid platform for fraudulent activities, which created an acceptance for the corruptive acts that are considered as norms and justified practices in the societies of financially corrupted countries (Brownsberger, 1983; Adra, 2006; UN, 2001).

II. Changes in Educational Systems:

"Forensic Accounting Should Be Introduced in the Educational Sector."

Almost all respondents conferred a high degree of importance for introducing Forensic Accounting in the educational sector in financially corrupted countries. Almost all respondents believed that it should be taught in universities as a course or a graduate major or as case studies in an audit related course. Suggestions also included considering it as a specialty in educational institutions that grant CPA or any other certifications related to auditing or accounting.

Respondents and interviewees also suggested introducing Forensic Accounting through workshops and seminars with the assistance of experts and skillful forensic accountants.

They also showed an acceptance for the online educational programs since DIFA is not available in most financially corrupted countries while it is available in USA. Therefore online education could shorten the distance to people who cannot leave work and are interested to be specialized in this field.

The participants also recommended that employees and managers who are responsible for the financials of the company should be educated and submitted to an intensive training to develop their skills to enable them to detect fraudulent activities within the company.

III. Changes in Governmental System:

"Forensic Accounting Should Be Introduced in the Governmental Sector."

The National Integrity System Study, published by LTA in 2011, shows that corruption governs all sectors and all branches of financially corrupted governments. But in order to expose corruption and fraud there must be a tool or a law that could help to point out where these activities are occurring and a legal path to assure that this tool is effective.

Most of the participants in the study thought that it is important to introduce Forensic Accounting to governmental sector where the latter should give more attention and care about this subject, even though they didn't give an importance to the governmental role in the introduction process.

They also recommended that the ministry of finance should launch an awareness campaign about the subject through media, road panels, and social media.

More importance is granted to the syndicate of accounting, whereby the participants believe that training sessions, workshops, and seminars should be set in order to train skillful forensic accountants who could practice Forensic Accounting, when it is requested. It is the role of the syndicate to spread awareness since it has the power, the knowledge, and the interest.

IV. Changes in Legal System:

"Forensic Accounting Should Be Introduced in the Legal Sectors."

Respondents believe that Forensic Accounting should be introduced in the legal systems since the testimony of the forensic accountant is acknowledged in courts in other countries.

LTA (2011) highlighted on the importance to ensure that the current laws are sufficiently robust to prosecute even presidents and ministers when corruptive acts are revealed. There should be a law that acknowledge it is a legislative tool to fight corruption.

The participants also emphasized on the need of having court experts in this domain in the legal system since the fraudster is able to get away with his/her acts due to the difficulty to reveal the manipulation that happened, the associates, or the level of involvement in the fraudulent activities. The interviewees also stressed on the importance of changing the law to ensure a real punishment for the fraudster.

The necessity to track financial information and overcome opaque business practices is becoming a pressing need. Financial crimes are prevailing in different sectors in a single country and are committed by different parties. Another important point demonstrated in this study is that countries of opaque business practices tend to share similar characteristics that make them a magnet for fraudulent activities such as money laundering, tax avoidance/evasion and related corrupt workings are the products of some distant regimes and countries titles as tax havens.

Opaque business countries tend to have secrecy laws, poor regulations, artificial taxes, lack of public accountability and poor corporate governance in countries such as Luxembourg, Austria, Singapore, Switzerland and many others that in return facilitate economic uncertainty, instability, crime, flight of capital and damage to citizen-state contracts all over the world of course not to mention the damaging the social well-fare of the countries. Fraud has its roots in different government and companies mainly in managerial positions such as CEOs.

Conclusion

Financial crimes and fraudulent behavior is not new and citizens, though are aware of the disadvantages of the such practices, are not well informed about the counter measures that might otherwise put an end to these practices. This in turn highlights the importance of forensic accounting as a means to stop fraudulent practices. However, the adoption and implementation is not an easy process that can happen immediately. An understanding of the techniques can assist forensic accountants in identifying fraudulent behavior. It is "the application of accounting knowledge and investigative skills to identify and resolve legal issues. It is the science of using accounting as a tool to identify and develop proof of money flow. These tools and techniques can be invaluable for fraud and forensic accounting investigators" (Houck et al., 2006). Houck (2006) also talked about two major components, "litigation services that recognize the role of an accountant as an expert consultant, and investigative services that use a forensic accountant's skills and may require possible courtroom testimony." According to the definition developed by the AICPA's Forensic and Litigation Services Committee, "forensic accounting may involve the application of special skills in accounting, auditing, finance, quantitative methods, the law, and research. It also requires investigative skills to collect, analyse, and evaluate financial evidence, as well as the ability to interpret and communicate findings." In other words, it includes the different areas of litigation support, investigation, and dispute resolution and, therefore, is the intersection between accounting, investigation, and the law.

Fraud detection is a methodology and process to resolve the different types of fraud from embezzlement to money laundry, disposition, obtaining evidence, writing report and testifying. Therefore, forensic accountants who can apply such a process professionally and are able to detect, investigate and thus prevent fraud occurrence are needed.

However, the introduction and diffusion process requires work at the macro level via culture and the government and legislations (the primary facilitator) and at the micro level via educational institutions and management. It is the work of the entire community.

