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Steps to Follow with Incorporation of Company in Singapore

Incorporation of company in Singapore doesn’t have to be a complex process especially when you engage the services of a reputable firm that offers corporate services such as Onestop Assurance Singapore. Singapore has become a thriving business destination especially for foreigners seeking to extend their business base.

Here are the steps to be followed when registering a company in Singapore;

Company Name Registration

The first step to get started with is to check for availability of the proposed company name. Once the name has been confirmed as available, an application can then be made to Accounting and Corporate Regulatory Authority (ACRA) for approval so that the name can be used for incorporation of company. There are certain guidelines that the names chosen should meet and these include;

  • The name chosen should not include a patent name or a trademark.
  • The name should not be similar to any other existing business name
  • There should be a signed consent to change the name in case it’s found to exist somewhere.

During the company registration process, ACRA will require that they get furnished with the proposed activities of the company being incorporated. Licenses from other government bodies that are proposed before the business begins may also be provided.

Appointment of a local director

It’s a statutory requirement that all of the companies registered in Singapore should have one local director. Working with a reputable corporate service provider  in Singapore that offers nominee director services can help with ensuring that a reputable person is engaged for the task. Foreigners considering incorporation of company in Singapore should work with a local director who clearly understands their role and position in the company.

When appointing a nominee director in Singapore, it’s important to note that any person who is above 18 years of age can be appointed.

Shareholders

When considering registration of company in Singapore, the minimum number of shareholders should be one and a maximum of 50. The minimum paid up capital should be S$1 and a person can either become a shareholder by purchasing the company shares or by subscribing for shares. Working with corporate service providers in Singapore such as Onestop Assurance Singapore can be of great help as they are well versed with the process and will be able to carry out the registration process in a very efficient and cost effective way.

Company secretary services

It’s a statutory requirement that every registered company have a company secretary who should also be in charge of ensuring statutory compliance. Working with reputable service providers that offer company secretary services in Singapore can be quite cost effective and also helps in ensuring that the company gets quality service.

Registered Address

It’s a requirement that the company being registered have a physical company address where various registers that should be maintained by law are kept.

Incorporation

Once all the steps have been observed, the person responsible for the process can then goes ahead and submit the relevant documents and execute the registration process.

Originally published by onestop-audit.com

January 12, 2021 Business No comments yet
Corporate Secretarial Services in Singapore

Importance of Corporate Secretarial Services in Singapore

When considering the incorporation of a company in Singapore that’s capable of yielding the desired results and contributing to the economy of the country; it’s important to note that such a task can never be achieved by just an individual or a few people. It’s vital that the company engages a firm that offers corporate secretarial services in Singapore. A company secretary in Singapore plays such an integral part in ensuring that businesses perform efficiently.

It’s a statutory requirement in Singapore that every company registered in Singapore appoints a company secretary within six months of registration as stipulated in the company law of Singapore. There are however, a number of companies that prefer outsourcing such services and that’s due to a number of issues. A company secretary has to be an individual who is over 18 years of age. The person appointed must be a resident of Singapore and must have professional qualifications and the experience required to execute the required tasks.

Here are the reasons why corporate secretarial services in Singapore are important;

  • Observes statutory compliance
  • Ensures corporate governance
  • Prepares and files the various reports and forms
  • Maintains custody of company seal
  • Engages with shareholders on administrative matters and communication

Statutory compliance

The Accounting and Corporate Regulatory Authority is a government body that ensures business compliance in Singapore. The work of a company secretary is to ensure that the company’s annual reports alongside other statutory requirements are observed and filing is done on time. If in case ACRA fails to receive the returns; it’s the company secretary that gets contacted. Issues of corporate compliance require a high level of expertise and engagement of personnel that’s well versed with the roles and responsibilities of a company secretary. Working with a reputable firm such as Onestop CA for the provision of Corporate secretary services in Singapore can be of great help.

When you engage a reputable firm for company secretary services in Singapore, it will be their task to ensure that statutory filings are done in time and compliance is observed. The company therefore, doesn’t have to worry about any serious consequences that come with missing deadlines such as demands to pay penalties.

