Company Incorporation
All forms of business organisations in Singapore need to be registered with ACRA. We provids support and assistance to companies and individuals on matters pertaining to Singapore company incorporations. We assist in the preparation of all the necessary documents required for submission relating to the setting up of public and private companies, branch offices, representative offices, sole proprietorship, partnerships, limited liability partnerships and business name.
As a legal entity registered under the Singapore Companies Act, it is possible for a company to sue and be sued in its own name. It is also able to own or hold any property.
The sizeable number of advantages such as limited personal liability and tax advantage make a private limited company the most preferred form of business entity in Singapore.
For instance, for the first 3 years of assessment, the first S$100,000 of the chargeable income, is tax exempted. After exemption, the company chargeable income is taxed at corporate tax rate of 17%.
To incorporate a Singapore company, the following information is required:
Name of Proposed Company
Singapore-registered office address
Minimum initial share capital is S$1
Minimum 1 Shareholder
At least 1 Local Director
1 Company Secretary
-Passport/IC of Shareholder(s) and Director(s)
If the Shareholder (s) or Director (s) are foreigners, a proof of foreign residential address is required (a copy of recent utility bills or residential telephone fixed line bills, driving license or other documents that proof the validity of residential address)
Corporate Secretarial Services
What is a corporate secretary? Within any organization, a Corporate Secretary’s duties include ensuring the integrity of the governance framework, being responsible for the efficient administration of a company, ensuring compliance with statutory and regulatory requirements and implementing decisions made by the Board of Directors.
All business in Singapore, whether in the form of companies, foreign companies, limited liability partnerships, partnerships or sole proprietorships need to comply with strict rules laid down by the Accounting and Corporate Regulatory Authority (ACRA). It is mandatory for every private limited company to appoint a qualified company secretary within 6 months of its incorporation. In addition, in case of a sole director/shareholder, the same person will not be allowed to act as the company secretary. The company secretary must be a natural person who is ordinarily resident in Singapore. Our wealth of experience, high degree of technical knowledge and understanding of up-to-date compliance requirements ensure specialised, effective and efficient care of both routine and extraordinary company matters.
The scope of Company Secretary includes:
Preparation and maintenance of resolutions and minutes in respect of opening of bank accounts, changes in the officers of the company etc.
Preparation and maintenance of minutes of general meetings in respect of the annual general meeting.
Preparation and filing of the statutory returns to be lodged with the Accounting & Corporate Regulatory Authority (“ACRA”).
Custody and maintenance of the company’s statutory registers, minute books and other statutory records.
Custody and use of the common seal.
Regular updating of minutes books and statutory registers.
Accounting & Bookkeeping
In Singapore, proper preparation and maintenance of accounting records is a key compliance requirement of ACRA and IRAS. Timely financial reports will also allow enable management to accurately access financial performance and make decisions that are critical to the success of the company.
Bookkeeping involves the process of recording, analyzing and interpreting the financial transactions of a business or individual. The discipline of bookkeeping accounts for a large proportion of the accounting process. Accurate bookkeeping is a necessity if you run your own business. It may seem to be something of a chore but it’s vitally important that you keep track of your revenue and outgoings. Many businesses which would otherwise have been successful have been brought down by their failure to maintain proper financial records. Whether you do it yourself or hire someone else to do it, bookkeeping is essential.
To close the accounts, the following documents are required:
Bank Statements
Invoices / Receipts for expenses
Sales invoices
Tenancy /Lease/Service level agreements (if any)
Payroll listing (if any)
Business Advisory
Our Business Advisory team develops and offers tailored, innovative and comprehensive solutions for specific client business needs that may not require the expression of opinions based on professional standards. Led by partners of industry and function specializations, the main objective of offering business advisory services is to bring more focus to the value proposition by delivering a broader range of advisory services and competencies. Deloitte offers a full range of services to help clients tackle challenges faced in businesses.
Our focus and expertise are in the SMEs to facilitate the growth of businesses from start-up to going public by looking into a diverse business requirement to help them develop strategies, assemble the right management team and put together operations and financial processes to measure and sustain profitability and growth. That being said, we have been experiencing in working with business owners and leadership team across the area of succession, growth, competitiveness and governance, hence we understand their needs in particular of the objectives to formulate a business value proposition to achieve their vision.
