Med-Voyage can assist with incorporation of local companies in Singapore or offshore companies through a team of dedicated professionals providing accounting, corporate secretarial, trademark/brand name registration, taxation and payroll services. We can also assist with setting up corporate or personal bank accounts in Singapore.
STARTING A BUSINESS
Registering your business with the Government is one of the first steps you need to take once you have decided to start a business in Singapore. You will have to evaluate the following business structures and decide on one that is most suitable to your business needs:
Sole-Proprietorship – it is a business firm with only 1 owner. The owner is personally accountable for all risks, debts and losses. Profits are taxed at personal income tax rates.
Partnership – it is a business firm owned by 2 – 20 individuals or companies. Each partner is personally accountable for all risks, debts and losses. You can also be made accountable for losses incurred by other partners. Profits form part of each partner’s personal income and are taxed at personal income tax rates.
Limited Liability Partnership (LLP) – it is a partnership with a minimum of 2 partners. No limit on number of partners. The partners are not personally accountable for the wrongful acts of other partners. Profits form part of each partner’s personal income and are taxed at personal income tax rates.
Limited Partnership (LP) – it is a A limited liability partnership with limited partners. Minimum of 2 partners, with at least 1 general partner and at least 1 limited partner. No limit on number of partners. A general partner has unlimited personal liability and can be appointed as the manager of the LP. A limited partner is not liable for any debts and obligations beyond his agreed investment in the LP. Profits form part of each partner’s personal income and are taxed at personal income tax rates.
Company – it is a business entity registered under the Companies Act, Chapter 50. Most companies in Singapore are private – “Private Limited (Pte Ltd)” – up to 50 owners. Your company becomes public – with no limit on owners – when it can offer shares, debentures and other interests to the public. The owners of the company are called shareholders. There must be a minimum of one share owned by one shareholder. The value of the share can be just S$1. It is a legal entity (i.e. it can sue or be sued in its own name and can own or hold any property). The shareholders’ and directors’ personal assets are protected. Profits are taxed at corporate tax rates.
In addition to providing registration services for the above business structures, we also provide Nominee Secretary services and routine corporate secretarial services such as filing Annual Returns with ACRA.
Every business in Singapore has to maintain proper records of all their business transactions. This is essential in the preparation of accounts which is needed for the following purposes:
There are several options available to you:
1. Outsource Your Accounts
Hand over your files to us and we will prepare your full set of accounts on monthly, quarterly or yearly basis. We also assist you in complying with GST submissions.
2. DIY Accounts
Invest in an accounting software. With our 1-on-1 training sessions, you will be able to do the following:
You will have complete control over your day-to-day accounting functions. On a monthly or quarterly basis, we will check your entries and produce finalized Balance Sheet, Profit & Loss Statements, Debtors & Creditors Reports and GST (if applicable).
3. Compilation of Accounts
We compile Unaudited Financial Report in compliance with Financial Reporting Standards set by the Accounting Standards Council of Singapore. This report is required by IRAS and ACRA.
4. Ad-hoc Services
We also provide ad-hoc services such as:
Dealing with IRAS (Inland Revenue Authority of Singapore) is a vital part of operating a business in Singapore. All business decisions today have tax implications, and it is important for a company to manage their income tax requirement efficiently. Our full range of tax services include:
We provide the following payroll services: