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Company Registration Process

Company Registration Process in 5 Easy Steps

Before getting started with company registration process, one should have knowledge of the process and what should be put in place. Having information about the company incorporation process, the applicable laws and provisions, business structure to settle for and other important requirements is vital. Such knowledge about the various business structures can help you manage your business well and also enable you to take advantage of the benefits that come with such structures.

Here are the 5 easy steps to be followed when registering a company;

Name Selection for New Company Registration

The first step is to identify the business name that will represent your company in the market. The name of the company that you settle for should be unique, descriptive and one that can stand out in the market for the rest of the business life. There are provisions in the in the Companies Act that are associated with selection of company name. The name that you select should not be similar or nearly resemble a name that already exists.

Company Type

The structure of the company to be registered for should be settled on. However, it’s important to note that the business structure that you get to settle for influences everything from the taxes, day-to-day operations, and the amount of your personal assets that could be at risk. When considering incorporation of company, ensure that the structure you settle for provides you with the balance of benefits and legal protections.

Here are the different types of company to be considered for registration;

  • Limited liability company – this is a separate legal entity which means that the owner is considered as a separate from the owners.
  • Private limited company – the company is limited by shares which should not be over 50. The shares of a private limited company cannot be made available to the general public.
  • Public company – there are two types, one that’s limited by shares and another is limited by guarantee.
  • Sole proprietorship – this is one of the most popular types of entity. It only has one corporate owner who is liable for all the business affairs.
  • Partnership – this is where two or more individuals or corporations come together for incorporation of company. The number of partners forming the company should not be over 20.

Directors and other Key Personnel

Once a decision has been made on the company structure, the next step is to appoint some of the key personnel as stipulated in the Companies Act. There should be a local director who is required by law to be a local resident of Singapore. The local or nominee director must be at least above 18 years old and is to be responsible for the day-to-day activities of the company.

Company secretary should be appointed within six months of the incorporation of the company. The company secretary should be a citizen of Singapore and cannot be one of the directors of the company. The auditor should also be appointed within three months of incorporation of company unless the company is exempted from auditing as per Companies Act.

Registered Office Address

While submitting the application for incorporation of company in Singapore; the applicant should also provide a registered business address for the company. This should be a valid physical address where company operations can be undertaken.

Shareholders

It’s a requirement for a registered company to have at least one shareholder and a maximum number of shareholders should be dependent on the business structure. The minimum issued capital must be at least $1.

Working with a reputable corporate service provider such as OneStop Singapore can help in ensuring that the entire process is undertaken efficiently and with high level of accuracy.

July 16, 2021 Business No comments yet
Registered Business Address Service In Singapore

Why You Need A Registered Business Address Service In Singapore

When considering the incorporation of company in Singapore, one of the statutory requirements that many find to be challenging is the requirement of a registered business address service in Singapore for company office. A company’s business address contributes a lot to its reputation and can to a great extent impact on how the company’s communications are handled.  The best solution that one can opt for is to rent a virtual office in Singapore for use as a registered business address.

Today’s business environment is rapidly changing and there is great need for flexibility on how to operate a business in Singapore. Instead of renting an office space that can be quite costly and may also tie up your finances, you can consider engaging Onestop Singapore for registered business address service in Singapore. Never risk your business address with a home address or a P.O Box as majority of clients would want to know the actual location of the business address.

ACRA’s criteria of having a registered business address service in Singapore states that the office must be open for at least five hours during the ordinary working hours each day. The office address should also be a physical address that’s located in Singapore and it cannot just be a P.O Box.

Here are some of the reasons for having a registered business address in Singapore;

Statutory Requirement

Having a registered business address in Singapore is a statutory requirement that every entity incorporating a company in Singapore should adhere to. However, instead of renting a building for use as a physical address, there are better options that are flexible and less costly. It is possible for business owners to use a prestigious business address for a virtual office in Singapore. Companies such as OneStop Singapore offer business address services and can provide you with the actual registered business address that can be used when registering a company in Singapore.