Currently, the set of six service solutions includes:
• Finance function resourcing and outsourcing
• Accounting advisory services
• One stop liaison service to support local business start-ups
• Specialised services to financial institutions
• Global IFRS and offerings services (GIOS)
• Real estate advisory services
Executive Search
It is almost impossible for an organization to recover from the missteps and mismanagement that come with poor leadership selection. The pressure is overwhelming to find leaders who have the skills and experience necessary to succeed, are able to define and advance corporate strategy, and simply fit in with the organizational culture. Our executive search services identify and attract these unique leaders, determine ideal organizational fit, and build appropriate frameworks for compensation and retention.
We are also known for our prompt and accurate delivery, and retention of the right executive talent anywhere in the world. We achieve high quality results because of our unique combination of a global footprint, superior local service, well trained consultants, deep industry and market knowledge, as well as a discipline and rigorous methodology.
Whatever your leadership needs, our time-tested and innovative approach lets clients maximize resources, confidently activate their leadership strategy, and attract the leaders who can release the organization's full potential.
Our services include:
Executive search & selection (ESS)
Contract staffing (CS)
Recruitment process outsourcing (RPO)
Human resources outsourcing (HRO)
Payroll outsourcing
Tax Services
The global tax landscape is changing quickly, and the tax function is increasingly expected to contribute to a business’s success and drive growth.
It’s time to elevate the role tax plays in your organization to improve relationships with regulators and better manage emerging risks. With the aid of technology and data tools, the return on investment can be significant.
Our taxation services are flexible depending on the unique needs and actual conditions of your company. Our experienced tax professionals will handle the taxes that your company is entitled to. They have expertise in taxes and strong awareness of the benefits that the government is offering. Thus, engaging with our services will help you save money and give you ample time to focus on the growth of your company. Through tax advice and assistance, our staff will enlighten you on the various aspects of taxes including tax deductions and tax breaks.
Here is our full range of tax services in Singapore that we offer to businesses:
Corporate Income Tax computation and submission
Any income that is “accrued” or received in Singapore by a company will be subjected to tax.
Since January 1, 2003, Singapore has adopted a single-tier corporate income tax system, which means there is no double-taxation for shareholders. Companies will be taxed at 17% from YA 2010 onwards. Tax paid by a company on its chargeable income is the final tax and all dividends paid by a company to its shareholders are exempt from further taxation. There is no tax on capital gains in Singapore. Examples of capitals gains include gains on sale of fixed assets, gains on foreign exchange on capital transactions, etc.
There are three tax exemptions to help companies tide through economic downturns, encourage entrepreneurship and position Singapore as a business hub:
Partial Tax Exemption
Full Tax Exemption For New Companies
Tax Exemption For Foreign-Sourced Income
2. Personal income tax computation and submission
Personal income tax rates in Singapore are one of the lowest in the world. In order to determine the Singapore income tax liability of an individual, you need to first determine the tax residency and amount of chargeable income and then apply the progressive tax rate to it.
Some useful information to note:
Singapore follows a progressive tax rate starting at 0% and ending at 20% above S$320,000.
There is no capital gain or inheritance tax.
Individuals are taxed only on the income earned in Singapore. The income earned by individuals while working overseas is not subject to taxation barring few exceptions.
Tax rules differ based on the tax residency of the individual.
Tax filing due date for individuals is April 15 of each year. Income tax is assessed based on a preceding year basis.
Individual residents in Singapore are taxed on a progressive tax rate. Filing of personal tax return is mandatory if your annual income is S$22,000 or more. You do not need to pay tax if your annual income is less than S$22,000. However, you may still need to file a tax return if you have been informed by Singapore tax department to submit your tax return.
3. Goods and Services Tax (GST) registration and submission
GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. The only exemptions are for the sale and lease of residential properties, the importation and local supply of investment precious metals and the provision of most financial services. Export of goods and international services are zero-rated.
