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registered address service singapore
November 17, 2022
When starting a corporation in Singapore, the Accounting and Corporate Regularity Authority (ACRA) has many requirements. That includes a qualified official business address that will serve as the place where all communications and notices for the company are addressed. Moreover, company registers and records are kept at the same address for safekeeping.
That and all other things between starting and growing a business make registered address service in Singapore crucial to every corporation in one of the world’s most business-friendly yet competent economies.
Learn more about registered business addresses, including the services available when incorporating a company in Singapore. If you read through the content below, you will discover everything related to registered business address services, from qualifications to application. Stick around and take note of the critical points to help with the business formation.
What Is a Registered Office Address, and Why Is It Important?
Forming a company does not happen overnight. The truth is that it takes many preparations, including long processes and compliance with several mandatory requirements set out by the Singaporean authorities. One of these is to have a local registered office address in Singapore as mandated under Section 124(1) of the Companies Act, Cap. 50.
There is no reservation when it comes to having an official office address. Every business in Singapore should have one to abide by ACRA’s rules and regulations. The primary purpose of having an official address is to provide a location where all communications and notices may be addressed. A registered office address should also be open to the public for at least three hours during ordinary business hours per business day.
Expect to receive mail from government entities at the registered address, like notifications on annual requirements, new incentives, and bank correspondence. It is necessary to check the mail daily to not miss out on essential information your business might need in line with its presence in Singapore’s business industry.
Home Address as a Registered Office Address: Is It Allowed?
You can register your home address as an official office address if you live in Singapore. But note that it should undergo specific qualifications and processes before its approval. To ensure that you do this right, get help from the Urban Redevelopment Authority (URA) or Housing and Development Board (HDB). With the Home Office Scheme criteria that must be met, complying with all the conditions is vital to avoid breach or non-issuance of the permit.
Moreover, considering the types of business activities under the Home Office Scheme is a must. Find out more about the activities permitted by looking them up online on reliable sources like URA and HDB. For an introduction, food catering, manufacturing, courier services, and beauty services, to name a few, are not allowed to have a home address as a registered address.
Another factor to consider is that having your home address as an office address will compromise privacy. A registered office address should be known to the general public for business purposes. Keeping this address inaccessible will not designate it as an official business location. Now that you have a good grasp of a registered office address, it is the best time to learn the requirements.
Requirements of Registered Office Address
Although a registered office address must be open to the public, it does not include Saturday, Sunday, and public holidays. This allows the public to access or reach out to the business if needed and assist in sending legal documents from appropriate offices. Failure to do so will incur a S$5,000 fine.
Based on the regulations established by ACRA covering registered office addresses, an office address should be in Singapore. However, it does not need to be the place of operation. It means that the registered office address can be a separate location and not necessarily the same as where your business operates. Everything will fall on the right track if you follow the requirements and qualifications of registering an office address.
Sign Up for Registered Office Address Services in Singapore
Incorporating an enterprise in Singapore should not be complicated. Don’t think twice about reaching out to the experts. The least that you should be worried about is how to register a business address. Let a professional help you! ContactOne has been helping start-ups through our wide range of corporate solutions designed to make starting a company accessible and less time-consuming.
With us at the forefront of your business, particularly business incorporation, we ensure that every requirement will be covered and our process will comply with Singapore’s laws and regulations. Explore our website if you want to learn more about us and what we can do to help your business. Many great things related to corporate support await there. You may also call us on +65 6333 0633 or +65 8666 3633.
September 28, 2022
Singapore is an attractive business hub to investors because of its policies. Unsurprisingly, many companies are incorporated in one of the world’s most eligible business landscapes. But progress means saturation of other businesses, making the economy dense and competitive. This makes considering professional business support solutions crucial to every business’s success, including affordable accounting and tax services.
This article will discuss the different tax and accounting services every corporation in Singapore must take advantage of. So, stick around and learn how business owners can focus on growing their companies through reliable business support services. Continue reading below!
Things You Must Learn About Corporate Tax in Singapore
Through tax, every business in Singapore can contribute to the country’s revenue. The government will manage all the collected taxes to pay for expenses and maintain common resources. That is why companies must pay tax on 17% of their income. Computing taxable income is an accountant’s job. As a result, it is essential to hire tax and accounting services for dependable management of business finances.
Here are some benefits of corporate tax services that a business owner and stakeholders should take into consideration when it comes to growing their enterprise:
Correct Calculation of Taxable Income
The business industry is ever-changing, along with laws and regulations. Of course, taxes are not exempted from the changes. It is vital to work with a qualified accountant in terms of handling your business’s taxation activities. A professional at the forefront of your enterprise ensures the correct calculation of taxable income. It also means that your company will comply with the guidelines ACRA set. There is no room for mistakes, especially when your resources are at stake.
Assistance on Advance Ruling in Taxation
A qualified tax professional, as well as service providers, can assist in the advance ruling in taxation. According to IRAS, the advance ruling is defined as a written interpretation of the Income Tax Act of 1947, wherein issues that arise from a proposed arrangement are to be treated for tax purposes. Moreover, a ruling request must require interpretation of the law, not seeking to understand what the law provides.
Smooth Filing of All Tax Forms
Filing tax forms is an accountant’s most commonly known task, despite other processes requiring their expertise. But that is quite true, though. If you ask someone in the corporate world about what they think an accountant does, it would probably be liaising with ACRA and complying with the rules and regulations of authorised offices. That said, a reliable accountant working for your company is an asset that can benefit your business more than you can think.
Reliable Foreign Exchange Transactions
Singapore allows foreign ownership to businesses, resulting in many foreign exchange transactions. With this, funds can freely go in and out of the country. However, the government implement a few restrictions on loaning Singapore dollars (SGD) to non-resident financial entities. On the other hand, lending SGD to individual and non-financial organisations is a different story. All this will be easier with a reliable tax agent that will put your business’s interest first.
Get to Know More About the Singapore Business Hub’s Accounting Services
Besides corporate tax, accounting is another thing that should be taken care of by business owners in Singapore. Dependable accounting significantly contributes to a company’s success, and that is not a made-up truth. So, here are some advantages of hiring accounting services that will change your mind about doing your accounting activities on your own.
Observing good accounting practices is crucial to business growth. Thus, engaging in excellent accounting services can help your company with:
- Creating and managing budgets
- Maintaining receipts and tracking expenses
- Strategizing the best time to make major purchases
- Keeping credible and accurate records for bankers, investors, and tax
- Forecasting future revenue and growth opportunities
- Guiding manpower and operation adjustment
- Tracking and reporting the financial health of the business
- Monitoring the growth rate of business
With proper management of business finances, small and seasoned businesses will have plenty of growth opportunities. A qualified accountant will oversee your corporate accounts and bookkeeping to keep the company’s cash flow undisrupted. As soon as you determine your tax and accounting requirements, don’t think twice about getting the most suitable professional to work for your company. Taking some responsibilities off your shoulder allows you to focus more on growing your business.
Trust the Experts: Reach Out to ContactOne for Your Corporate Tax and Accounting Requirements
Do not compromise when it comes to corporate tax and atax and accounting services. Only trust the experts that can provide your business with high-quality business solutions. Turn to ContactOne today and discover an array of professional supports your business can take advantage of. What are you waiting for? Call us on +65 6333 0633 or +65 8666 3633. You may also visit our website to learn more about us and the services we can offer your enterprise in Singapore.