Singapore
Why Singapore is an ideal place to set-up a business?
- Singapore is well known for its ease in setting up and maintaining a Company.
- Singapore is one of the most open economies of the world.
- Singapore is specifically geared to enable the free enterprise to flourish with a minimum of bureaucracy and restriction.
- Singapore combines a simple low tax system and free-market principles. There are no ownership restrictions on citizenship. Foreigners can invest in almost any business and own up to 100% of their capital.
- Corporate profits in Singapore are at two levels, with the first band charging 8.50% for the first 200.000 SGD profit and then 17% for anything two hundred thousand Singapore dollars, but foreign revenue is not taxable even if remitted to Singapore.
- For the first three years of operation, a tax exemption scheme is granted, the applicable corporate tax rate is 4.25% for profit up to 100,000.
- There is no capital gains tax, withholding tax on dividends or interest and inheritance tax.
- Singapore serves as a regional financial and business hub for the Asia Pacific region.
- Singapore’s appeal is built on his political stability, the rule of law, the free flow of information and the use of English as a business language.
- Singapore offers a strong pool of well-qualified local talent, while business immigration policies facilitate the recruitment of professionals from other countries.
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Company Governance
Company Setup
Singapore is well known for its ease in setting up and maintaining a Company.
Singapore is one of the most open economies of the world.
Singapore is specifically geared to enable the free enterprise to flourish with a minimum of bureaucracy and restriction.
Singapore combines a simple low tax system and free-market principles. There are no ownership restrictions on citizenship. Foreigners can invest in almost any business and own up to 100% of their capital.
Singapore’s tax system is territorial. Corporate profits in Singapore are at two levels, with the first band charging 8.50% for the first 200.000 SGD profit and then 17% for anything 200.000 SGD, but foreign revenue is not taxable even if remitted to Singapore. There is no capital gains tax, withholding tax on dividends or interest and inheritance tax.
For the first three years of operation, a tax exemption scheme is granted, the applicable corporate tax rate is 4.25% for profit up to 100,000 SGD.
There is no capital gains tax, withholding tax on dividends or interest and inheritance tax.
Singapore serves as a regional financial and business hub for the Asia Pacific region.
Singapore’s appeal is built on his political stability, the rule of law, the free flow of information and the use of English as a business language. Singapore offers a strong pool of well-qualified local talent, while business immigration policies facilitate the recruitment of professionals from other countries.
Company Secretary
ALGEBRA is Licensed Filing Agent registered with ACRA
Our specialized company secretarial compliance service provides you with the security and peace of mind of having the company’s statutory books and annual returns systematically maintained.
Clients who take advantage of this service are assured that all necessary returns and statutory requirements are completed on time, signed and lodged with ACRA.
Company’s secretarial records are properly maintained. To comply with this requirement, company documents must be properly prepared according to the Companies Act and lodged with the Accounting and Corporate Regulatory Authority (ACRA).
Types of business structures are:
- Sole proprietorship
- Partnership
- Limited Partnership
- Limited Liability Partnership
- Local Private Companies:
- Private Limited Company
- Exempt Private Limited Company
- Local Public Companies
- Company Limited by Share
- Company Limited by Guarantee
- Foreign Companies
(Singapore Branch Office) - Representative Office
(non-trading, for a market survey)
Algebra offers a comprehensive range of Corporate Secretarial Services, including:
- Formation of Private Limited Companies and LLP
- Provision of a local resident Company Secretary for your Company
- Filing of Annual Returns
- Change in Share Capital Structure Transfer and Allotment of Shares
- Change of Directors, Managers, Auditors and Company Secretary
- Change of Registered Office Address
- Provision of Registered Office
- Change of Financial Year End
- Change of Company Name
- Change of Bank Signatories
- Opening of Bank Accounts
- Amendments/Alteration to Memorandum and Articles of Association
- Facilitation of meetings for Company Shareholders and Directors
Private Limited Company
REQUIREMENTS
A private limited company is the most advanced, flexible, and scalable type of business form in Singapore. It’s also the most preferred type of Singapore business entity for serious entrepreneurs.
