Tax planning, by nature, involves effective use of available and legitimate strategies to minimize tax liabilities. This could be done by either deferring your tax or to avoid tax using certain tax-break provisions. Following with several tax crimes in Singapore, including tax evasion by website operator and social escort agency, PIC Fraud from management consultancy business, tax planning is believed to be one mechanism that is of paramount importance for the tax payer in contemporary business context.
Blogs about corporation startup tips, accounting and taxation basics.
In light of the new FRS 115 revenue recognition standard that takes effect from this year onwards, practically every company, big or small, are affected in their operations and revenue reporting. Still, not everyone may not be familiar with the new standards. in 2017, less than 10% of companies are ready for the FRS 115, while 60% are undecided on approaching these changes. To prepare ourselves for the incoming changes from the new revenue recognition standard, we offer a series of articles to inform you in navigating through these huge changes. This is...the introductory guide to the new revenue recognition standards.
Singapore is well known as a prime location for global businesses looking to expand into Asia. Located right in the middle of robust and booming markets in the region, it has a highly skilled pool of labour ready to be assimilated into any organisations. To attract more businesses and investors, the government has since put forward several incentives, making it easier than ever for entrepreneurs to set up their own companies in the City State.
In Singapore, tax incentives are catered towards organisations engaging in activities that provides value to the country’s economy and technological development. Intellectual Property (IP) activities are therefore regarded as high value activities, strengthening the nation’s innovative capabilities and creating a better business environment. As such, these incentives are offering compelling reasons that continue to put Singapore on the map as a preferred location for setting up IPs.
Here are several examples where Inland Revenue Authority of Singapore (IRAS) and Singapore Economic Development Board (EDB) lend support to the improvement of IP infrastructure within the country.
Singapore remains as the top location of choice for businesses looking to register IP. Strong government support is a huge factor, especially with policies in place to assist entrepreneurs on a quest to turn “ideas into assets”. The nation’s legal system, fierce government support and a collective vision to turn Singapore into a Global IP Hub in Asia by 2020 are all great reasons that provide a pull for potential business owners and companies into the Republic.
That said, assets such as IP can tricky when migrating to “favourable tax jurisdictions ”, especially with governments issuing crackdowns on companies looking to evade tax. In the event that these IPs are undervalued, local governments could potentially issue taxes based on the value of the new assets, even if it has moved abroad to avoid hefty tax charges.
While Singapore will no doubt provide a strong global position and allows companies to operate efficiently, here are 3 essentials to consider for IP Migration into Singapore.
Photo by Victor Garcia
Singapore is internationally known as a safe haven for both local and foreign entrepreneurs looking to set up their businesses. In World Bank’s annual “Doing Business” 2018 report, for instance, the nation is ranked 2ndamongst 190 global economies, miles ahead of other economic powerhouses such as the United Kingdom and the United States of America.
Similarly, international surveys such as the World Economic Forum has also ranked Singapore’s Intellectual Property (IP) laws as one of the best in the world. Large brand names such as Procter and Gamble as well as Mead Johnson have selected Singapore as their preferred location to invest in business and research and development – all of whom have listed strong IP laws as a factor in their decisions.
Here are the top 3 reasons why Singapore is an intellectual property haven.
Photo by Peter Nguyen
In today’s globalised age, all companies will need to constantly innovate to keep their competitive advantage and keep ahead. Any complacency or stagnation would have eliminated them from the race. According to the Global Innovation Index, Singapore ranked 5thmost innovative nation out of 126 economies, ahead of USA & Germany, and top innovative nation in Asia. As such, Singapore is a haven for many Small, Medium Enterprises (SMEs) and Multi-national corporations (MNCs). For companies to stay competitive in Singapore, they will need to innovate. Most importantly, they need to know how to protect their innovative ideas – their intellectual property.
Out of a population of 5.74 million, 4.71 million inhabitants in Singapore are Internet users, making the Internet penetration rate to be 82%. To access the Internet, the persons in Singapore mostly use their smart phones, laptops or desktop computers. This is based on figures released in “Digital in 2017: Southeast Asia”, a report produced by Hootsuite and We Are Social, looking at Internet, social media and mobile use across this region.
Topics: Start Up
Ease of company setup, vibrant business environment, stable political environment, strong Intellectual Property protection, educated workforce and good quality of life – these are the key factors consistently attracting entrepreneurs to start and grow their business in Singapore.
Singapore and Malaysia – two key economies in Southeast Asia – share similarities in terms of culture, heritage, and geography. However, for an entrepreneur new to the region, it is worth highlighting that the two countries are different in terms of how they do business.
Topics: Company Registration
In this increasingly globalized world, it is crucial to know where your businesses and entrepreneurial ideas can thrive. This past decade has witnessed new economies with booming market potential. Singapore is reknown to be a top business hub. This is evidenced by rankings such as the World Economic Forum’s Global Competitiveness Report 2017- 2018, which placed Singapore as among the top 10 most competitive global economies, and PWC’s “Cities of Opportunity” 2016 report that ranked the Lion City as first in ease of doing business.