From the tax scheme and legal liability perspective, business owners should consider converting the sole proprietorship business into a Private Limited company in Singapore. Below are the factors to consider: 1. Tax Exemptions and Tax Rebates for the Company Private Limited companies enjoy the headline tax rate of 17%, tax exemption schemes, tax incentives and corporate tax…
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What determines the tax residency of an individual? An individual’s tax residency status will influence their income tax rates. You are deemed to be a tax resident for a specific Year of Assessment (YA) in the following situations: 1) A Singapore Permanent Resident (SPR) or Singapore Citizen (SC) who is a resident in Singapore with…
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Keep in mind, Accounting Solutions Singapore when it comes to all your Singapore business needs. From registration to all the important tasks that help a business thrive. Our Singapore Accounting Back Office Specialists cover accounting, payroll, taxation, and company secretary services. These services are all critical areas of business that we can help your business meet…
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Tax exemption schemes in Singapore In the Year of Assessment (YA) 2005, the Government introduced the Start-Up Tax Exemption (“SUTE”) scheme to support entrepreneurship and to foster the growth of local enterprises. In the Budget 2018, the Government revised the SUTE to strengthen other support for businesses to build capabilities. For companies that qualify under…
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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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