7 Important Things to Consider While Choosing a Payroll Software

Do you know that you can save lots of money when you buy a payroll software and bring your payroll in-house? No matter what sort of business you are running, you must keep a record of payrolls. There are numerous things to record, like taxes, bonuses, direct deposits, full-time as well as part-time salaries of employees, commissions of the salesperson, and much more. Before a payroll service benefits you, you should record all these information in-house and then further forward it to the payroll service provider.

In case you have a payroll software to record the data and process it yourself, you can save cost, add more profits to your bottom line and you need not outsource. Thus, getting the right payroll software is important. With some basic MYOB training in Singapore, you can save yourself a lot of effort and let your organization system rise with the success of your business.

Here are 7 important things to consider while choosing the right payroll software for your company

• Determine that the software is able to carry out all the aspects of payroll reporting. The major objective of the software is to simplify the overall payroll process thereby making your operation more productive. Consequently, you must get one that can quickly handle all the aspects of payroll reporting.

• The software must be capable of regulating your accounting system. Your accounting system ought to work hand-in-hand with the payroll software. So be sure that you check with the supplier on this.

• The supplier should provide either on-line tutorials or on-site training in order to teach you how to use the software. The program must have specific tools that enable you to set it up readily.

• To save much of your time and to make e-filing quite simple as ABC, make sure that the software enables you to file tax return forms efficiently.

• The software must be flexible to handle your precise requirements. A flexible system will definitely make your business procedures more efficient and save you from lots of hassles.

• Ensure that your computer system can fully support the software. Also, test that the software must be able to run on either Windows or Mac.

• Choosing an experienced and well-reputed company can also be a better idea. You will never prefer working with someone who is totally new to the market. Therefore, a highly experienced company will be able to provide a better support anytime to clarify your problems.

• There are millions of options for you to choose from so take your time,  do a research and find the best payroll software for your company.

The Groundwork Before Incorporation in Singapore

There is a belief among foreign entrepreneurs that the best destination for business is Singapore. Singapore is also considered the best place to live in because of the quality of life there. All the advancements in technology are present in Singapore. Moreover, when it comes to comforts, tourists, foreign entrepreneurs, as well as the residents are cherished. They have all the facilities needed to live. Singapore has a good growth in its GDP which resumed being one of the fastest growing economies worldwide. For this specific reason, businessmen are keen to start a Singapore company and discover the first class business operation in Singapore.

The very first attraction of company incorporation in Singapore is the tax benefit obtained. New companies do not pay for any tax on their initial S$100,000 of annual income for the foremost three successive years. Moreover, there is another 50% exemptions for S$200,000 from the chargeable revenue.

The second one is about the requirements needed for Singapore company registration, which looks difficult on paper, but it is not the case, because of the very structured way of working of the Singaporean government.

The applicants should act in accordance to:
•Have a minimum one shareholder, one company secretary and one director who is a resident.
•Pay at least a primary paid-up share capital of S$1
•Need a proper address so that the Singapore office is properly registered.

There are some other requirements also which need to be filled such as:

• Register the company via ACRA before incorporation happens. Note that the name for your company should be unique.
• Atleast one if the director should be a resident in Singapore. Even if he is a foreigner it does not matter as long as he has the required pass.
• A minimum of one shareholder is needed and the director can be the same person too. You can have till 50 of them.
• The secretary should be a local in Singapore and he should be appointed within 6 months of Incorporation in Singapore.

Hence, following all this properly, you properly will be properly set up.

Rules to Follow for Singapore Company Incorporation

The most asked question is who can incorporate a company in Singapore. If you are over 18, you can do it. Actually, no specific age is required, except that you need to be over 18. Also, there are some others factors like:

• The person should be residing in Singapore (a local)
• Someone who is staying in Singapore or it can be someone from another country having a local address.
• When it comes to foreigners, they should have a pass, either Employment pass, dependent one or Entrepreneur pass.

So, these people are eligible for Singapore company incorporation.
In addition to what is said before note that the director should not have been bankrupt in the past or been involved in any dishonest practice.

There are several other requirements which need to be fulfilled in order to have successful company incorporation in Singapore.

• Shareholder (s)
•  A director
•   A secretary

Keep in mind that the director and the shareholder can be the same person. However, it is advised to have a separate shareholder because most of the time, financial institutions need two signatures. The company secretary should be a native of the country and should be appointed within 6 months of incorporation.
When it come to the name of the company, make sure it is unique. If it is not, it will be rejected. Singapore Standard Industrial Classification (SSIC) needs to be supplied too. Also, the company should have an address, a local one.

For the regulation of businesses in Singapore, it is the Accounting and Corporate Regulatory Authority (ACRA) which is responsible.

At the end of the day, to make this successful, what is needed is only to follow everything properly. When it comes to foreigners, it is better to appoint a service provider which will guide you all the way.

Service Providers Facilitates the Incorporation in Singapore

Your tax filling is killing you? And you feel like banging your head against the door? Now come the phase: to whom do I go for help? Well, there is nothing to worry about. Impossible is nothing. The one choice you have is: incorporate a Singapore company to benefit low taxes and even tax exemptions. The best part is that there are service providers who can guide you through this.

It is all about hiring an experienced service provider. The law itself says that you need someone in the process because you cannot self-register. You need to be sure about them though because if they are not experienced enough and they miss out on some papers, obviously this will result in the failure of your company. When you hire one, it will all work on the trust factor. They know best about the taxation and can guide you thoroughly in what kind of business activities you should indulge in.


