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Hire payroll services Singapore to reduce your workload and stress.

Let the experts worry about your payroll compliance!

Key Payroll Outsourcing Benefits

The chances of payroll mistakes are high. It can damage your branding and relationship with your employees. It is why businesses hire payroll service providers in Singapore.

8 Common Payroll Mistakes

Create a Business Website

Nowadays, net-savvy customers first go to the internet to research a product or service. There they also read reviews, comparisons, and consumer complaints before talking to a business. That is why you need to create a business website.

Your business website will open a channel of communication with them. You can post well-written and in-depth content on it to educate them and spread your brand awareness. Your content can cover their pain points, business goals, needs, objectives, and how you can help them in mastering them using your solutions.

The domain name of your business website should be similar to your company’s name. The right time to do it is when you are opting for a company incorporation Singapore.

Establish Your Social Media Presence

It is imperative for a business to have a prominent presence on social media platforms. These are the places people visits. And this is where you should market your products, services, or expertise to them.

These social media platforms attract different types of visitors. For example, Linkedin attracts professionals. It means you will need to write appropriate content to interest them.

If they like the content and are convinced that you know what you are talking about, they will click on the link to your website. On your website, they can visit your product and service pages and know how you can assist them in solving their problems.

After your company incorporation in Singapore, visit these platforms and create an account in your company’s name and post content on it from time to time.

Tax Exemption Scheme for New Startup Companies

The low tax rates, benefits, exemptions, and rebates induce owners to opt for company incorporation in Singapore.

Singapore startups, in their initial three years, benefit from the startup tax exemption scheme. They get of tax exemption on their first S$100,000 taxable income. Next, S$200,000 gets 50% tax exemption. Their taxable income above S$300,000 is taxed at 17%.

Partial Tax Exemption Scheme for Existing Companies

YA 2020 onward:

Existing Singapore companies get 75% of tax exemption on the first $10,000 of normal chargeable income. Next, $190,000 of their normal chargeable income gets 50% of tax exemption.

Deduction of Expenses Incurred Before Registering the Business

Normally authorities allow revenue expenses incurred after business starts its activities to be deductible for tax purposes.

However, startups in Singapore can claim their revenue expenses incurred one year before the first day of the financial year in which they earn their first dollar of business receipt as tax-deductible.

Corporate Income Tax Rebate

For YA 2020:

Singapore companies can claim a 25% Corporate Income Tax Rebate. The rebate amount is capped at $15,000.

No Tax on Inheritance or Capital Gains

Territorial Taxation System and Lower Tax Rates

2nd Highest Ranked Country for Ease of Doing Business Indicator

A Base to Keep an Eye on Emerging Asian Markets

Immigration Laws Benefiting Qualified Professionals

Singapore is an Entrepot: Bridges East and West

Tough Intellectual Property (IP) Protection Laws

Singapore is a highly conducive marketplace for startups. The government strives to make the business environment easier for them. These entities enjoy a considerable amount of tax exemption in their initial years. It is also easy for them to raise funds to expand their business activities. The various accelerator and incubator programs also prove beneficial to the qualifying startups.

Previously a company was exempted from audit requirement if

• It is exempt private company (a company with less than 20 shareholders and having no corporate shareholders)
• Its revenue is less than S$ 5 Million Or
• It is a dormant company

From 1 July 2015, the Exempt Private Company will become an outdated concept. Instead, a revised ‘Small Company’ is introduced under which Singapore incorporated companies can avail audit exemption. A company is categorized as a Small Company if it meets any of the two following requisites

1. Has revenue less than S$ 10 Million
2. Has gross assets less than S$ 10 Million and
3. Have less than 50 employees at the end of year

Singapore is one of the well-known financial hubs in Southeast Asia. It is a place where innovative ideas are respected and financially backed. It is easy for an SME to take root in Singapore as the country supports them with a number of tax exemption and skill development schemes.

Investors from all over the world eagerly invest in this country because of its liberal taxation system. The country has adopted a single-tier corporate tax system. It means it can distribute tax-free dividends to its investors.

If you were paying attention to the current happenings in Hong Kong, you would immediately come to the conclusion that at this moment, Singapore is the best choice for you. However, in reality, you should take into consideration your target customers and where you can find them before committing to Singapore business formation.

If your customers live on the Chinese mainland or in Hong Kong, you will need to rethink opting for business incorporation Singapore carefully.