Accounting Services Singapore, Pay Right Fees for Quality Work

Do you follow the current market trend of outsourcing to accounting services Singapore? Yes, you heard it right. A number of successful startup, Small and Medium Enterprises (SMEs) and even, & MNCs benefit by doing so. If you are not one of these entities, then may be, you are missing out on the benefits of hiring an experienced third-party to do your books.

Hire Accounting & Bookkeeping Services Singapore

The accounting is a non-core task for the businesses because it does not produce any revenue or profit for them. And as you may have found it during your monthly or quarterly accounting, it takes a load of resources. It demands time, expert human resource, infrastructure, and so on. That is the reason why today’s business owners put their trust in accounting and bookkeeping services Singapore.

The direct benefit of hiring an accounting services Singapore is that it liberates your mind. Once the task is handed over to the services providing firm, it calms and dilutes the charged and pregnant environment at your office. Most importantly, the outsourcing prevents the task from occupying the minds of decision-makers which can lead them astray from the crucial business decisions.

Key Points in Favor of Outsourced Accounting Services Singapore

Even small businesses can benefit by hiring outsourced accounting services in Singapore. It is especially true for the business owners like sole traders who multitask to save every dollar they can. Of course, the accounting services Singapore comes at a cost. However, these costs are as per the number of financial transactions of the business. The services providers scale-up or down scale their services as per the demand of the situation.

When you hiring one of the competent accounting and bookkeeping services Singapore, it means you get your accounting done by the qualified and experienced professionals at affordable costs. It also means you do not have to invest in an in-house accountant, computer hardware, or other expenses. It also means you do not have to personally keep track of the new changes in the rules and regulations.

Accurate Work: The professional outsourced accounting services in Singapore use latest accounting software which drastically improves accuracy of the data-entry. They can avoid all the mistakes produce output that is 100% accurate. There accurate data is essential to produce reports for making the decisions.

Statutory Compliance: The experts employed by the services providers are certified and keeps well-abreast of changes in their field, especially those related to the rules and regulations. They are also aware of the SRFS and other reporting standards and draws on their knowledge while doing their work. It works well for you as it secures your compliance.

Certified Accountants: The accountants employed by these firms are certified and have industry-wide experience. They use it produce the error-free output and while doing your XBRL filing and GST registration and filing work. These professionals work at much faster speed than the DIY business owners and even most of the in-house accountants. They are prompt with their work. It really saves time for the business owners.

When you decide to appoint one of the accounting services Singapore, you should not limit yourself to the cheap services. The task is compliance-related and needs to be handed over to the right professionals. After all quality matters and to get it, you should not mind paying the right amount of fees.

Contact us:

SBS Consulting Pte Ltd

Visit: https://www.sbsgroup.com.sg/

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg

Singapore Company Registration Services for Local & Foreign Entrepreneurs

When the foreign entrepreneurs want to set up a company in Singapore, the first difficulty they face is the lack of reliable contacts. In fact, the first-time local entrepreneurs having no business background also face the similar difficulty. However, there is no reason to worry too much about it. The Singapore company registration services steps in and fills the vacuum. Here is a brief Singapore company registration guide for the hopeful startup owners.

You Need Company registration services in Singapore

Most of the incorporation firms assign an expert to see the client’s Singapore company formation through. They are especially helpful to business owners needing advice on the business structure to incorporate, regulatory requirements and procedures one needs to follow in Singapore. The experts assist their clients in making a clean start and begin their business activities in earnest.

Search for the Combo Incorporation Packages in Singapore

A number of Singapore company registration services offer their services at affordable costs. Some of them like SBS Consulting even offers combo packages to ease out the client’s Singapore company registration. The beauty of these packages is that you get more than one essential services for the cost of one.

The entrepreneurs prefer these packages, costing around S$699, to set up a company in Singapore. They get to retain the services of an experienced company secretary and get local registered office address free for the first year. If you go out in the market, you may have to spend as much as S$500 to buy these services. Without these, a company registration in Singapore is not considered complete.

Pre-Incorporation Requirements

Following are a few pre-registration requirements that every entrepreneur needs to fulfill:

• At least one Shareholder
• At least a local Director
• Minimum initial capital of S$1
• At least one Company Secretary
• A local registered Office Address

KYC Documents for Starting a Company in Singapore

Singapore has come up with strict KYC (Know-Your-Client) guidelines. The hopeful business owners must submit following documents to their chosen services provider for Singapore company formation.

