Private Limited Companies

A private limited company is a legal entity and can sue or be sued in its own name and can own and hold any property. The owners of the company are called shareholders and there must be a minimum of one share owned by one shareholder.

Advantages of a private limited company is due to its limited liabilities to the value of the company’s shares. Personal assets of its shareholders are protected. The ability to issue shares to raise funds is a positive advantage as well as the ability to be listed in future.

Our Singapore government, as an incentive to support entrepreneurship and to grow our local enterprises (except for investment holding companies and those companies whose principal activity is that of developing properties for sale, investment or both), for new start-ups, the first $100,00 of taxable income is 75% tax exempt and the second $100,000 is 50% tax exempt for the first three years from YA 2020.

However, the downside is the compliance and administrative tasks that a private limited company must adhere to in order to comply.

Partnerships

Partnerships are covered under two types: general partnership and limited liability partnership.

A partnership is a business owned by at least 2 partners. The partner can be an individual, a company or a limited liability partnership. The maximum number of partners in a general partnership is 20. A partnership is not a separate legal entity from the business owners. The partners are personally liable for all the debts and losses of the partnership. It can sue or be sued in the partners’ names.

An LLP is a legal entity and can sue or be sued in its own name and can own or hold any property. A minimum of 2 partners is required and they can be individuals or companies. There will not be any limit to the maximum number of partners. Individual partners will be taxed at personal tax rates and a corporate partner at corporate tax rates.

The liabilities of an LLP partnership are that the LLP partners are not liable for the mis-doings of other partners. There is also perpetual succession. However, individual partners are personally liable for the debts and losses resulting from their own actions.

Compared with private limited companies, LLP do not enjoy any tax exemptions for the first 3 years.

Sole Proprietorships

A sole proprietorship is a business that can be owned and controlled by an individual, a company or a limited liability partnership. There are no partners in the business. A sole proprietorship is not a legal entity and hence cannot sue or be sued in its own name and it cannot own or hold any property and profits are taxed at personal tax rates.

A sole proprietorship is easy to set up and administer and are perfect for small businesses in Singapore. No audits are also required and compliance is set to a minimum. However, a sole proprietor is liable for all the debts and losses personally and such a form should be avoided if the business involves a huge risk. There is no tax exemption and a lack of ability to raise funds by selling shares or securing loans with personal assets.

How to register

Up and ready in no time. Once you have filled up the form, we will do a search on your company name availability. We will then need to make an appointment with you in person to finalise the incorporation. And you’re done to start running your business! It’s that simple.

Our fees cover all you need to get you started, there are no hidden charges.

• Name application and incorporation
• ACRA registration fee
• Share certificates
• Minute book and statutory registers
• Memorandum & Articles of Association
• Company profile

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Preparation and filing of individual income tax for residents and foreigners.

In preparing your tax return, we will assist you to ensure your eligibility for reliefs and tax exemptions, avoid errors such as understating income, inflating expenses, using estimates for claiming business expenses, and wrongly claiming certain non-deductible expenses.

All aspects relating to GST, our tax professional is on hand to assist.

• Registration – compulsory or voluntary
• Submissions, revisions and adjustments
• Queries and GST tax cases from IRAS
• Deregistration

Whether you are planning, implementing or trying to resolve a transfer pricing issue, allow our TP expert to help navigate and negotiate a most effective outcome that is comprehensive and reliable.

Identifying opportunities for tax savings plays a key role in maximising your revenue. We can help you take advantage of the available tax reliefs for companies such as partial tax exemptions, the tax exemption scheme for new start-ups, and deducting the expenses you incurred before the start of your business.

Tax guidance is especially beneficial for business owners who are employees as well as entrepreneurs, as the income streams from their professions and their enterprises are fully taxable. We can help you identify exemptions and deductions and help keep your records and files in order.

