#1 Singapore Monthly Accounting Services
Singapore Company Incorporation Services
4S Accounting is the provider of administration and financial services for small to medium-sized companies in Singapore. We help to incorporate Singapore companies and provide company administration services to them. The details of our services are listed below.
Singapore has always been the leading financial hubs in Asia. Many foreign investors set up their businesses in Singapore due to the political stability, skilled workforce, strong trade and decent investment. But because of that, there are proper procedures to follow for company incorporation – it involves a fair amount of paperwork and time. We offer our professional services to help meet legal compliance and business consultation so you will not be stress by it and able to focus more on your business operation plans. 4S Accounting provides a wide range of services, Company Incorporation Services, Accounting Services, Reporting Services, Taxation Services, Secretarial Services and Human Resource.
Furthermore, in 4S Accounting Singapore, we like the idea of providing One-stop Solutions, so do contact us today if you are setting up your business in Singapore.
In Singapore, a corporate entity is the key for an entrepreneur to begin and venture his or her great idea. In order for it to be successful, an entrepreneur must know what type of entity is suitable.
There are 4 main types of business structures to choose from. They are:
Sole-Proprietorship (one owner) or Partnership (two or more owners)
Limited Partnership (LP)
Limited Liability Partnership (LLP)
Company (Pte Ltd)
Outsource accounting is very common and beneficial to small and medium entities. It helps to provide the same function of a employed accountant. As the technology is getting advance and common, cloud accounting is being one of the useful basic accounting platform for the entities. Not only enables the management of the company to access the accounting system anytime and anywhere, it helps to provide them with first hand information for their business decision making.
The Accounting Standards Council (ASC) is responsible for the formulation and promulgation of accounting standards in Singapore. These accounting standards include the Singapore Financial Reporting Standards (International) (SFRS(I)s), the Financial Reporting Standards (FRS) and the Singapore Financial Reporting Standard for Small Entities (SFRS for Small Entities). In addition to prescribing accounting standards for companies, the ASC also prescribes accounting standards for charities, co-operatives societies and societies.
A company is taxed on the income earned in the preceding financial year. This means that income earned in the financial year 2018 will be taxed in 2019.
With effect from YA 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company.
Tax Exemption Scheme for qualifying New Start-Up Companies are given the first three consecutive YAs where YA2020 onwards:
75% exemption on the first $100,000 of normal chargeable income; and
A further 50% exemption on the next $100,000 of normal chargeable income.
A company secretary is an officer whose responsibilities are providing administrative and reporting functions mandated by law. He or she has to assist the company directors to ensure that the company meets the regulatory obligations such as Annual general meeting submission, and more. That's why if the company has only one director, he or she cannot act as a company secretary but more than one director, one of the directors can also act as a company secretary.
All companies incorporated in Singapore must fulfill a key requirement of appointing a company secretary who must be a resident of Singapore.
Nominee Resident Director
A director is a nominee if the director is accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of any other person. The obligation to act in accordance with the directions, instructions or wishes of any other person may arise from legal obligations (e.g. contract; trust) or informal arrangements. For example, a director is a nominee of a person with a shareholding in a company if he is appointed by that person to the board of directors of the company and he acts in accordance with the directions, instructions or wishes of that person.
Goods and Services Tax or 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. In other countries, GST is known as the Value-Added Tax or VAT.
GST exemptions apply to the provision of most financial services, the sale and lease of residential properties, and the importation and local supply of investment precious metals. Goods that are exported and international services are zero-rated.
In Singapore there are various type of permits for an local company to employ a foreign talent:
Personalized Employment Pass:-
is for high-earning Employment Pass holders and overseas foreign professionals. It is not tied to an employer and offers greater flexibility than an Employment Pass. Employment Pass:-
foreign professionals, managers and executives with acceptable qualifications.
mid-level skilled staff with the relevant qualifications and work experience.
semi-skilled foreign workers in the construction, manufacturing, marine shipyard, process or services sector.
At times, when you paid a fee to a service provider it included services that you actually do not required, spending extra which you can save instead. We believe in spending on what you need, therefore we provide Ad-Hoc Services which helps to reduce unnecessary cost, concurrently fulfill your needs.