Corporate Governance

The aspect of corporate governance is becoming quite critical in today’s business environment and this is due to a number of reasons. Company secretary services in Singapore continue to evolve from that of an administrative member of the board to a role that encompasses a much broader role which might also include engaging in the company’s corporate governance. It’s become the duty of a company secretary to ensure the development and implementation of processes that promote and also sustain good corporate governance.

The dynamics of boardrooms are shifting and it’s vital that robust governance arrangements that are clearly documented and communicated to the company be put in place. Working with a reputable firm that offers robust company secretary services in Singapore such as Onestop CA has the potential of ensuring an effective framework for corporate governance is put in place for sustained business growth and progress.

Originally published by onestop-audit.com

January 12, 2021 Business No comments yet
Nominee director in Singapore

Functions and Roles of a Nominee Director in Singapore

According to Singapore’s company Act, it’s a requirement that a company registered in Singapore should have at least one local director who is a resident of Singapore. A nominee director in Singapore is therefore a person who is obligated to act in accordance to the instructions, directions and wishes of another person. Any foreigner that’s considering incorporation of company in Singapore should therefore consider hiring a resident to act as a director of the company and the hired director is referred to as the nominee director.

The nominee director in Singapore represents the interests of the appointing person or group and has the same obligations and responsibilities as that of a regular resident director. The obligations may arise from an agreed contract, from trust or informal arrangement. As a representative of the company that has appointed him, a nominee director is the ideal person to order the company on almost anything. The company is also bound by such acts and committed to the outcome that may result from their actions.

Here are some of the functions and roles of a nominee director in Singapore;

Should act in good faith and in the best interest of the company

A nominee director is required to act in good faith and in the best interest of the company whenever they are making any decision. They are expected to prove undivided loyalty and unquestionable integrity as they handle company matters. Engaging a reputable firm such as Onestop Assurance Singapore for nominee director services in Singapore can be of great help as the firm ensures that matters to do with integrity and loyalty to the appointing authority and company is well taken into consideration. The person chosen should be free from demonstration of any third party or personal interests.

A nominee director should be ready to steer clear of any engagements that compromise the best interest of the company. This should be reflected in the tasks they are involved in such as divulging of company information to a competitor or external parties, diverting company opportunities to themselves or a third party, setting up in place a rival firm to compete with the company they are hired to work for as a nominee director in Singapore and in purchase or sale of company assets without proper authority or agreement of the directors.

Demonstrate professionalism, utmost care and diligence

The effective management of a company requires more from a nominee director than just being present. The person chosen for the task should be able to demonstrate the right set of character, skills and experience and all these should be executed in a very professional manner.

Avoid exploiting power and position

A nominee director in Singapore should only use their position, privileges and rights to achieve company end goals and not for harm or prejudice. From the roles shared, it’s clear that ultimate care should be taken when appointing a nominee director in Singapore and that’s why working with a reputable firm such as Onestop Assurance Singapore can be of great help.

Originally published by onestop-audit.com

January 8, 2021 Business No comments yet
Income tax filing

Basic Taxation Tips in Singapore|Income Tax Filing

Singapore is considered a tax haven due to the tax incentives given to foreign investors who decide to invest in the country. Taxation is a key requirement by every government as it’s what is used to develop a specific country, create a better community, environment, and a more vibrant economy. Singapore follows a territorial type of taxation where individuals and companies are mainly taxed on the income sourced in Singapore. Having knowledge of the basic taxation tips can be of great help when considering income tax filing.

Working with a reputable corporate service provider in Singapore can be quite beneficial as they are well versed with all tax related matters in Singapore. The corporate tax rate is at a flat rate of 17% and top tax marginal rate is 22% with the highest tax bracket defined as income that’s above $320,000. The fact that it doesn’t tax capital gains is another key factor that makes investing in the country to be considered as appealing to foreigners. Working with a tax expert for income tax filing makes it possible for one to benefit from eligible tax reliefs.

