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Formation of company

Top 5 Reasons for Formation of Company in Singapore

Formation of company is a huge decision that one gets to make especially when just getting started. The majority of small business owners have this common belief that incorporation of a company in Singapore is a reserve for companies that are well established. There are multiple reasons for incorporation and such should be considered before getting started with formation of a company.

Here are some of the reasons for considering formation of company in Singapore;

Tax Benefits

Singapore is preferred by both local and foreign investors for the formation of company due to its favorable tax regime. Once you get to incorporate your company in Singapore, there are a number of tax benefits that a company gets to enjoy. Singapore charges corporate tax on the income generated in Singapore at the rate of 17 % regardless of whether it’s a local or foreign company. There are zero tax charges on capital gains by the company, there are zero charges on dividends that are distributed to the shareholders and the tax rate on foreign-sourced income that’s not repatriated to Singapore is also zero percent.

Enhances Brand Reputation

There is more to a business reputation than the Google or Yelp reviews that you can get online. As much as they equally count, when you get your company incorporated in Singapore your company tends to gain a sense of higher worth in the eyes of potential suppliers, customers, and other relevant groups that prefer working with a professional organization. Incorporation of company in Singapore, therefore, validates your company’s brand image.

Ease of Business Transfer

Incorporation of company makes the transfer of the business process to be much easier than when it’s a partnership or a sole proprietorship since the business has its own identity. A corporation can be easily valued for sale or transfer to other owners unlike other forms of businesses.

Continuity of Business

The desire of every business owner is for their businesses to have continuity even after they are gone. Incorporation of the company ensures continuity of the company so whether the owner becomes sick or meets any challenge, the company will still operate. The business gets protected forever, however, it’s also important to note that the business can still be sold or you may end up closing it and that depends on how it’s managed.

Because the company is registered in Singapore, the business owner can choose to have a plan for long-term business growth. Investors may also want to know whether your business can continue to exist legally without much influence of the owner.

Ease of Raise of Capital

When you opt for the incorporation of company, it becomes easy for your company to raise capital. Whether you plan on applying for a loan from a bank or selling stock the process is quite possible and that to a great extent adds credibility to your company. Another key reason for the formation of the company is that it helps with the protection of business assets. Without the incorporation of the company, your personal assets remain at risk to anyone who opts to file a lawsuit against your company.

Originally published by onestop-audit.com

February 8, 2021 Business No comments yet
company secretary services in Singapore

The Evolution of Company Secretary Services in Singapore

The appointment of a company secretary Services in Singapore is a statutory requirement that every company that’s registered in Singapore should adhere to. The appointment is required to be done within six months of incorporation of company in Singapore and should be undertaken by the board of directors. Engaging a reputable corporate service provider for company secretary services helps in ensuring that the ideal candidate that clearly understands the scope of their roles and duties is appointed.

According to the Monetary Authority of Singapore through its Corporate Governance Code; it’s a requirement that a company gets to clearly define the role of the company secretary. The company secretary is the person charged with ensuring the company’s compliance with the set laws and regulations and they should be present at all of the board meetings as they provide advisory services to the board on matters related to governance. The roles and duties of a company secretary have greatly evolved in today’s business environment and working with a reputable corporate service provider in Singapore for such services can be of great benefit.

Company secretaries can effectively take up senior positions within the company such as taking up managerial roles and other high profile positions within the company. Apart from performing typical secretary duties; company secretaries also offer advisory services to the executive directors and the board chairs. Here are some of the evolved roles of company secretaries;

Rising need for Core Competencies in companies

Industry experts acknowledge the fact that there are various task demands that company secretaries should be able to fulfill for the efficient flow of company operations. Working with a reputable corporate service provider for company secretary services in Singapore helps in ensuring that the ideal personnel with a quality understanding of the much-needed core competencies is engaged for the job.  A competent company secretary should have excellent interpersonal skills, keen attention to detail, creativity, and great analytical reasoning alongside professional qualifications and work experience.

