Australia has always been rated as one of the most developed countries in the world in the fields of finance and business. Also, the social regime and the educational system also develop very comprehensively. From an economic perspective, the business environment in Australia is competitive, but extremely attractive to foreign investors.
In this article, Global Links Asia will provide an overview of the business environment and the requirement to set up a company in Australia.
Singapore is one of the best options for start-up, not only because of its strong economic development but also government incentives and support for businesses. After completing the procedures to incorporate a company in Singapore, the business will enjoy many government incentives for income tax.
In this content, Global Links Asia will provide the information about current tax exemption scheme in Singapore.
Among a number of work passes in Singapore, Employment Pass or EP is the most popular visa for foreigners who have been recruited by Singapore companies for working in Singapore. In fact, applying EP is not easy because in comparison with other visa types such as S Pass or Work Permit, the EP sets higher requirements about education, salary or financial situation. Here is all you need to know about Employment Pass (EP).
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Global Links Asia provides a wide range of services to individuals and businesses in a variety of industries. We strive to meet each client's specific needs in having an experienced accounting professionals, capacity implementation issues related to vouchers, bookkeeping, tax declaration.... Our professional services include:
Maintaining proper bookkeeping in Singapore
Every company in Singapore is responsible for maintaining its reputation as a trusted business. In relation to this, all firms are required to maintain proper bookkeeping and accounting records. Maintaining good books will in turn help companies fulfill the compliance requirements stipulated by regulatory authorities ACRA and IRAS.
We offer the full spectrum of accounting and bookkeeping services as follow:
Bookkeeping and Accounting Services
All Singapore companies are required to prepare and keep a book of accounts. This consists of a Profit and Loss Account, Balance Sheet, Cash Flow Statement, and Equity Statement – all of which must be in accordance with the Singapore Financial Reporting Standard (SFRS). Our accountants will maintain your Book of Accounts in a timely manner so as to provide a true and fair representation of your company’s financial records. If necessary, we also assist you with the auditing of the books.
ECI, also known as Estimated Chargeable Income (ECI), is an estimate of a company’s chargeable income for a Year of Assessment (YA). Every company is required by IRAS to submit an ECI within 3 months from the end of each financial year. However, with effect from YA 2013, a new administrative concession applies to companies with a financial year ending October 2012 or after.
Companies are required to submit an Independent Auditor’s as well as Director’s Report as part of their annual filing requirements. Only companies which have an annual turnover of over S$5 million, more than 20 shareholders or at least one shareholder that is a corporate entity, must be audited. Both reports are part of a system of checks and balances to ensure sound financial practices, and in turn, enhance investors’ confidence and uphold shareholders’ interest.
Starting 2 December 2013, almost all companies will need to file their financial statements in XBRL via new BizFinx system. XBRL (Extensible Business Reporting Language) allows financial data to be analysed easily. It is adopted in Singapore as it improves the transparency, reliability and timely dissemination of relevant financial information among the business community.
All companies must submit annual tax returns to the Inland Revenue Authority of Singapore (IRAS). The deadline to submit audited or unaudited accounts is 30 November annually. Singapore adopts the preceding year basis taxation. Therefore, the profits for the financial year ending in the preceding year will form the basis for filing the tax returns in the current year.
Singapore Tax adopts a progressive personal tax rates, relative to an individual’s amount of income. It is mandatory under law to file for your annual personal tax returns to IRAS by 15 April of every year. IRAS diligently enforces the requirements relating to the filing of the personal tax
GST is a consumption tax levied on the import of goods as well as nearly all supplies of goods and services in Singapore. Businesses whose taxable supply exceeds or is expected to exceed S$1 million for any consecutive 12 month period are required to register for GST with IRAS. GST-registered entities must submit quarterly GST returns. Any GST paid by a company can be claimed from the IRAS. Businesses may also voluntarily register for GST.
Companies in Singapore must pay the salaries of their employees in a timely manner. They must also ensure that the deductions made from the salaries of their employees are submitted to the CPF board on time. Computation of basic wages, overtime wages, bonuses etc are some of the basic elements of payroll processing. However, in Singapore, the computation of donations to funds such as SINDA, MBMF, ECF, levies including the Skills Development Levy, and withholding tax etc make it a complex function.
Alongside payroll, companies in Singapore have to compute expense and travel-related claims filed by employees. However, this process is often manual and as a result, inefficient. Encounters of missing or faded receipts or errors in claim reconciliation figures are common. Such errors can be eliminated with a Payroll and Expense Claim Management Software that allows for the tracking and management of employee expense claim with minimal administration and maximum efficiency.
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Setting up companies in the BVI (British Virgin Islands) has been concerned more and more by many Vietnamese investors.
Thanks to the advantages of tax incentives, high security, simple establishment procedures, BVI constantly attracted a huge of foreign investment flows. Many enterprises have been established in the BVI to invest in other countries.
The following article by Global Links Asia will provide an overview of BVI and related issues when establishing a company in this market
Vietnam is one of the best attractive foreign investment market. Establishment an export – import company in Vietnam is forecast to have great potential, which is considered as the top prior decisions of many foreign enterprises.
According to Fitch - an international credit rating, Vietnam is ranked as one of the most favorable countries with medium-term potential growth in Asia. With the advantage of a 90-million-people market with the developing and intergarting economy, the capital source of foreign direct investment into Vietnam has increased 4 times in the last decade, the current is more than $8 billion.
Moreover, Vietnam has signed and acceded many free-trade agreements, Transfer Pacific Partnership Agreement (TPP) and the upcoming ASEAN Economic Community (AEC). In this situation, exportation will be the one of the sectors that has potential growth in this market, and establishing a company in this industry in Vietnam has been concerned by many foreign investors.
The following article of Global Links Asia will give somes advises and related documents for the firms intending to establish export- import company in Vietnam.
Transfer of shares in Singapore private limited companies is a fairly easy process and your consultant may be charging a fortune for the same. Global Links Asia will be explaining the procedures for the same if you wish to do it yourself.
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