• Background Image

    News & Updates

    ContactOne Professional Services

January 5, 2024

A Company Secretary in Singapore’s Guide to the Best Practices for Corporate Governance

In Singapore’s dynamic corporate environment, the role of a company secretary has expanded beyond just routine administrative tasks. As businesses face evolving challenges and complexities, company secretaries have become essential pillars, ensuring that firms consistently meet the highest standards of corporate governance.

This article explores these standards, emphasising the crucial role that company secretaries in Singapore play in driving both efficiency and transparency within organisations.

Understanding the Role of a Company Secretary in Singapore
The Legal Requirements:

Every company in Singapore is mandated by the Accounting and Corporate Regulatory Authority (ACRA) to have a company secretary. The key responsibilities lie in maintaining statutory books, ensuring compliance, and assisting in corporate governance.

Beyond the Statutory Duties:

Today’s company secretary in Singapore has evolved. They’re more than mere administrators – they’re governance professionals providing invaluable advice to board members, ensuring the company operates within the legal framework, and acting as a bridge between the board and the stakeholders.

Upholding Corporate Governance: Why It Matters

Good corporate governance establishes a framework for the way a company operates. It ensures transparency, enhances accountability and protects the rights of stakeholders.

Enhancing the Company’s Reputation:

A company with robust corporate governance practices is likely to have a better reputation, helping in building trust with investors, customers, and employees.

Facilitating Access to Capital:

Investors are more inclined to invest in a company that demonstrates a commitment to corporate governance, which signifies a reduced risk of fraud or mismanagement.

The Role of Company Secretary Services in Supporting Corporate Governance

company secretary services

Board Meetings & AGMs:

Company secretary services ensure that board meetings and AGMs are conducted efficiently. They help prepare agendas, circulate relevant documents in advance, and ensure all decisions are within the company’s constitutional framework.

Compliance with ACRA Regulations:

Company secretary services stay updated with regulation changes, ensuring compliance. This is especially important with the company secretary Singapore ACRA regulations subject to frequent updates.

Maintaining Transparency with Stakeholders

Open communication is the bedrock of good corporate governance. Stakeholders, including shareholders, employees, and customers, should be informed about the company’s financial position, risks, and other relevant information.

Regular Reporting:

Company secretaries ensure timely preparation and submission of financial statements and other mandatory reports as per company secretary Singapore ACRA regulations.

Addressing Stakeholder Concerns:

An effective company secretary acts as a conduit between the company and its stakeholders, promptly addressing any concerns or feedback.

Risk Management: A Proactive Approach

Modern company secretaries are instrumental in identifying potential risks and ensuring measures are in place to mitigate them.

Internal Controls:

Implementing and regularly reviewing internal controls is vital. Company secretary services often oversee this, ensuring potential fraud or discrepancies are caught early.

Regular Training:

A company secretary in Singapore can organise regular training sessions for the board and senior management, ensuring they know their responsibilities and any changes in the regulatory environment.

Continuous Professional Development: Staying Ahead of the Curve

The corporate world is ever evolving, and company secretaries must stay updated to serve their companies effectively.

Attending Workshops:

By attending workshops and seminars, company secretaries can stay updated on the latest best practices in corporate governance.

Collaborating with Peers:

Networking with other professionals can provide invaluable insights and perspectives, enriching the company secretary’s approach to corporate governance.

The Quintessential Role of the Company Secretary in Modern Singaporean Business Landscapes

In the ever-complex world of business, the role of the company secretary in Singapore is pivotal in upholding corporate governance standards. As guardians of compliance and best practices, their contribution to the success and reputation of a company cannot be understated. Emphasising the value of company secretary services can pave the way for a more transparent, accountable, and efficient business environment in Singapore.

Remember, in Singapore’s competitive business landscape, and it’s not just about staying compliant; it’s about excelling in governance, and that’s where the modern company secretary proves invaluable!

The Benefits of Hiring a Service Provider of Secretarial Services like ContactOne in Singapore

company secretary consultancy services

A bustling business realm like Singapore demands precision, efficiency, and meticulous adherence to its comprehensive regulatory framework. Given company secretaries’ pivotal role in navigating this intricate landscape, hiring a renowned service provider like ContactOne can significantly benefit businesses. Here’s an exploration of the distinct advantages:

1. Proven Expertise

Knowledge Pool: With ContactOne, businesses gain access to a team of experts well-versed in Singapore’s corporate regulations and nuances.

Continuous Training: Their professionals undergo regular training, ensuring they’re updated with the latest legal requirements and best practices.

2. Efficient Regulatory Compliance

Holistic Approach: ContactOne ensures businesses stay on top of all compliance requirements, from AGMs to annual returns.

Proactive Updates: Stay ahead of the curve with timely reminders and updates on regulatory changes, ensuring you’re never caught off guard.

3. Cost-effectiveness

Bespoke Packages: ContactOne offers tailored packages, allowing businesses to choose services that align with their needs.

Reduced Overheads: Outsourcing secretarial tasks eliminates the need for in-house hires, translating to considerable savings on salaries, training, and associated costs.

4. Streamlined Processes and Technology Integration

Cutting-edge Tools: ContactOne leverages advanced tools and software to manage tasks efficiently, from scheduling board meetings to document management.

Digital Compliance: In the age of digitisation, their e-services ensure that compliance and document retrieval are just a click away.

5. Risk Mitigation

Expert Oversight: Reduce the likelihood of compliance oversights or errors that could result in costly penalties.

Advisory Role: Benefit from their advisory capabilities as they guide businesses through potential pitfalls and provide strategies to navigate challenges.

6. Enhanced Focus on Core Activities

Resource Liberation: With ContactOne handling secretarial duties, businesses can redirect their focus and resources towards growth-centric activities.

Peace of Mind: Knowing secretarial tasks are in expert hands allows for a stress-free management experience.

7. Flexible Scalability

Support for Every Stage: Whether a startup or an established enterprise, ContactOne offers services that can be scaled based on business growth and changing needs.

Expansion Guidance: As businesses grow, they can leverage ContactOne’s expertise in navigating expansion-related challenges.

Get Reliable Company Secretary Services in Singapore Today!

In Singapore’s complex corporate world, the role of secretarial services is indispensable. By partnering with an established provider like ContactOne, businesses ensure their compliance and set more streamlined operations for growth. It’s more than just a service; it’s a strategic decision for sustainable success. Call +65 6333 0633 and +65 8666 3633 or explore our official website at www.contactone.com.sg.

October 18, 2023

An Overview: Strike Off Company in Singapore

Companies are established and dissolved daily in a dynamic business landscape like Singapore. One of the most common methods of dissolving a company is through the process of striking off. Striking off a company is a formal procedure governed by Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

Although it may sound jarring to some, a strike off company Singapore undergo a just process before its dissolution. In connection, this blog will explore what striking off a company entails, the step-by-step process, reasons for choosing this option, alternatives, legal aspects, and its impact on directors and shareholders. Continue reading below!

Strike Off Company and ACRA

Striking off a company refers to the formal and legally compliant process of removing a company’s name from the official register maintained by Singapore’s ACRA. The company’s owners make a significant decision to dissolve the company, signalling the conclusion of its business journey. This process is typically pursued when the company has ceased its business operations, accomplished its primary objectives, or has become dormant with no active business activities.

When a company reaches a stage where it no longer serves its original purpose or fails to generate sustainable revenue, the owners may choose to strike off the company as a strategic move. Striking off provides a structured way to wind down the company’s affairs and fulfil legal obligations, ensuring it responsibly exits the business landscape.

Understanding the Strike-Off Company Process

One of the key aspects of striking off is its voluntary nature. Unlike other dissolution methods, such as compulsory winding up through court orders or creditors’ petitions, the company’s directors and shareholders initiate striking off. This gives them more control over the process and allows for a smoother transition.

Before proceeding with the strike-off process, the company’s owners must assess their business’s standing and make informed decisions thoroughly. They should ensure that all business activities have ceased, debts have been settled, assets have been disposed of or distributed, and any remaining legal and financial obligations have been met.
Additionally, company owners must comply with ACRA’s guidelines and requirements throughout the striking-off process. This includes submitting the necessary documents, ensuring accurate financial statements, and addressing any outstanding issues related to taxes or liabilities. Adhering to these legal and compliance aspects is essential to successfully strike off the company without facing potential penalties or liabilities.

Reasons for Strike-Off and Alternatives

strike off company Singapore
Striking off offers certain advantages over other methods of company dissolution. It is often a more cost-effective and time-efficient approach, making it an attractive option for companies with simple financial structures and minimal assets. By choosing this method, owners can avoid the complexities and expenses of formal liquidation procedures.

However, it is crucial to note that striking off may only be suitable for some companies. Businesses with significant debts, ongoing legal disputes, or complex ownership structures may find other dissolution methods more appropriate.

