Central Top Accounting Firms - Incorporation Company Registration

Ayer Rajah SGP Tax Consultant

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 Ayer Rajah . 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 Firms In Central, SG

A key determinant for setting up a business in Ayer Rajah 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 Firms 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%.

Professional Accounting Bodies In Singapore

A lot of companies today fail to succeed primarily because they have done a poor job of keeping their financial records. Keep in mind this is one of the most important aspects of any business, big or small, that should never be neglected. Fortunately, there are a lot of bookkeeping companies which offer quality book keeping and accounting services. By hiring efficient, reliable and honest bookkeepers from these companies, you would be able to feel secure as to where every dollar goes in your business. You would also be able to keep track of all your assets and payables, without having to do a lot of work.

However, the process of choosing a top company who would be able to provide bookkeepers who are organized and experienced could be a bit hard as it would require a careful selection since they would be handling the financial documents and reports of your company. You can hire just one bookkeeper, which would be sufficient if you only require small business accounting or a team of bookkeepers. To check whether they would be competent enough, you can ask for their credentials and experience as well as if they have had any extensive training. You can ask about how long they have been providing bookkeeping services Singapore.

You could check their website for information on what type of services they can provide and you could read any reviews or testimonials that former clients have posted. If there are no reviews on their website, you could ask for the contact information of their current or previous clients to have good idea of what they are capable to do and how they are as a service provider.

You could also check whether or not they are aware of the newest software which are used for bookkeeping and accounting. This is necessary since a lot of the individuals and the companies who are offering these types of services make sure that they are technologically updated in order to stay competitive in the industry.

How To Choose a Professional Accounting Company For Outsourcing

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.

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

Accounting Firms In Singapore

Bendemeer SGP Accounting Firms

Private Limited Company Registration Status

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 Bendemeer . 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 Top Accounting Firms In Central, SG

A key determinant for setting up a business in Bendemeer 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 Top Accounting Firms in Singapore.

Why Use Out Accounting Or Accountancy For Business?

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.

How To Incorporate A Private Limited Company

Lower Costs - Simplify and Outsource Your Accounting Services

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.

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

Top Accounting Firms In Singapore

Marina Bay SGP Tax Preparation 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 Marina Bay . 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 Audited Accounts In Central, SG

A key determinant for setting up a business in Marina Bay 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 Audited Accounts in Singapore.

Corporate Taxation - Singapore Vs Hong Kong

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.

Tax Information Exchange Agreement - Offshore Investment Term to Avoid

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.

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

Audited Accounts In Singapore

Pasir Panjang SGP CPA Accounting

What Is Needed To Incorporate A Business

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 Pasir Panjang . 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 CPA Accounting In Central, SG

A key determinant for setting up a business in Pasir Panjang 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 CPA Accounting in Singapore.

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).

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

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.

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

CPA Accounting In Singapore

Tanjong Pagar SGP Payroll 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 Tanjong Pagar . 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 CPA Accounting In Central, SG

A key determinant for setting up a business in Tanjong Pagar 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 CPA Accounting in Singapore.

Private Ltd Company Registration Process

Financial Reporting & Auditing in Singapore

Accounting is one of the most crucial aspects of almost any business. If you intend to outsource your company's accounting functions to a third-party, it is absolutely important to carefully assess every facet of such company's activities before reaching a conclusion.

Here are core tips for choosing a professional accounting vendor for your business:

State your expectations and find out if they can deliver them

Your search for a professional accounting vendor should start with a clear definition of what you want from the vendor and the value you expect the relationship to bring to your business. Find out if the vendor you intend to partner with can deliver what you expect in terms of value and ROI. Do not conceal your expectations.

Discuss your expectations with the vendors. Tell them exactly what you want, how you want it and how you intend to measure their performance. This approach will prevent misunderstanding in the future if they fail to meet your expectations. Also, ensure all agreements are done in writing and signed accordingly.

Growth and size of the accounting vendor

Experience is crucial in accounting. Before outsourcing your accounting functions to any company, do some research on the level of growth of the company in recent years. If the company has shown a positive level of business growth, it could be an indication of the quality of services they render clients.

Find out about the internal structure of the company and the level of experience of the experts they can boast of. Outsourcing to a startup may not be such a good idea, although some may deliver beyond expectations. But outsourcing to an established professional accounting firm will ensure your business accounting is in safe hands and you wouldn't have to bother about ROI.