In Singapore foreign income is not generally taxed even if it’s remitted in Singapore for example, rent income earned from a property that’s not in Singapore is not viable for tax. However, if you have a registered company in Singapore it’s important to note that all of your trade income will be subject to tax in Singapore. Working with a reputable firm for tax filing services can greatly help with ensuring compliance. The Inland Authority of Singapore (IRAS) uses the below Singapore tax system;

Tax Residency and Tax Rates

It’s advisable that one gets to determine the status of their tax residency in Singapore as this has the potential of affecting not just the amount of tax that one gets to pay but also the types of tax exemptions and reliefs that one can claim. When working with a tax expert in Singapore to help with tax filing, you will be well versed with the various deductions that can help with lowering the tax amount that you’re likely to pay.

Tax residency is normally determined by both quantitative test which refers to one’s physical presence in Singapore and qualitative test which implies to the social and economic ties that one might be having in Singapore such as social and economic ties, permanent of stay, family ties and employment. One can either be a resident or nonresident of Singapore based on a number of issues.

One is considered a resident in Singapore if they have either stayed or worked in the country for at least 183 days within a calendar year. One is also considered a resident if they have either stayed or worked in Singapore for two continuous years or for three consecutive years continuously.

Tax Planning Tips

To effectively have a clear tax planning in place, it’s advisable that you engage a corporate service provider in Singapore. With a reputable tax expert in place, you will be able to gain from this basic taxation tips;

  • You will be able to maximize the use of available tax reliefs.
  • You will easily know whether you qualify for not ordinarily resident scheme and other tax benefits.
  • If you’re a foreigner, you will get to know how to review your country’s double tax agreement with Singapore so as to check what income might be exempt in Singapore.
  • You will also be able to know whether you qualify for the area representative scheme.

Originally published by onestop-audit.com

January 8, 2021 Business No comments yet
Audit firm in Singapore

3 Things to Consider When Choosing Auditing Services in Singapore

Choosing a reputable audit firm in Singapore can be likened to choosing a business partner. The success and credibility of your business heavily rely on the audit firm that you settle for just as it is with a business partner. Accounting and auditing firms in Singapore offer an array of services such as tax filing, bookkeeping and accounting tasks, advisory services and more. As a general rule, it’s advisable that you hire an audit firm in Singapore that’s credible, dependable, and has the required expertise to handle financial records.

Lack of proper financial management can potentially lead to business failure and that’s why it’s vital that you work with a reputable audit firm instead of just working with an individual. An audit firm has in place a team of professionals that are well versed on a number of professional services and engaging them can be quite cost effective. Hiring the right audit firm in Singapore has the potential of bringing a positive impact on your business operations overall.

Here are some of the things to consider when choosing an audit firm in Singapore;

Specialization

A good auditing firm should be able to provide a range of corporate services such advisory, accounting, tax filing, tax planning, financial reporting and more. The audit firm that you engage should have a team of professionals that are experts in their various corporate services fields. When you hire such an audit firm, you not only benefit from business advisory services but can be assured that your financial records will be accurate and capable of revealing the true status of your company.

In depth knowledge on taxation

Income tax filing is a statutory requirement that companies should adhere to and failure to abide by such has the potential of attracting penalties. When choosing auditing services in Singapore, you should find out if they are well versed with taxation issues. They should be well versed with taxation information and tax laws. Ensure that you engage a firm that’s capable of doing accurate company’s financial reporting according to IRAS tax regulations. The firm engaged to offer auditing services should be well versed calculating tax liability, and should also ensure that compliance to statutory obligations is observed.

Qualifications and Credibility

Qualifications of the personnel working for the firm that you choose to engage for auditing services in Singapore is another key factor to consider. You should take time and get to know the level of qualification of those entrusted with working on your financial record. You can be assured of quality service if the firm has in their team CA professionals as that’s proof that they have the qualifications and required expertise to do your auditing work effectively. Apart from the qualifications, the ideal firm should be well versed with companies Act regulations in Singapore

Proven expertise is quite critical and should be ascertained before settling on the perfect firm that’s offering auditing services in Singapore. Factors such as fees and level of experience are also vital and should be considered when choosing auditing firm in Singapore

Originally published by onestop-audit.com

January 8, 2021 Business No comments yet
audit firm in Singapore

Why Engage Onestop CA Singapore for Audit and Assurance

Apart from fulfilling regulatory obligations as required by ACRA Singapore, another key reason for engaging an audit firm in Singapore is to provide reasonable assurance that the financial records are accurate. With a huge range of audit firms that purport to provide satisfactory audit of financial records; working with a reputable firm such as Onestop CA Singapore can be of great benefit to your company.