At first, the culture must be altered to create a higher level of awareness regarding Forensic Accounting. As the results of the quantitative research proved, people might be aware of it however they are unaware of the different practices, the required diplomas, or even the characteristics that make a person an eligible forensic accountant. The qualitative research also assures the results of the quantitative one regarding, but not limited to the need of having a law that requires companies to submit a Forensic Accounting report. Thus the need to change culture implies acquiring new knowledge, hence a change in values, norms, and practices. This concept implies that if a change is made in cultures of financially corrupted and opaque business practices, it will result in changes in the people's practices, norms, and values, hence their behaviors; at the end, it will create an awareness and knowledge about fraud and how to fight it and the tools that could be used to inhibit it.

Governments should also strictly organize and control financial practices and set a law that mandates the submission of an FA report. It is worth mentioning, that according to the results of both quantitative and qualitative research, interviewees tend to view governments as the sector with the highest percentage of fraud. Educational institutions can have a great impact in the adoption and implementation process.

Interviewees viewed forensic accounting education as being relevant and beneficial to accounting students, the business community, the accounting profession, and accounting programs. It is not only restricted to university programs, there is also a specialized certificate that is concerned in this field, which is the Diploma in Investigative & Forensic Accounting (DIFA) program. DIFA is designed to provide a broad range of knowledge and skills to carry out financial investigations. Employee and management fraud, theft, embezzlement, and other financial crimes are increasing, therefore accounting and auditing personnel must have training and skills to recognize those crimes. In addition, high-visibility corporate scandals, such as Enron and WorldCom, demonstrate the need to better prepare entry-level accounting graduates and practicing CPAs in the areas of fraud prevention, deterrence, detection, investigation, and remediation (Houck et al., 2006).

Managements should also apply their own internal controls and to have a well-implemented corporate governance to control the falsified reporting. This, in addition to the mentioned law that requires the submission of a report to the government will definitely put an end to any fraud committed. For instance, terrorists of the September 11 attacks used the international banking system to fund their activities, transfer money, and hide their finances (Houck et al., 2006). This highlights the need to for investigators to understand how financial information can provide clues as to future threats. Due to these fraudulent practices, public awareness of fraud and forensic accounting came to highlight the need for financial professionals demonstrating the necessary training and skills to sense and act at any important evidence generated from financial information.

The following summarizes the results of the surveys done revealing the age group of the Lebanese respondents, their work experience, educational background, whether or not they heard about it and whether they consider it as vital in Lebanon being a country of business opacity. Also summarized is what respondents consider as the best way to introduce and implement Forensic Accounting in Lebanon.

Most respondents were Lebanese, aged between 18 and 30 years old, held a Master degree and worked in Finance with 6 years of experience and more. Most respondents also heard and read about forensic accounting but didn't know if Lebanese companies use it, however, agreed on the importance of using it in Lebanon benefiting all the work fields, especially financial institutions. They also agreed about its positive advantages in providing better future, positive impact on business, and safer business.

Moreover, most respondents supported the idea of having a law that requires all sectors to submit an FA report. It's important to mention that 75% of the respondents who didn't encourage this action worked in the field of finance.

Furthermore, educational programs were considered as the best way to introduce Forensic Accounting (few have given a role to governmental efforts) believing in its ability to maintain its integrity, but not in all sectors. Respondents also agreed on the importance of the DIFA certification and that DIFA diploma should be included in Lebanese universities' programs. Finally, most respondents thought the best means to acquire FA is to outsource audit firms that perform such services.

References

[1] Adra, J. (2006). Discussions About Corruption in Lebanon, personal communication.

[2] Brownsberger, W. N. (1983). Development and Governmental Corruption, the Journal of Modern African Studies, 21, 215-233.

[3] Houck, M., Kranacher, M., Morris, B., Riley Jr, R., Robertson, J., & Wells, J. (2006). Forensic accounting as an investigative tool. CPA Journal. Aug2006, Vol. 76 Issue 8, p68-70. 3p,

[4] The Lebanese Transparency Association (2009). Campaign Finance Monitoring from monitoring to reform.

[5] UN (2001). Corruption Assessment Report on Lebanon. United Nations Center for International Crime Prevention.

http://financial-guide.net/central-singapore/

Audit Firm In Singapore

Novena SGP CPA Accounting

Strategic location and attractive tax benefits make Singapore the most preferred location for the overseas companies to set up their business. Various options are – opening up a Branch Office, a Representative Office or a Subsidiary in Novena . The country also has liberal immigration policies. If the company wants to set up their regional head quarters in Singapore they are also provided with Financial Assistance.

Best Business Account In Central, SG

A key determinant for setting up a business in Novena is the tax regime in force. In this regard Singapore boast of being one of the lowest tax jurisdictions in the world. Detailed below is an overview of the tax system and Business Account in Singapore.

Private Limited Company Registration Process

Quality Bookkeeping Services - Tips on Finding the Right Provider For Your Company

For some business owners, a third party accountant just seems like a waste of time and money. Sure, they can minimize the amount of time you spend calculating taxes and duties, but when you're high on time and short on financial resources, the overall cost of an accountant can seem to be too high to have any purpose. While this is sometimes true, for the vast majority of businesses accounting services have the exact opposite effect; you actually end up saving money by using them.

There are several different types of business currencies out there. Of course, money is known as the universal business currency, and it is for trading and purchasing. However, there's another currency that's worth just as much to millions of businesses: time. Without time, there's no way to achieve your annual sales goals, grow your business and meet your business targets. While the global recession has made more businesses starved for money, even during points of economic prosperity businesses are troubled by limited time.