Le ragioni della scelta sono riconducibili alla snellezza di gestione, ai costi contenuti e agli adempimenti fiscali e civilistici limitati.
La società, assimilabile alla S.r.l. di diritto italiano, gode del beneficio della responsabilità limitata al capitale sociale versato (Limited) e deve avere un numero di azionisti compreso tra 1 a 50 (Private).The shareholders of a private limited company can either be individuals or corporate entities or both.
The theoretical minimum social capital is 1 SGD. The share capital may be denominated in SGD, EUR or other currency. Company information such as shareholders or directors are public data, accessible through the Singapore Company register (ACRA).
Taxation
The nominal corporate tax rate is capped at 17% but the effective tax rate for profit up to 200,000 SGD is 8.5% For the first three years of operation, a tax exemption scheme is granted, the applicable corporate tax rate is 4.25% for profit up to 100,000.
Management
The Pte Ltd is managed by a director or a board of directors, of which at least one must be legally resident in Singapore. It is mandatory to appoint a qualified “Company Secretary”, the company secretary is responsible for the efficient administration of a company, particularly with regard to ensuring compliance with statutory and regulatory requirements and for ensuring that decisions of the board of directors are implemented.
Constitution procedure
The timing required for the Company constitution is quite short, in two working days we can incorporate a new entity.
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Tax Management
Algebra can help with tax compliance for individuals and companies.
We take care of your deadlines, we prepare the documents for statutory submission for your review and on line signature….the whole process is paperless.
Our tax experts have considerable experience in multiple sectors, they can help your company avoid the risk of sanctions and take advantage of specific tax schemes and grants. For clients operating in niche sectors, we can also cater for more specific tax needs.
Algebra is a home of tax experts who deal with the management of tax compliance for both private clients and companies. We make sure that the quality of our team’s work is adapted to current legislation and the needs of our customers, through different levels of control.
Tax compliance can be complex to manage properly, and the fear of penalties can be intimidating to both individuals and businesses. With the help of a professional, however, tax planning and management can become much easier. Algebra helps individuals and entrepreneurs through comprehensive tax services.
Tax Management
Our team is composed of professionals with the skills and knowledge needed to provide cutting edge consulting services. By hiring us, you can enjoy tax advantages in Singapore, accumulate savings, and so forth. Keep reading for a detailed explanation of our tax consulting services.
What our tax consulting services offer:
Income tax calculations for individuals and corporations
Corporate and personal spendings have tax implications that may have an impact on estimated chargeable income and other similar matters; that being said, it’s essential for companies to obtain fool proof corporate as well as personal income tax computations that are achieved in the most cost and time-efficient way possible.
Filing and submission for Form C (corporate), Form B / B1 (Individual), Form T (trust), Form P (partnership) and others
Filing Form C (enterprise), Form B / B1 (personal), Form T (trust), Form P (Partnership) and others can be time-consuming, not to mention large expenses, especially if performed incorrectly. For these reasons, it is best to have specialists able to provide help and guidance at all stages of the process.
Attend to IRAS queries on tax matters for legal entities and individuals
Tax-related issues may arise from time to time since the Inland Revenue Authority of Singapore (IRAS) regularly releases tax advisory in Singapore and other directives. In line with this, it’s best to have experts who can extensively attend to them, without wasting time in the process.
Estimated income by the company
All Singapore-based companies are legally required to provide Estimated Chargeable Income (ECI). However, some entities are exempt from this specific guideline. Given this factor, it is best to hire specialists capable of handling taxable income and eligible tax expenses. This is necessary because, in addition to declaring ECI, companies must also disclose their revenues on the ECI form. The government has requested this clause since January 2017.
Goods and services tax (GST)
Goods and services tax (GST) is a tax on domestic consumption. The tax is paid when money is spent on goods or services, including imports. It is a multi-stage tax which is collected at every stage of the production and distribution chain. the GST rate is set at 7%, GST registered companies are required to submit periodical GST return.
CAF and Patronage services for Italians residing abroad
Sending and preparation of each tax return, Model 730, Individual Tax Return, Declarations of succession, IMU, TASI, and patronage services such as early retirement, accompanying allowances, disability allowances, etc.
