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Key Information about Employment Pass:

• Commonly called as EPass, is for foreign professionals, managers, or executives who meet eligibility criteria with a job offer in Singapore.
• A fixed salary of $4,500 (older candidates need a higher salary to qualify)
• The candidate needs to have acceptable qualifications, usually, a good university degree, professional qualifications, or specialized skills.
• Subject to MOM approval, first-time candidates are granted up to 2 years and renewals are up to 3 years.
• No foreign worker levy or quota required
• The employer or an employment agency must apply for the employment pass on behalf of the candidate.

It is a legal requirement in Singapore for private limited companies to have at least one local resident director.  In the event that there is no qualified individual to act and be appointed as director, companies can opt for nominee director services. 

A nominee director is a person who agrees to be appointed as an officer of a company even though they will not be involved in the actual operation of the company. This service is mainly used for statutory compliance and privacy purposes. It is a good legal solution when an individual wants to preserve his/her privacy and not disclose their interest in a company. With the risks involved in appointing a nominee director, it is of great importance to appoint a trusted and reputable person to act as a nominee director.

Accmaster offers nominee director services for both new and existing companies on a long-term basis or until you find a suitable local resident director to represent your company.
 

All companies registered in Singapore must keep accounting and other records that will sufficiently explain the transactions and financial position of the Company under the Singapore Companies Act.

Companies are required to file their financial statements and Annual Return with ACRA and submit tax returns to IRAS. Accounting plays a critical role in fulfilling these regulatory requirements.

ABSS Premier / Premier Plus is perfect for SMEs that require integrated accounting, advanced inventory, payroll and leave management software to manage transactions and other business areas.
 
SMEs can process foreign currency transactions, track GST, analyze business performance accurately with its built-in reports & stay compliant effortlessly with the latest tax requirements. Payrolls are also quickly processed and comply with IRAS AIS (Auto-Inclusion Scheme).
 

The fair and sustainable tax system is one of the factors that make Singapore an attractive country to invest in. Singapore’s corporate income tax rate of 17% is low compared to the average tax rate among other developed countries.

While Singapore’s tax rate is considered low, you can still further decrease your legal tax liability if you have effective tax-savings strategies and broad knowledge about tax policies.

A company is responsible to file and pay its taxes accurately and timely every year. Voluntary compliance and awareness of different tax policies are very important to avoid penalties, enforcement, and investigations, thus, it is important to consult with qualified tax professionals to administer your tax filings.

Xero is online accounting software for small businesses and works anywhere you do. This means that you can automate everyday business tasks, get up-to-date financials and run your business from wherever you are. 

This accounting software offers a lot of features that make life easier for small businesses. You can choose from more than 1,000 applications including inventory, CRM and time tracking apps that seamlessly integrate with Xero.
 

Our business valuation professionals work closely with you to learn about the company from all points of view to give you a fair, accurate, and confidential picture of your company’s value. Working directly with business owners and their advisers, our clients range from individual partnership interests; to small companies and professional practices; to large regional, national, and multi-national companies.

We use integrity, sound judgment, and a thorough understanding of accounting, taxation, financial statements, and business operations to prepare independent and unbiased valuation reports for a variety of reasons, including:

There are seven types of companies that can be incorporated in Singapore. The most common type is a Private Company.

Minimum features of a private limited company:

• Governed by Memorandum and Articles of Association / Constitution
• Member has limited liability
• A separate legal entity from directors and members
• It can be sued in Company’s name
• Members are not personally liable for debts/losses
• It has more formalities and procedures
• Has a statutory obligation to file Annual Return
• Computes tax based on the corporate tax rate of 17%
• Businesses can be closed by Voluntary/Compulsory winding-up or Striking-off a Company

All income earned in or derived from Singapore is taxable. Tax resident individuals are entitled to certain personal allowances and are subject to graduated tax rates ranging from 0% to 22%. After set off of personal allowances, a tax resident’s taxable income is subject to income tax at progressive rates.

Taxpayers must file an income tax return annually to determine their tax obligations. Though all income earned is generally taxable, you can reduce your tax liability if you qualify for various tax reliefs, rebates and deductions. Moreover, you must understand the tax treatment of every gain and profit you derived as an employee; whether these are taxable, exempt from income tax, or are covered by an existing administrative concession.