Legal Obligations

Apart from the typical duties that corporate secretaries are supposed to undertake, company secretaries should also carry out various legal obligations. They are required to provide comprehensive administrative and legal support to the board. It’s the duty of the company secretary to ensure that all the compliance and statutory issues are adhered to and business affairs completed effectively without any violation of the laws and regulations. Working with reputable corporate service providers such as Onestop CA Singapore helps in ensuring that a company engages extremely competent company secretary services in Singapore that has the potential of executing legal obligations and statutory requirements effectively. It’s the work of the company secretary to ensure that the company meets all of its legal obligations.

Implementation of corporate strategies

Apart from arranging for director and shareholder meetings, and provision of administrative support in the preparation of meetings; it’s also the role of the company secretary to implement corporate strategies by ensuring that the decisions by the board are properly carried out and effectively communicated. Working with Onestop CA Singapore for the delivery of company secretary services helps with ensuring that a high level of expertise and experience is demonstrated in the delivery of corporate secretarial services.

Originally published by onestop-audit.com

February 6, 2021 Uncategorized No comments yet
company secretary services in Singapore

Roles and Duties of a Company Secretary

Some of the common questions that tend to arise when the position of a company secretary services in Singapore is mentioned are like; who can be a company secretary? Does the secretary hold any stake in the company? A company secretary acts more like a corporate lawyer and also has other qualifications that make them ideal for the job. According to Section 88 of the Companies Act 2014, companies that are incorporated in Singapore are required by law to appoint a company secretary within the first six months of its incorporation.

The ideal candidate for the position of a company secretary must be a resident of Singapore and should be a natural person. The company secretary is required by law to fulfill certain criteria and it’s the director’s responsibility to ensure that a suitable candidate is selected for the job. Working with a reputable corporate service provider in Singapore for provision of company secretary services in Singapore helps with ensuring that a highly qualified candidate is considered for the task.

When appointing the company secretary; the directors should be able to ensure that the ideal candidate has requisite experience alongside academic and professional qualifications. For a foreigner opting for incorporation of company in Singapore; ascertaining such can be quite challenge and that’s why working with corporate service providers such as Onestop CA Singapore greatly helps.  Here are some of the requirements that the directors should look out for in the right candidate;

  • Should be a corporate lawyer that’s well versed with the laws and regulations that govern companies in Singapore
  • Should be a member of the Institute of Certified Public Accountants of Singapore
  • Should have been practicing as a company secretary for about three years or more before being appointed a company secretary for a company.

Some of the roles and duties of a company secretary include;

Updating and maintenance of statutory registers

One key role of a company secretary in Singapore is to ensure that all the changes and updates done on the statutory register are updated accordingly so as to ensure compliance with Companies Act Singapore. The activities may include;

  • The appointment and resignation of the management officials such as the directors, managers, CEOs, and secretaries.
  • Transfer of shares and share issues among the shareholders.
  • Resolutions of the board and minutes for the Annual General Meeting (AGM) and EGM.

Filing changes of the company to ACRA

As company operation continues, there will be changes done in some of the company details. There could be a change or an adjustment in the name, an update to the company’s constitution, share transfers, allotment of shares and many others. Such changes should be filed to the board within a given period of time once approval has been attained and it’s the company secretary’s role to ensure such is done.

Safeguards the corporate seal

The proper use of corporate seal is clearly stipulated in the company’s constitution and it’s the role of the company secretary to ensure that it’s safely kept when it’s not required. Working with a reputable corporate service provider for delivery of company secretary services in Singapore helps with ensuring that the tasks are executed with high level of professionalism and accuracy.

Originally Published by onestop-audit.com

February 6, 2021 Business No comments yet
Corporate service provider Singapore

Importance of Corporate Service Providers to a Company

Corporate services such as accounting, auditing, tax filing, company secretary services, and more are vital to almost every organization. The majority of companies are engaging corporate service providers as that provides them with access to a pool of highly qualified professionals with expertise in diverse fields. Singapore has a very vibrant business environment that encourages the growth of enterprises and new ideas and that has led to increased engagement of corporate service providers in Singapore by businesses.

The primary importance of outsourcing the various company tasks to a corporate service provider in Singapore lies in the ability to obtain personalized and professional approaches to the various tasks that are essential for successful business operations. Instead of a company getting to manage all of its administrative tasks that enhance the overall functioning of the company; the corporate service provider that’s engaged helps with handling all that and in turn frees the company personnel to focus on key tasks that impact business growth.

