5 things to know to incorporation company registration

Incorporation of a company is nothing but the legal procedure of declaring the corporate entity as a separate legal entity. The idea is to separate the entity from its owners due to the advantages that is has. The decision to incorporate a company comes from the various advantages that the process has to offer. The separation of the company’s liabilities from the owners’ assets is possibly one big advantage, allowing for easy transfer of ownership in the future. Not only that, a company registered as incorporation generally has a lower tax rate than on personal incomes of the owners.

The current economic trend is more about entrepreneurial capitalism of sorts wherein the driving forces of the economy are the startups. The decision to register a business or any other entity involves a few basic pointers. Before one goes ahead with registering one’s organization (business/ government) as incorporation, there needs to be clarity on some key things before proceeding with the registration.

While on the one hand it is a well established fact that investment options in Singapore are always thriving, we must also keep in mind that incorporation company registration can be an elongated process and we must adhere to certain rules in order to avoid the hassle. Following are the five things to know before an incorporation company’s registration:

Clearly defining the business activities of the company

The Government in Singapore has considerable control over the business activities. The best way to avoid any unnecessary interference by the authority is to obtain all the required licenses and permits. Specific licenses are required if you are looking to import, manufacture or sell any product within the territory of the country. Prior to the incorporation of your business, you must make sure that you have all these prerequisites covered to have a hassle free operation in the future.

The capital amount

Different business sectors demand for different starting capital. However, in case of most sectors, you are allowed to incorporate a company with just a token amount of S$1. You must make sure that you are adhering to the minimal capital requirement limit for your business. Although you may want to just fulfill the minimum requirement, it is always desired to have a higher capital in hands. Also, the law provides you the freedom to hold your capital in any currency of your choice.

Company name and verification

If your first choice for the company’s name gets approved, it takes just a few hours to register your company. However, in case your first choice is already taken by someone or is not acceptable due to some reason, the registration process may get elongated. Thus, it is always advised to keep more than one name handy with you. Also, in case you are willing to include general words like Bank, school or travel agency, you process may be extended. This is because addition of these words to your company’s name needs the approval of the regulatory body of the company registration.

Shareholders

Singapore’s laws allows for 100% foreign ownership. This implies that you can register the company with just a single shareholder (minimum) to begin with. The shares can also be owned by legal entities. Although the laws don’t put a limit on the number of foreign directors that the company may possess, the law says that the company must have at least one director who is a local resident of Singapore. Similarly, the company must also have at least one corporate secretary of Singapore who holds all the necessary knowledge of the Singapore laws.

Other important documentation

Unlike a number of other countries, Singapore doesn’t allow the companies to keep a Post Office Box address. The company must obtain a registered local address in Singapore. You must also keep adequate time in your hands for other processes such as opening a Bank account and obtaining licenses. The time it takes to open a bank account would entirely depend upon the bank chosen by you.

These were five of the few things to be kept note of while registering an incorporation company. Since it separates the owners from the company, it is important at the end to keep in mind the basic purpose with which the owners come together in the first place.

What is ICV and what are the benefits?

The Innovation and Capability Voucher (ICV) is given to small and medium sized enterprises also known as SMEs to help them to establish their operations. The amount that is awarded is $5000 which gives them enough to increase the competence of the enterprise through upgrades. The areas that are covered for the upgrade are productivity and human resources as well as financial management. As a replacement of the Innovation voucher scheme the ICV however still the technological benefits such as development services.

These vouchers need to be applied for through service providers who support the ICV scheme who can be found on the SPRING website on the ICV segment. One can apply for two vouchers to cover the innovation and capability which is supported by the ICV. There are also other programs that are available for the SMEs to seek out for assistance. It is mandatory for an enterprise to complete a project that covers the sectors that the ICV covers once the vouchers are used up to be able to apply for another one.

There is an online portal through which SMEs are able to apply for the ICV through a process that takes two days. There is an email notification that is sent out to successful applicants even though a report needs to be put forward to the standards. Productivity and innovation Board(SPRING) on conclusion of the project which was funded by the ICV.

