For many, the allure of being your own boss and the freedom that comes with it is more than appealing. However, thousands of enterprises open up every month, but only a few survive the treacherous waters of doing business. One of the main shortcomings that startups have to put up with is lack of a physical business address. In developed countries like Singapore, it is compulsory for any legal entity to register a business address, in order to comply with regulatory requirements. Continue reading
In 2016, Singapore ranked second in the ease of doing business index. Its sound financial system, tied with an advanced infrastructure, communications network and a stable political environment, makes Singapore an appealing destination for most multinational companies. Singapore’s Economic Development Board has done a wonderful job in offering incentives to multinational companies. Foreign companies seeking to set up their headquarters in Singapore are entitled to concessionary tax rates which range from 0 % to 15 % for up to five years. Continue reading
There is no better place to do business than Singapore. The economic structures put in place by the Singaporean government make for a good atmosphere for business growth and harnessing opportunities. In addition to that, the internet has made it easier to access information; something that has seen more people entering into the business world to seize opportunities. It is so good to see that more youth are catching up on entrepreneurship. Records from the Accounting & Corporate Regulatory Authority (ACRA) show that more than 6,000 business entities were set up in the first half of 2016 alone. Continue reading
Goods & Service Tax is a levy similar to what other countries referred to as Value Added Tax. It is charged on domestic use of goods and services and was instituted in Singapore back in 1 April 1994. The GST is tailored to enable the government to collect the much-needed revenue without making income tax expensive for the general public.
Relatively, Singapore has one to the lowest GST rates in the world at 7%. Businesses in Singapore that file in turnovers of over 1 million are mandated to collect GST on all the sales of the products and services; thus acting as collection agents on behalf of the government of Singapore. Continue reading
Singapore has always encouraged its citizens to become entrepreneurs, and at the same time been active in attracting foreign business to the island state through foreign direct investments (FDI). Business owners are provided incentives via various initiatives started by a number national agencies in their respective fields, to take the plunge. Of interest is the Inland Revenue Authority of Singapore or the IRAS, which has played a vital role in making it more enticing for corporations considering the option of expanding to Singapore as well as people starting a new business. Continue reading
For many years, Singapore has been the preferred home for many global businesses. This is due to its developed infrastructure, business friendly policies, political stability, strategic location, skilled workforce and the favorable intellectual property rights laws. Global businesses have found it easy to establish their regional headquarters in this business friendly country. In fact, over 7,000 multinational companies have established their operations in this country. Continue reading
In 2013, the Singapore Government implemented two important initiatives that would see to it that Singapore is not only positioned as a global accountancy hub, but the corporate governance in its business landscape is also improved by a great margin. The first of these initiatives was the Singapore Qualification Programme which ensured that the standards for the qualifying exams for the accountancy profession were raised to a level that attracts only the best minds to join the field. Secondly, it established the Singapore Accountancy Commission whose chief objective is to inject professionalism into the field. Continue reading
There are plenty of positive reasons why you should consider incorporating a company in Singapore. A flexible tax system, a unique infrastructure, and minimal bureaucracy, all make this beautiful and prestigious nation a pleasant place to establish a business. Sir Raffles Stamford’s founding of Singapore coupled with the subsequent transfer of power to the East India Company in the nineteenth century made Singapore the center of entrepot trade. The deep, natural harbor and strategic location allowed business to thrive between the west and the east. Continue reading
As a savvy business owner, you will easily agree that the role played by professional accounting for your businesses bottom-line as well as for legal compliance cannot be overemphasized. Forget the glitz and razzmatazz of slick marketing launches, power dinners and choreographed press briefings. The real story of a company’s performance is told by those neat rows and columns of numbers.
As the adage goes, numbers don’t lie and with just a glance at your business accounts it should be possible to ascertain the financial health of your company. Continue reading
Payroll is an overlooked but essential function of all companies in Singapore. Away from the glamour of high-value transactions and the walls of fame honouring high-achieving sales representatives, appropriate and timely compensation to deserving employees keeps them motivated and morale high. This, in turn, enforces their loyalty to their employers and makes them work harder, adding to their personal growth and bringing the companies to greater heights. Continue reading