Cross-Border Taxation Services
Transfer Pricing advisory and documentation
(i.e. Master File, Local File, Country-by-Country Reporting and Benchmarking Report)
International Tax advisory and planning
Tax advisory for IPO purpose
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HR and Payroll
Our HR and payroll services are designed to meet the needs of companies that require a reliable, scalable, and flexible service. Using the most advanced technology and platforms on the market, we can automate and simplify HR processes and payroll management.
We can manage international employee mobility, having developed over the years specific expertise in all the jurisdictions in which we operate.
With different rules and regulations in each jurisdiction, it can be challenging to manage these functions internationally. By working with us, you can draw on many years of experience in the jurisdictions in which we operate. We can provide you with an efficient and accurate service, ensuring compliance with local regulations and the safety of your teams.
Employment law is a very complex area, with significant differences in each jurisdiction and constantly evolving. Managing these services in-house is often difficult and inefficient. We support you in managing your HR and payroll needs with flexibility and precision across multiple jurisdictions, using a single point of contact that will interface with our local teams.
Payroll Management
Our team manages payroll processing, e-pay slips, claims, statutory compliance, e-leave management and staff attendance tracking system.
The payroll service is managed through an online software platform complaints with local legal requirement.
Through our software suite we can manage:
- Salaries, overtime, bonuses, sales commissions and deductions
- Contribution
- Claims process – With our partner app, employees can submit their receipts simply snapping a photo. For the management the claim approval process is seamless – one click is all it takes
- Leave submission, approval and tracking – With our partner app, employees can check available leave balance, apply for leave, and even upload supporting documents such as medical certificates on any smart device
- Employees attendance system – Employees can simply clock in or out of work by just pressing “IN” or “OUT” via any mobile device. A photo is then captured and verified through facial recognition powered by AI
- Preparation of annual income tax forms for employees
Visa Application
Our team has supported our clients in hundreds of transfer cases for their employees abroad. We know how delicate this activity can be for both the company and the worker.
Our team can support our customers at every stage of the transfer from the preparation of visa applications, to the search for accommodation, schools, medical insurance, etc.
In particular, visa applications must be followed very carefully and our team can help the client
Drafting and Filing of Visa application
Tracking application status while under processing
Liaise with Authority providing additional information as necessary
Arranging for issuance of Visa upon in-principle approval
Filing an appeal in case of initial rejection of application
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Accounting
Singapore incorporated Companies and local branches of foreign companies are required to maintain proper records and books of accounts.
Singapore has adopted a Financial Reporting Standards (SFRS) based on the International Financial Reporting Standards (IFRS).
In addition, there are several reasons to maintain accurate business records, which include:
- Assistance in financial planning and decision making;
- Reporting to partners, suppliers, investors, and banks;
- Enabling submission of accurate and timely tax returns;
- Reducing compliance and audit costs.
Whether you are a multinational, small or medium business, a startup or an established company, Algebra provides a highly competitive accounting service that will help you manage, manage effectively and effectively.
We customize accounting services to suit companies of all sizes.
Managerial accounting
Algebra offers reliable, flexible and cost-effective accounting and accounting services that will help you manage, manage effectively and effectively.
What our services offer:
- Monthly and quarterly reports
- Budgeting and forecasting accounting
- Project accounting and cost-center
- Custom reports
- Financial statements
- Compliance and legal reporting
- Cash Forecasting
- GST accounting advice
- GST account reconciliation
- Drafting and submission GST periodically returns
We provide flexible and cost-effective accounting services and use technology to minimize costly and inefficient manual entry.
We are proficient in all major cloud accounting software packages, including Quickbooks and Xero.
We are specialized in management reporting control of local companies or branches and subsidiaries of overseas companies.
We use web-based ERP-CRM-HR systems tailored according to the client’s needs, which:
accounting
Allow our staff and client’s staff to work on the company accounts.
timing
Allow the client to have inreal-time all the company’s information .
controllo e gestione
Allow tobetter control and managethe company.
