Mount Faber SGP Trademark Registration

Private Limited Company Registration Services

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 Mount Faber . 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 Register A Company In Central, SG

A key determinant for setting up a business in Mount Faber 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 Register A Company 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%.

How To Setup A Private Limited Company

Benefits of Outsourcing Accounting Services to a Professional Accounting Firm

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.

Private Company Registration Process

Corporate Taxation - Singapore Vs Hong Kong

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.  

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Register A Company In Singapore

Mount Faber SGP How To Incorporate

Registry Of Companies And Businesses

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 Mount Faber . 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 Corporation Business In Central, SG

A key determinant for setting up a business in Mount Faber 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 Corporation Business 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%.

Documents Needed To Incorporate A Business

Why Use Out Accounting Or Accountancy For 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. 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).

Incorporated Business Definition

Financial Reporting & Auditing in Singapore

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.


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Corporation Business In Singapore