Track Record of the accounting vendor

The track record of any accounting firm is a reflection of the quality of service it renders clients. Find out if the prospective accounting vendor has a track record of service commitment or if it has a recognized reputation within its own industry. Also, find out if the vendor tracks customer satisfaction level, which is a strong indication of the extent they are willing to go to ensure customer satisfaction.

Feedbacks from previous customers

Listen to what previous customers are saying about the prospective accounting vendors you are considering. One easy way to start is to go online and search for reviews. Find out if an unsatisfied client has written a piece about the vendor or if a satisfied client has recommended them. But do not stop there, ask the accounting vendors to give you a list if their previous customers. They will have no problem with providing you such list, if the quality of the services they are rendering is top-notch.

Data Security

Data security is as important as your business accounting or even more. Before outsourcing to any accounting company, find out about their security and confidentiality processes. Accounting vendors must be able to show that they use modern and secure information technology systems.

Assess the level of information security management of the vendor, if you observe loopholes or have doubts about the authenticity of their data security, do not hesitate to consider other options. Also, find out if the company has invested in modern data security technology such as cloud to ensure client data are secured.

Relationship Management

Relationship management is crucial for the success of the accounting functions you outsource. You need to understand how the accounting vendor you intend to outsource to manage relationship with clients. Consider their communication skills.

Do they often create a communication gap that leaves you searching for more information? Or will language and business culture be a barrier between you and them? You need to consider how well your company can relate with them, share ideas, discuss solutions, establish and maintain a professional relationship.

Avoid the deceit of lowest bidders

There is often the temptation to outsource your business accounting functions to the lowest bidder. Professionals in the accounting business are relatively expensive in service delivery. If you intend to outsource to a professional accounting firm, be ready to pay a competitive price. Just like in any other industry, there are charlatans in the accounting business too. One of the easiest methods these charlatans use to get victims is offering prices that falls below the normal competitive market price.

While the lowest bidder may not be the best option, the most expensive accounting firm may fail to deliver on its promises. As such, do your best to strike a balance between a successful track record, expertise and competitive pricing when selecting an accounting vendor.

Assess financial stability

It is crucial to ensure that the accounting vendor you intend to outsource to be financial secured. You need to find out if the vendor is financially strong enough to manage its business. If the vendor is financially weak or has financial problems such as inability to pay employees, such weakness will affect their quality of service delivery and ultimately affect your business.

Availability

How often will you have the opportunity to discuss your concerns with the accounting company you outsourced to? You need to consider the availability of the accounting vendor before signing any contract. In most cases, many small businesses often demand for face-to-face meetings every week or every two weeks, while some large business may demand for monthly meetings or vice versa. Depending on the nature of your business, you may have to discuss with the department or employees responsible for communicating with vendors in order to come up with a reasonable timeframe that will favor your business. It is crucial for you to outsource for the best accounting services for your business in order to ensure ROI.

How To Register A Private Limited Company

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

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

Funds for automated machines

Financial advice

Tax Deduction

The cash pay-out option

Productivity along with improvement of Logistics Companies

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

CPA Accounting In Singapore

Whampoa SGP Tax Preparation 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 Whampoa . 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 Whampoa 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.

Useful Tips For Singapore Business Start Up

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.

Accounting Services for Small and Medium Enterprises in Singapore

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

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

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

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

Business Account In Singapore

Balestier SGP Accounting Firms

Formation And Incorporation Of A 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 Balestier . 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 Balestier 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.

Company Incorporation - Singapore Vs Hong Kong

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

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

Professional Accounting Bodies In Singapore

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

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 shareholder

The company secretary

• 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.

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

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

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

Tax Preparation Services In Singapore

Geylang Bahru SGP Audit Firm

Explain The Process Of Formation Of A 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 Geylang Bahru . 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 Services In Central, SG

A key determinant for setting up a business in Geylang Bahru 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 Services in Singapore.

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

In 2010, Singapore was ranked as the most competitive country in the world. Doing business in Singapore, therefore, means a more fulfilling business atmosphere and better chances of higher profits. However, anyone can say the same about any other country or city in the world. So, what sets Singapore aside from the others? What makes it unique and more business friendly? Why is it that many multinationals are moving their headquarters in to this 710 square kilometers span of an island?

What Makes Doing Business in Singapore Attractive?

1. Singapore is a modern city

Singapore is placed among the most dynamic cities to live in and work in the world today. It has global connections, is cosmopolitan and is also multi-cultural, accommodating a population of about 5 million inhabitants. It is also regarded as one of the most conducive cities for the knowledge-driven industries, globally.