Here are some of the reasons for engaging corporate service provider in Singapore;

Takes away Business Handling Pressure

Every company has its own unique journey; from initialization to development and the expansion phase and all those phases can be quite involving.  Working with a reputable corporate service provider in Singapore such as Onestop CA Singapore provides a company with access to a range of expert professionals that not only understand their unique business needs but are also capable of executing the tasks effectively in a way that takes the stress away from the company leaders. The managers can then focus on serious matters that enhance the building and strengthening of the organization.

Working with skilled, experienced and knowledgeable professionals comes with some element of confidence and assurance in business operations and enables a company to set the highest standards possible. Regulation and compliance issues are becoming quite complex and clients tend to be on the lookout for corporate services providers in Singapore that has the potential of ensuring their companies are compliant. Clients don’t want the hassle of having to think about corporate governance requirements and instead want to focus on their core business.

Globalization and Good Governance

Clients that are considering investing in Singapore are normally on the lookout for reputable corporate service providers in Singapore that are capable of providing understanding on the local business dynamics, and ensure compliance requirements. With the help of company secretary services offered by corporate service providers; the clients get to benefit from quality corporate governance where compliance and statutory requirements are taken into consideration and adhered to effectively.

Monitoring of Internal Control Systems

It takes an analysis by experts who have an in-depth understanding of company operations to identify the loopholes that exist within a system and how much can be rectified. Working with a reputable corporate service provider in Singapore is critical as they help in ensuring that the internal controls put in place are effective and helps with enhancing the high performance and efficiency of the business.

Originally published by onestop-audit.com

January 27, 2021 Business No comments yet
Incorporation of Company in Singapore

5 Advantages of Incorporation of Company in Singapore

As much as operating a small business can be flexible and easy to manage, the model of operating a sole proprietorship can be such a risky venture. One way of limiting personal liability is by considering incorporation of company in Singapore. While the process of incorporation is involving and requires a lot of paperwork, it offers important tax and legal advantages especially when you engage a reputable corporate service provider in Singapore for the task.

Here are some of the advantages of incorporating a company in Singapore;

Protection of Personal Assets

One of the best ways you can use to protect your personal assets is through incorporation of company in Singapore. A corporation is legally capable of owning property, carrying on business; incurring liabilities, and can either sue or be sued. A registered company is considered as a separate legal entity and is responsible for its own debts. It, therefore, means that creditors of a registered company can seek payment only from the company’s assets and not from the personal assets of the directors, shareholders or officers.

It therefore means that the business owners can conduct the business without worrying about risking their homes, savings, or personal property. Owners of partnerships or sole proprietorship on the other hand tend to face unlimited liability for both their personal and business assets.

Easier Access to Capital

Raising capital is never easy especially for sole proprietorship or a partnership. However, the case is different with a registered company as it can issue shares of stock and that makes it easier for the business to grow and develop. Banks also prefer lending money to corporations than other types of business ventures. A registered company has several alternative ways of raising capital which they can use to offset debts and grow their businesses.

Enhances Business Credibility

Another key benefit of incorporation of company in Singapore is that it enhances credibility. Suppliers, business associates, and customers are more likely to perceive a registered company as being credible and more stable. Since the business name convey some element of permanence, stability, and credibility it’s likely to be viewed by many in a better light, unlike the sole proprietorship or partnership. Registering a company also communicates a level of commitment to the ongoing success of the business venture.

Anonymity

Incorporation of a company in Singapore provides anonymity to the owners. If in case one wants to operate a business and doesn’t want their involvement to be public knowledge, the best alternative is to incorporate the company.

Perpetual Existence

Corporations are considered as the most enduring legal business structure as it’s designed to continue indefinitely regardless of what happens to the individual directors, managers, shareholders, or its officers. It, therefore, means that by opting for incorporation of a company in Singapore; you get to avoid legal entanglements that are likely to happen with other forms of business structures.

As much as considering the incorporation of a company in Singapore is beneficial, it’s advisable that your company’s engage a reputable corporate service provider in Singapore for the task as there are a number of factors to be considered during the registration process.

