Business License Application

Business License Application


Business license applications are essential to the commencement of your business. It is mandatory to apply for and obtain the license prior to commencement of certain types of businesses. ACRA’s automated system will indicate if another approving authority is required to grant a license or permit during the application-for-name approval process.

For most licence application such as money changer licence, employment agency licence, food stall licence, IDA licence and many others, the Company must have an executive local director who is a Singaporean or a Singapore P.R. and the appointment of such director must have already been lodged with ACRA before the licence application.

Besides, most licence application documents will need to be signed and submitted by a local key executive personal/director therefore you will need to have such person (either Singapore Citizen, Singapore PR, or employment pass holder) to act for your company and apply for the licence.

Most businesses do not require licences or permits to operate but there are handfuls that do as they are regulated by the approving authorities such as those in food businesses, employment agencies, private schools, travel agencies, liquor distributors, moneylenders, banks, childcare centres, etc.

With our many years of experience in this field, we can get your license applications processed within the shortest time-frames possible so that you don’t miss any business opportunities.

Our fees are based on the type of license applied.
We specialize in the following license applications:
  • AVA License Application
  • NEA License Application
  • Travel Agency License Application
  • Liquor License Application
  • Tobacco License Application
  • Employment Agency License Application
  • Activation of custom account
  • Hotel-Keeper’s License Application
  • Massage Establishment License Application
  • Medical Clinic License Application
  • Capital Markets Services License Application
  • Financial Advisers License Application
  • Arts Entertainment License Application
  • Public Entertainment License Application
  • Animal Exhibition License Application
  • Printing Press License Application
  • Other Business License Application

 

CONTACT US TO GET A 1ST FREE CONSULTATION NOW!

 

 

 

 

What would happen if your company fails to pay taxes on time?

In Singapore, conforming to Government’s regulations is strictly required, especially in paying taxes on time after company registration. Most companies follow this code of conduct, which is partly due to strict penalties for failure to pay taxes by due date. This article will give you detailed information on penalties for late payment or non-payment of taxes.

  Read more… “What would happen if your company fails to pay taxes on time?”

Auditing Services For Singapore Company

AUDITING


 

Exempt Private Companies* with annual revenue of less than S$10 million are not required to have their accounts audited. While there is no mandatory requirement for qualifying Singapore companies to have their accounts audited, we understand the need for some of our clients to have their accounts audited. We have affiliated audit firms to provide you with their auditing service.

Our affiliated audit firms’ assurance approach does not focus simply on the financial statements of an organization, but also on the organization’s business operations. We assure to be mindful at all times of the auditor’s key role as the guardian of shareholders’ interests.

An independent audit is the foundation for decision-making in the capital markets. Its function is to enhance the reliability of information prepared by clients for use by investors and other stakeholders.

Our affiliated audit professionals provide a range of independent audit services based on a strong knowledge of accounting principles. These are complemented by an appropriate knowledge of business systems, processes and controls.

We believe in open communication and understand the importance of timely identification and resolution of critical issues. This is why we provide our clients with ready access to our engagement team personnel.

How we can help

Our audit process concentrates on the key areas of risk, based on a company’s operational characteristics and performance profile. Our partners and affiliated  professionals are trained to look closely at all aspects of financial reporting to better isolate risk.

We are confident to improve your business efficacy and prevent fraud.

Our audit and assurance services include the followings:
  • Statutory audit

  • Compliance audit

  • Compilation services

  • Internal Audits
  • Special Audits
  • Forensic Accounting
  • Fraud Investigations
  • Due Dilligence

 

CONTACT US TO GET A 1ST FREE CONSULTATION NOW!

 

 

 

 

Transcribe Financial Statements into XBRL Format

 XBRL  


TRANSCRIBE FINANCIAL STATEMENTS INTO XBRL FORMAT  – Only $s 480!

 

We aid clients in transcribing their financial services into XBRL format and file it on their behalf.

