What Is Sole Proprietorship Registration? A Sole Proprietorship in Singapore is the simplest form of business entity that is owned by only one owner. The company owner has absolute authority and responsibility for all assets and liabilities belonging to the business. There is no legal difference between the owner and the business entity, for example, … Read more
What is a Partnership? In Singapore, a partnership is similar to sole-proprietor. It is the simplest form of business entity owned by at least 2 to a maximum of 20 partners who have shared authority and responsibility for all assets and liabilities belonging to the business. There is no legal difference between the partners and the … Read more
What is a Singapore Limited Liability Partnership? A Singapore Limited Liability Partnership (LLP) provides entrepreneurs a fuss-free setup as of a partnership with features when going through the process to register a private limited company in Singapore. Partners in the Singapore Limited Liability Partnership can operate their Singapore business as a partnership while having the advantage of … Read more
Accounting softwares like Xero for bookkeeping enables you to manage and track your business’s financial transactions easily and accurately. Different Xero accounting firms offer accounting software with different additional functions that may be useful depending on your nature of business. For example, some software is designed for basic accounting functions, and some are designed to … Read more
Why Do Companies Need To Comply With ACRA? Private Limited Companies in Singapore need to stringently follow all of Accounting and Corporate Regulatory Authority (ACRA) regulations, in order to avoid being penalized. ACRA is the main governing body for business entities and corporate activities in Singapore, and will periodically make slight changes to the regulations … Read more
What Is A Company Secretary? Under Section 171 of the Companies Act, all companies in Singapore are required to appoint a corporate secretary within 6 months of incorporation. This includes foreigners who have just set up a company in Singapore. The Secretary appointed by the Company is responsible for ensuring that the Company is in … Read more
How To Determine FYE For The Company The Financial Year End (FYE) of a company refers to the end of the company’s accounting period, normally recurring every 12 months. A company’s FYE does not necessarily need to fall on 31 December, and can actually fall on any day within the year. The First FYE for … Read more
What Is Outsourcing Accounting? Outsourcing accounting services have become increasingly popular. Here are some reasons to branch out your accounting services globally. At the beginning phase, there is a massive set of responsibilities any new entrepreneur has to face. With so many operations to multi-task, it may be taxing and overwhelming for entrepreneurs to keep … Read more
What is Cloud base accounting? Cloud base system has been with us for as long as 2 decades if not more. But, it has not been for the past 10 years or so that the cloud base system has truly set its presence in our daily usage from business software to entertainment systems. So why … Read more