Certain requirements need to be met by a local enterprise in order to be qualified to apply for the ICV. In the first instance they have to be locally registered as residents of Singapore with a minimum of 30% of local shares. The size of the enterprise needs to fit the characteristics of an SME going by the annual sales which should not exceed $100 million and with not more than 200 employees.

There are those areas that are covered by the ICV and these include Innovation which is a segment under the ICV. This covers technological development, technological assistance and includes aid in business design. The upgrading of the company’s products, goods and operations are covered by the ICV.

Productivity is also covered by the ICV and it encompasses the implementation and achievement of the ISO 9001 and HACCP software. Aid and assistance in productivity management and aid is also provided to help the enterprise head for service distinction. This covers classifying chance for enhancement and expected results in productivity and resource needs as well. It also seeks to go over the main points on findings and future steps to maintain improvement. Setting improvement targets such as sales per staff and ability of staff to answer customer enquiries thus deliver great service is also looked into.

Human resources are another segment that is supported by the ICV and this features services in the planning of manpower and recruitment. Career management as well as learning and development aid pertaining to employees is also covered. It seeks to upgrade the SME’s pool of human resources.

It aims at conducting an analysis of the strengths and weaknesses of the company before the start of the project. This is a good avenue to be able to offer advice on areas that need to be addressed before the project begins to ensure a successful take off of the same.

Yet another supported segment by the ICV is financial management which covers services for financial planning such as budgets and capital management. Included also are financial controls that can be implemented by the SMEs.

Once you are done with the application for ICV it is important that you make sure that the project is listed among the supported services and scope of projects. This will involve contacting the service provider to talk about your selected service before reaching an agreement to engage their services. All this needs to be done before you can submit the ICV application online.

The ICV targets offering help to SMEs to be able to improve productivity in the long run. By offering consultancy services the government seeks to reach out to the enterprises that are not yet aware of the ICV to facilitate growth in their business.

Why did I leave my country to migrate to Singapore?

Anyone looking to have a different culture to be able to work in should consider a migration to Singapore.  For one looking to respectable job opportunities as well as to be in a place where one can live comfortably the right place to consider would be Singapore. There some reasons that makes Singapore to be the number one choice in the world where Asian expatriates can be able to live in.

The climate in Singapore is just ideal for one to be able to live and work. Being both attractive as well as a peaceful environment, there are no natural disasters that occur in Singapore. It either rains or shines nothing more.

There are strong law enforcements in place in Singapore and you will not find people taking to the streets in protest in Singapore. The strict law enforcement that is enforced by the police is responsible for this. A person who gets involved with this kind of action could get a jail term as well as pay for a fine. With stricter penalties for activities such as drug trafficking or even murder, a person is even liable for a death penalty. There is little or no crime in Singapore being a small country that is surrounded by the sea.

Singapore is a great place to be able to network with the rest of the world as it is considered a gateway to other parts of Asia and Middle East. Companies from China are keen on tapping into markets in the US and Europe by setting up offices in Singapore to be able to gain from the Free trade Agreements that are in place between these two countries and Singapore.  Other foreign workers use this country as a place to gain work skill in order to improve their English to be able to them move to other countries such as the US or Europe and Australia. In a way Singapore is a place where jobseekers and businesses link up so serves as a networking place.

The immigration rules in Singapore are very relaxed allowing anyone to be able to get access into the country.

Ease of transportation right across the country makes for good connection in the country. With public transport which includes Mass Rapid Transit as well as trains, buses and cabs there a guarantee to get to your destination with the least hustle. It would take you one hour to move from one end of Singapore to the other.

The education system serves all the students and with countless education institutions for those who perform well in their studies. Also institutions that equip students with specialized skills exist such as polytechnics and for the people who are good in sports there is a school that is exclusively for sports. The quality of education that is offered in the schools and institutions in Singapore is of high quality thus attracting foreign students who then come to study here. They can decide to stay and get working here once they graduate.

There has only been one party that has governed Singapore since independence namely the People’s Action Party (PAP). With only few opposition parties, there are no coups or even clashes in Singapore. Political stability is important for companies that seek to invest as well as live here. There are no chances of losing your investments because of an unstable political environment.