Originally published by onestop-audit.com

January 27, 2021 Business No comments yet
audit firm in Singapore

Importance of an Audit System to Companies

Auditing is an exercise that’s undertaken by companies as a means of evaluating the effectiveness of the company’s internal controls. Having an effective internal control system is important if an organization is to realize its business objectives, have reliable financial reporting on its operations, and also be able to prevent misappropriation and fraud of its assets with the intention of minimizing its cost of capital. For an effective audit to be undertaken in Singapore a company should consider engaging a reputable audit firm in Singapore for such tasks.

Here are some of the reasons of having an audit system within a company;

Enhances the Realization of Business Objectives

Working with a reputable auditor in Singapore that can put in place an effective audit system within a company enables a company to pursue and also attain its various corporate objectives. Business processes require some system of internal control to help facilitate supervision and monitoring of the business processes. An audit system will help in ensuring the detection and prevention of irregular transactions, measurement of ongoing performance, and also maintenance of adequate business records that promote operational productivity.

Internal auditors in Singapore helps with reviewing the design of internal controls and in turn informally propose improvements. They also document any identified irregularities and reports to the management for further investigation.

Assess the Risk Misstatement

Having an audit system in place makes it possible for the audit firm in Singapore that’s involved in the task to assess the risk of material misstatement in the company’s financial records. When a system of internal control is lacking, a company may not be able to create financial reports that are reliable for both internal and external use. The company may not be able to identify which of its segments or the product lines are performing well and the ones not doing well.

With the help of a reputable audit firm in Singapore such as Onestop CA; a company can be able to create audit systems in place that helps in ensuring that the internal controls are effective and the financial records reflect the true picture of the business operations. A company can then be able to effectively manage its affairs as it’s capable of clearly identifying the status of its assets and liabilities. An audit system is crucial for a company as it helps with the prevention of misstatements in the company’s financial records.

Detection and Prevention of Fraud

Working with a reputable auditor in Singapore who not only understands the accounting principles but is also well versed in auditing can be of great benefit to a company. Occurrence of fraud and error within the business can have such a huge impact on the credibility of a company’s financial records. Having an audit system helps with ensuring that rigorous systems of internal controls are put in place to help in detection and prevention of fraud.

Audit professionals assist with the design and the modification of internal control systems and working with an auditor in Singapore who understands the dynamics of the tasks involved is important. A company that’s known to have a diligent audit system in place is likely to enjoy a good reputation and that alone has the potential of halting any attempts of fraud within the organization.

Originally published by onestop-audit.com

January 19, 2021 Business No comments yet
Audit firm in Singapore

3 Reasons Why Internal Auditing is Important in Today’s Business

Internal audit is an area that’s commonly ignored by companies yet it plays such an integral part in the growth and progress of a company. Internal audit is an independent, objective assurance and a consulting activity that’s designed adds value to an organization through improvement in the company’s operations. By hiring a reputable audit firm in Singapore for internal audit tasks, a company gets to accomplish its objectives by putting in place a systematic and disciplined approach in evaluating and improving the effectiveness of internal controls, risk management and governance processes.

Internal audit is normally assumed to be necessary for just the large corporations. However, that should not be the case considering the numerous benefits that it brings to a company. Here are some of the reasons why internal auditing is important in today’s business;

Enhances Efficiency of the Business Processes

Efficiency of business processes is a very critical issue in today’s competitive business environment. It has the potential of determining the failure or success of a business against other competitors. Ineffective business operations and strategies have the potential of thwarting the ability for growth and might even increase overheads which in turn reduce chances for making profit. Working with a reputable audit firm in Singapore for internal audit tasks helps with ensuring the efficient flow of business processes.

An operational audit is capable of exposing the flaws and inefficiencies that could be existing within the organization. Working with a reputable audit firm in Singapore provides a company with access to a team of independent consultants with vast experience and extensive knowledge within the industry that can be utilized to support an internal audit function within the company. Engaging a company such as Onestop CA Singapore for internal audit tasks makes it possible for the development of vital benchmarks within the organization which the employees and the management can use as a standard for measuring the company’s performance.