Virtual Business Addresses are Cost Effective

Having a virtual registered business address in Singapore is quite cost effective. Apart from being able to meet the statutory requirements; you will not have to bother about servicing a physical place. Foreign investors will find use of virtual office address as the registered business address to be quite efficient and cost effective.

The setting up of a physical business address can be quite costly and renting a virtual registered business address is the ideal option as it takes less effort for one to be acquired.

Ideal Location of Virtual Office

When it comes to having a registered business address, the location of your office space really matters. When you have a virtual office that’s located within the CBD, it comes with some level of confidence as you are certain that it can be easily accessed. Such an office is likely to create a positive impression about your company.

OneStop registered business addresses services makes it possible for company’s to grow their businesses with flexibility through monthly payment contracts that are manageable. Businesses also get to benefit from a range of services.

July 16, 2021 Business No comments yet
Incorporation of company in Singapore

4 Reasons for Incorporation of Company in Singapore

Singapore is preferred by many foreign and local investors due to its pro-business environment nature and other factors such as strong intellectual property protection, and low tax rates among other reasons. Before you put your business plan into action, your business should first be incorporated through the Accounting and Corporate Regulatory Authority in Singapore. Incorporation of company in Singapore therefore, provides one with an edge especially when they engage a reputable corporate service provider for the task.

Some of the reasons why investors prefer incorporation of company in Singapore include;

Ease of Starting Business

Singapore has been named consistently in various reports as one of the best places for doing business.  When compared to other countries that are also considered to be business hubs, registering a business in Singapore can easily be done within a day especially when you engage a reputable corporate service provider in Singapore such as OneStop Singapore. Both local and international investors can incorporate a company in Singapore.

Engaging a Singapore subsidiary company is an ideal registration option for both small and midsize foreign businesses that intend to establish a presence in Singapore. Foreign investors are allowed a 100% of the companies that are locally incorporated in Singapore.

Strong Legal System and Personal Safety

Singapore has one of the most stable political environments in the Asian region. It therefore offers investors a humble space to focus on growing their businesses. Singapore’s judicial system is highly recognized as one of the most efficient in Asia when it comes to enforcing anti-corruption laws and that creates a very conducive environment where investors can conduct their businesses without fear of bureaucratic practices.

 The country has persistently registered very low crime rates and provides its residents with a high degree of personal safety. In case of cross border disputes, businesses can effectively rely on Singapore’s reputation as place for world class arbitration. Such reasons make it possible for investors to consider Singapore for incorporation of company.

Extensive Air Connectivity

Singapore has a very extensive air ecosystem that makes it possible for trade to be facilitated through such a dynamic supply chain management alongside an efficient logistics infrastructure. Singapore’s Changi International Airport serves over 10 airlines that fly to over 400 cities in about 100 countries across the world. Every week, about 7,200 flights land and also depart from Changi Airport with over 62.2 million passengers that pass through the airport each year. Singapore is also home to some of the leading logistics companies such as FedEx and UPS.

Foreign Income Exemption

Foreign income exemption is another key benefit that makes it possible for Singapore based holding companies to repatriate dividends directly to their foreign subsidiaries free of Singapore tax. There are however, qualifying conditions that companies are expected to meet. While considering incorporation of company in Singapore, it’s vital that you work with a reputable corporate service provider in Singapore for a better understanding of benefits that are available.

The personal tax framework is also quite appealing and makes Singapore an ideal investment location for both local and foreign investors. Working with a service provider such as OneStop that has an extensive team of experienced professionals can help with making the whole process easy and effortless.

OneStop Singapore has made the process of incorporation of company in Singapore to be efficient and easy. Foreign investors and locals can get access to the unique services the company provides to not only start their business but also ensure that all the necessary steps are accurately executed.

July 16, 2021 Business No comments yet
company secretary services in Singapore

Comprehensive Company Secretary Services in Singapore

Effective governance has become such a critical requirement in today’s business environment. There has been an increased focus on company secretary roles since they have greatly evolved from being an administrative servant of the board to one that encompasses broader roles such as advisory and corporate governance. The chairman of the board to a great extent relies on the advisory services of the company secretary. The choice person for company secretary services in Singapore should be one that’s well versed with high-level responsibilities that they’re expected to execute.

