Business Insights Archives

Your Guide to Corporate Tax Filing in Singapore

July 8, 2024July 8, 2024 firstpagedigital

Managing your corporate tax obligations and ensuring their timely filing is a crucial part of conducting and operating your business in Singapore. The Singapore government has specific regulations in place regarding corporate taxes, and while it offers a business-friendly environment, it’s important to learn the steps involved to navigate the process more easily. This guide provides the essential information you need to file your taxes accurately and on time.

What Is Corporate Tax Filing?

Corporate tax filing is the process of declaring your company’s income to the Inland Revenue Authority of Singapore (IRAS) and paying any taxes owed. It’s a mandatory annual process that ensures businesses contribute their fair share to the nation’s development.

Why Is Corporate Tax Filing Important?

Corporate tax filing is important for several reasons, and they include the following:

Ensuring Compliance

Filing corporate tax ensures that your business complies with Singapore’s tax regulations, avoiding any late filing penalties and potential legal issues with IRAS. It protects your business and helps you maintain a good standing with the authorities.

Maintaining Accurate Records

Corporate tax filing plays a vital role in giving you a clear and comprehensive financial picture of your business, detailing records of your income, expenses, and tax liabilities. With these details, you can easily track your business performance and identify areas for improvement.

Eligibility for Incentives

Accurate corporate tax filing allows your company to benefit from various tax deductions or exemptions offered by IRAS. These incentives can significantly reduce your overall tax burden and contribute to your business’s financial health

Who Needs to File Corporate Income Tax in Singapore?

According to IRAS, companies that must fulfil corporate tax obligations include:

A business entity incorporated or registered under the Companies Act 1967 or any law in force in Singapore. It usually has the words ‘Pte Ltd’ or ‘Ltd’ as part of its name
A foreign company registered in Singapore such as a branch of a foreign company
A foreign company incorporated or registered outside Singapore

However, sole proprietorships and partnerships have separate filing requirements. Sole proprietors report their business income under their personal income tax filing, while partnerships file a separate partnership tax return.

Understanding the Singapore Corporate Tax System

Singapore’s corporate tax system revolves around the concept of the Year of Assessment (YA). The YA refers to the calendar year for which you’re filing your taxes. It’s important to note that corporate tax is levied on income earned in the preceding year. For example, in 2024 (which is also your YA2024), you’ll file your corporate tax return for income generated in 2023.

Singapore boasts a flat corporate tax rate of 17%, applicable to both local and foreign companies. This rate is applied to your company’s “chargeable income,” which is essentially your taxable income after deducting allowable expenses from your gross income.

Key Corporate Tax Filing Requirements

Before filing your corporate tax return, you must understand the requirements to complete the following two Corporate Income Tax (CIT) returns annually at different times:

Estimated Chargeable Income (ECI)

The ECI is an estimate of your company’s taxable profits for a particular YA. You must file your ECI with IRAS within three months of your financial year-end. For instance, if your financial year ends on December 31, 2023, the ECI filing deadline would be March 31, 2024. Some companies may qualify for an ECI filing waiver.

Your company does not need to file ECI in the YA when both the criteria are met:

Annual revenue is $5 million or below for the financial year; and
ECI is nil for the YA. The ECI is the amount before deducting the exempt amount under the partial tax exemption scheme or the tax exemption scheme for new start-up companies

Form C-S/ Form C-S (Lite)/ Form C

These forms are the official tax return documents submitted to IRAS. The specific form depends on your company’s revenue and other conditions.

Form C-S and Form C-S (Lite) are for companies with income taxed at the 17% Corporate Income Tax rate and not claiming certain deductions or credits in the Year of Assessment (YA), such as Carry-back of Current Year Capital Allowances/Losses, Group Relief, Investment Allowance, Foreign Tax Credit, and Tax Deducted at Source. If your company’s annual revenue is $5 million or below, you will use Form C-S. If your company’s annual revenue is $200,000 or less, you will use Form C-S (Lite).

Companies that do not meet the above criteria must file Form C.

The filing deadline for these forms is typically 30 November of the YA.

Penalties for Late or Inaccurate Corporate Tax Filing

Late or inaccurate filings can result in penalties from IRAS. The penalties can be significant and include:

Late filing penalty: If you fail to file your corporate tax by the due date, IRAS may issue an estimated Notice of Assessment (NOA) based on your company’s past years’ income or any information that IRAS may have. Your company must pay the estimated tax within 1 month from the date of the NOA even if you intend to object to the assessment or are awaiting the outcome of the objection. A penalty of 5% of the unpaid tax will be imposed on you if the full payment is not submitted to IRAS by the due date addressed in the NOA.
Late payment penalty: If tax payment is overdue by 60 days after the 5% penalty, a 1% monthly penalty may apply for each completed month that the tax remains unpaid, up to a maximum of 12% of the unpaid tax.
Inaccurate filing penalty: A penalty ranging from 200% up to 400% of the additional tax may be imposed due to the inaccuracy, depending on whether there is evidence indicating intention to evade taxes. In severe cases where the taxpayers are found to have the intention to evade taxes, they may be prosecuted with a maximum fine of SG$50,000 and/or imprisonment of up to 5 years.

How Can BoardRoom Help You with Corporate Tax Filing in Singapore

Navigating Singapore’s corporate tax system can be intricate. BoardRoom takes the complexity out of tax filing, allowing you to focus on running your business. Our team of tax professionals possesses in-depth knowledge of Singapore’s tax regulations and can handle all aspects of your corporate tax filing, from ECI filing and tax computation to preparing and submitting your final tax return to IRAS.

Talk to BoardRoom today to ensure accurate filing and compliance in your corporate tax filing.

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Comprehensive Guide to XBRL Filing Requirement in Singapore

June 14, 2024June 14, 2024 firstpagedigital

XBRL filing is a mandatory requirement for many companies in Singapore, playing a vital role in the realm of financial reporting. This guide dives deep into the requirements, preparation and process of XBRL filing, equipping you with the essential knowledge and steps to navigate the entire filing process, ensuring a smooth and compliant submission for your company.

What Is XBRL Filing?

XBRL stands for Extensible Business Reporting Language. It’s a standardised format requirement when incorporated companies submit their financial statements electronically to regulatory bodies such as Accounting and Corporate Regulatory Authority (ACRA) in Singapore.

Why Is XBRL Filing Mandatory in Singapore?

XBRL filing is mandatory for incorporated companies in Singapore, as mandated by the ACRA to enhance transparency, comparability, and efficiency for both regulatory bodies and companies. Traditional paper-based financial statements can be difficult to analyse and compare due to variations in format and presentation. With its standardised tagging system, XBRL ensures consistent data representation across companies.

XBRL Filing Deadlines

To ensure that your XBRL filing is successful, you must be mindful of the deadlines according to ACRA regulations.

The standard deadlines vary between listed companies and non-listed companies:

Listed Companies: These companies must file their XBRL data within 5 months from the end of the financial year.
Non-Listed Companies: Non-listed companies have a slightly longer grace period, with filings due within 7 months from the end of their company’s financial year.

If you require additional time to file, you can apply for an extension through the ACRA’s online platform. However, it’s recommended to submit your filing within the standard deadlines to avoid potential penalties.

Penalties for Non-Compliance

Failing to comply with XBRL filing deadlines or requirements in Singapore can result in penalties from ACRA.

These penalties may include:

Late filing fees

ACRA imposes a fee of S$300 for late filing within 3 months after the due date. However, the fees can increase progressively the longer the filing is overdue, up to S$600 for filing that is due more than 12 months after the deadline.

Compliance notices

ACRA may issue compliance notices requiring corrective action within a specific timeframe.

Disqualification of Directors

Directors of companies have a duty to ensure that the financial statements and annual returns are filed on time. A director who is convicted of three or more filing related offences under the Companies Act within a period of five years will be disqualified as a director, under S155 of the Companies Act.

Striking Off

Persistent non-compliance can lead to the company being struck off the register, meaning it will cease to exist as a legal entity.

Exemptions from XBRL Filing

While XBRL filing is a mandatory requirement for many companies in Singapore, certain entities are exempted from this requirement.

These exemptions include:

Solvent Exempt Private Companies (EPCs): These companies are smaller and privately held and have the flexibility to choose to file their financial statements in traditional PDF format.
Singapore Branches of Foreign Companies: Foreign companies operating branches in Singapore are not required to file in XBRL. They can submit their financial statements in PDF format to align with their headquarters’ reporting practices.

What Are the Types of XBRL Formats and Their Filing Requirements?

There are various XBRL filing format types, including full XBRL, simplified XBRL, and XBRL FSH for banks or insurers. However, their requirements vary.

The following is a breakdown of these common formats:

Company Type	XBRL Format	Description	Filing Requirements (XBRL Taxonomy 2022)
-Listed companies -Companies with corporate shareholders -Companies with more than 20 individual shareholders -Non-listed companies that are not considered smaller companies and publicly accountable	Full XBRL	Captures comprehensive company information in primary statements and selected notes.	Balance sheet, income statement, financial statement highlights, auditor’s report, director’s report (selected sections).
-Non-listed companies that are considered as smaller companies and publicly accountable -Dormant companies -Companies limited by guarantee (NPOs, Charities)	Simplified XBRL	Captures essential information on financial performance and position.	Balance sheet, income statement, statement of changes in equity (may vary).
Banks & Financial Institutions regulated by the Monetary Authority of Singapore (MAS)	XBRL FSH	Focuses on financial statement highlights.	Requirements vary based on the size and nature of the institution, typically including a balance sheet, Income statement, cash flow statement, notes to the financial statements, and regulatory reporting.
Licensed Insurers regulated by the MAS	XBRL FSH (for Insurers)	Similar to banks and financial institutions, but with specific insurance details that helps insurance companies comply with regulatory requirements.	Balance sheet, income statement, cash flow statement, schedules, supplementary information (premiums, claims, reserves, etc.).