Thus, striking off a company is a voluntary and structured process that allows company owners in Singapore to formally and legally dissolve their business. It is undertaken when a company has fulfilled its objectives, ceased operations, or become dormant. By understanding the implications, fulfilling legal requirements, and seeking professional advice, company owners can ensure a smooth and compliant striking off, bringing closure to their business endeavours responsibly.

Companies Strike Off Regulations and Legal Compliance Process

During the process of striking off a company in Singapore, adherence to legal and regulatory requirements is of paramount importance. Failing to fulfil these obligations can lead to significant repercussions. It may even result in legal liabilities for directors and shareholders.

This section will explore the critical aspects of compliance and underscore the necessity of fulfilling all financial and regulatory responsibilities before initiating the strike-off process.

Fulfilling Financial Obligations

Before proceeding with the strike-off, the company’s directors and shareholders must meet all financial obligations—including settling outstanding debts and liabilities, paying creditors, and resolving financial disputes. It is essential to thoroughly review the company’s financial records to identify and address any pending financial matters.

Addressing Taxation Requirements

Tax compliance is a critical aspect of striking off a company. All tax filings and payments must be up to date before initiating the process and settling outstanding taxes, including corporate income tax, goods and services tax (GST), and other relevant taxes. Non-compliance with tax requirements can result in penalties and legal consequences for the company’s officers.

Submitting Accurate Financial Statements

As part of the striking-off process, the company must submit its financial statements up to the cessation of business operations. These financial statements must be accurate and prepared by the relevant accounting standards. Providing misleading or inaccurate financial information can lead to potential investigations and legal liabilities.

Understanding the Role of ACRA and Government Authorities

ACRA is the regulatory body overseeing the striking-off process in Singapore. As part of the compliance, the company must submit the necessary documents to ACRA, including the application for striking off and the required supporting information. ACRA is crucial in evaluating the company’s eligibility for striking off and ensuring the process follows the law.

In addition to ACRA, other government authorities may also be involved in the striking-off process, depending on the nature of the business and the industry in which the company operates. Understanding companies’ striking-off regulations is essential for a smooth and compliant process.

Consequences of Non-Compliance

Non-compliance with the legal and regulatory requirements during the striking-off process can have serious consequences. This may include fines, penalties, or criminal charges for the company’s directors and officers. Moreover, suppose the striking-off process needs to be carried out correctly. In that case, the company’s name may be reinstated on the register, leading to further complications.

Potential Liabilities for Directors and Shareholders

Directors and shareholders should be aware that they may be held personally liable for any outstanding liabilities or breaches of legal requirements during the strike-off process. This underscores the importance of ensuring complete compliance and fulfilling all obligations before proceeding with the strike-off.

Impact on Directors and Shareholders

The decision to strike off a company in Singapore is a significant event that affects the company itself and has far-reaching implications for its directors and shareholders. This final section will delve into how directors and shareholders are affected during and after the strike-off process. Understanding these implications is crucial for making informed decisions and safeguarding their interests and assets.

Responsibilities and Obligations during Strike Off Singapore

During the strike-off process, directors and shareholders have specific responsibilities and obligations to fulfil. Directors must ensure that all legal and financial requirements are met before initiating the strike-off. This includes settling debts, filing accurate financial statements, and resolving pending legal matters.

Directors also have a fiduciary duty to act in the company’s and its stakeholders’ best interests during the strike-off process. They must make transparent decisions and act honestly to avoid any potential conflicts of interest that could arise during the winding down of the company.

Shareholders, on the other hand, have the right to be informed about the decision to strike off and the progress of the process. Depending on the company’s structure and the terms of the shareholders’ agreement, they may also have a say in approving the strike-off decision.

Restrictions on Future Business Activities

After the strike-off is completed, the company will no longer exist as a legal entity. This means that the company’s name will be removed from the official register, and it will lose its legal capacity to conduct any business activities. Directors and shareholders must be aware of the limitations this brings, as they cannot continue to operate or use the company’s name for business purposes once it has been struck off.

However, directors and shareholders are not prohibited from starting a new business or forming a new company in the future. It is essential to approach this decision carefully, considering any potential risks or liabilities arising from the previous company’s striking-off.

Protecting Interests and Assets

protecting interests and assets
Directors and shareholders should take the necessary steps to protect their interests and assets throughout the strike-off process. This may include thoroughly reviewing the company’s financial records, ensuring that all outstanding debts are settled, and resolving legal disputes.