The same tax provider can help you with all the necessary documents and any other information. If you had to do this all by yourself, you will be running here and there for everything. This can have a bad impact on your life. Hence, these providers will facilitate your life. In this way, your personal as well as professional life is balanced.

 The one main worry of anyone incorporation a company in Singapore is any financial deficits. There can even some monetary troubles which can give a halt to your business activities. Incorporation in Singapore should hence be prepared for duty preparation which means that being stuck in any monetary crisis is out of question.

To benefit low tax or tax exemptions for Singapore incorporation it is necessary to hire the trustful and experienced service provider because he will be the one who will be guiding you through the whole processes as well as documentations.

Avoid Hindrance in Singapore Company Registration

There are some things to keep in mind before going for company registration. If some processes are not respected or followed, the application can be rejected. Hence, special attention should be given to minimize any failures. There are some rules also. For instance, a business owner who is a foreigner is not allowed to register his own country in Singapore. It becomes compulsory to go via an incorporation service provider in the country to get the process of registration done.

 This does not mean that the process is lengthy or will take a lot of time to complete. It is only a matter of one or two days. Yes, this is surprising! It is the government that is very supportive in all these. It has laws which are in the advantage of foreigners who want to set up an offshore company in the country. Nevertheless, it is vital that all the processes are carried out accordingly so that there is no hindrance which comes up in the way.

Basically, delay or hindrance occurs when there are papers missing which going through the processes. Since, you are being in touch with authorities it is vital to present everything they require. This is the reason why effective service for Singapore company registration  is necessary for you to experience a smooth process. Sometimes, it happens that the authorities see there is information missing and hence, this creates a big delay.

Again, a good service provider can help you in this because with his experience he can give you proper advice as well as tell you the steps that you need to undertake to avoid all these. Also, it happens that at time, you will need special permissions. Take all this into consideration and work on it. In case the company name you suggest is rejected, the delay is huge. However, to avoid this, always be in touch with your service provider. Again, he can help on this.

At the end of the day, this process is not difficult. Only special attention should be given so that small mistakes are not done. However, with the help of a service provider, this step becomes easy.

Advantages of Company Formation in Singapore

Singapore Company Formation is the world most appealing, efficiently taxed and the perfect corporate structure to carry out International Business. Singapore has become the most preferred destination for foreign Entrepreneurs. They all bent to invest in another branch of their company to enlarge it and gain better profits. The city, being a Business as well as stable hub, it has become an attraction to live in. Also, in terms of financial services, Singapore does not lack in it. It is growing day by day into a financially stable country. From the wealthiest to utmost security, thinking twice to go there is just a myth. If we analyze the language, it is the most English-speaking capable country in Asia. This ultimately becomes a strength for western companies. In addition to that, Singapore has such a location where it is superb to register for an intellectual property.

The following advantages are:

 1) The tax level is very low; hence it is very efficient for the companies.  From 2010, the rate for the corporate tax was only 17%. It is still same till now. Nevertheless, there are some companies which benefit a lower tax. These incentives bring the tax level to 15% and 0%. If the company in not doing Business in the country, in other words, if all the transactions are being done outside Singapore, they do not have any tax to pay. There are expert for Singapore Company Formation who can help you better understand this part.

2) Good support from the government.

3) In terms of the politics, they are excellent and even the legal system.

4) First-class infrastructure and banking services.
 
5) For the incorporation phase, it is easy and also fast. It takes only 1 to 14 days. Most of the time it is completed in one day.

6) Tax exemption in the first 3 years of doing business for companies that has a corporate profit in Singapore.

7) Entree with 62 countries to inclusive double taxation treaties.

Factors Making Singapore a Feasible Destination for New Company Formation

New challenges are faced while setting up a new Business. It is up to Entrepreneurs to sort out every difficulty to be part of an exciting adventure with entrepreneurship. However, it can happen that petty mistakes can become a handicap to the Business.

 The location is important for a quality company formation. One cannot establish a company where growth can be halted, thus having a long term negative impact. Singapore has become a Business hub and one of the premium locations. Being located in the South-East and close to big fast-growing economies like India and China and near to  beneficial markets like Thailand and Indonesia, many companies are being set-up in Singapore. It should also be noted that Singapore has a well-served transportation to numerous corners of the globe. This makes the country an attraction for conferences.

Commercial development is inevitable in Singapore. This is because it has one advantage over other countries which is its beneficial tax rates. This developed country has lowered its corporate as well as personal taxes. Moreover, the business is not affected in any sense in terms of penalties or growth because the tax structure is as such that it will not have any effect. This is why Singapore is firstly ranked when in the Index of Economic Freedom.

It is crucial to have a solid base so that a Business can survive. Hence, infrastructure becomes an important aspect. Note that a poor infrastructure can hinder a company. Singapore, having an outstanding infrastructure remains the ideal place for your company formation in Asia.

A lot of businesses are set up in places where there is a cheap workforce. But, when it comes to Singapore, they have a fine educational system and educational centers which provide smart minds. This country having a practical immigration system also ensures a qualified workforce.

Establishing a company in Singapore not only encourage growth, but also a work quality. A.1 Business PTE LTD can be your solution provider for you company formation in Singapore.