Apart from acting as a link between the company’s board of the organization, the various stakeholders, the government, and other regulatory authorities; the company secretary plays such an integral part in the operations of a company. It’s a statutory requirement that a company incorporated in Singapore must have a company secretary after a stipulated period of time. Instead of sourcing for a company secretary all by yourself, you can consider engaging a reputable firm that offers comprehensive company secretary services in Singapore.

Here are some of the comprehensive company secretary services in Singapore;

Handling Statutory Responsibilities

For proper handling of statutory responsibilities; it’s advisable that you work with a firm that’s capable of delivering comprehensive company secretary services in Singapore. Working with a professional corporate service provider like OneStop Singapore can help in ensuring that governance structures, corporate conduct and other vital statutory mechanisms within the organization are well executed.

It’s the work of the company secretary to ensure that the company complies effectively with the company law and maintains statutory registers. The company secretary also makes the necessary filings of statutory returns with ACRA such as the annual returns, financial statements and other forms.

Corporate Governance

Company secretary services have greatly evolved in practice and are not just about executing the basic statutory obligations. The tasks have become more complex as company secretaries are expected to develop and also implement processes that can help promote and also sustain good corporate governance. It’s the responsibility of the company secretary to provide guidance on board effectiveness and how the board members can be assisted on matters pertaining to the company.

Due to the changing dynamics in reference to governance, company directors are recognizing the importance of technical knowledge and specialist skills that company secretaries should have for proven work expertise. Engaging a reputable firm such as OneStop Singapore for comprehensive company secretary services in Singapore makes the whole process easier for organizations as they gain access to a pool of highly qualified professionals that can effectively deliver company secretary services.

Board Development

All of the directors of the board prefer engaging a reputable firm for quality advisory services that can move the company forward. There are a range of services that highly require the help of a highly skilled and expert company secretary. Tasks such as Singapore customs registration for companies involved in import and export can be quite involving and expert skills are necessary.

The benefits that come with engaging a reputable form such as OneStop Singapore for company secretary services are great. Apart from having that peace of mind that all the statutory requirements and compliance issues are observed, you also get to benefit from the range of corporate services that the firm provides.

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July 16, 2021 Business No comments yet
Tax filing service in Singapore

Basic Tax Laws/Advises For Your Business You Should Know Before Starting

It doesn’t matter where you live in the world or what business you do. Every business has to follow the tax laws of that country and submit their tax at the end of every fiscal year. For this reason, you should always be aware of the tax law of your country.

Although the tax law is different from one country to another, a few basic things remain the same in every place. Following these norms will help you a lot at the time of tax filing. It will protect you from the harassment of tax authorities and let you do business with peace of mind.

Basic tax advice for small business

  • Maintain a Business Journal

It is one mistake that many small business owners do and often face trouble for not maintaining a business journal. A business journal is a record of your regular business transactions. At the time of the audit, it helps you explain where the money for business is coming from and where you have spent it.

Many people don’t know that Income tax Singapore advises every business owner to maintain a journal of their business. At the time of the audit, tax authorities might want to see the proof of business transactions. At this time, the business journal can become very helpful and save you from penalty.

  • Medical Insurance

Most governments around the world see investment in health as positivity and give tax breaks to the businesses for this. So, if you want to take benefit from this tax break then you have to give your employees medical insurance.

The money you invest in your employees will give your business multiple tax benefits from the state and federal levels. You would be surprised to know that most corporate houses in the world use this strategy to earn tax breaks from the government.

  • Regular Audit

If you want to know How to reduce corporate tax in Singapore then a timely audit is an essential step you need to take for your business. The auditor will recheck every business transaction and validate its approval. It will help you substantially at the time of tax filing.

All corporate companies do financial audits to make sure their financial activity is in the right order. It is one thing the same across all corporate houses. Along with checking the financial activities of these companies, a good auditor also gives them the right financial pieces of advice that help them taxes.