This is where accounting services can prove highly useful. Hiring in-house accountancy staff is incredibly expensive, especially when you take the health costs, legal hiring expenses and time costs into account. While having extra employees adds manpower and time to your business, the cost associated with it is often too high. Accountancy services can save you both time and money in this regard. By minimizing the accountancy workload for your team, you can focus on more direct and important goals. Of course, by using an outside contractor rather than an internal employee, the amount of paperwork surrounding your accountancy dealings decreases tremendously.

Of course, the benefits of using accounting services for your business aren't just limited to time. Many people associate outside contractors and services with extra costs, but for accountants this can be a misguided and inaccurate way to judge them. Accountancy services can save you money, and the cost of using an accountancy firm is easily made up in the amount that you'll save on taxes, duties and government rates. Think about it this way - when you're taking care of your own taxes, you're in a financial world that's completely foreign. As such, some things get passed over and some boxes are left un-ticked. However, by using accounting services to manage and calculate your taxes, you're putting the job in the hands of an experienced specialist, who knows exactly what they need to do to save you money.

It's the old cost vs. time dilemma, and a lot of business owners fall for the wrong metric. Time saved is money saved, regardless of whether it comes with a direct cost or not. If your business has the potential to earn $1000 per hour with your full attention, spending your time on accountancy tasks that can be outsourced for just a fraction of that is a waste of both time and money. Opportunity cost factors for a lot in business, and by focusing on what is important you'll end up saving a bucket load of income.

So next time you're about to embark on a complicated tax mission using your internet employees, or even your own time, think about the opportunity cost involved. Juggling taxes and payments with a major project could end up costing you the quality of both, which means extra costs on both sides. Whenever possible, stick to the direct services of your business, and let your accounting services provider take care of the rest. You'll save money, save time, and grow your business without having taxes, payments and accounts bother you.

How To Choose a Professional Accounting Company For Outsourcing

Which is an ideal jurisdiction for company incorporation? Singapore and Hong Kong have been dominant players in the Asian region, vying for the position of "the best place to do business." But the crucial questions are, which of these jurisdictions have an edge over the other? Is incorporating a business easier in Singapore or in Hong Kong?

Minimum Statutory Requirements:

Singapore: a local registered address (commercial or residential but no PO Box), a local resident director, a local resident and qualified company secretary, a shareholder (individual or corporate), minimum paid up capital of SGD 1.00 (no authorized capital required)
Hong Kong: a local registered address (commercial or residential but no PO Box), a director (local or foreigner), a local resident company secretary (individual or corporate), a shareholder (individual or corporate), minimum paid up capital of HKD 1.00 + authorized share capital of HKD 10,000 represented by 10,000 ordinary shares of HKD 1.00 each

Incorporation Timeline:

Singapore: 1 working day
Hong Kong: 4-7 working days

Foreign Ownership:

Singapore & Hong Kong: 100% foreign ownership allowed

Corporate Taxes:

Singapore: Current corporate income tax rate - 18%. However, corporate income tax rate effective 2010 - 17%. Note: The effective tax rate is much lower - below 9% for profits up to SGD 300,000 and capped at 18% for profits above SGD 300,000
Hong Kong: Current corporate income tax rate - 16.5%

Government Fees:

Fees for company incorporation with Companies Registrar:

Singapore: SGD 315
Hong Kong : HKD 1,720 + capital fee of HKD 1.00 for every or part of HKD 1,000 of the nominal share capital (capped at HKD 30,000)

Fees for company registration with tax department:

Singapore: Nil
Hong Kong - HKD 2,450 (1 year registration certificate) or HKD 6,550 (3 year registration certificate)

Annual Filing Requirements:

Singapore:

Annual returns along with audited annual accounts must be filed with Companies Registrar within one month of the Annual General Meeting.
Tax returns along with audited accounts must be filed with the Inland Revenue Authority of Singapore by 31 October each year.
Note: Dormant companies (i.e no accounting transactions for the financial year) and exempt private companies (not more than 20 shareholders and shares are not held by another company) with an annual turnover of less than SGD 5 million are exempt from audit requirements for both annual returns and tax returns. These companies can file unaudited accounts.

Hong Kong:

Annual returns must be filed with the Companies Registry once in every calendar year (except in the year of incorporation) within 42 days after the anniversary of the company's date of incorporation. Private limited companies are exempt from submitting accounts along with the annual return.
Tax returns along with audited accounts must be filed with the Inland Revenue Department by 31 April each year. The auditor must be a member of the Hong Kong Institute of Certified Public Accountants and must hold a practicing certificate. Dormant companies (i.e no accounting transactions for the financial year) and small corporations (i.e total gross income does not exceed HKD 500,000) are exempt from audit requirements and can file unaudited accounts.

http://financial-guide.net/central-singapore/

Business Account In Singapore

Dover SGP Tax Consultant

Strategic location and attractive tax benefits make Singapore the most preferred location for the overseas companies to set up their business. Various options are – opening up a Branch Office, a Representative Office or a Subsidiary in Dover . The country also has liberal immigration policies. If the company wants to set up their regional head quarters in Singapore they are also provided with Financial Assistance.

Best Audit Firm In Central, SG

A key determinant for setting up a business in Dover is the tax regime in force. In this regard Singapore boast of being one of the lowest tax jurisdictions in the world. Detailed below is an overview of the tax system and Audit Firm in Singapore.

Lower Costs - Simplify and Outsource Your Accounting Services

Company Incorporation - Singapore Vs Hong Kong

The main purpose of any business is to make profits and not have any losses. Therefore, it is important to ensure a cost effective accounting system is in place. Handling accounts, transactions and other financial details is not an easy task but with the services of outsourced small business accounting services these can be achievable. Hence, looking for outsourced accounting services would be positive to the business.

