Sovereign is a global leader when it comes to worldwide incorporations. When you appoint us as your company secretary you gain access to our global banking relationship network. Singapore bank accounts are available for both Singapore companies and offshore companies. We can also assist in opening a foreign bank account for your Singapore company in any other financial hub such as Hong Kong or Mauritius. Each bank has their own opening requirements but it is often the case that when Sovereign is appointed as the director for your company, we can open the bank account on your behalf without any need for you to visit the bank in person.
Goods and Services Tax (GST) Submission
GST is a consumption tax levied on the import of goods, as well as nearly all supplies of goods and services in Singapore. Businesses whose taxable supply exceeds or is expected to exceed S$1 million for any consecutive 12 month period are required to register for GST with IRAS. GST-registered entities must submit quarterly GST returns. Any GST paid by a company can be claimed from the Inland Revenue Authority of Singapore (IRAS). Businesses may also voluntarily register for GST.
Companies in Singapore must pay the salaries of their employees in a timely manner. They must also ensure that the deductions made from the salaries of their employees are submitted to the Central Provident Fund (PF) on time. Computation of basic wages, overtime wages and bonuses are some of the basic elements of payroll processing. However, in Singapore, the computation of donations to funds such as the Singapore Indian Development Association (SINDA), Mosque Building and Mendaki Fund (MBMF) and Eurasian Community Fund (ECF), together with levies including the Skills Development Levy, as well as withholding taxes, make it a complex function. By outsourcing your payroll you can free up your valuable time and resources to concentrate on the important business of running your company. Sovereign can provide a comprehensive yet flexible outsourced payroll service tailored to each clients’ specific requirements.
The Companies Actin requires that each company must appoint one Singapore resident director. If you are based overseas and do not have a local director, you can utilise our Resident Local Director service to satisfy this statutory requirement. This service can be provided on a short-term or annual basis as below:
- If you do not intend to relocate to Singapore, you would need our resident director service on an annual basis.
- If you are relocating and intend to apply for an employment pass, you may only require our resident director service temporarily. When you eventually receive your employment pass, we can resign and you are able to take over as the local resident director.
Trademark and Intellectual Property Services
The intellectual property (IP) associated with a business name or system can be one of its most valuable assets – but only if it is properly protected. Any business that wishes to establish a national or international identity should take steps to protect the use of its name, logo or other IP, such as patent rights, formulae/processes, designs, trademarks, franchises, licence agreements, “know-how” and copyrights. Given the importance of IP to modern businesses, Sovereign has established an intellectual property division that specialises in registration, monitoring, advice and proactive assistance.
Singapore has been taking active steps to position itself as an IP centre with a robust legal framework for IP and competitive tax regime for the commercialisation and exploitation of IP. In 2013, the government annunced a plan to develop Singapore as a “Global Intellectual Property Hub in Asia” over the next decade.
Singapore’s legal framework for IP protection is recognised internationally. In the 2013-2014 Global Competitiveness Report, the World Economic Forum rated Singapore as having the best IP protection regime in Asia. Companies in Singapore are offered generous incentives to register their IP. Under the Productivity and Innovation Credit Scheme, subject to certain conditions and expenditure limits, companies are entitled to a 400% tax deduction for the costs of registration of IP, which include both registry and or professional fees, in or outside Singapore.
For the acquisition of certain IP, companies are entitled to write down the acquisition costs over five years of assessment, subject to certain conditions. The Productivity and Innovation Credit scheme further enhances this benefit by providing a 400% writing down allowance for acquiring both legal and economic ownership of IP.
Under the IP Hub Master Plan, further strategies are being evaluated to enhance the legal framework by increasing the quality of IP filings and developing Singapore as a choice location for IP dispute resolutions.
Singapore also offers a supportive tax framework to companies that develop or acquire IP, and a large number of international firms representing a wide range of industries have located their research and development (R&D) and IP-related activities in Singapore.
Employment Pass Applications
Singapore offers immigration policies designed to attract High Net Worth Individuals, entrepreneurs and working professionals from around the world. Singapore personal tax rates start at 0% and are capped at 20% above S$320,000 for residents and a flat rate of 15% for non-residents. Goods and Services Tax (GST) was introduced in 1994 and is currently charged at 7%. A property tax, based on the expected rental values, is applied to owners of properties. Estate Duty was abolished in 2008.
Sovereign Singapore is able to assist in obtaining Employment Passes (EP) for you and your staff. An EP is a type of work visa that is designed for managers, executives, specialists and other skilled professionals who wish to work in Singapore.
The Ministry of Manpower (MOM) allows you to apply for an EP once you have incorporated your company with us in Singapore. This visa enables you to relocate to Singapore in order to run company operations. Sovereign will:
- Assist with completion / submission of application forms to Ministry of Manpower (MoM);
- Coordinate registration, finger printing and collection of Employment Pass upon approval;
- Submit one appeal should an application be rejected first time round;
- Make additional applications for spouse and/or dependents.
Additional Employment Services such as drafting business plans or employment contracts are available upon request.