It is compulsory for businesses to come forward to register for GST when their taxable turnover exceeds $1 million per year. Businesses that do not exceed $1 million in taxable turnover may register for GST voluntarily.
4. Tax planning
Despite the fact that Singapore taxation is well regulated, competitive and comes with a slew of tax incentives, it is imperative to make tax planning in Singapore for business and investment planning. Tax is an ever present cost of the businesses that needs to be minimized in order to maximize the level of business profits. Nevertheless, Singapore tax planning must not be seen as an attempt towards tax evasion. A proper tax planning helps businesses reduce its tax obligation and enjoy maximum business profits.
Payroll
As per the Singapore Employment Act., companies need to pay exact salary to their employees in a timely manner within 7 days after the end of salary period. Upon failure to comply with this rule, companies will either be penalized or will be held responsible for an offense under the Employment Act. Therefore, preparing and dispensing salaries in time becomes all the more important for companies.
Payroll is directly associated with employee compensation. If the system you use to process your payroll has a weakness, it could affect paycheck accuracy. Payroll involves more than simply compensating your employees for time worked, and inaccuracy may lead to consequences other than paycheck errors.
Managing salary calculations and disbursements can be time consuming and costly. Correct payroll processing saves precious time and resources for the organization. By outsourcing your payroll processing, it frees your resources to focus on core strategic business as opposed to operational administrative tasks. It eliminates the need to cancel payments, recalculate and issue manual replacement checks. The payroll department builds trust in its processes, reducing the incidence of employee complaints and grievances. It also can spare the company from legal cases and penalties in case of incorrect remittances for taxes and other payment to third parties.
Biz Vision will help you overcome the complexities and risks associated with sourcing, managing and delivering payroll services. These are the services that we provide:
Payroll Processing
We will process your Singapore payroll by accurately calculating salaries of your staff on a monthly or weekly basis. The entire process includes salary credits, production of pay-slips and credits into CPF / MPF accounts of your employees.
Disbursement of correct salary to the employee via online transfer, cash or cheque
Ensure compliance to the laws pertaining to CPF, SDL and other statutory donations
Ensure timely submission of CPF and other legal payroll Singapore related documents
Tracking Salary Increments
We will update the Singapore payroll information related to salary increments of your employees. We will also adjust the differences occurred due to salary increase.
Timely updation of tedious and time-consuming salary variation data is an important part of our Singapore payroll service
Ability to edit the payroll data quickly as per the changes in the salary of the employees
Exhaustive Singapore payroll data back-up ensures peace of mind
Allowances and Deductions Management
Maintenance and management of allowances, deductions, arrears, savings, and loans for your employees, is the top priority of our payroll services Singapore.
Calculation of correct salary, after including all the allowances and deductions
Computing the salary for new joiners and resigned employees based upon the number of working days registered by them
Singapore payroll service takes away the laborious task of data gathering and computing
Employee Information Tracking and Maintenance
We will assist in tracking and maintaining data and movements of your employees.
As a part of our Singapore payroll services, we cipher the exact amount of salary to be disbursed,when the employee has moved to other location, locally or internationally
Calculating Variables
We will help in calculating monthly overtime, shift hours and commissions payable to your employees.
Payroll services in Singapore helps to gather precise variables and calculation of accurate salary
Adjustments made to the tax deductions based on the investments done by the employee
Provision for including maternity, sabbatical, annual and balance leave calculations
Reports Preparation
We prepare customized reports for general ledger maintenance. Besides, we also assist in preparing monthly payroll reports and Central Provident Fund (CPF) reports, as a part of our payroll services in Singapore. We also perform special bonus runs and prepare tax forms, wherever applicable, for IRAS submission.
Our Singapore payroll services ensure that the reports are generated and submitted on time
Changes made to the report in case of changes in the employee’s dossier
HR Services
Our HR service structure is the friendliest in the industry. We actually tailor them to meet your success.
Help in starting your company with right employment terms and policies
Day-to-day support for your HR and Payroll needs
Assurance that your HR and payroll policies and practices comply with the imposed statutory regulations
Additional services like HR transformation and HR crisis management