The fact that the government here hails talent is another reason it has been able to attract foreigners. Being so keen on capable and expert people the Government welcomes anyone to come and work here. There could be many other reasons that cause many foreigners to come flocking to Singapore in search of work and to be able to live here.

Rated as the place with the highest number of millionaires, Singapore is attracting many foreigners who wish to set camp here. It is also reputed as the best country to do business in the world due to the ease of opening a company here, free trade with no tariffs on imports equal regulation of both local and foreign businesses. All these factors serve to determine the viability of Singapore as a destination for many. Why did I leave my country to come to Singapore? Now you know the reason

How Can Foreigners Start A Business in Singapore?

Most people wonder at how can foreigners start a business in Singapore? Opportunity for business in Singapore is there in plenty not just for the local people but also for the foreigners who are keen on doing business there. Being a feasible candidate for distant transactions and business, Singapore is of repute as a port for overseas investment and foreign businesses.

Foreigners are able to take up the business opportunities in Singapore beginning by understanding just how one can set up or even expand his business in Singapore being a foreigner to the country. A correct visa and having the right requirements important for foreign business registration is of necessity as well as knowing the correct registration process for the business in Singapore.

Business Opportunity in Singapore is open to any foreign business person with business prospects in Singapore and he has to get a work pass known as the entrepass. This pass allows foreign business people to start a business in Singapore as well as to optimize the use of business opportunities that are available in Singapore. On application for the pass the ministry of manpower alongside the standards, productivity and innovation Board Singapore will then process it and those who qualify get to work for two years in Singapore. On expiry while having the right requirements to allow renewal, the business is then awarded an entrepass for another three year period.

Bizfile is the online mode of application since the system was set up by the ACRA-Accounting and Corporate Regulatory Authority to allow a person to register a company in Singapore. The system also allows for registration of the expansion of businesses in Singapore and one can register their business branch through the system.

In case one would like to expand their business into Singapore including setting up of an extended branch office of his company, he/she can then advance various government agencies that offer advice and guidance. The relevant procedures and information as regards the registration process can be attained via agency such as the Monetary Authority of Singapore and even the Attorney-general Chambers. These agencies offer information as well as help in the financial, accounting and legal businesses in that order. There is help and information that is available for other sorts of business ventures that can be accomplished from the International Enterprise of Singapore. 

One can even advance the economic development Board so as to get the practical locations in Singapore to be able to station and position their company offices. Potential business locations in Singapore are spelt out to the Economic Development Board since it gives general information on industrial, business parks and business locations for foreigners to take up.

The human resources that is needed for a company can be served by the large population with business talent. Through online portals that facilitate recruitment as well as various recruitment agencies also aid the personnel sector of a business. The Enterprise One website offers information on the training and the accessibility of workers. Training programs for potential local business staff is provided by EDB.

The main entities that help in getting the right staff are government agencies such as the Standards, productivity and Innovation Board (SPRING) and International Enterprise Singapore (IE Singapore). This is in addition to the EDB, ACRA and the Enterprise One site.

The process for foreigners to be able to begin business form partnership in Singapore is taken up with easy steps that are stress free unlike in many other countries in the world.

Since Business entrepreneurs often have to travel, the business policies by Singapore allows investors and entrepreneurs who run companies within the country to be able to enter and leave conveniently through special passes and visas. Where applications are submitted online, a foreigner from India and China will get approval within a day. The ICA website offers the visa details that apply for nationals from other countries.

Singapore is known among the most industrialized countries in Asia, Singapore now hosts some of the most successful enterprises in the region. However for one of foreign origin to be able to do business in Singapore they need a visa. 

What is a company secretary?

A company secretary is charged with making certain of the conformity of an organization, to the standard financial and legal practice while upholding standard of corporate governance. The role does not require them to offer legal advice but even then one must have a thorough understanding of the laws that go to affect the areas of work.

Acting as the communication between the board of directors and shareholders of the company, they also report in a timely and precise manner on company procedures and developments. It is a legal requirement for Public limited companies to employ a company secretary and even private companies do have that function as well. The title for this position in all sectors and also in the public sector is the chartered secretary or alternatively secretary.