Maintenance of Internal Controls

Designing diverse policies is the cornerstone to developing objectives that has the potential of moving a company forward. As you work with a professional auditor in Singapore for internal audit services; they are capable of maintaining effective internal controls. When internal controls and maintained; prevention of current and emerging risks especially those related to new technology becomes easier. The engagement by the internal auditor in constant monitoring of controls enables a company to have a more comprehensive review and plan. Such a plan provides the company with a systematic, documented, and independent approach to examining the internal controls; the physical and system security, and business processes for daily operations against the existing best practices, established policies, and other requirements.

Identification of Fraud

It’s important to note that many small businesses lose substantial amounts of money every year due to employee theft and other forms of fraud. Internal auditing helps with putting policies in place that helps with ensuring that fraud don’t happen. By hiring an internal auditor in Singapore; a company gets to have in place internal audit policies that can effectively help with combating fraud. By carrying out an analysis of the business processes and through active monitoring; potential for fraud can be detected and prevented before occurrence.

Originally published by onestop-audit.com

January 19, 2021 Business No comments yet
Onestop CA

Why Engage Onestop CA Singapore for Financial Audit, Reporting, and Assurance

It’s the desire of every company registered in Singapore to keep accurate records for tax purposes and also ensure that all the financial regulations are complied with. Financial reporting is a very important activity that involves the engagement of many players. From the preparers of the financial records, the auditors working on the records, the audit committees and the shareholders; all those involved need to improve and do more if the financial reports are to express the true and fair view of the organization. All the players within the system including shareholders are responsible in ensuring that the financial statements of a company reflect the true state of the company.

Apart from choosing the ideal preparers of the records, a lot of emphasis should also go into ensuring that the ideal audit firm in Singapore is engaged if the credibility of the records is to be attained. Onestop CA Singapore is a reputable firm that has demonstrated a high level of integrity and credibility with regard to the delivery of auditing and assurance services. The company is gradually defining the future of audit in Singapore as it offers cutting-edge technologies that take care of routine tasks and in the process make it easy for the clients to focus on finding insights and innovative ways to enhance the decision-making process.

The company has an agile working culture that in turn leaves an impact on the company they work with that goes beyond numbers. With a team of highly qualified and experienced accounting, auditing and assurance professionals, you can be assured of the best results possible as you work with Onestop CA Singapore.  Engaging the company for auditing, reporting and assurance purposes can help a company gain more insight on the various areas they are spending more and losing money and the type of internal controls that should be put in place.

Here are some of the reasons for engaging Onestop CA Singapore;

Auditing and Financial Projections

The desire of the management of a company is to ensure that their customers and clients are financially reliable. Engaging Onestop CA for auditing and assurance can help with carrying out an independent review of the clients and that in turn provides you with the confidence that the information you have on your clients and customers is accurate. Auditing is the starting point of the different assurance tasks and working with a reputable audit firm in Singapore such as Onestop CA helps in ensuring that the financial statements are well evaluated and accurate financial reporting is done.

Having your financial records audited by a reputable firm as Onestop CA also ensures improved internal controls, increased valuation for your company due to the accurately audited financial records and also provides you with the peace of mind that your company is free of fraud.

Non-Financial Assurance Services

There are some vital assurance services that are non-financial such as quality control, data security environmental performance and performance claims. Working with Onestop CA Singapore can also be beneficial to your organization as the company has a team of professionals that are experts in diverse professional fields and capable of executing diverse assurance tasks effectively.

Originally published by onestop-audit.com

January 18, 2021 Business No comments yet
incorporation of company in Singapore

Importance of Company Incorporation: Everything you need to Know

The number of business owners that are opting for incorporation of company in Singapore is on the rise and this can be attributed to a number of factors. Incorporated companies tend to offer the shareholders personal asset protection since the companies exist as separate entities from their owners. Business owners who operate unincorporated businesses don’t benefit from personal liability protection which means that in case of any issue arising in their business, they are considered liable.

It therefore means that creditors can claim their assets and personal finances to clear pending debts. Owners of incorporated companies can however, conduct business without having to risk their personal property as us their savings, homes, vehicles and other personal assets. As much as the process of incorporation of company in Singapore can be involving due to the various statutory requirements that has to be met; there are a number of benefits that makes every process worth the effort.