In some cases, directors may need legal advice to mitigate potential liabilities during the strike- off. For example, suppose there are unresolved legal issues or concerns about potential claims from creditors or other stakeholders. In that case, legal professionals can guide how to address these matters effectively.

Additionally, shareholders should be aware of their rights in the event of a distribution of the company’s remaining assets. Understanding the priorities of distribution and the process of asset disposal can help shareholders secure their rightful entitlements.

Get Professional Advice from ContactOne Today!

Striking off a company in Singapore is a significant decision that requires careful consideration and adherence to legal requirements. By understanding the process, reasons for strike-off, alternatives, and their impact on directors and shareholders, business owners can make informed choices for the future of their companies.

Remember to seek professional advice when necessary to ensure your company’s smooth and compliant dissolution. Do you want to learn more about different business processes in Singapore, from company registration to dissolution? Visit ContantOne’s website at www.contactone.com.sg. You may also call us on +65 6333 0633 and +65 8666 3633.

October 18, 2023

Various Advantages of GST Registration Services

Ensuring efficient and streamlined processes is vital to driving growth and prosperity for commerce businesses. Among the crucial processes is the Goods and Services Tax (GST) registration, which plays a pivotal role in Singapore’s business landscape. GST registration services offer significant advantages to businesses, enabling them to thrive and flourish in a competitive market.

In this blog, we will delve into the benefits of GST registration services and how they empower businesses. But first, let us get to know what GST registration in Singapore is and why businesses should register. Read more below!

The Core of GST Registration in Singapore

GST registration holds importance for companies in Singapore as it is a mandatory requirement for businesses engaged in the supply of goods and services. Once a company’s annual taxable turnover exceeds or is expected to exceed SGD 1 million, it becomes obligated to register for GST. By becoming a GST-registered entity, the company is required to charge GST on its taxable supplies to customers and pay GST on its purchases from other GST-registered businesses.

One of the key benefits of GST registration is the ability to claim Input Tax Credit (ITC), which allows companies to offset the GST paid on their purchases against the GST collected on their sales, thereby minimising the tax burden. A GST-registered company in SG has enhanced credibility, signalling its compliance with tax laws and professional standing. This credibility can attract more customers and business partners, providing a competitive advantage, especially when pursuing government contracts and tenders, as many require GST registration.

For companies involved in international trade, having a GST registration in Singapore can facilitate cross-border transactions and open up global business opportunities. Proper GST compliance and timely remittance are essential to avoid penalties and legal consequences, making it vital for companies to understand and adhere to GST regulations.

GST registration significantly impacts a company’s tax obligations, financial management, credibility, and competitiveness in the market as a whole.

GST Registration Check: GST Registration Services Objectives

The objectives and goals of GST registration services revolve around assisting businesses in Singapore with registering for Goods and Services Tax (GST) and ensuring their compliance with GST regulations. These services are designed to help businesses achieve the following:

Facilitating GST Registration

The primary objective of GST registration services is to promote the smooth and efficient registration of businesses for GST. Professional service providers guide businesses through registration, ensuring that all necessary documents and information are properly submitted to the tax authorities.

Ensuring Compliance

GST registration services aim to ensure that businesses comply with Singapore’s tax laws. They assist companies in understanding the eligibility criteria for GST registration and help them determine the appropriate time to register based on their turnover. By complying with GST regulations, businesses avoid potential penalties and legal consequences for non-compliance.

Maximising Input Tax Credit (ITC)

Input Tax Credit
One of the goals of GST registration services is to help businesses maximise their Input Tax Credit (ITC) claims. Service providers assist in proper record-keeping and documentation to ensure businesses can claim ITC on their eligible business expenses, thereby reducing their overall GST liability.

Simplifying GST Returns Filing

GST registration services aid businesses understand their GST reporting requirements and deadlines. They help streamline the process of filing GST returns, making it easier for companies to comply with the reporting obligations and submit accurate and timely returns.

Providing Expert Advice

GST registration services are staffed by professionals well-versed in GST regulations and updates. These experts provide businesses with valuable advice and insights, helping them navigate complex GST rules, exemptions, and any changes in the tax framework.

Supporting Audit Preparation

In the event of a GST audit, registration services can assist businesses in preparing the necessary documentation and evidence to support their GST filings and claims. This support helps companies handle audits smoothly and ensures compliance with tax authorities’ requirements.