There are some typical work activities that are spelt out to the role even though they mainly depend on the company for which they work. Organization,  preparation of agendas for as well as taking minute of board meetings and AGMs. They also need to maintain statutory books which include registers of members, directors as well as secretaries. Dealing with correspondence, collating information and report writing, ensuring that decisions that are made are relayed to the relevant company stakeholders. Contributing to meeting discussions when required, as well as advising members of the legal, governance, accounting and tax insinuation of proposed policies.

They monitor changes in relevant legislation and the regulatory environment and take appropriate action while monitoring changes in relevant legislation and the regulatory environment and taking appropriate action. They also liaise with external regulators and advisers such as lawyers and auditors. Taking responsibility for the health and safety of employees and managing matters related to insurance and property. They develop and oversee the systems that are set to ensure that the company complies with all applicable codes in addition to its legal and statutory requirements.

There is a difference in the role of a company secretary in a registered company being more specialized than a smaller private company. For instance, the liaison role with shareholders and compliance responsibilities could make up a key part of the work.

The extent and importance of the company secretary role has seen an increase more so over these past few years. Being a unique one since the company secretary is often neither part of the line management nor even a board member. Seeing as there are plans to in elevate the position so that it is no longer an administrative service to the board to one that will include the broader board advisor role.

Company secretary service should involve and analytical and problem solving skills and management and organizational skills. There is also need to have an IT understanding and to be discreet with confidential information. A clear understanding of the legal system as it affects business and good communication and interpersonal skills are also necessary.

For one to be a company secretary there is need for them to have a thorough understanding of a company’s business and a working knowledge of corporate and securities law.  A demonstration of presence and excellent communication skills as well as sensitivity and intuition towards CEO and directors thoughts and feelings is also needed. Should be able to read signals and provide early warnings to management while having an ability to mediate and assist in achieving consensus.  An ability to overcome bureaucratic thinking in the company while being detail-oriented is another factor. Being flexible and creative as well as with a sense of balance in the face of pressure is a basic requirement for the company secretary service.

Normally appointed by the directors, a company secretary is the head administrative officer of the company who along with the directors is responsible to do certain responsibilities. One has to enter into certain contracts on the company’s behalf and could also have extra duties definite in the contract of employment.

And just the directors of the company, the company secretary who fails in the duty can also face prosecution. In some of the smaller companies, the company secretary also has the role of the director. This is mainly in smaller private companies.

 

Why Incorporate a BVI Offshore Company

British Virgin Islands Business Company stands at the global accepted offshore body legally. It is the source of almost half of the world’s offshore companies.  It is also one of the most valued offshore financial centers in the world. Business Company’s were incorporated in the BVI under the International Business Companies Act 2004.

Being popular and also widely used offshore companies due to their managerial ease, there are also other factors that serve to make them well-liked. The fact that they are flexible and because of their taxations exempt status seeing as they are spread out far and wide makes them gain acceptance and understanding of the international financial community. It is not mandatory for them to own real property in the BVI and may even have leased their office of operation in addition to the fact that they may even not be able to carry out and even trust business or insurance.

You will get expert assistance at each step of incorporation from an offshore company formation expert for your offshore company in the BVI which is also known as an IBC. BVI companies are often integrated at a comparatively low charge in 24 hours soon as the BVI registered agent is content by the due diligence information complete. A BVI company is then incorporated after filing the constitutional credentials at the BVI Registry of Corporate Affairs which may comprise an overseas character name.

There are several factors that might cause you to incorporate a BVI Offshore Company. This is because it brings with it a number of advantages, some of which could be useful for your company. To begin with, British Virgin Islands (BVI) Companies are exempted from tax and the names of the names of the director and shareholders do not show on any public document. The issue of tax exemption is a major attraction to most companies who wish to retain all their profits intact.

Your company need only have one director and one shareholder and there is no requirement for resident directors or shareholders. There is no minimum capital requirement as the company does not need to keep accounts. The names of directors and share holders are not in public view.

BVI’s are very popular as well as spread out due to the ease of their administration and then since they are flexible. Even better than that is the fact that they are tax exempt and since they are widely accepted and understood by the international financial community as being a popular choice for tax planning and investment holding.

You can incorporate a company BVI from a distance as it is also a popular choice for tax planning and investment holding purpose.

First on the list is the efficiency and minimum ongoing compliance requirement.  Then comes the exemption from capital gains tax, inheritance tax and death duties. All dividends, interest, royalties, rents, compensations and other amounts are exempt from the payments of income tax and the details about directors, officers and shareholders remain confidential. The fact is that only one director and one shareholder is required. The sole director can also act as the shareholder with no limitations as to nationality or residence of company directors or shareholders.  Meetings can be held anywhere in the world and both corporate entities and physical persons can be company directors, shareholders and secretaries.

Beneficial owners are allowed with no requirements to appoint any operating officers. Further, no requirements are needed to hold annual general meetings and no meetings can be held via telephone, e-mail fax and other telecommunication ways. Books and records of the company can be maintained anywhere in the world with no requirements for filing annual returns, preparing and submitting accounts and auditing. There is no need of certification of the meeting minutes and no minimum or maximum share capital requirements. There are no requirements to maintain registers of directors and officers and no foreign exchange control.

The BVI is a well appreciated offshore jurisdiction that has been tried and tested and found to be viable. The returns of BVI companies alongside with the proficiency of BVI professionals and also their onshore counterparts carry on protecting the position of BVI companies in corporate structures globally.

Choose the right provider for International Tax Planning

It is paramount for companies to be able to choose the right provider for International tax planning in order for them to be able to contend as well as live in today’s market that has gone global. This calls for the companies to keep up with the building pace of various development s around the world. These are such as tax and legislative as well as regulatory developments all around the world. The complexity of management of a business on a global scale seems more complex than ever before.

Since this calls for tax departments to remain alert and well-versed in internal and external developments due to the combination of these factors, they need to be able to take on competition in aims and interests on a worldwide scale. To be able to attain a competitive global effectual tax rate, it is paramount to have global tax strategies that are fully in line with corporate strategy and planning with operations as well.

The conditions that call for a provider in International Tax planning include if a company is planning to expand into new territory as this could require the use of a local firm to be able to deal with it’s the tax developments. If you as a company would like some cash flow in your overseas operations and also need to control your coffers function worldwide then you certainly need to involve the services of an International Tax planning firm.

Another reason for you to require a provider for International tax planning is the need to ascertain that your company tax function is associated with  your business plan or if you are defending a tax authority challenge for instance on capitalization.

The International tax services experts will offer their aid to be able to help your company attend to its cross-border requirements. This they do by offering advice on different aspects of International taxation to be able to help multinational businesses to achieve their business goals in a tax proficient way locally and internationally.

These International tax planning firms offer advice on different subjects to companies.  One area they help in is in the tax efficient holding company locations and cross border financing and treasury solutions. Controlled foreign companies tax planning and Income tax treaties, profit repatriation and loss utilization is also in their list of specialization. As is inbound and outbound structuring and management of intellectual property with intangible assets. Other areas that they might be able to address are tax efficient supply chain and shared services and also the regional tax issues such as harmonization. Credit management and planning along with business models also fall in line with the areas that a provider for International Tax Planning would take on for a particular company.

With an effectual International tax planning strategy your company will be able to cut back on your tax liabilities with the right tax advices.  International corporate tax planning can in effect minimize your tax liabilities as well. But due to the complexity of International tax planning you need to consider carefully especially when diverse authority is involved.

If professional advice is lacking, then there some problems that could arise causing liabilities to the company.  The structure of a company’s affairs and also your personal affairs could directly translate to the amount of tax that you pay. The right provider for International tax planning will be able to come up with a personal tax plan strategy to ensure that you get to pay the minimum in tax. This will end up saving your company money for tax.

The International tax planning provider should be able to spot risk and offer counsel on ways for the company to guard itself against them. This stretches in many areas such as particular social and political rules. It is crucial to be able to coordinate international tax advice right across jurisdictions and the team of international tax experts is able to come up with custom-made tax plans to be able to run your compliance without unnecessary exposure.

Ultimately any company that is keen on optimizing profits and ensuring the smooth flow in the area of International tax planning will need these experts on board.

Which Industry Is Suitable For An Offshore Company Incorporation

In terms of spreading out business interests one might wonder which industry is suitable for offshore company incorporation. Mainly, companies that have worldwide interests and a large amount of cash often require spreading out their business activities. These companies are registered in a country that is also known as a tax haven where they do not assume any financial and even commercial activity. It is for this reason that they are also known as non-resident companies, which are owned and controlled by foreign citizens or even corporations which conduct their business from different locations of the world. They only use the tax haven as the lawful and registered address to the corporation.

The options that may be open for such a company would be operating an auxiliary from a different country or they might even consider having a branch office on distant shores. The most practical alternative for one such company would be the option of incorporating an offshore company. Even then a while ago offshore company incorporation passed for a method through which a business would evade or even avoid taxation from their home country. However what is certain is that offshore company incorporation could be an alternative for businesses that like to expand services abroad. In this case then it means that it is a way of opening another branch in another country altogether.

Offshore companies do not work for all kinds of business therefore on needs to belong to certain kind of business so as to be able to incorporate an offshore company thus enjoy the benefits that go with it. Service industry as well as consultancy industry and also tax planning will enjoy the advantages of offshore companies. So will anyone who is into offering financial services and trading. Also those who are in investment and intellectual property, basically anyone who is in the service industry can have an offshore company.

After one decides to go ahead in the incorporation of an offshore entity it is then necessary to determine a location for the offshore company. Seeing as there are many countries all over the globe for one to be able to set up an offshore company without any hassle of requirements. Since the approval is usually given within a few days of application chances are that your business will not be affected in any way since there will be continuity of operations all through. The countries that provide the chances for offshore incorporation are called tax havens due to the benefits that they offer offshore companies that are incorporated in their individual countries. They come with different regulations for one to adhere to in setting up any such a company even thought they also guard such offshore companies.

There is little or no tax in tax haven incorporation then you need to compare the various benefits that you would get from different tax haven country. This will differ from one country to another with some even been able to offer incorporate offshore companies very little or even no tax liability even. Another consideration that you need to make is the kind of authority the country would hold on your taxation responsibilities with a view to finding out how this would in effect your own international operations. Take time to understand the benefits offered by tax havens in each country and the benefits thereof since it can be quite ambiguous at times.

It is therefore an established fact that the companies that are in service industry are better suited for offshore company incorporation since because of the flexibility of the services that they offer. With their exemption of tax liability and even where present only being of a minimal amount, these companies are able to optimize their profits to the full. A good example of tax haven incorporation would be that of IBCs, which are such companies that offer financial services to international clientele by way of international trade as well as investment activities. This is offered by professionals and goes for asset protection.

The whole process is geared to a company being able to offer services to its clientele that are not in its original country of origin in a professional and convenient way while enjoying certain benefits of these tax havens.

3 Singapore Government Grants To Help Your Business Improve Productivity

Anyone can qualify for the 3 Singapore Government Grants to help your business improve productivity as long as they are local citizens who run a business that is sponsored by three popes. It can be tricky trying to understand the meaning of the information that is offered by the Government on grants. Here is an explanation of what they are about.

Productivity and Innovation credit (PIC) It comes with two alternatives to be able to compensate you for the purchases and investments that you do in order to improve your company’s productivity and innovation. This stems through purchase or letting out equipment to staff training,

There are two ways that you can go about this namely that one can claim tax reduction of 400% of the cost for several business activities namely Research and Development (R&D) projects and Intellectual Properties and Rights including designs and trademarks. Purchase of IP for business usage and Purchase or leasing of equipment are also on the list of the businesses activities for which you can claim reduction of tax. So also is the business of Training of employees as well as one in Design projects.

The other option to recompense you is by the exchange of up to $100,000 of your expenditures on one of six business activities mentioned earlier towards a cash payout. However there are circumstances which you need to fulfill one being to meet the required expenditure amounts for FY 2011 – 2015. Another requirement is for you to have at least three Singapore citizens or PRs in your employment and also pay for CPF contributions. Yet another condition is for you to be active in Singapore.