Whether it is a small or large business, tax is a big burden on every business. It takes away financial capabilities from the business and makes a huge dent in their profit margin. On the other hand, tax evasion is a big crime. Government can shut your business down and penalize you for this activity.

For this reason, you need to pick the right strategy. Try to appoint an auditor for your business, if it is growing rapidly. Along with financial statement checking, he will suggest you the right strategy that will save you lots of money on taxation. This way, your business can grow rapidly without making any clash with the tax department.

June 11, 2021 Business No comments yet
CA firms in Singapore

Tips To Develop Effective Financial Reporting

For business owners, financial reporting is an essential thing. The only timely report is not enough. The report should be complete and accurate. Then only it will have value to the financial team. But, keeping a good balance between perfection and punctuality is tough. 

You are a busy person at work that does not mean you will ignore the financial health of the company. You need to create a certain strategy through which you can check on the financial report of your business. It will ensure that the financial growth of the business is good and uprising.

A company’s finance team has many things to do. They are not just here to make a financial report. They check every detail of finances, transactions that happen on a day-to-day basis. Therefore, another good solution is to hire CA firms in Singapore. The 3rd party will take care of the reports and keep you updated on the financial whereabouts.

There are certain tips that you should follow to get the financial reporting effective:

Set up Accounting System Correctly

Integration of the accounting system with the business is essential to get the exact information on the finances. Why a 3rd party service provider does it better?

  • They know the process of work
  • Experienced financial analyst work round the clock for your business
  • They are dedicated and answerable to any faults
  • They offer affordable service

On Top Priority Service

Presenting the yearly financial report in front of the management desk is the topmost priority. Any failure on the timeline can cause a huge loss for the company. Presenting an Unaudited report to the hire officials is such a shame on the company. Hence, a 3rd party provider takes all the pains of services and comes up with the report on time so that you can exactly plan the financial target for the coming year. 

Focus on Three Important Things

It takes up time when you start looking for the smallest things in the financial report. Profit and Loss, Balance Sheet, and Cash Flow are the three important things that will help you keep an eye on the financial report.

Regular Update on Accounting System

Why do you use accounting system software? So that at the end of the financial year you get every detail in one place. To get that for sure you need to update the accounting system software daily. It may look tiring task but this what keeps the company’s financial reporting healthy. 

Review Meetings On Regular Basis

Conduct regular meetings with the finance team of the company so that you get all the updates on hand. The 3rd party financial expert will be on the Payroll service in Singapore and follow up all the financial guidelines to plan effective financial reporting.

If you are a company owner and searching for reliable CA firms, then start your research online. It is a platform where you will get the names of innumerable firms that will assist you to create an unbiased financial report for the company. 

June 11, 2021 Business No comments yet
Singapore startup grants

Grants/Assistance Your Company Can Avail During The Pandemic

Running businesses during this pandemic in Singapore is a difficult task, in fact, it is a difficult job anywhere in the world and if you are in Singapore, then you are in a better position than others because here you have a lot of grants and sanctions that you can get.

If you are a startup and struggling with your business, then you should be looking for Singapore startup grants and through the use of these grants, you can gain the lost momentum that you have lost during this pandemic.

Grants and assistances for businesses in Singapore:

You can get grants for digital transformation, productivity, and growth that you can use to make yourself more capable of performing better through automated systems. You also have EDG (Enterprise Development Grant), Market Readiness Assistance Grant (MRA), Skills-Future Enterprise Credit (SFEC), Startup SG Tech, Job Support Scheme (JSS), and more.

There are many grants for both startups and SMEs to grow during this pandemic and you must take advantages of these grants that are available for you but then a lot of people and companies fail to get these grants for many reasons, you should not be one of them.

How to go about getting the grants:

The first thing is that you need to know the areas where you want to invest more and get the grants for your needs, you can get grants for digital transformation, you can get grants for employee management and for other aspects of the businesses but you must know which are the areas that need the grants so that you can utilize them intelligently.

