Informative Posts

Bookkeeping Services in Singapore

By on Apr 18, 2014 in Informative Posts | 0 comments

Bookkeeping Services in Singapore Situated at the centre of Asia’s growing economy, Singapore’s business activities are at its peak and still expanding. Many business owners select Singapore for many reasons. Many of the government’s policies on businesses may seem to be complicated but in the long run benefit not only the government but also the companies in Singapore. Its policy on corporate tax is fair yet competitive rates. This is why local entrepreneurs and foreign investors are choosing Singapore to build their businesses. Since entrepreneurs try to find ways where they can be functional and attain their corporate goals. One of these alternatives is gaining so much popularity. Singapore companies are now outsourcing some of their non-core services such as accounting, bookkeeping, payroll, and other administrative functions. By doing so, they will be able to focus on the major goals of the company like expanding their businesses or increasing their sales. Why do companies in Singapore are turning into outsourcing bookkeeping services in Singapore? Outsourcing bookkeeping functions saves time. Assigning these services to a highly professional outsourcing company with qualified and experienced team of bookkeepers and accountants is giving quality time to do your main goal – of developing and expanding your business.  The time you have to spend in monitoring accounting and bookkeeping records will now be the time to plan your business directions well. Or, you can use this time to have your quality time with your family. You will be able to relax knowing that invoices, reconciliations, and even payables are in place and keep your cash flow properly handled. Outsourcing bookkeeping services saves money. Operating and overhead expenses for maintaining accounting staff will be reduced. You do not have to employ a regular and full time bookkeeper or accounting staff to do bookkeeping which is now classified as non-core functions. You do not have to buy accounting and bookkeeping software. There will be no more penalty charges on taxes and lower interest expenses. With outsourcing providers, aside from handling your accounting and bookkeeping functions, you will be able to get professional advice as to comply with the tax regulations. With reasonable professional bookkeeping services in Singapore, you will be able to save money for other...

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Singapore Accounts Outsourcing

By on Apr 15, 2014 in Informative Posts | 0 comments

Singapore Accounts Outsourcing  Statistics show that Singapore economy increases by 1.3% during the third quarter of 2013. Ministry of Trade and Industry is forecasting an economy growth between 3.5% and 4.0% in 2013 and from 2.0% to 4.0% by 2014. Singapore’s booming economy is contributed by effective business trends and opportunities due to effective and attractive incentives provided to businesses, from small to medium enterprises as well as the big corporations in Singapore. The professional corporate services in Singapore also contribute in the growth of businesses. They make sure that the companies they serve have the right business information and data and efficient assistance in Singapore company incorporation from business planning until it is fully operating as business entity. They provide efficient and professional management in support functions of the companies such as accounts functions. They also help in ensuring that your business is complying with the requirements needed for your business. By hiring these experienced professional outsourcing accounts services in Singapore, it allows you to focus more on your business plans and strategies during the start-up stage of your company.  Some of these professional services companies take an extra mile by offering services in finding the best office or factory location, design and build your work place, and create your IT and network framework. They can provide professional advices on the taxation system that best fit on your business and assist you in filing of taxes. They have experts and professional financial advisors, accountants, and staff to assist you in your business. As business owners or entrepreneurs, outsourcing your accounts services in Singapore is very helpful. It can improve your business performance as you will be able to focus on your core tasks while the support services such as accounting, bookkeeping, payroll and administrative functions are outsourced to professional services. Outsourcing your non-core support system to professional services providers saves you time and money, provides you essential and right information and data, and eliminates your stress in handling non-performing employees and the hassles from hiring and terminating employees. Your concentration is how to get to the top and leading business in...

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Singapore Company Incorporation Services

By on Apr 10, 2014 in Informative Posts | 0 comments

Singapore Company Incorporation Services Are you considering setting up your business in Singapore? Or, are you planning to expand your company in Singapore? That is not surprising because Singapore is known to be an ideal place to set up business. Like any other countries, Singapore has initial and continuing regulations and requirements for setting up and running your business in Singapore. One of the attractive packages in Singapore is its taxation. Registered companies in Singapore enjoy good tax exemptions and tax incentives. For the initial S$300,000 yearly income, the company pays below 9%, and 17% after. In Singapore, you do not pay for capital gains or dividend taxes. This attractive tax benefits draw investors and business owners from other countries to come and set up their businesses in Singapore. Since the process of company registration in Singapore is a complex process, it is therefore, recommended to local and foreign business owners to seek assistance from professional outsourcing company in the process of company registration in Singapore. Most popular companies in Singapore are registered as private limited liability companies, also called as private limited companies. It is considered as separate legal unit where shareholders are not accountable for the debts of their company which is over the value of share capital they have contributed. This is the reason it is called limited liability. The Singapore Companies Act states that any individual, local or foreign, who is beyond 18 years old, can register a company in Singapore. Pre-Registration Stage Business owners provide basic information about the company such as the: Company name Shareholders Directors Company Secretary Registered or Official Address Paid-Up Capital Tax If you are a foreigner and you are interested to register your company in Singapore, take note of the following requirements: That you must employ the services of professional incorporate company to register your business since Singapore laws do not permit any foreigner or unit to register a company by himself. If you are just interested to incorporate a private limited business but you do not intend to transfer residence in Singapore, there are no requirements. You can run your business in Singapore, visit, and attend to any company activity on a short term period. However, you need...

