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 Hougang . 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 Consultant In North-East, SG
A key determinant for setting up a business in Hougang 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 Consultant 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%.
Why Use Out Accounting Or Accountancy For Business?
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.
Professional Accounting Bodies In Singapore
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.