• Copy of NRIC of all local directors & shareholders
• Copy of passport of all foreign directors & shareholders
• Foreign directors & shareholders must submit proof of residence; utility bills, bank statements, etc.

The corporate shareholders must provide

• Certificate of Incorporation
• M&AA/Constitution
• Business Profile
• The parent company’s board resolution approving the incorporation of the Singapore company & the shareholding

Applying to the Company Registrar

The experts assigned to you are well-versed with the vagaries of the Singapore company registration process. After receiving the incorporation documents and fees from you, they apply to ACRA to set up your company in Singapore. ACRA (Accounting and Corporate Regulatory Authority) that performs as the Company Registrar. Firstly, they search and reserve the desired company name and secondly, apply to ACRA to register your company.

ACRA tries to regulate certain sectors of Singaporean economy. That is why the company names containing terms like Bank, Financial, Educational, & etc., are referred to the concerned authorities delaying the approval. Otherwise, the setting up of a company in Singapore takes no time. Singapore company registration services also provide post-registration assistance for opening a corporate bank account, acquiring licenses and permits, opening CPF account, GST registration, etc.

Contact Us:

SBS Consulting Pte Ltd

Visit: https://www.sbsgroup.com.sg/

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg

Originally Posted: https://goo.gl/WqcnhZ

Before Company Incorporation Singapore, Validate the Idea

When you opt for the company incorporation Singapore, it is obvious that you have dealt with a few of core questions. Finding answers to questions like, “How do I rate as a goal setter and a responsibility-owner? Am I an astute decision-maker or the worst risk-taker?”, can be revealing.

 

The business owners should also put their business idea to test and judge how potent it is. You need to know in advance whether it can weather the market forces and stand on its own. Without doing the exercise, your company incorporation in Singapore would not be a thoroughly considered adventure.

Having a Potential Business Idea is Important

Being sure about your business idea and knowing whether it can be worked out as a product or a platform can prove to be ideal. It can take the air of indecisiveness out of the situation and sets you free to pursue a successful company incorporation Singapore. In Singapore, the process of starting a new company is easy & straightforward. Besides, you can appoint one of the incorporation services Singapore to see to complete the process.

There are several incorporation agents who offer combo incorporation packages. They deliver more than one services for the price of one. It is a point in favor of entrepreneurs who are boot-strapping the registration of their new business.

Work Out the Final Form of Your Product

An idea can strike you at any time. It can be as vague as time-travel to highly defined as selling the airplane tickets online. You have to work your business idea over and try to hammer its final shape out of it. You can begin by defining it in as a few words as possible. Peck at it in your mind to evaluate its strong and weak point.

Will You be Able to Sell it?

As the proud owner of a small company incorporation in Singapore, it is your responsibility to nurture and grow it. Your idea may result in an expensive and exotic Rolls Royce or a cheap and a mass product like a ballpoint pen. Whatever the case, it means selling it to your targeted customers. Without knowing what the customers need, your efforts to sell it may not be as fruitful as you would like.

You can find how salable it is by conducting market research and surveys. You can go to the market and get answers to a few specific questions. The exercise will also reveal whether it is market-1ready or needs fine-tuning or a complete overall to be appreciated by your clients.

Is Your Product a Problem Solver?

The market research and surveys will also reveal your competitors and their market strength. Don’t get intimidated by it. You must keep in mind that the people’s wants and needs change over the time. It creates room for the value-added or the new products.

You must work towards something that will prove to be a solution to their trouble. It is the simple way of ensuring the success of your new Singapore company incorporation.

Having a potent business idea or the products and services does not guarantee success. You need to support it with creative marketing campaigns. You need to find the online and off-line places where the targeted audience hangs out and take the battle to them. It is also not enough to sell your products to them once. Your objective is to make them your loyal customers who won’t mind buying from you repeatedly.

Being a successful entrepreneur is not an easy task especially when you are bootstrapping it. There are so many factors that could work against the success of your company incorporation Singapore. However, a potential business idea can attract financial backers for itself. When you are sure that you have worked it out as thoroughly as you have, put it in the black and white, write a business plan, and take it to the venture capitalists or the private investors to get the funding for its implementation or the expansion.