Another of Singapore Government Grants is the Inclusive Growth Programme through which the government aids to pay up to 90% of any expenses connected to advancing the output of your business by giving up to $500,000 every year to be able to help facilitate your business expenditure so as to be able to raise the value of the low-cadre workers that make not more than $1,700 every month. In this case there is more productivity for your business as well as the workers.

There are two conditions necessary for your company to be able to qualify for co-funding namely that you need to be able to prove that the project for which you need co-funding will help progress the running of operation as well as help your business to embrace shifting market circumstances in order to get better products and services.  You also need to share your output gain by offering the low cadre workers bonuses and other incentives.

On approval of the co-funding, 50% of your business cost will be covered by IGP to be able to buy new equipment to computerize your work processes and also re-engineering existing work process in order to widen the output of the business.  Outsourcing the minor process to the business namely cleaning and security among others and also registration of any Intellectual Property (IP) and Rights resultant of processes and new products that the business makes. The IGP as well covers up to 90% of the rate in training programmes based on making better the efficiency of the employees.

Special employment Credit enables Workers that are over 50 years of age to be able to provide an important input to the workforce of the day.  The SEC has its purpose in being able to offer you some reason to be able to add working-class veterans to your team.  There is an 8% pay out for every over 50 employee who makes over $4,000 every month with a less return for those that earn lower than that. To be able to qualify and get a payout for SEC you just need to get someone aged 50 and above into your team of workers and also make expected CPF contribution as qualification and payout is automatically by the CPF. With this grant having workers who are over the age of 50 offers necessary experience to your business as well as giving you some little cash alongside that as well. Therefore is a win-win situation for you in the end.

Outsourcing Accounting Services in Singapore

There are advantages to outsourcing accounting services in Singapore one being that it saves you on time whether you are setting up offline or online accounting services. This enables being able to save on time to work on your core business instead of having to do all the work by yourself. The time that you have in your hands is better spent growing your business instead of having to do the accounting yourself thus productivity is increased on your end. The spare time you have can now be spent on expansion, growth and even investment or operational plan for your business. This not only results in efficiency, but also productivity.

Outsourcing aids you in saving money and payroll cost. This is because you do not need to pay staff salaries and also give contribution to central provident fund for employees. Since you have someone else taking over your accounting then you have no concern of employees taking medical leave or even having to pay them windfall for performance. This is a good way for you to increase your net profits in the long run as you will have cut back on the cost of employment.

When you outsource you no longer have to deal with issues such as recruitment that can be quite a task in itself. Getting the right staff to work for you can take a lot of time and also finances since you would then need to offer training on the job. Seeing as it is a process that also takes time to be able to settle on the right candidate. There is no undue interruption of work in case of an employee’s departure as would be the case when you employ people to work for you. All these are benefits that come when you let someone else take over the accounting services of your company.

Issues of the performance of your staff need not arise when you outsource the accounting services of your company. This is because you outsource to people who are experts in the field therefore it is not up to you to ensure that they keep up with training since they are supposed to be well versed with their field of specialization. Since this is what they do,  then you expect them to know what to do and what to avoid in the discharge of duty.

Accounting services in Singapore are offered in a wide range from companies that take on the service as well as individuals who can be outsourced to work for smaller companies.

Some of the services that are offered by accounting services are such as credit control as well as debtor’s control. They also liaise with auditors in order to be able to adjust trial balances. Often times they are also charged with the preparation of annual financial statements. Cash management that involves bank reconciliations and invoice processing falls in their docket too and this is a service that they should be able to offer to the company which outsources them. In the case of cash flow reporting and fixed asset register they take up the reports of the company once they are taken up to do the job. Finally, in management reporting they take up trial balance and nominal ledger listings. They also have to issue reports monthly on the accounts status of the company after the compilation of the various facets that comprise accounting services of the firm.

In case you are in need of someone to take up some pressing need for financial and also accounting support the said firms can offer one of their specialists to undertake the job on site right away for as long as it takes for you to be able to find a suitable person to take up the job.

These firms also plan and file procedures and then bring together finance procedures           manuals. They also assess in-house controls and also work process of the company’s finance role.

The functions of outsourcing financial services in Singapore go by the demand that is requested by the company that is engaging the experts to do the work for them. The services therefore vary from one company to another depending on the agreement.