Sometimes running a small business can become burdensome at times and this is why small business accounting services can lower costs and yet remain effective for the business owner. It also offers accounting software that eases the whole process of making records and tallying them over and over again. However, we also know that most of the small business owners or for that matter any other business owner is not a qualified accountant, and that is why they need to hire the services of a professional to handle this. And small business accounting services is the right choice as it not only reduces time but also personnel resources.

Small business accounting services have professionals who specialize in providing business accounting services support to clients. The outsourced accountant will handle the small business accounting work of your business. As the business owner, you will like to be informed about all the work that is being done with regard to accounting and bookkeeping of your business, so that you know where your business is heading and if you are making any profits or not.

Having a professional accounting or Certified Public Accountant will help to ensure that your business' financial statements or books will be properly kept for tax purposes. In Singapore, you will need to file your financial statements with the authorities. Inadvertently, these financial statements will be used to assess your company tax. Surely you do not wish to run afoul of the law. Therefore, it would be wise to ensure your company accounts are properly kept.

The whole purpose of having a professional from small business accounting services will make things easier for you, so that you pay your tax on time. Besides taxes, the outsourced accountant also keeps track of all transactions which have taken place. The information will then be provided to the business owner who can use it for making informed and strategic decisions pertaining to the business.

http://financial-guide.net/central-singapore/

Audit Firm In Singapore

Bukit Ho Swee SGP CPA Accounting

Forms Required For Incorporation Of Company

Strategic location and attractive tax benefits make Singapore the most preferred location for the overseas companies to set up their business. Various options are – opening up a Branch Office, a Representative Office or a Subsidiary in Bukit Ho Swee . The country also has liberal immigration policies. If the company wants to set up their regional head quarters in Singapore they are also provided with Financial Assistance.

Best Small Business Tax In Central, SG

A key determinant for setting up a business in Bukit Ho Swee is the tax regime in force. In this regard Singapore boast of being one of the lowest tax jurisdictions in the world. Detailed below is an overview of the tax system and Small Business Tax in Singapore.

IRAS PIC Grant scheme, a Huge Boost for Small Logistics Companies

A key determinant for setting up a business in a given jurisdiction is the tax regime in force. In this regard, both Hong Kong and Singapore boast of being one of the lowest tax jurisdictions in the world. Detailed below is a comparative overview of the tax system in Singapore Vs HK.

Tax jurisdiction

Singapore

Taxes are levied on a territorial principle i.e. companies and individuals are taxed on Singapore sourced income.
Foreign sourced income (branch profits, dividends, service income, etc.) will be taxed when it is remitted or deemed remitted into Singapore unless the income was already subjected to taxes in a jurisdiction with headline tax rates of at least 15%.

Hong Kong

Taxes are levied on the territorial principle i.e. only on income "derived from or arising in" HK and not on income sourced outside the SAR.
No tax is levied on profits arising abroad, even if they are remitted to Hong Kong.

Corporate Tax Rate

Singapore: Current corporate income tax rate - 18%. However, corporate income tax rate effective 2010 - 17%. Note: The effective tax rate is much lower - below 9% for profits up to SGD 300,000 and capped at 18% for profits above SGD 300,000
Hong Kong: Current corporate income tax rate - 16.5%

Goods and Services Tax (known as VAT/Sales tax in other countries)

Singapore: 7%
Hong Kong: Nil

Capital gains tax

Singapore and Hong Kong: Nil (Capital loss expenses are correspondingly not allowed as deductions)

Group relief for losses

Singapore: Allowed
HK: Not allowed

Withholding tax

Singapore: Interest, royalties, rentals from movable properties, management and technical fees, and director's fees paid to non-residents (individuals or companies) are subject to withholding tax. There is no withholding tax levied on dividends.
Hong Kong: Royalties, rentals from movable properties, and fees paid to non-resident entertainers or sportsmen for their performances in Hong Kong are subject to withholding tax. There are no withholding taxes levied on dividends and interest.

Double Tax Agreements

Singapore: More than 50 bilateral comprehensive tax treaties
HK: DTA network of 37 treaties

Tax Year

Singapore: 1 January - 31 December
HK: 1 April - 31 March

Filing tax returns

Singapore:

Tax returns along with audited accounts must be filed with the Inland Revenue Authority of Singapore by 31 October each year.
Note: Dormant companies (i.e no accounting transactions for the financial year) and exempt private companies (not more than 20 shareholders and shares are not held by another company) with an annual turnover of less than SGD 5 million are exempt from audit requirements and can file unaudited accounts.

Hong Kong

Tax returns along with audited accounts must be filed with the Inland Revenue Department by 31 April each year. The auditor must be a member of the HK Institute of Certified Public Accountants and must hold a practicing certificate.
Note: Dormant companies (i.e no accounting transactions for the financial year) and small corporations (i.e total gross income does not exceed HKD 500,000) are exempt from audit requirements and can file unaudited accounts.

Accounting Firms in Singapore Offer Customized Accounting Services to Small Business Owners

Singapore is one of the leading Asian countries for business and commerce and has been rated as one of the best business environments in Asia Pacific. It's no wonder that small and medium sized businesses and even business conglomerates from across the globe surge to this tiny nation.

If you are planning on starting a business in Singapore here are some useful tips that can help you in the Singapore business incorporation process.

Singapore Companies Act

To begin business formation in Singapore you must be familiar with the Singapore Companies Act (SCA). Singapore companies are primarily governed by the Singapore Companies Act, but it must be noted that companies may fall under regulations of other statutes based on the type of business they are into.