2. It is pro business

Within the last 4 decades, this city has transformed itself from being a small business trade center to one of the world's top financial hubs. It has international air, sea hubs, and one of the most open economies for investment and trade.

3. Consistency in governance

This city is governed by consistent guidelines on business and investment where any business is guaranteed access to an impartial and competent judicial system. There is also clarity and commitment with regards to corporate governance and anti-corruption policy enhancement.

4. Ease of set up

The excellent infrastructure, a cosmopolitan labor force that is highly skilled, attractive tax laws that allow avoidance to double taxation, and low startup costs make starting a business in Singapore very attractive and easy to set up. Entrepreneurs are known to come in to Singapore and set up big businesses within a week!

5. Knowledge based industry

The economy of Singapore is skewed towards high knowledge based industries. There is a lot of emphasis towards innovation and this is what keeps this city very competitive business-wise. The government of this city-state is also relentless in its efforts to protect intellectual property to ensure that ideas and innovations nurtured here are well protected. This further enhances competitiveness.

6. Free trade

Being an active member of the World Trade Organization, Singapore businesses enjoy the luxury of investment guarantee agreements and the many free trade agreements with most other countries in Asia and around the world. International businesses here also get to enjoy 50 of the state's comprehensive double taxation avoidance agreements.

It is these powerful factors that have made Singapore to stand as one of the strongest financial hubs in the Asian region regardless of its small size and small, almost insignificant, population. It has grown in to an Asian region power house for international banking, maritime finance, asset and wealth management, trade finance, treasury operations and insurance.

Companies and businesses that seek to establish themselves in this city-state can easily tap in to the diverse and deep capital markets, while at the same time getting access to the many local and international professional service and financial institutions that are based here.

Simply put, doing business in Singapore is affordable, easy to set up, and fun for any serious business person.

Private Limited Company Registration Process

Diffusion and Implementation of Forensic Accounting in Countries of Business Opacity

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

Accounting Services In Singapore

Esplanade SGP Account Information

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 Esplanade . 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 Esplanade 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.

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

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.

Financial Reporting & Auditing in Singapore

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/

Business Account In Singapore

Paya Lebar SGP Tax Preparation Services

Application For Incorporation Of A 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 Paya Lebar . 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 Accountants Singapore In Central, SG

A key determinant for setting up a business in Paya Lebar 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 Accountants Singapore in Singapore.

Private Limited Company Registration Services

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

If you aspire to work in the corporate finance department of an organization, you are part of a team that is involved with collating data that form the solid basis for making capital investment decisions of a company. Some of its primary tasks include supplying figures that will support or oppose investment proposals. A corporate finance job entails management of company assets and liabilities, financial forecasting, inventory control, budgeting, and auditing.

The two key functions of corporate finance include:

Accounting - this involves recording of the day-to-day transactions of the company. Its tasks include payroll, tracking of company expenses, computation of revenue and balancing of the company's accounting books.

Finance - this is concerned with the management of the company's assets, liabilities, and investments. It is also responsible for the monitoring of the company's financial performance and analyzing its revenue and expenses in order to ensure that the company's capital is used in the most effective way possible.

Finance and accounting may assume different roles in an establishment, but they are geared towards a common goal which is to maximize the company's potentials for financial advancement.

Primary Requirements of Finance and Accounting Jobs:

Knack for Numbers

Finance and accounting professionals breathe and eat numbers everyday in their professional lives. You should be good in mathematics in order to become an effective member of the finance department.

Strong Analytical Skills

Jobs in finance involve forecasting, analysis, and problem solving. They require you to understand patterns of the company's expenses, debts, receivables, cash flow and profits. These are all represented by numbers. You need to put them together to produce a sound basis of the company's business decisions.

Attention to Details

This is highly necessary because it can help to optimize the company's performance in the management of its finances. The company relies on the numbers you provide as its basis for formulating business plans and decisions.

You should be able to spot errors, unusual costs, and unnecessary expenses. These are important things you can bring to the attention of top management for appropriate action.

College Degree

A degree in finance or accounting is the basic requirement for a career in corporate finance. If you want to stand out in the profession, you may proceed to advanced studies.

A masters' degree in business administration or a certification in CPA or CFA will help to give you the best in a rewarding career. These will make you more attractive to companies and increase your chances for employment or promotion.

These are some of the essentials for getting a career in corporate finance. Have them and you will discover a world of business and corporate opportunities.

Is A Limited Liability Company A Corporation

Lower Costs - Simplify and Outsource Your Accounting Services

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/

Accountants Singapore In Singapore