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• Add or update employee data
• Process Payroll
• Prepare report and Submit to management for approval
• Prepare bank file for submission
• Prepare MOM statutory report for submission
• Prepare payslips for employees

• Leave application
• Email notification for approval or rejection
• Supervisor log in to the portal to approve or reject
• Email notification upon approval or rejection
• Leave records updated

• Employee checks claim entitlement and status
• Employee submits claim
• Email notification of claim submission
• Supervisor approves or rejects claim
• Email notification of claim status
• HR / Finance approves or rejects the claim
• Generate reports and transfer them to E-Payroll

• Employee clock In and Out
• Auto calculate overtime hours
• Approval of overtime hours
• Transfer to TIMES Payroll

• Design appraisal forms
• Start appraisal period
• Employee self-appraise
• Supervisor to appraise
• HR moderate and finalize
• Appraisal closed

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	Bookkeeping Services (monthly, quarterly, annually) Allow us to manage all stages of bookkeeping so you can focus on what you do best – running your business. From the setup and implementation of your accounting system, to the optimization of your Accounts Payable and Accounts Receivables processes, to simple annual bookkeeping, let us help you. From accounting system setups and implementation, to tuning your AP and AR processes to simple annual book keeping, let us help you. In accordance with your specific needs, we can provide monthly, quarterly or yearly accounts. Our qualified team will ensure that your accounts are timely, complete and accurate. We are able to serve as your comprehensive finance department, handling and monitoring your payables and following up on your receivables. Scalable to your needs, from simple book keeping to a full set of books.
	Setting up of Accounting Software Migrating your accounting data or setting up a new system? Let us handle the smooth running of your implementation. Regardless of the program you use, our team of IT experts will help you transit with ease.
	GST Registrations & Submissions No more missed deadlines and unnecessary fines. Your due dates are tracked and reminded by our in-house client management software, which is proprietary. Your GST submissions will be prepared, reviewed and submitted on your behalf.
	Compliance Reports & Analysis Our professionals have years of experience in functional and regional controlling, planning and analysis at multi-national companies, so they have a comprehensive view of your reports and the health of your organization. They can provide you with insights to having a set of healthy accounts in your company.
	Cleaning up “messy” or backlog accounts Do you feel that you are losing control of your company’s accounts? Do you have backlog accounts that need to be completed before annual return filing and tax filing can be done? Or unreconciled differences or gaps in your ledger account balances? Let our experienced and professional team help clean and clear up the discrepancies. With years of experience in handling large accounts and complex entity relations, our team will help to resolve, clean up and balance back your books and put your accounts back on track.
	Outsourced CFO Services For businesses that are growing rapidly or need CFO-level guidance on a part-time capacity, an outsourced CFO can make the most sense. You get the service and guidance you need without the full weight of an expensive executive. When expanding your business, you require the right people at the right time; to improve your cashflow and maximise your profits. Our professionals help you to put in place tight internal controls and mitigate risks and instil corporate governance.
	Review and Streamline Finance Roles & Processes Improve the efficiency of your finance department by putting in place work processes and controls to increase productivity and reduce staff count and avoid having to continually increase grow your staff strength just to meet transactional needs.

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	Our Role as your corporate secretary: To act as a key officer of the Company and its board To ensure that the company’s dues are on time and in compliance To maintain and update the statutory books and registers as required by the Singapore Companies Act, Cap.50 To prepare annual returns as required by the Singapore Companies Act, Cap.50 Preparation of Annual General Meeting Minutes To assist in completing and filing the statutory returns with Accounting and Corporate Regulatory Authority (“ACRA”)
	Board and Members’ Resolutions Apart from the usual AGM and Annual returns, we cater to your ad hoc needs as well for Board and General meetings. Quick, responsive and hassle free, our Corporate Secretary is on hand to assist in all your needs.
	Nominee Directors All incorporations require at least 1 local resident director (Singapore citizen, PR). We provide our overseas clients with a qualified nominee director.
	Bank Account Opening We can assist you to open a bank account on incorporation. No more queuing at bank branches.
	Compliance Report / Directors’s Report Allow us to complete end to end with the preparation of the Directors report as well as XBRL accounts for your Annual Returns and Tax Returns. To prepare the jobs of the Company’s accounts in accordance with the provisions of the Companies Act, Cap. 50, and in compliance with the requirements of Singapore Financial Reporting Standards; To perform Compliance report in accordance with the information provided to us for the purpose of annual return and tax return filing. XBRL accounts and filing
	Striking Off The easiest and most economical way to exit and close a Company. Suitable for small companies with no existing assets or liabilities and no prevailing litigation. Preparation of final financial statements Write in to IRAS for final tax assessment or tax clearance Preparation of members’ meeting to approve the strike off Application to ACRA for the strike off No objection receives, the Company will proceed to be struck off the Register.
	Liquidation There are 3 forms of liquidation. Members Voluntary (Solvent); Creditors’ Voluntary (Insolvent); Compulsory (Insolvent) on a Court Order.

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