Preparing for XBRL Filing

Whether you need to file for simplified XBRL, full XBRL, or other format types, it’s crucial to prepare ahead to ensure a smooth and efficient process. Follow the below steps for your preparation.

Understanding the XBRL Taxonomy: The XBRL Taxonomy serves as a standardised dictionary, defining the specific tags used to represent financial data elements in your filings. Familiarise yourself with the available tags, the tag hierarchies such as parent-child relationships, and industry-specific tags outlined in the taxonomy.
Mapping Financial Statement Data to XBRL Tags: Achieve accurate mapping by carefully matching financial statement line items to XBRL tags.
Learning the Tools Available for XBRL Filing: The BizFinx Preparation Tool is a free software provided by ACRA for XBRL filing. It can help you map the data, validate the XBRL file, and generate reports to prepare the XBRL financial statements.

XBRL Filing Process

Once you have prepared your XBRL files, you can start navigating the actual filing process by following the below step-by-step guide to ensure every requirement is fulfilled:

Log in to Bizfile+
Select your Profile
Click ‘File eServices’
Select ‘Local Company’
Click ‘Annual Filing’
Select ‘Filing of Annual Return by Local Company’ for companies with FYE before 31 Aug 2018 or ‘Filing of Annual Return by Local Company (For FYE from 31 Aug 2018)’
Enter your company UEN and click ‘Next’
When the E-Form is displayed, verify your company information, select the necessary fields, attach your supporting documents, review and submit.

Common Errors and Troubleshooting

Even with careful preparation, errors during the XBRL filing process are still a possibility.

The following are some of the common pitfalls you may encounter and should be careful of:

Incorrect Tagging of Financial Data Elements: This occurs when financial data elements are matched with the wrong XBRL tags within the taxonomy.
Missing or Incomplete Information: Incomplete data submissions and mapping to inappropriate XBRL tags can lead to filing rejections.
Technical Glitches During Upload: Technical issues during the upload process can sometimes disrupt filing. These glitches range from internet connectivity problems to compatibility issues between your XBRL software and the ACRA’s online platform.

Apart from gaining a thorough understanding of XBRL Taxonomy, paying meticulous attention while filling in information for submission, and backing up your XBRL file, ACRA provides a troubleshooting guide for users, serving as a helpful reference for them to navigate any technical challenges.

How Can BoardRoom Help You with Fulfilling XBRL Filing Requirements In Singapore?

Understanding XBRL filing requirements ensures timely compliance for submission. Familiarising yourself with the different XBRL formats, exemptions, and potential pitfalls are important to avoid the penalties of non-compliance of your annual return filing.

As a leading provider of corporate solutions, including XBRL services, BoardRoom’s dedicated team of experts can ensure your XBRL filing requirements are fulfilled with a streamlined process to enable accurate, efficient, and timely submission.

Expertise and efficiency: BoardRoom has dedicated XBRL specialists who can ensure accuracy, compliance, and timeliness.
Software access: With access to advanced XBRL software, we help you streamline the process and reduce errors.
Cost-effectiveness: While there are upfront costs, outsourcing can save time and resources in the long run, especially for complex filings.
Local knowledge: Our expert team understands the specific requirements of ACRA and can navigate any potential challenges.
Peace of mind: Outsourcing allows you to focus on your core business activities while ensuring your XBRL FS are compliant and filed accurately

Contact BoardRoom today to learn more about our XBRL conversion and filing services, and how we can ensure a smooth and efficient XBRL filing experience for your business.

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Corporate governance best practices at all levels of the company

June 11, 2024July 9, 2024 boardroomsuperadmin

In business today, robust corporate governance isn’t just a box that business owners and boards must tick; it’s a strategic imperative that fuels operational excellence and gives businesses a competitive advantage. Beyond policies on compliance, good corporate governance embodies the core ethos of an organisation, shaping its culture and ensuring transparency and accountability, which are essential for sustainable growth. Organisations that have woven corporate governance best practices into their DNA can enhance their long-term success.

In this article, we delve into the purpose of corporate governance, exploring how it goes beyond policies to become the cornerstone of effective risk management, stakeholder alignment and long-term strategic planning.