Contact Info:
SBS Consulting Pte Ltd
Visit: https://www.sbsgroup.com.sg/
High Street Center,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: +65–6536 0036
Email: info@sbsgroup.com.sg

Combo Package for Company Incorporation in Singapore

When you search for the low-cost packages for your company incorporation in Singapore, you need to investigate combo packages on offer. These packages by the incorporation services in Singapore help business owners in keeping the initial cost of starting a new company down.

Setting Up a New Business in Singapore

Registering a business is just one aspect of the company incorporation in Singapore. You have to do much more than that. You need to provide for the rent or purchase of an office space, storage space, telephone bills, stationery, utility bills, transportation, etc. Moreover, the incorporation process is not completed without the fulfillment of a few pre-conditions.

 Fulfill all Conditions of Company Incorporation Singapore

 

As per the law, every incorporated company in Singapore must hire at least one company secretary within the six months of its registration date. It also needs a local registered office address. And the foreign business owners and even a few local ones may not be in the position to fulfill the criterion. That is where combo packages provided by the firms providing services for the company incorporation Singapore comes handy.

Combo Incorporation Package for Singapore Business

These packages offer more than one services for the cost of one. The incorporation agents like SBS Consulting have a three-in-one package that provides company registration in Singapore, company secretary, and local registered office address for S$699 only. There are no hidden costs, and S$699 covers all ACRA fees and is the final cost to you. Following are the details of an affordable combo incorporation package:

• Check availability and reserve the company name
• Prepare documents like M&AA, Form 45, Form 45B, etc.
• Pay ACRA fees and register a company with ACRA
• Electronic Certificate of Incorporation
• Company profile/extract from ACRA with UEN Number
• Record minutes of first board meeting
• Share certificate(s)
• Common seal
• Preparation of company kit
• Assist in opening a corporate Bank account (FREE for anyone Singaporean bank)

You do not have to pay for the additional services which are rendered FREE for the first year. You may not believe it, but through a combo package, you save a substantial amount of money. Normally, the secretary service and registered office may cost you around S$299 and S$239 respectively. 

Also read: Step-by-Step Guide for Singapore Company Registration Guide

Choose Best Incorporation Services in Singapore

You need to choose the best from the available incorporation services in Singapore. Yes, the fees charged by them matters and sometimes, influence your choice of an incorporation agent. You have to ensure that the agency is experienced in providing quality incorporation services. You need to ensure if they assign one of their experts to your task till it is completed or not.

The actual Singapore incorporation process is easy to accomplish. Still, it is preferable to hire an agent for it. It is especially true for the foreign entrepreneurs. They help you in completing the two procedures;

1. Check the availability of a company name and register it with the ACRA (Accounting and Corporate Regulatory Authority), and,
2. Apply to ACRA to register your company

The experts play an important part in getting a company up and running. You can turn to them for advice and suggestions. They are aware of the latest changes in the rules and regulations related to company incorporation in Singapore and can anticipate a trouble before it starts brewing. They can even help you even after the successful company incorporation Singapore in acquiring permits and licenses, opening CPF account, GST registration, and other tasks.

Contact:

SBS Consulting Pte Ltd

Visit: https://www.sbsgroup.com.sg/

High Street Center,

#17-02, 1 North Bridge Road,

179094 - Singapore

Phone: +65-6536 0036

Email: info@sbsgroup.com.sg

Hire Accounting Services for Small Business Singapore, Focus on Core Goals

The business owners, including the sole owners, try to economize by multi-tasking. They especially want to make sure of their compliance-related tasks like accounting. However, it comes at a tremendous cost. Rather, they should outsource it to accounting services for small business in Singapore and focus on the core-goals of their business.

Focus on Your Core Tasks

Many business owners have found that investing their time and attention in compliance related tasks actually makes the business suffer. The hiring of the best accounting services provider in Singapore allows them to devote time to improve the performance of their business. It results in the widening of their business activities and growth of their business.

Get Reputed Outsourced Accounting Services

Every business’ financial health needs looking after. And that is the reason why employing experts from the accounting services for small business Singapore stands out as an elegant solution. Their accountants keep track of your cash flow and report back to you with the realistic suggestions. In fact, they make it their top priority. Having an expert to lean on is a great luxury a business owner can enjoy.

Accounting Services Provider Singapore for Peace of Mind

When you entrust your bookkeeping and accounting to the outsourced accounting services, you experience peace of mind. It allows you the breathing space to take the complete view of your business. You get the time to shape your vision, redefine goals, delegate responsibilities to your employees, look for the new business opportunities, and find efficient ways to expand your business.

