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Go and Get, Top Corporate Business Services Offered by SBS Consulting

Last modified: May 20, 2020
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If you are out there to open a company in Singapore, you might as well know everything about the corporate business services that a new business owner may need. If you are a foreigner, pay attention to the advice given out by the ACRA and appoint a competent corporate services provider for the incorporation of your company.

One-Stop Corporate Business Services by SBS Consulting

SBS Consulting, like many of its counterparts provides under-the-one-roof corporate business services to its clients. These firms provide services related to company incorporation, bookkeeping, accounting, auditing, taxation, company secretary as well as immigration services.


Singapore Business Formation

If you are a Singapore citizen or one of its permanent residents then most probably you will think it a waste to hire one of its Singapore company incorporation services and may decide to Do-It-Yourself. Well, Best of Luck to You!

ACRA advices foreigners to hire experienced agent for incorporating a company in Singapore. As a matter of fact even locals also do it to simplify their lives.

Note: The process to set up a business in Singapore consist of only 2 procedures and the Singapore company incorporation fees that are charged by the service providers are worth it.


Accounting Services in Singapore

For a Singapore business, it is of at most importance to hire one of the best corporate business services providing firm to fulfill all of its requirements. It helps in maintaining continuity as well as in planning the execution of statutory requirements imposed by government agencies like, ACRA and IRAS (Inland Revenue Authority of Singapore).

It is required of Singapore businesses to comply with the annual filings of financial statements. Bookkeeping & accounting services in Singapore helps businesses in doing so. The experienced and certified accountants working for these firms take care of bookkeeping, accounting and auditing needs of their clients.

Note: Auditing and accounting firm in Singapore assists their clients in XBRL Filing in order to comply with the annual filing requirements imposed by the ACRA.


Audit Firms in Singapore

Audit firms in Singapore play an important role in determining the financial health of their client’s company. These entities check each financial transaction of the company against the invoices or the receipts and ensure they are recorded correctly. They also go through the financial statements of the company before preparing their reports that are essential part of the statutory filing.

Note: Audit reports prepared by reputed audit firms are very valuable for the management, shareholders, government regulators, and creditors.


Tax Services in Singapore

Some of the accounting firms specialize in Singapore tax filing. These tax services in Singapore take care of persona as well as corporate income tax filing for their clients. In addition to ECI filing and GST filing, they also take care of filing taxes, like Withholding tax, Vehicle tax and etc.


Company Secretary

Some of these firms also act as nominal company secretaries for their clients. In this capacity, they convey due-dates and compliance-related information to directors and the other stakeholders of the client company.

The professional assigned to the client makes arrangements for the preparation of financial statements and tables them in AGMs for the scrutiny of the company’s shareholders.

A company secretary in Singapore company is considered as the officer of the company and co-operates with the ACRA officials to keep them updated with the changes in the officers and other details of the company.

Note: The company secretary is also responsible for communicating with the shareholders and for facilitating transfers of share. The individual also maintains statutory registers of the company and see it to that the company’s constitution is honored.


Singapore Payroll Services

Payroll processing is yet another service provided by these firms. It is especially beneficial to companies who want to reallocate their resources to their core tasks. Outsourcing of this task to firms, like SBS Consulting, relieves employees of the HR and finance departments from a time-consuming task. The specialists working in Singapore payroll services calculate process it accurately.

They consider statutory contributions like, CPF and different levies that are required to deduct from the salaries of employees. Leaves, holidays, incentives, and employee benefits are also considered before writing a paycheck for the employee. These payroll professionals even deposit paycheck in the employee’s account or transfers salary using online transaction facility.


Budget 2015: Personal Income Tax and Deduction

The lower tax rate is one of the attractions that makes entrepreneurs think of Singapore as their business destination. In the 2015 budget, personal income tax rates for the top earners have been raised.

Note: From the YA 2017, the personal income tax will range from 0% to 22%. There are speculations that this will drive the consultants, managers, CEO’s, bankers, and other high earners to some other markets.

SBS Consulting has updated itself the increased tax rate and the additional income slabs that were introduced through the Budget 2015. Double tax deduction for internationalization scheme is really beneficial for those who work overseas for their Singapore employers.


Budget 2015 and CPF Contribution

Budget 2015 has introduced some changes in the employer’s CPF contribution on behalf of the older workers. It has also increased CPF contribution for workers in age group of 50 – 55 years. SBS’s payroll specialists have taken note of these changes and have also incorporated them in their software.

From the client’s point of view, such a grouping of services delivered by an experienced operator is worth investigating into. These professionals also competently handle the task of striking or winding off a company, when the need arises.

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