The Accounting & Corporate Regulatory Authority (“ACRA”) announced on 30 September 2013 that the revised XBRL filing requirements will be implemented from 2 December 2013. Replacing the online FS Manager will be a new offline tool, BizFinx, for preparing XBRL financial statements and the BizFinx Portal, for submitting the Annual Returns together with these financial statements. With effect from 1 November 2007, ACRA implemented a new filing requirement for Singapore incorporated companies to file their financial statements (FS) in XBRL format . XBRL stands for eXtensible Business Reporting Language, and it is a worldwide language used in computers for the electronic communication of business and financial data  such that they can be retrieved from online records and transferred directly to users such as auditors, regulators and financial analysts for various purposes.

Who is affected by the revised XBRL filing?

All Singapore incorporated companies (unless exempted below) which are either unlimited or limited by shares required to file their financial statements with ACRA will be required to file a full set of financial statements in XBRL format, according to a Minimum Requirement List within the new ACRA Taxonomy 2013 (i.e. Full XBRL). Filing of Option B (Partial XBRL), using FS Manager, will no longer be available.

Why the need for XBRL?

XBRL is an open-source software that enables the organization and management of financial data for research and analysis. It also facilitates the communication of financial information online and amongst businesses with significant accuracy and reliability.Most companies currently file their FS in PDF format. ACRA believes that the use of XBRL will achieve the objectives of facilitating the conduct of business, to streamline financial reporting and to enable the flow of financial information to the international business community,  in Singapore, providing more value-added financial information and enhancing the regulatory environment with improved transparency and timely dissemination of relevant financial information,thus promoting a pro-enterprise environment.

XBRL enables source data to be tagged electronically, making the data machine-readable. Thus, the user’s system can automatically extract the information without the need for copy-pasting or keying-in. XBRL enables tagging of numbers, quantitative data and textual information. The benefits of XBRL go beyond compliance since any data collation process can be streamlined using electronic tags.

This filing requirement will not apply to:-
  • Companies limited by guarantee;
  • Foreign companies and their local branches;
  • Banks, insurance companies and finance companies whose activities are regulated by the Monetary Authority of Singapore; and
  • Companies that are allowed by law to prepare accounts in accordance with accounting standards other than the Singapore Financial Reporting Standards or the International Financial Reporting Standards;

Solvent exempt private companies (EPCs) will continue to be exempted from filing their FS with ACRA.

Insolvent EPCs and EPCs that are required by law to file their FS with ACRA will do so in XBRL format.

Which businesses are excluded from XBRL filing?

The following types of companies are exempted from filing their full set of financial statements in XBRL format, and will file their financial statements in PDF with Financial Statements Highlights in XBRL format instead:

  1. Companies which are (1) Commercial Banks; (2) Merchant Banks; (3) Registered Insurers; and (4) Finance Companies, that are regulated by the Monetary Authority of Singapore; and
  2. Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS (International Financial Reporting Standards).

Solvent exempt private companies (EPCs) will continue to be exempted from filing their FS with ACRA.
Insolvent EPCs will have the following options to file their financial statements with ACRA:

  1. A full set of financial statements in XBRL format; or
  2. A full set of financial statements in PDF with Financial Statements Highlights in XBRL format.

Companies limited by guarantee will continue to file only their financial statements in PDF format to ACRA.
Foreign companies and their local branches will also continue to file only their financial statements in PDF format to ACRA

Financial Reporting Service

COMPILATION OF FINANCIAL REPORT

Financial Reporting Service          * Our fees range from $S 600

Singapore companies are required to have their yearly financial reports prepared in accordance with the SFRS (Singapore Financial Reporting Standards). We have a dedicated team to prepare your financial reports for submission to both ACRA and IRAS.

Exempt private companies (“EPC”) are companies with no corporate shareholder in the company and the number of shareholders in the company is less than 20. Dormant companies and EPCs with annual revenue below S$10m could enjoy audit exemption under current Singapore Companies Act, Chapter 50 (the “Act”). These companies have a choice as to whether to have their accounts audited except where the law has prescribed that an audit is still required. This will help many companies reduce their business operating cost.

Companies that qualify for the audit exemption and have chosen not to have their accounts audited can file the unaudited accounts in place of the audited accounts. The unaudited accounts (including notes to accounts) must be accompanied by the Directors’ report and the Statement of Directors and they must be prepared in compliance with the Companies Act and Singapore Financial Reporting Standards.  To meet these requirements, we assist our client to prepare unaudited financial statements  with professional competence and due care.