Onestop has an audit methodology that focuses first on having an understanding of the client’s business then goes ahead to identify some of the key risk areas to focus on. The audit firm in Singapore has a team of accounting and audit professionals that proceeds to undertake an assessment and analysis of the accounting records so as to evaluate the effectiveness of the company’s internal controls on those risk areas.

This process is then followed by determining and managing any audit risk that might arise from the evaluation undertaken. An additional assessment and a performance of additional audit procedures can then be undertaken before offering advice. Such a detailed assessment and analysis of financial records require the engagement of an audit firm in Singapore that has the in place a team of CA professionals and the technological infrastructure that helps in ensuring all of the tasks are done in a transparent and seamless way.

Such an approach to evaluating unaudited records helps with ensuring that the audit task is carried out in a timely and efficient manner without neglecting any key material or risk areas. Onestop CA Singapore is well known for their high quality work with their diverse portfolio consisting of both local and multinational corporations. The team has a great balance of business and technical knowledge that makes it easy for the audit firm in Singapore to serve various industries effectively.

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

Integrity, Professionalism and Objectivity

The hallmark of Onestop Audit practice is based on integrity, objectivity and professionalism. This reputable audit firm in Singapore has a dedicated team of competent professionals that work actively with clients to ensure that the financial records are accurate and with no loopholes for mistakes. Some of the areas given emphasis when it comes to undertaking internal audit for companies include;

  • Assessing and evaluating the internal control structure and processes.
  • Identification of key risk areas and the controls that are lacking and should be put in place.
  • Re-engineering of the cumbersome and unclear processes so as to achieve cost maximization and operation efficiency.
  • Constant reassessment of key controls and identification of the new processes so as to ensure that they remain relevant to company needs.

In-depth Analysis of Financial Status

If you’re considering acquisition of any property and in need of in depth analysis of the financial status alongside any risk issue associated with the acquisition then you need an audit firm in Singapore that’s capable of investigating and evaluating any investment opportunity that your company is interested in. Onestop CA Singapore is capable of observing due diligence in such matters. The firm has a team with multi-disciplinary expertise and is capable of uncovering every major risk and with the ability to validate every value driver by practicing a rigorous due diligence process so as to ensure the client has valuable information that can help with clear decision making process.

Originally published by onestop-audit.com

January 6, 2021 Business No comments yet
audit firm in Singapore

3 Key Facts about Statutory Audit firm in Singapore

Statutory audit is a requirement by the Accounting and Corporate Regulatory Authority (ACRA) that companies incorporated in Singapore should adhere to.  It is a type of external audit that should be conducted annually by companies that meet certain set criteria and it’s aimed at meeting specific set regulations as per the legislation. ACRA is the authority that governs the laws and regulations of companies. Every company registered in Singapore is required to appoint an auditor within its three months of incorporation of company unless the company is exempted from audit.

Audit exemptions only apply to companies that are categorized as “small company or small group”. A company is considered to qualify as a small company if;

  • It’s a private company within the financial year in question
  • If it meets at least 2 or 3 of the below criteria for immediate past two financial years.
    • If the total revenue is less than $10million
    • If total assets is less than $10million
    • If the number of employees are below 50

For a company to be considered as part of a group and qualify for audit exemption it should meet the following criteria;

  • The company must qualify as a small company
  • The entire group must be a small group

Here are some of the facts about statutory audit in Singapore;

Understand status of company

In order to observe compliance with regard to auditing of financial records; it’s advisable that one gets to understand the status of the company. You should be well versed with how your company is categorized and whether it’s classified as a small company or not. Working with a reputable audit firm in Singapore such as Onestop CA Singapore can be of great help as you get to engage a team of accounting and audit professionals with in depth knowledge of statutory requirements and compliance issues.

Penalties for Non-compliance

Another key fact to be aware of with regards to statutory audit is the penalties that a company is likely to incur in case of non-compliance and such can be avoided if you work with a reputable audit firm in Singapore. Failure to appoint an auditor in Singapore within the stipulated time can attract penalty. Presentation of inaccurate information to ACRA in Singapore is also a punishable offense and may incur penalties. Engaging a reputable audit firm in Singapore can greatly help in ensuring that compliance is observed and penalty is avoided. There are requirements that a company should furnish the registrar with according to Section 173A (1) of the Companies Act and working with CA professionals that understand the scope of what is required is important.