Minimising Errors and Discrepancies

A GST-registered company in SG can minimise errors and discrepancies in GST filings by providing expert guidance and assistance. This ensures that businesses avoid overpaying or underpaying GST, which could lead to financial implications and administrative challenges.

Promoting GST Awareness

GST registration services aim to promote GST awareness among businesses. They educate businesses about the benefits of GST registration, how it impacts their operations, and how they can efficiently manage their tax obligations.

Advantages and Benefits of GST Registration Services in Singapore

Compliance with Singapore’s Tax Laws

The most fundamental advantage of GST registration services is the ability to comply with Singapore’s tax laws. Under the GST Act, businesses with a turnover exceeding SGD 1 million are required to register for GST. Failing to do so can result in penalties, fines, and legal repercussions. Availing of professional GST registration services ensures businesses full compliant with tax regulations, thus avoiding any potential risks associated with non-compliance.

Access to Input Tax Credits

GST registration allows businesses to claim Input Tax Credit (ITC) on purchases. ITC enables businesses to offset the GST they have paid on their purchases against the GST they have collected on their sales. This system eliminates the cascading effect of taxes, ensuring that businesses are not burdened with double taxation. By availing of GST registration services, businesses can efficiently track their input and output tax and maximise their potential tax savings.

Improved Credibility and Trust

GST registration adds credibility and trustworthiness to a business in the eyes of customers and suppliers. It signals that the business is established, reputable, and committed to statutory obligations. Customers may perceive GST-registered businesses as more reliable and professional, leading to increased confidence in their products or services. Furthermore, suppliers may be more inclined to offer competitive prices and favourable credit terms to GST-registered businesses, enhancing their overall competitiveness.

Global Expansion Opportunities

GST registration
GST registration can be a strategic advantage for businesses expanding beyond Singapore’s borders. In many countries, GST registration is mandatory for businesses to engage in international trade. By already having a GST registration in Singapore, businesses can expedite the process of entering foreign markets and reduce administrative hurdles associated with cross- border transactions. This advantage opens up new growth prospects and international business opportunities.

Facilitating Government Tenders and Contracts

GST registration is often a prerequisite for participating in government tenders and contracts in Singapore. Government contracts can be lucrative and provide a stable source of revenue for businesses. GST-registered companies are more likely to qualify for government tenders, giving them a competitive edge over non-registered competitors. Moreover, GST registration can enhance a business’s eligibility for government grants and incentives, further promoting growth and development.

GST Compliance Made Easy

GST registration services not only help businesses register for GST but also aid in maintaining GST compliance on an ongoing basis. These services ensure businesses file their GST returns accurately and on time, avoiding penalties and interest charges for late or incorrect submissions. Professionals well-versed in GST regulations can navigate complex tax rules and exemptions, reducing the administrative burden for businesses and enabling them to focus on core operations.

Cash Flow Management

GST registration can significantly impact a business’s cash flow management. When a business is GST-registered, it collects GST from customers and holds it in trust for the government. This collected GST can offset the GST paid on business expenses before remitting the net amount to the tax authorities. Proper cash flow management can help businesses allocate resources more effectively, improve financial stability, and plan for future investments.

Become a GST-Registered Company in SG Today!

GST registration services offer an array of advantages that empower businesses in Singapore to thrive and succeed. The benefits of GST registration are numerous, from ensuring compliance with tax laws to facilitating global expansion. By availing of professional GST registration services from a reliable service provider like ContactOne, businesses can easily harness these advantages and navigate the complex world of taxation. GST registration enhances a business’s credibility and fosters long-term growth and sustainability, positioning them for success in Singapore’s dynamic business landscape.

For more GST registration services-related information, do not hesitate to contact us at ContactOne. We dedicate our company to making business processes easy for enterprises in Singapore. Call us on +65 6333 0633 and +65 8666 3633. You may also head to our website at www.contactone.com.sg.

November 7, 2022

Everything You Need to Know About Deductible and Non-Deductible Expenses

A complete report of business expenses is expected when filing for corporate income tax in Singapore, as the Inland Revenue Authority of Singapore mandated. This covers resident and non-resident enterprises and requires them to declare all they have spent managing and growing their businesses. The declaration should include payments for advertising, renovation, wages, and CPF contributions, to name a few. But it is not something that you should be worried about. Do you want to know why? The IRAS does not allow deductions on all you have spent on your businesses. You are obliged to separate corporate costs into deductible expenses and non-deductible expenses. If you want to learn everything related to business expenses, specifically deductibles and non-deductibles, continue reading this article.