Reduce the Cost of Your Accounting

It may not seem feasible to you, but employing accounting services for small business in Singapore saves the money for you. If you have accountants on your staff, you are responsible for their salaries, employee benefits, incentive, and infrastructure for them. You also need to search, interview, and hire them and when it is necessary to fire them. It is a time-consuming affair. When you are backed by the accountants employed by the services provider you do not have to worry any of these things. That is why in the long run outsourcing works and proves to be effective and affordable.

Hire the Experienced Accountants and Stop Worrying

The outsourced accounting services providers are dedicated to providing for the financial needs of their clients. Hiring such an entity is always preferable. You also need to trust them with your financial records. In return, they lend you their expertise and up-to-date industry-wide knowledge about the finance and best practices. They also use Best accounting software for small businesses, normally, do not have access to. With them to helm your accounting activity, nothing can go wrong as they are spot on with the latest changes in the legislation, rules, and regulations. It is their specialty, and that is how they earn their bread & butter.

As the business owner, you should always aim to grow your business. You can also discuss your prospects with the experts from the accounting services for small business in Singapore. After going through your books of account, they are in a unique position to offer advice on whether to cut back on spending or have a bigger budget to help expand your business activities. Their advice is useful in coming up with shaping better plans to achieve the goals of your business.

Contact us:

SBS Consulting Pte Ltd

Visit: https://www.sbsgroup.com.sg/

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg

5 Things to do After Company Incorporation Singapore

Once you are done with your company incorporation Singapore formalities with ACRA (Accounting & Corporate Regulatory Authority), you must take care of the few things prior to commencing the business activities.

Technically, you have to fulfill a few post-incorporation formalities to keep the business compliant with the set of statutory obligations laid down by the authorities. Below are some of the incorporation formalities that one must fulfill in order to legitimate his company incorporation in Singapore. You can also ask one of the incorporation services Singapore for the assistance.

Get the Certificate of Company Incorporation in Singapore

The Company Registrar, i.e., ACRA (Accounting &Corporate Regulatory Authority) will send the certificate of company incorporation to your registered email id. The soft-copy of the certificate is treated as the official copy, and it includes company’s registration number which is also called as Unique Entity Number (UEN). Once you receive the certificate, you are legally allowed to commence business in Singapore. 

Hire a Company Secretary

As per the legal compliance of ACRA, every company must at least appoint a company secretarial services within six months of company incorporation. You can also meet the requirement at the time of company incorporation Singapore. No matter what, make sure to fulfill the requirement. He/she must have good knowledge of Singapore Companies Act. Essentially, the person must be a local resident of the company. 

A Corporate Bank Account must be opened 

As per the rule of the authority, you must open a corporate bank account in any of the major banks in Singapore such as HSBC, Standard Chartered, DBS, Citibank, OCBC, etc. The physical presence of the authorized person is needed during the opening of the bank in many of the major banks in the city-state. You will be using this corporate bank account for doing financial activities of the business. The statement of this bank account is used as a vital element of the company’s annual financial report. 

GST (Goods & Services Tax) Registration

Goods and Services Tax (GST) registration is compulsory for the businesses earning actual or expected annual revenue beyond S$1Million. Since your company incorporation in Singapore is new, you just can anticipate the annual income on a retrospective basis. You can file GST return on a quarterly basis with the Singapore tax authority. The current rate of GST is 7%, and you must charge the amount to the customers of your products and services. 

Secure the Business Licenses & Permits

A few sections of Singapore businesses are mandated by the law to secure business licenses and permits. It includes restaurants, travel agencies, financial services, educations centers, trading (Import/Export of goods), etc. If your business falls in any of these types of industry, you must obtain the business licenses and permits prior to commencing the business. 

Besides these five things, you must consider few more things to remain compliant with the law. Upon company incorporation Singapore, your registered office must remain open for public for at least 3 hours per day on the business days. Also, you must print the UEN of your company on all communication documents such as Letterheads, invoices, brochures, newsletter, notices, etc. If you wish to have a smooth sailing experience in business, be sure to adhere to these post-incorporation formalities. You may also take the help of incorporation services Singapore in this concern. 