Audit Methodology

When engaging an external auditor in Singapore, it’s advisable that you work with an audit firm that clearly understands what your industry entails and can identify key risk areas. Their auditing methodology should be that which entails assessing and evaluating the effectiveness of the client’s internal control and the key risk areas. Onestop CA Singapore has a very clear and innovative methodology that ensures satisfactory audit of financial records is undertaken.

Originally published by onestop-audit.com

January 6, 2021 Uncategorized No comments yet
audit firm in Singapore

Importance of Internal Audit to a Company

Internal auditors are viewed more like the company’s watchdog. Their tasks are diverse and generally entail objectively examining the accounting records and financial documents of a company. They also engage in reviewing operating procedures, risk management functions, regulatory compliance, security processes, and such within the various departments. To ensure that your internal controls are effective and the financial processes flowing as required; it’s advisable that you consider engaging a reputable audit firm in Singapore for internal audit services.

Having an internal auditor can be of benefit to an organization in diverse ways. Internal auditors are also tasked with the responsibility of looking for discrepancies that lie between the operational processes and what the processes are designed for. Once such discrepancies are identified, they are expected to advice the senior management on the processes that should be implemented. The work of an internal auditor helps with ensuring operational efficiency and financial reliability and also acts as a safeguard to the assets.

Here are some of the reasons why internal audit is important;

Increases Productivity

The objective of internal auditor is to engage in consulting activities that are designed to add value and also improve company’s operations. Such a move can help a company to realize their strategic objectives by undertaking a systematic and disciplined approach towards evaluating and improving governance processes, risk control and management. Engaging an audit firm in Singapore such as Onestop for such services helps with ensuring that innovative measures are put in place to ensure that the financial records are accurate and beyond reproach and that has the potential of increasing productivity.

Enhances Confidence in Stakeholders

It’s the duty of the internal auditor to report to the executive management that important risks have been effectively evaluated and necessary improvements taken into consideration. Such a move helps with enhancing the stakeholder’s confidence as they get to develop the confidence that the executive management is doing their work on behalf of the stakeholders effectively.

Detection of Fraud

Instead of waiting until the external auditors perform their annual audit; having an internal auditor can greatly help with detection of fraud and that makes it possible for the necessary measures to be taken early enough. Regular internal audits help with assessing company’s controls so as to uncover any evidence of waste, abuse or fraud.

Quality Control

Internal audit combines both assurance and consulting tasks. Assurance entails informing the management on how well the processes and systems are designed and how it helps with ensuring company’s goals are kept on track. Consulting entails advising the management on how the systems can be improved; the processes to be followed and if it’s necessary.

Good Corporate Governance

Internal audits help with the evaluation of a company’s internal controls including the accounting processes and corporate governance. Working with a reputable audit firm in Singapore for such tasks helps with ensuring compliance that the laws and regulations are observed. It also helps with ensuring that timely and accurate financial reporting is observed.

Working with a reputable auditor in Singapore for internal audit services helps with ensuring that operational efficiency is maintained by identification of problems and making the necessary correction before an external audit is undertaken.

Originally published by onestop-audit.com

January 6, 2021 Business No comments yet
Audit firm in Singapore

How Auditing Enhances Credibility and Good Financial Management of a Company

The requirement for companies registered in Singapore to be audited if they meet a certain set criteria is not only beneficial to the government but to the individual company as well. Having your company’s financial statements audited by a reputable audit firm in Singapore is likely to be the cornerstone of confidence not only to the government or the financial institutions but to the stakeholders as well. Auditing of financial records provides the assurance that the management has presented to the relevant bodies the true and fair view of the company’s financial position and performance.

Due to the importance of auditing, queries get raised often about the audit methodology, the audit firm and the stakeholders involved. The filing of audited financial records therefore provides that useful background information on what the financial position of the company entails. Audit practice consists of assessment and evaluation of the financial records with the intention of expressing opinion on whether the records are accurate and well presented. When you engage an audit firm in Singapore for auditing purposes; their performance has the potential of impacting on the credibility of your audited financial records.