Check out more details regarding deductible and non-deductible expenses in Singapore below. The information is sourced from IRAS, meaning this content is reliable and created with business owners in mind.

What Does Tax Deductibility of Expenses Mean?

Before we delve deeper into the criteria of deductible and non-deductible expenses, let us take time to understand when taxes are charged on business expenses. To clear the air, tax-deductible or deductible expenses are business costs that IRAS allow for deductions from earned income, thus reducing a Singaporean company’s taxable income. In other words, the tax-deductible expenses would lower taxes to be paid.

Meanwhile, non-deductible expenses are not part of an enterprise’s income tax bill. To be more exact, non-deductible expenses are to be added back to your taxable income if you have accounted for them in your financial statements. The IRAS disallows the deduction of these business expenses and you will not be able to enjoy deductions from your taxable income.

For example: If your company’s annual income is S$100,000.00 and it declares business expenses with an amount equivalent to S$20,000.00 (with S$15,000 deductible expenses and S$5,000.00 non-deductible expenses), then the taxable corporate income will be S$85,000.00. To achieve this, you must subtract the S$15,000.00 deductible expenses from S$100,000.00 of your annual income.

Understanding Deductible Business Expenses

Now that you have a good grasp on the overview of what expenses are charged taxes on by IRAS, it is the right time to dig a bit deeper into what qualifies as deductible expenses. In case you are hesitating about what you declare your company’s deductible expenses, here is the cardinal rule. According to IRAS’s published policy on business expenses, deductible expenses encompass costs that entirely and exclusively incur from all the company’s income-generating activities.

Note the accompanying conditions of deductions for business expenses from the list as follows:

  • Singapore’s Income Tax Act should not prohibit the deduction of the deductible business expenses
  • The expenses must be generated from the revenue and not business capital
  • No contingent liability of expenses, which means they should be incurred without the need to peg them on situations that may or may not happen in the near future
  • All expenses must be incurred purely for the sole purpose of generating business income
Understanding Non-Deductible Business Expenses

On the other hand, non-deductible business expenses are the direct opposite of deductible expenses. In short, the costs to be categorised as non-deductible should be incurred outside income generation. What exactly does it mean? Capital expenses like the funds spent on fixing assets, company incorporation, and personal expenses incurred by employees, including entertainment and travel costs, are considered non-deductible expenses.

Deductible Expenses For Business
  • Accounting fees
  • Administrative expenses
  • Advertisement costs
  • Auditors’ remuneration
  • Ad-hoc contributions to employees’ Medisave accounts
  • Bank charges
  • Cash spend in topping-up of Employees’ CPF Minimum Sums
  • Costs for periodicals and newspapers
  • Digital taxes imposed through turnover taxes (not income taxes)
  • Directors’ fees
  • Employee Equity-Based Remuneration (EEBR) Scheme payments
  • Employee’s income tax paid by the employer
  • Employment Assistance Payment (EAP)
  • Exchange loss (trade and revenue in nature)
  • Insurance costs for underwriting bad trade debts
  • Interest expenses
  • Interest incurred on late payment of fees to a Management Corporation for a Strata Title Plan (MCST)
  • Interest incurred on loans intended for re-financing previous loans or borrowings
  • Intellectual property (IP) licensing expenditure
  • Legal and professional fees incurred in trade and revenue transactions
  • Medical expenses
  • Motor vehicle expenses – including upkeep, maintenance, plus running and financing costs of goods / commercial vehicles
  • Office upkeep expenses
  • Payments for Insurance premiums
  • Statutory CPF contributions
  • Voluntary cash contributions to self-employed persons’ Medisave Account
Non Deductible Expenses For Business
  • Acquiring fixed assets
  • Amortisation
  • Bad debts (non-trade debtors)
  • Bills before the commencement of business
  • Certificate of Entitlement (COE) for motor vehicles
  • Digital taxes imposed as income taxes
  • Dividend payments made on preference shares
  • Donations
  • Exchange loss (non-trade or capital in nature)
  • Fines
  • Goodwill payments
  • Impairment loss on non-trade debts
  • Interest incurred on late CPF contributions
  • Interest expenses on non-income-producing assets
  • Legal and professional fees for non-trade or capital transactions
  • Motor vehicle expenses for S-plated and RU-plated cars
  • Voluntary contributions to CPF
  • Singapore’s income tax and any tax on income in a country outside of Singapore
  • The installation of fixed assets

These are only a few of the costs under deductible and non-deductible business expenses. Should you wish to find the complete list, visit IRAS official website.

