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 Vernon . 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 Mount Vernon 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.
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%.
Company Incorporation - Singapore Vs Hong Kong
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.
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.
Financial Reporting & Auditing in Singapore
Business disputes are an inevitable fact of life. In a competitive world-be it with local business transactions or on the other side of the world in Singapore-business law is a necessary tool for running an enterprise. A small business attorney is often as much a partner to a corporation as are tax accountants, marketing consultants, and human resource recruiters.
In the U.S., business law is largely the same. Business laws are written to establish fairness and a means of resolving disputes. The process is orderly and predictable, even if the outcomes are not always assured. Following is the process your attorney guides you through in business-to-business litigation:
- ADR (Alternative Dispute Resolution) - This is a court-supervised approach to avoiding litigation, seeking to resolve the dispute in a speedy, efficient and inexpensive way. Both parties must agree to participate in this process.
- File the claim - Your attorney formally makes this filing to the court and the defendant, stating your dispute and asking for a specific settlement.
- Discovery - Both plaintiffs and defendants must be amenable to allowing business records to be examined by the other party in gathering evidence. Employees and agents may be required to provide testimony in advance as well.
- Proceed to trial - If pre-trial attempts at settlement are unsuccessful, the plaintiff and defendant must meet in court to make their arguments. The court will render its judgment at the close of the trial.
- Appeals court - If a matter of how the trial was conducted is in dispute, or new evidence surfaces that is germane, a higher court can rule on the judgment. At times, decisions can be reversed.
Note that the ADR approach comes with its own set of rules. Impartial, neutral parties that include mediators, case evaluators, and arbitrators must facilitate the discussions and resolution. The mediation focuses on needs and interests instead of rights and positions, whereas the settlement is ultimately voluntary. Non-binding arbitration results in rendering a decision, but either party can reject the decision and choose instead to pursue a trial in court.