In order to enhance the degree of confidence in your financial statements; it’s advisable that you engage a reputable audit firm in Singapore that clearly understands your business and is capable of carrying out a rigorous audit process that potential investors, lenders, suppliers and all the stakeholders are likely to find to be satisfactory. Apart from engaging in active assessment and evaluation of the financial records; undertaking a rigorous audit enables those involved to identify insights on areas where the management can improve the business processes or control.

The audit firm in Singapore that’s engaged for the task should be able to effectively communicate control deficiencies to the management and those charged with the task of governance. Communicating such may help with adding value to the company and may also enhance the overall quality of the business processes. Here are some of the ways in which auditing enhances credibility and good financial management of a company;

Auditing takes into account Evolving Factors

The auditing environment is a key factor that influences the quality and credibility of the financial records. When engaging an auditing firm for the task of undertaking auditing of financial records; it’s vital that a company takes into consideration matters that impact on the auditing process and environment. The changing legal and economic environment can have significant implications on a company’s operations and financial reporting. Any changes that might arise such as changes in the business, economy, laws and regulations tend to increase the risks affecting a company and such require adequate response as well as disclosure in the financial statements. When you engage a reputable audit firm in Singapore such as Onestop CA Singapore; you can be assured of a financial reporting that takes into consideration the evolving factors that has the potential of impacting the company.

Financial Reporting

When it comes to auditing and financial reporting; it’s important to note that the audit firm in Singapore that’s engaged for the task should be able to express their opinion and also indicate that reasonable assurance has been obtained that the financial statements are accurate and free of any fraud or error and that’s presented in accordance to the relevant accounting standards.

Originally published by onestop-audit.com

January 6, 2021 Business No comments yet
Incorporation of Company

Steps to Follow with Incorporation of Company in Singapore

Incorporation of a company in Singapore doesn’t have to be a complex process especially when you engage the services of a reputable firm that offers corporate services such as Onestop Assurance Singapore. Singapore has become a thriving business destination especially for foreigners seeking to extend their business base. 

Here are the steps to be followed when registering a company in Singapore;

Company Name Registration

The first step to get started with is to check for availability of the proposed company name. Once the name has been confirmed as available, an application can then be made to Accounting and Corporate Regulatory Authority (ACRA) for approval so that the name can be used for incorporation of company. There are certain guidelines that the names chosen should meet and these include;

  • The name chosen should not include a patent name or a trademark.
  • The name should not be similar to any other existing business name
  • There should be a signed consent to change the name in case it’s found to exist somewhere. 

During the company registration process, ACRA will require that they get furnished with the proposed activities of the company being incorporated. Licenses from other government bodies that are proposed before the business begins may also be provided. 

Appointment of a local director

It’s a statutory requirement that all of the companies registered in Singapore should have one local director. Working with a reputable corporate service provider  in Singapore that offers nominee director services can help with ensuring that a reputable person is engaged for the task. Foreigners considering incorporation of company in Singapore should work with a local director who clearly understands their role and position in the company. 

When appointing a nominee director in Singapore, it’s important to note that any person who is above 18 years of age can be appointed. 

Shareholders

When considering registration of company in Singapore, the minimum number of shareholders should be one and a maximum of 50. The minimum paid up capital should be S$1 and a person can either become a shareholder by purchasing the company shares or by subscribing for shares. Working with corporate service providers in Singapore such as Onestop Assurance Singapore can be of great help as they are well versed with the process and will be able to carry out the registration process in a very efficient and cost effective way.

Company secretary services

It’s a statutory requirement that every registered company have a company secretary who should also be in charge of ensuring statutory compliance. Working with reputable service providers that offer company secretary services in Singapore can be quite cost-effective and also helps in ensuring that the company gets quality service. 

Registered Address

It’s a requirement that the company being registered have a physical company address where various registers that should be maintained by law are kept. 

Incorporation

Once all the steps have been observed, the person responsible for the process can then goes ahead and submit the relevant documents and execute the registration process.

Originally published by onestop-audit.com

December 30, 2020 Business No comments yet
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