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 Buona Vista . 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 Buona Vista 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%.
6 Reasons That Make Doing Business in Singapore Very Attractive
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 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 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.
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.
Lower Costs - Simplify and Outsource Your Accounting Services
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.