All other companies are required to appoint an auditor within three months of incorporation and be prepared to submit audited reports to ACRA. The accounts must be audited annually.

BookKeepingWhat services we will be providing for Financial Reporting?
  • Preparation of financial reports in compliance with FRS and Companies Act

  • Advices on accounting related matters

  • Provide timely reminder on the relevant deadline

We also offer a 3-in-1 Compliance package!

3-IN-1 COMPLIANCE PACKAGE – PACKAGE DEAL AT ONLY $S 980! ( U.P. $S 1,190 )


Our 3-in-1 Compliance Package provides the following services:-
  • Secretarial Work – U.P. $S 380
  • Compilation of Financial Report  – U.P. $S 600
  • Tax Computation – U.P. $S 180
  • Submission of Estimated Chargeable Income – U.P. $S 30

Accounting And Bookkeeping Services

ACCOUNTING AND BOOKKEEPING


All companies registered in Singapore must keep proper books of accounts as stipulated by the Singapore Companies Act. Good bookkeeping and accounting not only facilitates day-to-day account maintenance and drafting of financial statements for the submission of annual returns, but also provides insight for sound business decision-making as well as efficient financial management.

In turn, this will help you fulfill the compliance requirements stipulated by ACRA and IRAS and avoid unnecessary penalties.

Our accountants can compile your yearly accounts for submission to ACRA and IRAS. We specialize in maintaining a timely accounting system that allows you to manage your accounts cost-effectively.

Leave your accounting matters to us and free up your time for the strategic areas of your business. We offer a full spectrum of accounting and bookkeeping services that are cost-effective to companies that wish to outsource their bookkeeping function.

For newly incorporated companies, we shall provide you with our quotation for bookkeeping, accountancy and payroll services. For companies incorporated with existing books and accounts prepared, we welcome you to call us for a non-obligatory discussion. Our rates are based on volume of accounting transactions.

*Fees range from S$100.
Our Accounting and Bookkeeping Services includes but not limited to the following functions:
  • AccountingFull set accounts on monthly, quarterly, half yearly or yearly basis
  • Bank reconciliation

  • General Ledger Maintenance
  • Prepare and customise of financial report for management such as Trial Balance, Profit and Loss, Balance Sheet

  • Audit Schedule

  • Overall analysis of financial results

  • Clearing backlog accounts

  • Fixed Assets Ledger Maintenance
  • Cash Flow / Budgeting
  • Accounts Payable Ledger Maintenance

  • Accounts Receivable Maintenance
  • Aging report for accounts Receivables & Payables

  • Management Reporting

What you will be expecting from us?


1.We will review and organize your financial documents (sales invoices, purchase invoices, delivery notes, goods inwards note, bank statements, etc) to maintain your accounts ledger in a timely manner.

2.We will assist the drafting of financial statements in accordance with the Singapore Financial Reporting Standards (SFRS) for statutory submissions.

3.We will help monitor statutory compliance and regulation issues and guide you to ensure that you understand all the accounts reports.

4.We will be working closely with you to address to your business’ accounting needs.

Free Webite Design Service

To companies set up in Singapore, having an aesthetic website using high technology with the domain “.sg” will be a competitive advantage in attracting customers, winning business partners’ trust, etc. Nevertheless, finding a professional web design service supplier with high quality services at a reasonable price is not easy.

Understanding your concerns, Ace Global Accountants offer a professional yet affordable web design service, which is FREE for all customers who use our Singapore Company Incorporation services.

Why should you use a web design service?

After your company registration in Singapore, there are many issues to take care of such as taxation, accounting and auditing, GST registration, etc. At the same time, you have to make sure your company is attracting enough customers to make profits. One of the most effective ways to do so is communicating with customers through websites. Having said that, it is challenging for a start-up to manage all the above tasks; that’s why employing a web design service is a great idea.

A professionally designed website will:

  • Enabling customers to easily follow and update information.
  • Increasing prestige with business partners, customers and suppliers.
  • Attracting potential customers.
  • Building Customer Database with potential customers.
  • Boost sales.
  • Raise customers’ and partners’ brand awareness about your company’s products and services thanks to efficient website design and management.