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Shipping Tax Incentives In Singapore

By on Mar 15, 2014 in Informative Posts | 0 comments

Shipping Tax Incentives In Singapore: Keeping Shipping Business Alive Foreign investors come to Singapore to build their business operations for many reasons. For one, it is very easy to set up or incorporate one’s company or business here in Singapore. And then, there is the key factor which is the Tax Scheme for businesses and companies which attract more entrepreneurs around the world. Attractive tax scheme in Singapore for business includes corporate and personal tax rates, absence of capital gains tax, tax relief measures, extensive double tax treaties, and one-tier tax system. Singapore also offers shipping tax incentives. Section 13A of Singapore Income Tax Act or SITA, shipping entity can be exempted from tax with the following conditions: Singapore registered ships working in international waters where income come from –        Carrying passengers, goods, mails, and farm animals or livestock; –        Charter of ships; –        Hauling or salvaging operations –        As searcher or dredger, seismic ship or vessel for offshore gas or oil undertakings which takes effect since YA 2007; –        Foreign exchange and risk management undertakings in relation to and incidental to its business operations which is in effect since YA 2009; –        Giving ship management services to eligible business or company in connection with ships owned by Singapore or handled by qualifying company where income comes on or after February 22, 2010. Foreign Ships/Vessels where profit comes from the freight uplift from Singapore. The tax exemption does not include charter fees and carriage coming from transshipment from Singapore, or within the limits of Singapore port. Companies with this kind of business operations need not apply for this exemption to IRAS. If the company has an income that qualifies for the exemption, then, the company will just have to report the amount and nature of the profit in their Annual Tax Form or Form C and their tax computation. Take Note that: For preparation of tax computation, the shipping company should split the operational accounts for every Singapore vessel and foreign vessel. This will help in identifying the income and direct expenses of every vessel. Copies of Certificate of Singapore Registry or CSR for every vessel should be kept and maintained. This is particularly true especially when the shipping...

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Tax Incentives In Singapore

By on Mar 14, 2014 in Informative Posts | 0 comments

Singapore Tax Incentives to Start your Business If you want lots of opportunities for business growth and strong support from the government to succeed in your business, then come to Singapore! The government of Singapore has designed programs and incentives to support those who want to incorporate businesses and its existing businesses in Singapore. And this is why the country is tagged as the investors’ dream place and has contributed much to boost Asian economy. The country provides assistance for those who are starting their business through financing, management development, innovation and technology, and market accessibility. Benefits of Starting your Business in Singapore – The main “attraction” for start-up and existing businesses and companies is the government’s lowest corporate tax rates in the entire world. Its present companies enjoy other benefits such as protection from double taxation, tax exemption for new and startup companies, and tax exemption on companies with foreign-sourced profit. Tax Incentive Program in Singapore The most valuable contribution the government of Singapore has given the startup businesses is its tax incentives and benefits. It provides tax incentives to entrepreneurs who are just starting their businesses to encourage them to build more companies and produce more jobs. The following are tax incentives offered to startup and small business enterprise businesses in Singapore: Tax Exemption for Startups As long as startup business meet the requirements or qualifying criteria, it can avail a full tax exemption on particular amount of its taxable profit or income for every of their initial three succeeding years. New incorporated company in Singapore should meet the qualifying criteria, like Legal resident of Singapore Business is incorporated in Singapore company Has not more than twenty shareholders and one of these shareholders has at least 10% of the company shares. When these requirements are met, the company will enjoy the following benefits: Startup Tax Exemption – Startup businesses that satisfy qualifying criteria set by the Singapore government can enjoy of full tax exemption on some amount of taxable income or profit for every of the initial three succeeding years. Once these startup businesses meet the qualifying conditions mentioned above, they will be taxed on the following terms: For every of its initial three succeeding tax years...

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