Talk to Us Today!

For reliable corporate solutions in Singapore, turn to ContactOne. Our services have been designed to suit our customer base’s needs. Whether starting or growing a business, we have proper solutions for that. Call us on +65 6333 0633 today!

August 24, 2022

4 Times ContactOne Professional Services Are Beneficial to Your Enterprise in Singapore

A business owner in Singapore can attest to the challenges of starting a business, let alone growing it. You need to comply with laws and regulations, and it is easy to lose track of it all if you don’t have the right support system. Lucky for you because many business solutions providers are here to work with you hand in hand for the overall betterment of your company. ContactOne is one of those providers you can rely upon when it comes to efficient corporate solutions. Having a professional team taking charge of every business’s needs, you can guarantee unrivalled services from ContactOne. From company registration to strike-off, this article will take you to an in-depth discussion about the benefits of ContactOne professional services to your company. If you want to know more, we suggest that you stick around. Continue reading below!

Excellent Services Without Breaking the Bank

Some businesses hesitate to consider outsourcing corporate solutions because of the upfront cost. Indeed, you have to allocate a portion of your financial resources to implement professional services. But consider these services an investment instead of treating them like an expense. And like other investments, it will compensate for the cost in the future if you work with a services provider with a proven track record like ContactOne.

There are many corporate service providers in Singapore, and what sets ContactOne apart from the rest are the services delivered with you always in mind. When starting a business, you are probably torn between entrusting your business’s registration to a third party or doing it on your own. Don’t let your hesitations deprive you of reliable services. If you sign up for any of our company registration services, you will spend less than expected.

ContactOne’s company registration subscriptions exclude all company registration services fees. You will only pay for the ACRA government fee and a discounted fee for the bundled services, including company secretarial, accounting, and tax services.

Tailored Services to Our Clients’ Diverse and Specific Needs

Business needs are never-ending, and with that, it is vital to work with a service provider that you can fully trust and deliver efficient solutions to your concerns. As a committed service provider, ContactOne will do its best to meet customer expectations through tailored solutions. We have an array of professional services to choose from, such as accounting and tax for emerging and small-to-medium enterprises.

These services are customisable, which means you can include the compilation of financial statements, payroll management, tax planning, corporate tax services, and GST filing submissions. Of course, it will always depend on your needs. If you want to learn more about ContactOne’s tax and accounting offerings, visit our website or talk to one of our representatives. They will take you to a detailed discussion regarding taxation and accounting.

Professional Assistance at Arm’s Reach

Business owners in Singapore prioritise achieving short- and long-term business goals, positioning their company in the industry, and most importantly, growing their business by focusing on key business elements. But it can be challenging to be on top of all this daily, with many things recurring in just a short span of time. The best way to address this is to outsource company secretary services from trusted service providers like ContactOne.

With professional assistance at the helm of your company, you can spend more time generating business income. ContactOne’s corporate secretary services are designed to help businesses in Singapore be on track with their annual returns to ACRA through a dedicated reminder service.

Although it is mandated by ACRA to hire a corporate secretary within six months of a company’s incorporation, Singaporean enterprises must not overlook this need regardless of compliance purposes. A qualified secretary is crucial to business operations, particularly administrative tasks. They are the face and representative of your company. And it is only fitting to give them an importance similar to other workforces that are keeping your company afloat amidst tight competition.

Strike-Off Made Easy

Closing a business is one of the things most business owners want to avoid. However, certain circumstances call for the overturning of a company in Singapore. It is practical to close down the business if it is no longer holding operations shortly. With all the outstanding liabilities or creditors, engaging a service provider is crucial to assist in the strike-off of the company’s name from the registrar. Debts usually make the deregistration process longer, but ContactOne got you covered.

Bring Convenience to Your Business with ContactOne’s Professional Services

ContactOne is a certified firm providing professional services to different businesses in Singapore and ACRA-registered to act on behalf of business owners in various areas of managing a corporation. Do you want to learn more about us and what we can do to help grow your business? Do not think twice about getting in touch with us. Our representatives are more than willing to help with your questions and enquiries. Or you may visit our comprehensive website and explore ContactOne professional services.