Why should you cooperate with us?

 

1. Our working manner

Firstly, when working with us, you will receive our professional and enthusiastic consultancy on how to choose a suitable domain name, SEO friendly and responsive website template for your business and how to display the information and images to attract more and more potential customers.

Secondly, the project always takes place as planned. Our designing team regularly discuss and update with you to avoid unexpected misunderstandings during the designing process. Especially, we keep updating new technologies, then recommend the appropriate ones for your websites. As a result, when users get access to your website, they are impressed because it is not only very modern but also well-organized. From the perspective of our dedicated team, a sophisticated but easy-to-use website is what we would like to bring to our value clients.

Last but not least, after the website handover, Ace Global Accountants offers 12 months guarantee period. During that time, if there are any technical faulty or other kinds of errors occurring due to our system, we will support to fix them until the website works stably and properly again. In the worst case, we are willing to re-design for you. However, up to now, all of our clients are satisfied with their websites and our customer care service.


Ace Global Accountants always support our clients before, during and after designing the website.

Your website, our pride! 

2. Ace Global Accountants website design service

When you use our Singapore Company Incorporation services, we will offer a FREE web design service (note, however, that website domain and hosting will be charged), including:

International high quality hosting whose server is located in the USA

Elegant, modern, user-friendly templates with Fully Responsive Technology

Professional, experienced and conscientious designers

Various templates designed for a diverse business sectors such as: E-commerce, Company, Furniture, Spa, Education, Tourism, Hotel & Restaurant…

««« Companies incorporated in Singapore will be supported in web design with “.sg” – the Internet country code top-level domain (ccTLD) for Singapore. 

 

Implementation progress:

Timeline to carry out a project depends on its complexity and your requirements. Normally, it takes around 4 weeks to complete a website:

1st week: You provide website content including: company introduction and contact information, product information and photos, other articles, etc.

2nd week: Ace Global Accountants uploads the information on the website

3rd week: You preview and give comments or provide additional contents (if any). Ace Global Accountants will fix the website according to your requirements. For example, you would like to change the color or images of some parts. If there is any new requirement which is not mentioned at the beginning, we will discuss with you later.

4th week: Test the website and transfer all of related information to you

 Note: In case you do not have time to prepare the content for the website, we also support you to do this. This will charge a little fee, however.

Besides website design service, Ace Global Accountants also provides other support services: website management and development, SEO-Google AdWords consulting, CRM Application to Business, Google Apps, Email marketing – Newsletter campaign, Domain and Hosting Registration when you would like to enhance your website’s efficiency and attract more potential customers.

Our Website will be good in all Desktop and Mobile

Ace Global Accountants is proud to be one of the most experienced and professional companies in website design field. We are a trustful partner who helps you promote competitiveness in this era of Internet.

In addition to Singapore Company Incorporation Services, our support services are not only in information technology but also in other fields such as Accounting and Auditing Services, Book-keeping services, Company Secretary Services, Taxation Services, GST (Goods and Services Tax) Registration, Productivity Solutions Grant, etc.

Offshore Company Incorporation / Formation

Offshore Company Incorporation/ Formation       – From USD $ 980 !singapore company incorporation

British Virgin Islands (BVI) Incorporation, Seychelles IBC, Belize IBC      

An International Business Corporation (IBC) or offshore company is commonly set up in a tax haven like the British Virgin Islands (BVI), Marshall Islands or Seychelles.  BVI does not impose  taxes on corporate or personal income, as well as on capital gains, gifts, death or wealth. We offer offshore company incorporation services to help you set up in your company in these tax havens.

 

Appointment of Nominee Director                        – Only S$ 888

We will appoint one of our qualified accountants to act as your local nominee director to ease your regulatory burdens. Our nominee director services are offered strictly for statutory compliance purposes and our nominee directors will not be involved in any operations, management or financial aspects of your company.

The Singapore Companies Act requires all Singapore Private Limited Companies (PLCs) to have at least one individual director who is an “ordinarily” resident of Singapore.

Generally, an individual is accepted as ordinarily resident in Singapore if the individual:

  • Provides a local residential address;
  • Is a Singapore Citizen, Singapore Permanent Resident, EntrePass holder, Employment Pass holder or Dependant’s Pass holder; and
  • Proves that he/she is long-staying (i.e. he/she can legally remain in Singapore for a long period).
    Please note that the above conditions are non-exhaustive as other factors may be taken into consideration.

Having a Singapore Nominee Director eliminates the hassle if you do not meet the criteria above.

 

 

CONTACT US TO GET A 1ST FREE CONSULTATION NOW!

Singapore Business Registration

COMPANY REGISTRATION

Company Incorporation Package

(BASIC PACKAGE FROM S$ 595!)

CALL US AT 90612851 TO FIND OUT MORE

 

Our Singapore Pte.Ltd. Incorporation Services include the following:
  • E-Certificate of Incorporation
  • Professional service for Name application and Incorporation
  • FREE Preparation of Company Constitution
  • FREE Registered Office Address for 1st year
  • FREE Company Secretary for 1st year
  • FREE Company Business Profile

  • FREE Company Share Certificates
  • Disbursement to ACRA for Appoint of Named Secretary
  • Preparation of registration forms
  • Updating of Minutes and Share Register Book

  • Preparations of Minutes for AGM
  • First Board Meeting Resolutions
  • Drafting of Director’s resolutions
  • Professional consultation with Corporate secretarial issues
  • Auto Filing Reminders
  • Common seal

  • Company Stamp

 

Why start up a Business in Singapore?


  • ⇒   Singapore is the third-richest country in the world, ranking behind only Qatar and Luxembourg, according to Forbes magazine.

    ⇒  Ranked third most globalized economy among the world’s largest economies.

    ⇒  Corporate tax rates are only about 8.5% up to $300,000 profits and a flat rate of 17% for amounts more than $300,000.

Business Start-Up Services


 

singapore company incorporation and registrationWe are able to help in the following areas:

  •  Company Name Application

  •  Company Incorporation and Registration
  • Provision of Nominee Directors and Secretary

  • Provision of Registered Office Address
  • Opening of Bank Account

 

 

Features of a Private Limited Company


  • A legal entity separate and distinct from its shareholders and directors
  • It can sue or be sued in its own name
  • A minimum of 1  shareholder
  • A subsidiary company, with at least one individual shareholder with minimum of 10 percent shareholding, is entitled to local tax and development incentives.

 

 

CRITERIA FOR EXEMPT PRIVATE COMPANIES


For financial years commencing on or after 1 July 2015, a company for the given financial year if:

  • It is a private company in the financial year in question; and
  • It meets at least 2 of the following 3 criteria for immediate past two consecutive financial years:
  • Total annual revenue do not exceed S$10m;
  • Total assets do not exceed S$10m;
  •  No. of employees do not exceed 50.
  • If the company is part of a group, the above test must be met on a group (consolidated) basis as well.

 

 

Company Incorporation Requirement


  • All private limited companies are required to have a company secretary within 6 months after incorporation. We can act as your company secretary.

  • Time taken to incorporate a company is approximately within 1 hour to 1 day.

  • Minimum paid up capital is S$1.

  • Minimum of one director who has to be an ordinarily resident in Singapore. i.e. Singaporean / Singapore PR / Singapore employment pass holder. Minimum 1 individual Shareholder or 1 corporate body as 100% shareholder is required. You do not need a Singaporean for a shareholder.

  • A Singapore Registered Office Address

 

Company Secretary

The Company Secretary is an officer of the company, primarily responsible for the company’s corporate compliance and upholding of corporate governance. All Singapore companies are required by law to appoint a Company Secretary. This position cannot be vacant at any time for more than six months. A sole director of a company is not allowed under law to act as Secretary. The Company Secretary must have sound knowledge of the corporate regulations and company law in Singapore.

Registered Office Address

All Singapore companies are required to have a registered address. As part of our incorporation package, we provide your company with our registered address service at no additional charge for the first year. Following that, you can renew this service with us annually at a very attractive rate.

Nominee Director

A private limited company requires at least one individual director who has to be an ordinary resident of Singapore ie being one of the following: – Singapore citizen OR – Singapore permanent resident OR – Singapore employment / dependant pass holder. Our representative may act as your company’s local director if you have difficulties appointing a director of your own.