Contact us:

SBS Consulting Pte. Ltd.

https://www.sbsgroup.com.sg

Phone:+65-6536 0036

Email: info@sbsgroup.com.sg

Preparing for Your Company Incorporation Singapore

Singapore is a paradise of business opportunities to the local and foreign business owners from all over the world. The streamlined and easy to accomplish process of company incorporation Singapore plays an important part in motivating them to start their companies in this island country.

The incorporation services Singapore gives all the assistance in the task. They usually assign an expert to their clients who stays on till the task is accomplished satisfactorily.

Ease of Doing Business in Singapore

Singapore offers up-to-date laws, stable political environment, a stable economy, a number of sources of funding, low tax rates, a number of tax incentives and rebates schemes to encourage small businesses owners, etc. Singapore, as per the report prepared by the World Banks 2017, ranks second in the world for the ease of doing business. All these ingredients attract the individual business owners and foreign corporates, especially, the Small and Medium Enterprises (SMEs) for their company incorporation Singapore.

Singapore is immensely popular with the foreign entrepreneurs. The local business owners also aspire to make it big by opting for a company incorporation in Singapore. It is a place where entrepreneurs jostle for the space to leave their stamp. Even MNCs are not immune to the charms of this marketplace. There are as many as 17,000 of them in Singapore. They see Singapore as an outpost to keep a sharp eye on the needs and wants of the biggest consumer base represented by the 2.5 billion individuals living in Asia.

Ready for Your Company Incorporation in Singapore

Preparing for your company incorporation in Singapore is not a small task. It a real challenge to especially the first-time business owners. If you are a foreign entity, you will be better off by hiring one of the reputable incorporation services in Singapore.

These firms offer great support at affordable costs. Some of them like SBS Consulting Pte Ltd also offers combo incorporation packages. These packages typically bundle more than one services for the cost of one. For a startup business owner, it is great to have such a package that offers incorporation services, corporate secretarial services, and registered local office address. They find it economical.

The business owners need to be prepared with the following things before actually opting for the company incorporation in Singapore.

Have a Business Plan

Before you take steps to start a company in Singapore, you need to make sure that you have a valid business plan. It is an essential component of setting up of business as it lays down your goals, actions, and timetable for achieving them. Moreover, it documents your commitments in black and white. When you go to investors and banks for financial support, it is the first document they like to go through.

Choose the Right Business Structure

Singapore offers you a variety of business structures. Depending on your business needs and goals you can choose one of the following legal structure to register your business.

• Sole Proprietorship

• Limited Liability Partnership

• Private Limited Company

• Exempt Private Company

• Subsidiary Company

• Branch Office

• Representative Office

You have to bear in mind that the business structure you choose to register may affect your taxation and statutory compliance. You will be better off on this issue if you take advice from the experts working in incorporation services Singapore. They will further explain how it can impact the credibility, growth, and funding of your business.

Select Company Name Wisely

The name of the company is useful in its branding. That is why you need to select it carefully. You should also check whether it is available as the domain name for your business website. The company name should ideally reflect your business activities which can come really handy when you pitch it to the clients.

ACRA (Accounting and Corporate Regulatory Authority) acts as the Company Registrar of Singapore. It has the right to accept or reject the company name. It requires that the name should be meaningful, and unique. It should not be vulgar, blacklisted, similar to the names of other existing companies. You should be careful while including terms like “Bank,” “Education,” or “Financial” in the name of your company. The approval for such company names comes from the higher authorities and may take time.

Registering a Singapore Company

Once your company name is approved, the experts apply to ACRA for the registration of your Singapore company. If you have all the incorporation documents ready, it is a smooth process. The private limited company (Pte Ltd) is the most favored business structure in Singapore. It is flexible, dynamic and supportive of the growth and expansion of your business activities.

Pre-Registration Requirements

You need to fulfill the following pre-incorporation conditions to form a private limited company, such as;

• Minimum initial capital of S$1

• At least one shareholder

• At least one resident director

• At least one company secretary

• Registered local office address

Acquire Business Licenses

After the company incorporation in Singapore, check whether you need business licenses or permits to commence your business activities. Apply and acquire them.

It is always a good move to let the experts work on a problem. Company incorporation Singapore is not a hard task to accomplish, but when you are pressed for time and other resources, it is a great option. Incorporation services Singapore like SBS Consulting Pte Ltd offers you combo packages that cost in the range of S$699. You get more than one essential incorporation services at the cost of one.

Contact Info:

SBS Consulting Pte Ltd

Visit: https://www.sbsgroup.com.sg/

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg