Asiabizservices Provides Singapore Accounting Services Globalization is working its way into the local economies, requiring a greater transparency on every business’ accounting. To stay competitive and live up to its reputation being the world’s second largest investment center, the Accounting Standards Council of Singapore adopts a rigorous process in issuing Financial Reporting Standards to ensure that the accounting standards imposed are consistently competent. Singapore seeks to make the citystate the leading center for accountancy with its high quality audit and financial reporting as the foundation. That goal is aligned with Asiabizservices, a company consisting of professionals equipped with extensive experience with Singapore’s legal, financial, tax, and regulatory frameworks and whose principal objectives are to help entrepreneurs setup a company in Singapore and to continue complying with statutory requirements prescribed by the authorities. Among its specializations is providing accounting services to entrepreneurs local and foreign. Investors in Singapore and beyond find it beneficial to engage Asiabizservices’ accounting services because it mitigates their administrative costs while complying with statutory regulations. Also, it leaves them more time to focus on running their business. Two of the primary functions of accounting that Asiabizservices specializes are filing and paying for tax returns and bookkeeping. Being a leading investment center in Asia Pacific, the taxation in Singapore varies between tax residents and nontax residents. By law, tax residents are mandated to file their annual tax returns each Year of Assessment [YA] based on their income accrued from preceding year. Asiabizservices describes tax residents as the citizens of Singapore and includes those who hold permanent residence, foreigners who have stayed and worked in Singapore for 183 days and beyond, in the year preceding the Year of Assessment. “The personal income tax rates are progressive beginning with 0% on the first S$20,000 and ending with 20% on the first and succeeding S$320,000 accumulated earning. On the next income of S$10,000, the personal tax rate is 3.5%. It goes up to 5.5% on the first S$30,000 and the next S$10,000.” For nontax residents, described by Asiabizservices as foreigners engaging in a shortterm employment within 60 days in a calendar year and whose earnings are exempted from tax under the Avoidance of Double Taxation Agreement, the tax rate is flat at 15% or based on the resident tax rate, whichever is higher. “Income stemming from a Director’s fee, Consultation fee and other sources are taxed at 20%,” Asiabizservices continues its explanation, stressing that clients can employ its services in preparing the personal tax computation and submitting of annual returns to IRAS in their behalf of its clients. The scope of Asiabizservices in its accounting services includes assistance in securing personal tax clearance for people leaving Singapore, withholding tax assistance for nonresident tax payers, preparation of tax form IR8A, and providing advisory on personal tax planning double taxation and relief claimable. On the other hand, Asiabizservices’ bookkeeping service is equally competent with its team of highly trained accountants to cover the tasks of creating and organizing account ledgers including the accounts
payable and receivable, bank reconciliation, management reporting, financial analysis, and providing assistance in drafting the financial statements. “We designate an account manager to work cooperatively with our clients,” Asiabizservices concludes its statement. About the Publisher: For many years, Asiabizservices has served the community by taking charge of Singapore company registration, incorporation of a company in Singapore, processing the necessary working visas of entrepreneurs or employees, and providing services such as accounting, secretarial and statutory compliance with certain requirements. AsiaBiz is a company that provides Singapore Company Registration services to local and foreign entrepreneurs and investors and offer consultation regarding the immigration and taxation law, Singapore accounting services , Singapore Company Incorporation and book keeping requirements, and other compliance matters stated under the Singapore law. For more information: AsiaBizServices.com address: 120 Telok Ayer Street Singapore 068589 phone: +6563034614 email: firstname.lastname@example.org website: http :// www . asiabizservices . com /
Published on Nov 20, 2010
Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepr...