1. Where are Directors’ Fees sourced in Singapore? In general, the director’s fees are likely to be sourced in the country the company is based. The reason is that the director’s actions in controlling and determining business activities to generate the company’s revenue have taken place in that specific country. 2. Should BOD approve the Directors’…
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Individuals receiving, deriving or earning income in Singapore is required to pay income tax annually unless exempted under the Singapore Income Tax Act. 1. Employed Individuals Individuals working and receiving payment (may refer to benefits-in-kind or cash) in any form of employment or service rendered is required to pay income tax in Singapore. 2. Individuals Conducting…
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There are many businesses that manage tax, payroll, accounting, human resources and all other finance related functions in-house. Staffing these services can become very complicated and not mention, expensive. Quite often businesses keep these functions in-house without realising how intricate these tasks are becoming over time. Some of the most frequently outsourced business functions are…
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Payroll is one of the most intricate areas in the world of business. From medium size business to the very large corporations, outsourcing payroll is now becoming common practice in Singapore. Outsourcing payroll usually makes sense strategically due to the complexity and dynamic constitution of payroll requirements. Since payroll is often imbued with human error…
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Save cost and free up valuable time Outsourcing accounting function is one trending topic in the business sector of prosperous countries like Singapore. A substantial part of the company’s total functions is handed to the outsourced accounting services for some benefits. Though they are considered as back-office services, they still induce impact to the company when they…
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Businesses in Singapore similar to yours might decide to take care of their own payroll functions in-house as it appears to be more economical to do so initially. Often this is the case for smaller companies as they tend to have a minimal workforce and therefore, less complexity in their payroll activities. They eventually discover…
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When in business, it is of vital importance to have an eye on how your money is going out to something. Let’s have a look at how the concept works. While starting a new business, like a company, small or new, the whole concept of its working does overwhelm a person from time to…
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The Importance of Bookkeeping Knowing your cash flow as an SME in Singapore is the single most important aspect of running a successful business. annual compilation services will aid you to keep your business running efficiently and keeps you updated on how much cash is coming in and out of your company. The monthly financial statements…
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The business world has gone beyond what it is used to be; it is no more the usually “have money and trade by buying” again. It has completely sailed beyond the world of the deprecated “buying and selling” or “trade by batter” practice. The business community conveys the pace of technological advancement. Therefore, anyone who…
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Role of an Outsourced Accounting Vendor Outsourced accounting vendors provide services ranging from bookkeeping, accounting, payroll processing, company tax, personal tax services and consultation services. Many SME outsource bookkeeping to professional accounting firm to save cost and time, and burden to keep up-to-date with regulatory changes. Certain businesses are reluctant to hire external accounting service providers as they…
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Be a financially responsible business in the global economy It is one thing to take to large sums of money or average amounts, but not knowing where this money comes from can sometimes land your business into trouble. It is important that your accountants or outsourced annual compilation services team monitor, check and maintain the true identities on…
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Singapore is one of the world’s fastest-growing economies; it has earned itself many accolades ranging from the cleanest city in the world to being the city with the most millionaires. What made the economy continuously flourish amidst the economic meltdown? The silent factor all these successful companies have in common is their great eye for…
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There are many reasons to set up a foreign business in Singapore. You’ll feel like golden doors are open to making life easy for your corporation or business coming from anywhere in the world. Highly rated among many individuals and businesses, Singapore is an all-around business-friendly city. Modern high-rises and plenty of opportunities, Singapore is a…
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Small and medium enterprises (SMEs) are the modern equivalent of industries during the colonial period in Europe, leading the world in innovation, products, marketing strategies and prices. The world, however, isn’t especially kind to newly started SMEs, with bigwigs in each industry putting their best efforts in stopping new competitors in their tracks. We offer…
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Singapore is one of the world’s fastest-growing economies. It has earned itself many accolades ranging from the cleanest city in the world to being the city with the most millionaires. What made its economy continuously flourish amidst the economic meltdown? The silent factor all these successful companies have in common is their great eye for…
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The tax accounting department often faces significant challenges when it comes to the management of financial restatements due to errors and tax accounting issues and increased regulatory and scrutiny of tax-related balances and disclosures. There is also the pressure of meeting the quarterly GST filing, ECI filing three months after financial year-end and annual financial reporting and corporate tax timelines.…
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