December 2, 2021

4 Things to Consider When Hiring Secretarial Services in Singapore

Everyone would agree that hiring the right talents paves the way to a profitable business. Among the employees that should be on board, your company is a competent and qualified secretary. Whether you manage a startup, run an existing corporation, or plan to penetrate the bustling Singaporean business hub, a corporate secretary plays a crucial role in a successful business venture. However, considering that you are in a competent and saturated corporate landscape, be reminded that your business can encounter several challenges that might distract success. In this circumstance, exploring all available avenues that could be helpful to push your business to be better is critical. One of the options you have is to consider hiring company secretarial services Singapore.

There are many providers of company secretarial services in Singapore. For that reason, hunting for one may be a tricky task. Even though top firms highlight the need for qualified individuals with the ideal skills, experience, and commitment, it is essential to look deeper into your needs and demands as a corporation. If you search for secretarial services, here is a list of things you need to consider:

1. Assess Knowledge of Rules and Regulations

One of a secretary’s many duties has something to do with providing legal assistance to a company. That is why it only makes sense to hire a service provider knowledgeable of Singapore’s laws and regulations. Other duties include maintaining an office set up, arranging annual general meetings, filing taxes, and maintaining company records.

2. Ensure Proper Qualifications

As businesses grow and develop corporate governance, the role of a corporate secretary also evolves. Outsourcing a service provider, as a result, is beneficial. It allows you to focus on core functions and strategic opportunities. So, make sure your corporate secretarial service provider meets proper qualifications.

Basically, these requirements are part of the standard procedure for hiring new employees or engaging with a service provider. The list below is just a suggestion and can be adjusted based on your business specifications. Make sure to consider them if you are switching service providers. (All these requirements are based on the Accounting and Corporate Regulatory Authority or ACRA).

  • Must be a resident of the country where your business is headquartered.
  • Must have several years of secretarial experience before the appointment; or
  • Must be a qualified individual as mandated by the law, or
  • Must be a public accountant registered under the law, or
  • Must be a member of Singapore’s Institute of Certified Accountants, Institute of Chartered Secretaries and Administrators Association of Singapore, the International Accountants Association Singapore, and the Singapore Institute of Company Accountants.
3. Verify Comprehensive Portfolio of Services

When hiring company secretarial services in Singapore, the third thing to consider is the provider’s ability to present a comprehensive portfolio of services. As a customer, you should know what you are paying for and understand what you are getting into. Apart from ensuring knowledge of laws and regulations and proper qualifications, it pays if your provider has everything you need.

There are many service providers of secretarial services in Singapore. If you want the best partner that can offer services designed to assist you with seamless business operation, turn to ContactOne Professional Services.

We are one of Singapore’s premier service providers of corporate secretarial services. We specialize in business formation, compliance management, accounting and taxation, payroll management, and other corporate administrative services for startups and small-to-medium enterprises.

4. Get the Value for Your Time and Money

We want to get the value for our money every time we spend on something. The same goes for hiring secretarial services. Funding a starting business is one thing. But in the long run, it becomes costly. Hiring a secretarial service provider will help you cut costs somewhere in your existing operations.

To be more cost-effective, engage in firms that can provide you with more than the standard secretarial services. Service providers in Singapore, like ContactOne, offer various services to help run your business better and unleash its full potential. Our services are tailored to our client’s unique demands and needs.

Company Registration in Singapore

Why does it pay to engage in company secretarial services Singapore?

Although investing in a permanent secretary for your business is often much costlier, the solution is more straightforward once incorporated. Still, there are various benefits when you outsource company secretarial services, especially in a competitive yet regulated market like Singapore.

With a company secretary, you will gain a trusted, accurate, and consistent management of administrative requirements. Most service providers deploy highly competent individuals with skills and efficiency.

You will be able to meet administrative needs with ease and convenience if you hire the right service provider of secretarial services. They will ensure that your business complies with Singapore’s stringent regulations and requirements.

The right firm will provide the secretarial services on time. One of the main reasons to outsource this type of service is that you can entirely rely on them to give the ideal secretarial service for your business.

You can cost-effectively access high-quality corporate secretarial services if you engage in a corporate secretarial service provider in Singapore. Not hiring an in-house corporate secretary will save you time and cost because you are not required to undergo the hiring process, training, and whatnot. Keeping these resources will confer your business a competitive advantage.

 

Wrapping Up

Keep in mind the four things to consider before hiring a company secretarial service provider in Singapore to guarantee the best results. If you hit everything on our list, you will end up with a dependable secretary, a partner in ensuring success for your business.

For more details about ContactOne’s services, call +65 8666 3633 for company registration and secretarial inquiries, +65 8877 2223 for AGM and annual return filing, or +65 8813 3833 for accounting and tax inquiries.