At this point in time, you have to look at your business and find out more about business in a detailed manner and here your accounting n strategic planning department can help. You can also find expert Professional charter accounts in Singapore who can help you identify your needs and get you the desired grants.

Working with a good business consulting form:

The best way to get the grants and assistance will be to work with a good consulting firm because they are the right people to get the help form that you need and they can make things easier for you, here is why you need them and how they would do things.

  • The first thing is that they can find out what you need because they would look at your business operations and financials to identify your needs
  • They would know how you can get the grants and assistance at the right time and they would have better connections with agencies where they can get the aids quickly and easily for you
  • They can also help you in using and channelizing funds in the right directions so that you can get the best results

The crux of the matter is that you should and must be looking for good consulting firms for grants and Legal Management service in Singapore and only through them you can achieve what you want and need, so, find one now.

June 11, 2021 Business No comments yet
Singapore income tax calculator

Impact Of Quality Business Auditing And Accounting To Your Business During The Pandemic

Auditing and accounting are two integral pillars of a business. Audit firm in Singapore provides reliable auditing service that helps in improving the quality and consistency of the business as per industrial standards. Accounting is another aspect which helps in making informed financial decision for business and maintain financial data for the business.

Outsourcing the corporate services like auditing and accounting during pandemic give time for a business to focus on the core operations. The outsourced professionals with expertise in the domain provides beneficial insight for the business gain. This helps with better and integrated financial management for the business.

Integrate Fair Practices for Increasing the Quality of the Business

Business auditing is an integral part of implementing better business practice and quality management. With proper auditing, it helps with better structuring of businesses even remotely and develop an actionable plan. The audit professionals ensure complete understanding of the financial statement. This ensures a business takes informed financial decisions.

With practical and profitable financial investor scheme Singapore, a company can work on improving key issues and expand core operations. During pandemic, with things going virtual and increase in remote work, the auditors can help with practical recommendation and thorough business assistance. The key issues during pandemic can be corrected through intensive auditing.

High Standard of Efficiency and Accuracy in Overall Business Operation

The business scenario, management, functional domains, administration, and overall operations have changes drastically during pandemic. Lack of co-ordination and understanding of core issues and financial aspect of business has led to increase in discrepancy. Out sourcing the financial audits and accountancy can streamline a good model for standard business conductance.

  • With help of a professional team of auditors and accountants, all the transactions within the business is well documents. Understanding the balance sheet of business helps in finalizing financial decisions for a business
  • The accounting experts assist with analyzing and calculating the financial statement for a business. The documentation of day to day transactions and investments help in calculation of valid corporate taxes
  • The use of the Singapore income tax calculator by accountants ensures a company pay off the taxes as well as save on taxes by making the right investments. This ensures last minute errors and discrepancies
  • Clear communication with the key stakeholders and partners is an integral aspect of business management and operation. Audit professionals during pandemic formulate an effective channel for discussion and communication with stakeholders

Establishment of an Effective Business Model during Pandemic


There has been a drastic shift in the way businesses are conducted during the pandemic. The sudden switch from brick to virtual office is not easy. With auditing service, the board members and senior management can find an effective way to run business smoothly.

This helps in opening multiple channels of work through adjustment in the new scenario. Best practices are employed and adopted to ensure clients are satisfied with the operation. The accounting service ensures profit and loss for a business are clearly weighted and according to administrative or management changes are made or implemented.

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Originally published by onestop-audit.com

June 11, 2021 Business No comments yet
Singapore budget 2021

How to Position Your Company for Growth in View of Budget 2021

Each year when the budget is announced, the government of Singapore focuses on balancing the priorities through a combination of both long-term and short-term measures that can help support the economy. Singapore budget 2021 is no exception as the government is again responding to the immediate short-term needs of families, workers, businesses that have been hit hardest by the Covid-19 pandemic.

As much as Covid-19 has disrupted business models and global supply chains; it has also accelerated digitalization which to a great extent presents new areas of growth that Singaporean citizens can explore. Singapore has in the past year incurred a strange budget deficit and the government continues to offer economic support in the face of an extended downturn that has come up as a result of Covid-19 pandemic. The government has announced a sizeable budget stimulus which then makes this year a bit unusual as Singapore continues to draw from the past reserves for another consecutive year.