Here are some of the reasons why incorporation of company is important;

Tax savings

The majority of business owners who opt to incorporate their company in Singapore are normally influenced by the conducive tax policies that are available in Singapore. Singapore income tax is normally levied on income that’s locally generated. The income that’s earned by foreign subsidies of such companies are exempted from tax. Singapore also charges no tax on capital gains and the dividends received by holding companies is also tax-free. In order to realize maximum tax benefits, it’s advisable that a company works with a reputable corporate service provider in Singapore such as Onestop CA Singapore.

Credibility and Ownership

Corporations tend to enjoy better credibility when compared to other types of businesses. From the suppliers, customers, landlords, financial institutions and statutory authorities they tend to view the choice for incorporation of company in Singapore as a serious and long-term commitment. Having corporate identifiers such as Corp, Inc. or Ltd tends to convey a sense of permanence, credibility and stability. Corporate business owners can easily transfer ownership to another person. They can also sell or even assign their shares to a partner or family member.

Ease of transfer is a key thing that contributes to the perpetual existence of corporations. The operation and life of a corporation is never affected by death or withdrawal of one of the directors. Such a status helps the owners to avoid legal entanglements that in most cases arise in other business structures.

Investment and Management  

The setup of an incorporated company provides a well-structured management where decision making is centralized and the shareholders have a vested authority in the board of directors. It’s normally easier for incorporated companies to raise capital whenever needed. They can choose to issue shares of stock and that helps with making the growth and development of the business to be quicker.

Working with a reputable corporate service provider such as Onestop CA Singapore for incorporation of the company helps with ensuring that all the measures are taken to make the entire process seamless and fast.

Originally published by onestop-audit.com

January 18, 2021 Business No comments yet
corporate service provider in Singapore

Why you should Engage Onestop Assurance in Singapore

When engaging a corporate service provider in Singapore, it’s advisable that you work with a reputable firm that not only understands your industry but also capable of delivering professional services that impact business growth and success. Onestop CA Singapore is a reputable corporate service provider in Singapore that’s well known for helping clients solve a range of professional tasks such as accounting, auditing, business advisory, taxation, incorporation of the company, and more.

At Onestop, every member of the firm is a team player with a strong belief in being customer centric. Apart from demonstrating industry expertise with regard to delivery of top-notch services, the professional proactive approach is one key thing that stands out. When you engage Onestop Assurance for any professional task, you can be assured of a personalized attention and delivery of practical solutions that effectively address the unique company needs.

Depending on your company needs you can be assured of expert service delivery as offered by a team of CA professionals. The highly reliable and scalable services are well designed to not only help in streamlining the business processes for better results but also has the potential of moving the business forward. Onestop is cognizant of the fact that companies value their time and money and it’s for that reason that they outsource corporate services to those well versed with all of the statutory regulations, and tax requirements so that compliance is observed and unnecessary penalties and errors in financial statements are avoided.

Here are some of the key areas that Onestop will ensure high level of accuracy and compliance is observed;

Audit and Assurance

When you engage Onestop CA Singapore as your preferred audit firm in Singapore; the team involved takes their time to understand your company’s business operations so as to identify the effective methodologies that can be used to examine the financial records. The team is well known to provide a good blend of the latest technologies and innovative solutions that helps with the provision of customized auditing. All this is undertaken with the intention of ensuring an authentic assessment of financial records and fairness reporting.

Apart from delivering accurate reporting of the financial reports, the team working on the company records also provides advisory and suggestions on how weaker areas can be improved. Onestop believes in fairness when it comes to financial reporting and will always commit to loyalty with regard to revealing any sort of fraud, and financial irregularities that’s captured in the company’s financial records.

The strength of the CA professionals that handle auditing, accounting, tax filing, assurance and other corporate tasks is based on their level of knowledge, skills and expertise that have been demonstrated through the years.

Income Tax Filing

Onestop is committed to offering income tax filing services that enable businesses to be 100% tax compliant. Tax deductions and tax exemptions are well executed through the firm’s optimized tax planning strategies. When you engage Onestop firm for tax planning and filing of tax returns, you can be assured of enjoying tax benefits that your company is considered eligible for, and such can have a huge impact on your company finances.

Originally published by onestop-audit.com

January 12, 2021 Business No comments yet
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