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Hire Professionals & Make Your Annual Return Filing Process a Smooth-sailing One

Hire Professionals & Make Your Annual Return Filing Process a Smooth-sailing One

Filing Annual Return (AR) is a must for every Singapore-incorporated company. However, the task of filing could be a precarious one especially for the new entrant who is not well aware of the Singapore jurisdictions and its laws. This blog excerpt will outline the ins and outs of Annual Return filing with ACRA(Accounting & Corporate Regulatory Authority) in brief details. As per the guidelines of ACRA, each locally based company, regardless of types (private or public) and status (active or dormant), must lodge its Annual Return within...

read more Jan 4, 2017

Why Singapore Companies should Consider Third-Party Firms for Filing XBRL Report and GST Returns

Why Singapore Companies should Consider Third-Party Firms for Filing XBRL Report  and GST Returns

Singapore regulatory authorities continue to amend and rectify their laws and orders in order to maintain the good reputation the Republic has been holding for many years. Similarly, they do not spare any defaulter who failed to comply with their regulatory compliances. This article will throw light on two regulatory compliances such as XBRL filing services and GST submission Singapore of companies and why business should consider the assistance of professionals to fulfill these two aspects of Singapore jurisdiction. What is XBRL Filing...

read more Dec 27, 2016

Is a Limited Liability Partnership (LLP) better than a Traditional Partnership?

Is a Limited Liability Partnership (LLP) better than a Traditional Partnership?

Singapore company registration for incorporating a limited liability partnership (LLP) is useful for professionals who have enough experience and the urge to be entrepreneurs. If you are thoroughly bored with the 9 A.M. to 5 P.M. office routine then why don’t you find a like-minded partner and form a Limited Liability Partnership (LLP) in Singapore to cash on your combined experience from divers fields. SBS Consulting can help you with this task. Two or more professionals or corporate entities or LLCs can come together and form a Singapore...

read more Jul 16, 2014

Everything you need to know about Setting up a Sole-Proprietorship in Singapore

Everything you need to know about Setting up a Sole-Proprietorship in Singapore

Setting up a sole-proprietorship in Singapore is perhaps the simplest process of all the incorporation processes. This is because sole-proprietorship is the simplest and the most flexible type of business structure a person can incorporate. Few Facts about Registering a Sole-Proprietorship It does not have a separate legal identity, but it covers all the compliances required to be met, to carry out any type of profit generating activities in Singapore. Moreover, the business owner remains accountable for the liabilities and debts incurred by...

read more Jul 15, 2014

Pros and Cons of Incorporating a Private Limited Company

Pros and Cons of Incorporating a Private Limited Company

A private limited company is registered under the Singapore Companies Act, Chapter 50. They are registered with ACRA (Accounting and Corporate Regulatory Authority), the registry of companies in Singapore. Unlike the other type of businesses that can be incorporated in Singapore, like a sole-proprietorship or partnership, a private limited company has a separate legal identity. Owing to this fact, the private limited company can sue or be sued under its own name in Singapore. Almost anyone above 18 years of age can incorporate a company in...

read more Jul 10, 2014

Introduction to the Types of Companies that can be Locally Incorporated in Singapore

Introduction to the Types of Companies that can be Locally Incorporated in Singapore

Singapore has a pro-business atmosphere for entrepreneurs. To make things even more attractive for incorporation in Singapore, the political framework is kept conducive. The tax rates are also very competitive here. In Singapore, a company can be incorporated in three ways. These are as a private limited company, a limited liability partnership, and a sole proprietorship. All these have different working parameters and Singapore company setup. They differ in their legal structure, as well as their ability to hire people. The decision taken by...

read more Jul 7, 2014

Avoid Penalties by Hiring Accounting Services for Small Businesses

Avoid Penalties by Hiring Accounting Services for Small Businesses

In the beginning, it is easy for a small business owner to record transactions carried out for the business. As the number and complexity of the transactions increases, the owner tries to manage it by asking knowledgeable friends, relatives or someone he knows, to look into the matter.When the business grows beyond this level of transactions, then, the owner should look for one of the accounting firms, such as SBS Consultancy. This firm specializes in small business accounting & bookkeeping services. Hiring an in-house accountant to...

read more May 22, 2014

Outsourcing of Payroll Services Proves to be Godsend for SMEs

Outsourcing of Payroll Services Proves to be Godsend for SMEs

Payroll is one of the challenging and tiresome functions of a business organization. It requires a lot of concentration, effort, and involvement of a manual resource. SMEs are especially the ones to bear the brunt. They have to devote a big part of their already limited time and resources, in this function. For them, it is profitable to outsource the entire payroll related function. It helps the business owners to concentrate more in shaping their business ideas on growth and development. Given below is a list of difficulties faced by small...

read more May 21, 2014

8 Mistakes to Avoid When Filing Self-Employed Income

8 Mistakes to Avoid When Filing Self-Employed Income

Being self-employed has its own charm. The benefits are many, starting from being your own boss to flexible work timings, there are no limits to what self-employment can bring to the table. However, this independence comes at a cost. Self-employed people usually have to face more of record keeping and have to remain on top of the Singapore tax filing deadlines. They have to wear more number of hats; in simple words, they are their business. The only aspect that they need to remember is to avoid becoming ‘penny wise dollar poor’, when dealing...

read more Apr 8, 2014

4 Types of Professional Accounting Services for Your Small Business

4 Types of Professional Accounting Services for Your Small Business

Being a small business owner is not easy. As the fact of the matter, it is the small businesses that bear the brunt of the ever changing laws, and the constant tug of war between controlling costs and still trying to improve efficiency.  They believe that since their business is small scale, they’ll be able to handle the accounting processes smoothly on their own. While some of them can do it, but for the others, hiring a Singapore accounting firm, to handle the accounting business services, should be the preferred option. These accounting...

read more Feb 25, 2014