Requirements for Singapore business set up

• The law states that the in order to set up a company in Singapore, the company must have a minimum of 1 Shareholder + 1 Director + 1 Company Secretary

The director:

The director of the Singapore business setup must be a citizen or permanent resident of Singapore. He/she may also be Singapore Employment Pass holder. The director of the company must be above 18 years of age and must not be bankrupt nor have prior record of malpractice.

The shareholder

The law allows a maximum of 50 shareholders for a Singapore business setup. The share holders may be individuals or a corporate entity. The said director can be the shareholder as well or they can be separate individuals. 100% local or foreign shareholding is permitted.

The company secretary

According to the SCA, a Singapore business set up must have a company secretary. The company secretary needs to be appointed within six months of company incorporation and he/she must be a resident of Singapore.

• The company must also have a minimum initial paid-up share capital is S$1

The minimum paid-up capital for registration of a Singapore company is S$1 unless if you are an EntrePass holder in which case the paid-up capital will be S$50,000.

• The Singapore company setup must have a Singapore registered office address. The office address must be a Singapore registered address and addresses with a PO Box are not allowed.

Singapore business formation is made much simpler with the help of a professional business start up service. A professional service provider can aid you in the process of business incorporation in Singapore. A professional service provider will not only assist you in registering a company in Singapore but will also assist you throughout the entire process of business incorporation.

Professional business incorporation services ensure that you have the right information, documentation and get the right resources for setting up a business in Singapore.

Business incorporation services advise you on the relevant licensing requirements specific to your line of business and you can also avail useful business concierge services that can help you find a suitable location for your office, develop your IT and networking infrastructure etc.

You can also avail several supporting services such as taxation services, bookkeeping services and business accounting services.

http://financial-guide.net/central-singapore/

Small Business Tax In Singapore

Chinatown SGP Accounting Firms

Strategic location and attractive tax benefits make Singapore the most preferred location for the overseas companies to set up their business. Various options are – opening up a Branch Office, a Representative Office or a Subsidiary in Chinatown . The country also has liberal immigration policies. If the company wants to set up their regional head quarters in Singapore they are also provided with Financial Assistance.

Best Tax Advisor In Central, SG

A key determinant for setting up a business in Chinatown is the tax regime in force. In this regard Singapore boast of being one of the lowest tax jurisdictions in the world. Detailed below is an overview of the tax system and Tax Advisor in Singapore.

Private Limited Company Registration Services

Company Incorporation - Singapore Vs Hong Kong

The Accounting and Corporate Regulatory Authority (ACRA) of Singapore regulate the businesses, public accountants, and the accounting services in Singapore. ACRA, unlike other government regulators, also facilitates for the promotion of these entities.

As a national regulator, ACRA demands strict statutory compliance from these entities. For this reason, Singapore businesses are better off with the assistance of accounting services in Singapore.

Compared to other countries, it is easier, seamless and effortless to open a company in Singapore. Although it depends on individual choices, ACRA advises foreigners to take assistance from external firms offering Singapore company registration services. There are many firms in Singapore offering incorporation services along with many other corporate business services like, accounting, auditing and taxation to different national and international clients.

Accounting Services for Small and Medium Enterprises in Singapore

Singapore's taxation year or the Year of Assessment (YA), starts on 1 January and ends on 31 December. However, in case of many Singapore companies, the end of their financial year does not coincide with stipulated date, i.e., 31 December.

These business entities still have to complete their financial reporting and tax filing, as per the due dates issued by ACRA and IRAS (Inland Revenue Authority of Singapore). They need to host an annual general meeting and table their financial statements for the review and approval of their shareholders.

Genuine and accredited accounting firms in Singapore assist its clients to maintain their books of accounts, by offering their flawless and punctual bookkeeping services. These firms ensure that each and every financial transaction is entered and accounted for. These firms also offer preparation of bank reconciliation, XBRL, and directors' reports, along with the financial analysis on weekly, monthly, quarterly and annual basis.

The well-known CPA firms, while preparing the financial statements of clients prepare a balance sheet, profit and loss statement and cash flow statement. The 'books of account' maintained by the client, plays a major role in preparing these statements. Most of the entries and inputs in these statements are retrieved from what is found in the client's books of accounts. These financial documents are prepared in compliance with the Singapore Financial Reporting Standards (SFRS). In addition to that, different types of transactions are treated as per the set principles and governing practices of the governing bodies.

In order to offer unmatched and high-quality accounting and auditing services to the clients, firms offering accounting services employ only experienced and certified auditors. These professionals are trained to structure their auditing reports on the data contained in the books of accounts, submitted by clients for inspection. After the auditing reports are prepared and authenticated by the prime service provider, these reports are submitted to shareholders, investors, employees, management and the government regulators for analysis and approval. A comprehensive auditing report serves as a definitive medium for the client, to take speculative decisions about the future course of their business. Therefore, preparing such report, from a well-known and qualified audit firm in Singapore is much more necessary.

After understanding the importance and necessity of well-structured audit report, business management proceeds to hire an external auditing firm for conducting internal audits of their company. The reports generated, allow them an insight into the effectiveness of processes, internal checks and methods that are in place in the organization. On the other hand, the shareholders of the company are also empowered to hire audit services in Singapore, for conducting parallel external audits for them.

The meticulously prepared financial reports are essential for gauging the financial health of a company. These reports also reveal its weaknesses and help the management in taking preventive measures against them. Remember, apart from exempted companies, every single Singapore business must file their financial statements with the ACRA.

It is the duty of the corporate business services firms based in Singapore to advise and help their clients with accurate Singapore tax filing. ACRA specifically mandates; that it is a duty of the business service-providing firm to educate and advise its clients on GST registration in Singapore, GST filing, ECI filing, Withholding tax and other taxes. Most importantly, it assists the client in the careful preparation of its corporate income tax.

The CPA's working at these firms usually takes into account the tax rebates, incentives, deductions and exemptions that client qualifies for, to incorporate those relevant details in the financial statements. The firm also assists Singapore businesses in complying with the ACRA's XBRL filing requirements, by converting their business data into the XBRL format.

Diffusion and Implementation of Forensic Accounting in Countries of Business Opacity

A lot of people who do not understand business will tend to ignore accounting of the business. So why use accounting or accountancy for business?

I have a close friend (with an accounting background) who is married to a man who sells computer components and DIY desktops. She was working in an events management company at first, but because their marriage was on the rocks, she decided to resign from her job to help out with her husband's business.

At first, the computer business was getting less than 20,000 dollars profit per month, but since her entry into the business, the profit began to grow monthly. It eventually exceeded 300,000 dollars profit within her first year of taking over the business. When I asked her how she did it, she answered that all she did was to make sure the accounts was recorded daily. She also ensured that costs were kept under tight control.

Most important of all was that the husband / wife relationship grew as well.

My friend's story taught me a lesson. In running the day-to-day operations of a business, it is necessary to keep track and document all your income and expenses. If marketing and sales activities are always the top priority in any business, then accounting and bookkeeping statements will come as the second most important element.

I have been reading books about entrepreneurs outsourcing accountants and bookkeepers for their business transactions, and this decision has given them a great amount of extra time to focus on the marketing and sales aspects of the business.

Do not even try to Do-It-Yourself by getting accounting software especially so if you do not understand accounting. Even if you do understand accounting, you will not be able to focus on growing you business.

By engaging an outsourced accounting or bookkeeping firm, you will be able to cut down a lot of your costs. At the same time, a third party outsourced firm will be able to verify your business transactions for the whole work year, thus further decreasing the cost in auditing services.

Always have the attitude of outsourcing and not the DIY mentality. While we must try to be an all-rounder in our business, we must also acknowledge the fact that we are not always able to do everything. Instead, delegate tasks that are not directly generating in income to the business.

This is the new generation of doing business - knowing where exactly costs can be easily reduced.

In summary, if you do not take the time to properly analyse your accounts, you will be unable to assess how your business is doing.

With proper bookkeeping to ensure that every transaction is properly filed, you can be assured that generating a quarterly profit/ loss statement and monthly cash-flow statement will be easy and most important of all, accurate and up-to-date.

http://financial-guide.net/central-singapore/

Tax Advisor In Singapore

Kim Seng SGP Tax Planning

Strategic location and attractive tax benefits make Singapore the most preferred location for the overseas companies to set up their business. Various options are – opening up a Branch Office, a Representative Office or a Subsidiary in Kim Seng . The country also has liberal immigration policies. If the company wants to set up their regional head quarters in Singapore they are also provided with Financial Assistance.

Best Tax Preparation Services In Central, SG

A key determinant for setting up a business in Kim Seng is the tax regime in force. In this regard Singapore boast of being one of the lowest tax jurisdictions in the world. Detailed below is an overview of the tax system and Tax Preparation Services in Singapore.

Diffusion and Implementation of Forensic Accounting in Countries of Business Opacity

Professional Accounting Bodies In Singapore

The Accounting Profession of Singapore

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.

Sources of Accounting Principles

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

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

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

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

http://financial-guide.net/central-singapore/

Tax Preparation Services In Singapore

Orchard Road SGP Accounting Services

Strategic location and attractive tax benefits make Singapore the most preferred location for the overseas companies to set up their business. Various options are – opening up a Branch Office, a Representative Office or a Subsidiary in Orchard Road . The country also has liberal immigration policies. If the company wants to set up their regional head quarters in Singapore they are also provided with Financial Assistance.

Best Tax Advisor In Central, SG

A key determinant for setting up a business in Orchard Road is the tax regime in force. In this regard Singapore boast of being one of the lowest tax jurisdictions in the world. Detailed below is an overview of the tax system and Tax Advisor in Singapore.

How To Incorporate A Private Limited Company

Diffusion and Implementation of Forensic Accounting in Countries of Business Opacity

The Inland Revenue Authority of Singapore (IRAS) has imposed a new scheme known as the Production and Innovation Credit (PIC) to benefit logistics companies in Singapore. For several years IRAS was designing strategies for logistics department to be at par with international companies of Japan and China so they came up with PIC.

The several ways PIC Grant can benefit the logistics companies are listed below:

Funds for automated machines

The PIC scheme has been very beneficial for the logistics companies as they can purchase automated machines and devices. The entire funding is covered by IRAS PIC Grant. As a result, the companies can reach higher levels with increased production and returns. The automated machines also reduce the cost of extra labour and the job can be finished in less time. The productivity becomes higher resulting in greater profits thus competing in the international market.

Financial advice

The experts of IRAS also help these companies to come up with efficient strategies to enhance their productivity. The highly educated panel of IRAS has a lot of experience when it comes to managing financial growth of a company. In most of the cases, the managers of these logistics company are not well accustomed with the strategies to match the international standards. A proper analysis by the IRAS experts will ultimately lead to higher sales and improve the quality of their service.

Tax Deduction

Logistics companies are a huge blunder when it comes to paying taxes. The tax keeps on mounting and at the end, the companies have to pay a large sum compromising their profit. So the IRAS comes into the scenario and helps these companies set up various plans to solve problems regarding taxation. There can be tax deductions up to 400% in several cases. This will help the companies to provide their services at a cheaper rate to beat their competitors.

The cash pay-out option

The small and growing businesses are the ones who can be hugely benefitted by this cash pay-out option. To aid these companies the Singapore government has come up with many strategies so that they can reach the heights of big companies. With the cash pay-out option, the financially distressed companies can invest in modern equipment and improve their standards.

Productivity along with improvement of Logistics Companies

The PIC Grant, 2014 offers productivity with improvement of the companies all at the same time. There are certain regulations and to be eligible, these companies need to invest in several areas of Singapore economy. This will ultimately benefit the logistics companies but at the same time, the government is doing its part.

Diffusion and Implementation of Forensic Accounting in Countries of Business Opacity

http://financial-guide.net/central-singapore/

Tax Advisor In Singapore

Commonwealth SGP Accounting Firms

Strategic location and attractive tax benefits make Singapore the most preferred location for the overseas companies to set up their business. Various options are – opening up a Branch Office, a Representative Office or a Subsidiary in Commonwealth . The country also has liberal immigration policies. If the company wants to set up their regional head quarters in Singapore they are also provided with Financial Assistance.

Best Accounting System In Central, SG

A key determinant for setting up a business in Commonwealth is the tax regime in force. In this regard Singapore boast of being one of the lowest tax jurisdictions in the world. Detailed below is an overview of the tax system and Accounting System in Singapore.

Why Use Out Accounting Or Accountancy For Business?

What is an accountant? According to the Australian Accountants Directory they are, "a practitioner of accountancy or accounting, which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources"("About Accountants"). As you may already know, different areas of the world have different professional bodies of accounting.

For example, not every country uses the American Institute of Certified Public Accountants (AICPA). As the name suggests, that's only used in the United States. Australia however, has three legally recognized local professional accounting bodies; the institute of public accountants (IPA), CPA Australia (CPA), and the institute of chartered accountants of Australia (ICAA).

The IPA has been around since 1923 and continues to grow in the organization today. After 90 years it currently sits more than 26,000 members and students across 64 countries and is ranked in the top professional accounting bodies in the world ("Institute of Public Accountants"). They acquired a full membership of the International Federation of Accountants (IFAC) in 2005 as well as the Confederation of Asian and Pacific Accountants (CAPA) in 2011. They are really working towards building relationships and exchanging knowledge overseas. They are innovative in everything that they do as they already are recognized as one of the top 20 in BRW's most innovative companies in Australia list for 2012. The IPA has three levels of membership, Associate (AIPA), Member (MIPA), and Fellow (FIPA). An Associate membership requires one to have an Australian Advanced Diploma of Accounting or a Bachelor's degree in Accounting that can be Australian or equivalent in nature. MIPA membership requires Australian Advanced Diploma of Accounting, two years of pre-IPA program full-time work experience in accounting or related fields and a mentored experience program. A FIPA membership requires 7 years' MIPA status or equivalent and 10 years' experience in accounting the last five years have to be at a senior level ("Institute of Public Accountants").

According to CPA Australia, they are one of the world's largest accounting bodies with a global membership of more than 150,000 members working in 120 countries around the world, and with more than 25,000 members working in senior leadership positions ("About Us"). They provide education, training, technical support and advocacy. They were an early entrant in the Asian Market, where their involvement began in the early 1950s and aimed at developing and strengthening the accounting profession in the region. As of today almost one-quarter of CPA Australia's members reside outside of Australia, with over 35,000 in Asia. They currently have nineteen staffed offices across Australia, China, Hong Kong, Malaysia, Singapore, Indonesia, Vietnam, New Zealand and the UK. To become a member of this program candidates most hold a postgraduate award that is recognized by CPA Australia, and demonstrate competence in the required knowledge areas and, within a six year period, successfully complete the CPA Program ("About Us"). They must also have three years of professional experience in finance, or accounting for business. To offer public accounting services, CPAs must also complete CPA Australia's Public Practice program, which involves distance learning and a residential component, and must hold a Public Practice Certificate in accordance with the CPA Australia's by laws.

The ICAA is the professional body representing Chartered Accountants in Australia. They currently have over 50,000 members and 12,000 students("News and Updates"). In order to become a member of the institute, one has to complete the Chartered Accountants Program which includes study of Graduate diploma in Chartered Accounting (GradDipCA) and three years of practical experience. Entry is available to anyone who holds an accounting degree; however, those holding non-accounting degrees can also be permitted entry after additional requirements are met. If one does become a Chartered Accountant they must complete a total of 120 hours of Continuing Professional Education every three years. The ICAA is a founding member of the Global Accounting Alliance (GAA). Members of this alliance are part of the international accounting coalition of the world's premier accounting bodies. Chartered Accountants audit 100 percent of the top ASX-listed companies in Australia. They are recognized by the international accounting bodies of the leading financial centers of the world. As of November 2013, the ICAA merged with the New Zealand Institute of Chartered Accountants and are now known as "Chartered Accountants Australia and New Zealand"("News and Updates").

Compared to the professional bodies in America the ones in Australia aren't too different judging from the research. They each go off of the same principals in a sense but there are very few minimal things that are different.

Works Cited

"About Accountants." Australian Accountants Directory / Australian Accountants Directory / Accountants. N.p., n.d. Web. 07 Apr. 2015.

"About Us." CPA Australia -. N.p., n.d. Web. 03 Apr. 2015.

"Institute of Public Accountants." Institute of Public Accountants. N.p., n.d. Web. 07 Apr. 2015.

"News and Updates." Chartered Accountants Australia and New Zealand. N.p., n.d. Web. 05 Apr. 2015.

Financial Reporting & Auditing in Singapore

Strategic location and attractive tax benefits make Singapore the most preferred location for the overseas companies to set up their business. Various options are - opening up a Branch Office, a Representative Office or a Subsidiary. The country also has liberal immigration policies. If the company wants to set up their regional head quarters in Singapore they are also provided with Financial Assistance.

Branch Office - Registration of the branch office is done by ACRA and it is treated as an extension of the foreign company. It is the least popular option with foreign companies because

Head office accounts have to be submitted for taxation purposes. Many companies may not be comfortable doing this.
Head office bears all the liabilities of the actions of branch office
Branch office cannot claim local tax benefits

The name of the Branch Office and the foreign office must be same and should be approved by ACRA before registration. Branch office has to appoint two agents that are resident in Singapore. The Branch office can repatriate all its earnings and capital. Only that part of earnings derived from local operations are taxed at local tax rates.

Subsidiary Company - This is the most preferred option for setting up business by the foreign companies because:

Its liabilities are not transferred to parent company. It is considered a separate company.
It enjoys the local taxation benefits.
It can have a local name which is different from the parent company.

One or more directors need to be appointed and at least one director has to be a local resident.

Representative Office - It is used for having a presence in the country while not conducting any business activity. It does not have any legal status and cannot enter into any contracts.

It can undertake promotional activities for the parent company
It can negotiate but cannot conclude on deals
Parent company bears liability for activities of the office.
It must be staffed by at least one representative from the head office

International Enterprise Singapore (IE Singapore) is the registration authority for Representative Offices for manufacturing, business services, commerce and other sectors. Banking, finance, insurance needs to be registered with the Monetary Authority of Singapore (MAS).

http://financial-guide.net/central-singapore/

Accounting System In Singapore

Bukit Merah SGP Tax Advisor

How To Register A Private Limited Company

Strategic location and attractive tax benefits make Singapore the most preferred location for the overseas companies to set up their business. Various options are – opening up a Branch Office, a Representative Office or a Subsidiary in Bukit Merah . The country also has liberal immigration policies. If the company wants to set up their regional head quarters in Singapore they are also provided with Financial Assistance.

Best Accounting Online In Central, SG

A key determinant for setting up a business in Bukit Merah is the tax regime in force. In this regard Singapore boast of being one of the lowest tax jurisdictions in the world. Detailed below is an overview of the tax system and Accounting Online in Singapore.

Company Registration Options in Singapore

Requirement For Incorporation Of Company

Steps for Preparing a Business Lawsuit

Minimum Statutory Requirements:

Singapore: a local registered address (commercial or residential but no PO Box), a local resident director, a local resident and qualified company secretary, a shareholder (individual or corporate), minimum paid up capital of SGD 1.00 (no authorized capital required)
Hong Kong: a local registered address (commercial or residential but no PO Box), a director (local or foreigner), a local resident company secretary (individual or corporate), a shareholder (individual or corporate), minimum paid up capital of HKD 1.00 + authorized share capital of HKD 10,000 represented by 10,000 ordinary shares of HKD 1.00 each

Incorporation Timeline:

Singapore: 1 working day
Hong Kong: 4-7 working days

Foreign Ownership:

Singapore & Hong Kong: 100% foreign ownership allowed

Corporate Taxes:

Singapore: Current corporate income tax rate - 18%. However, corporate income tax rate effective 2010 - 17%. Note: The effective tax rate is much lower - below 9% for profits up to SGD 300,000 and capped at 18% for profits above SGD 300,000
Hong Kong: Current corporate income tax rate - 16.5%

Government Fees:

Fees for company incorporation with Companies Registrar:

Singapore: SGD 315
Hong Kong : HKD 1,720 + capital fee of HKD 1.00 for every or part of HKD 1,000 of the nominal share capital (capped at HKD 30,000)

Fees for company registration with tax department:

Singapore: Nil
Hong Kong - HKD 2,450 (1 year registration certificate) or HKD 6,550 (3 year registration certificate)

Annual Filing Requirements:

Singapore:

Annual returns along with audited annual accounts must be filed with Companies Registrar within one month of the Annual General Meeting.
Tax returns along with audited accounts must be filed with the Inland Revenue Authority of Singapore by 31 October each year.
Note: Dormant companies (i.e no accounting transactions for the financial year) and exempt private companies (not more than 20 shareholders and shares are not held by another company) with an annual turnover of less than SGD 5 million are exempt from audit requirements for both annual returns and tax returns. These companies can file unaudited accounts.

Hong Kong:

Annual returns must be filed with the Companies Registry once in every calendar year (except in the year of incorporation) within 42 days after the anniversary of the company's date of incorporation. Private limited companies are exempt from submitting accounts along with the annual return.
Tax returns along with audited accounts must be filed with the Inland Revenue Department by 31 April each year. The auditor must be a member of the Hong Kong Institute of Certified Public Accountants and must hold a practicing certificate. Dormant companies (i.e no accounting transactions for the financial year) and small corporations (i.e total gross income does not exceed HKD 500,000) are exempt from audit requirements and can file unaudited accounts.

http://financial-guide.net/central-singapore/

Accounting Online In Singapore