Singapore is expected to register a budget deficit of S$11 billion this year which is about 2.2% of the GDP and this should be in addition to S$64.9 billion which is the deficit for the 2020 fiscal year, the largest to be realized since Singapore’s independence. The budget 2021 has prioritized the need to set apart targeted support to the business sectors and the various segments of society that are hardly hit and continue to struggle due to the pandemic. The move is combined with the long-term goals such as a range of initiatives that are designed to encourage global partnerships, business innovation, and digital transformation for the local businesses.

In order to position your company for growth; ensure that you have in depth understanding of what the budget entails. Working with a reputable corporate service provider in Singapore can help break down some of the key highlights of the budget that can have an impact on your business. The Minister for Finance announced in the budget that there will be an S$11 billion Covid-19 Resilience Package. This amount is meant to specifically go towards safeguarding public health including the provision of vaccination and ensuring continued support for the workers and businesses that are hardest hit by the pandemic.

Such a move is quite different from the broad-based support that the government provided last year to the sectors that have been hardest hit by the pandemic. The government continues to provide support to workers and businesses through an extension of the Job Support Scheme which targets the provision of support to the hardest hit sectors such as aerospace, aviation, and tourism.

For families that are still coping with the uncertainties that came along as a result of covid-19; an amount of S$900 million Household Support Package which also include a one-off cash payments to the lower and middle income families receiving more. The Minister also talked of measures that are meant to help strengthen social safety nets in support of the vulnerable members of the society including the lower income families and low-wage workers.

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April 7, 2021 Business No comments yet
Nominee director services Singapore

Why Outsource Nominee Director Services in Singapore

Majority of foreign investors are considering incorporation of company in Singapore and the move is mainly influenced by Singapore’s low corporate tax rates. However, it’s a statutory requirement according to Singapore’s Companies Act that a foreign-owned company should have a local director who is a resident of Singapore.  For a foreign company to be considered as fully compliant with Singapore’s Company Act, the company should consider engaging nominee director services in Singapore.

When you engage nominee director services from Onestop CA Singapore; you get access to a reputable local director that can serve your company. Onestop CA offers a wide range of services such as Auditing, Accounting, Tax Planning, Business Compliance Services, Company Secretary Services and local director services. The corporate service provider has a team of compliance experts that will definitely ensure that the important guidelines that pertain to operating an offshore company are adhered to accordingly.

Companies that fail to comply with the statutory requirements are likely to face severe penalties such as fines and may even lead to cessation of business operations. Having nominee director services in Singapore will help in ensuring that your business operations flows smoothly as they act as the contact person that represents your business interests within the country. The role of a nominee director in Singapore is to comply with the law and will be able to operate as per the duties delegated by the company director.

A company can have as many directors as possible but there should at least be one who is a local resident of Singapore. The nominee director is still considered as a director and should be able to act in the best interest of the company and in compliance with the law. When engaging a firm for nominee director services in Singapore, it’s vital that you take into account the credibility of the company. Here are some of the reasons for outsourcing nominee director services;

Credibility and Expertise

A nominee director services in Singapore holds such an important position and that calls for engagement of an individual that has demonstrated high level of credibility and expertise. If you’re operating an offshore company in Singapore then you may not be certain about the level of credibility and expertise of those who get to show interest in such a position. However, working with a reputable firm such as Onestop CA helps in ensuring that you get access to an individual who is not only credible but also well conversant of the tasks that they are to perform.

Reliability

Working with a reputable firm such as Onestop CA Singapore for delivery of nominee director services ensures reliability as the firm will always be there to address any issues that might arise with regard to delivery of such services. Onestop has a proven track record in delivering a range of corporate services to several clients. Apart from provision of local director services; Onestop CA Singapore is also the go-to place for other corporate services such as Auditing, Accounting, Tax Planning, Advisory services among others.

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April 7, 2021 Business No comments yet
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