We explore the role of the board of directors in ensuring good corporate governance and how the company secretary and even employees have a role to play. Discover how a holistic approach to corporate governance, as well as maintaining a strategic partnership with company secretarial experts, can drive success in Singapore’s evolving business environment.

The purpose of corporate governance

Corporate governance is a framework of rules, practices and processes that govern how a company is directed and controlled. While corporate governance encompasses compliance and policies, its significance extends far beyond these aspects, shaping the cultural and operational fabric of an organisation.

Ngiam May Ling, Associate Director of Corporate Secretarial, BoardRoom Singapore, says one of the core roles of corporate governance is to enhance transparency and accountability in processes, reporting and decision-making. “By operating transparently, companies build trust among stakeholders, including investors, customers, employees and regulators,” says May Ling. “Organisations that consistently demonstrate transparency and accountability tend to attract long-term investors interested in sustainable growth rather than short-term gains.”

A robust corporate governance framework also leads to more effective risk management. By constantly identifying, assessing and managing risks, companies can avoid potential crises and mitigate the impact of unforeseen adverse events. This approach fortifies a company’s resilience and ability to navigate challenges.

Good corporate governance also aligns the interests of stakeholders with the company’s goals. A clear delineation of roles and responsibilities helps prevent conflicts of interest. This alignment encourages collaboration among stakeholders, driving sustainable growth and value creation.

Corporate governance should also include long-term strategic planning and goal setting. This strategic focus creates enduring value for shareholders and other stakeholders, as well as better reputations and enhanced brand value.

Another tangible benefit of effective corporate governance is enhanced investor confidence. This confidence makes it easier for companies to raise funds through equity markets, debt financing or venture capital.

Strong corporate governance plays a pivotal role in shaping organisational culture, promoting transparency and accountability, managing risks effectively, aligning stakeholder interests and enhancing investor confidence. These elements collectively contribute to sustainable growth, value creation and stakeholder trust and confidence in the long term.

Corporate governance strategy

Good corporate governance starts at the board level. “Several big companies that are listed on the Singapore Stock Exchange have been consistently recognised for their strong corporate governance practices,” says May Ling. “They have large and diverse boards, some up to 10 directors. The boards of these companies are also very accomplished.”

Strong, diverse boards ensure robust corporate governance through a variety of key principles and practices, including:

The business has a clearly defined framework that promotes transparency, impartiality and accountability across all functions.

Corporate governance principles are embedded in the business culture through an established set of values and the strategic appointment of experienced and diverse leadership across the organisation.

Sustainability principles are integrated with corporate governance to ensure a company’s operations align with broader ethical and societal interests. For example, a company policy on their commitment to ethical sourcing.

There are clearly defined boundaries between the responsibilities of the board and management.

The board adheres to a transparent process when recruiting and appointing directors.

The board engages in an annual formal assessment process to evaluate its effectiveness as a whole and the effectiveness of individual directors.

The business has board committees, typically an audit committee, nominating committee and remuneration committee to ensure minimum standards of corporate governance.

The process for determining the remuneration packages of board members and members of management is formal and transparent.

All shareholders are treated fairly and equally.

The SGTI: a corporate governance benchmark for businesses

Good corporate governance can also help public-listed companies score well on the Singapore Governance and Transparency Index (SGTI), a valuable benchmark for assessing corporate governance practices in Singapore. The SGTI assessment framework includes a broad range of assessment criteria, including aspects of the board such as its competencies and independence, the directors’ remuneration and how they are selected, and board responsibilities.

Beyond shareholders, corporate governance is also important to stakeholders, so the company’s relationship with other parties is also assessed under the framework.

Transparency and disclosure are also key metrics. This includes clear and comprehensive reporting of financial performance, corporate policies, governance structures and risk management practices.

The role of the board of directors in ensuring good corporate governance

The board of directors is pivotal in setting the company’s strategic direction and ensuring that management aligns the company’s strategies with its objectives and values. This involves evaluating business plans, approving major investments, and monitoring performance against strategic goals.

The board also oversees the company’s risk management framework, ensuring that risks are identified, assessed, and appropriately managed. This includes monitoring financial, operational, legal, and reputational risks, as well as ensuring compliance with regulatory requirements and ethical standards.

Financial oversight is one such critical aspect. The financial reporting process should be supervised to uphold accuracy, transparency and compliance with accounting standards and regulations. This is often facilitated through board committees such as the audit committee.

The board is also responsible for appointing and overseeing management, ensuring they possess the necessary skills, experience and integrity to lead the company effectively.

Succession planning is another board responsibility in corporate governance. This requires the board to collaborate with the nominating committee to ensure a continuous pipeline of talented leaders for future key roles.

The board also ensures the company’s adherence to legal, regulatory and ethical standards by establishing codes of conduct and ethical guidelines for employees. The guidelines often include provisions for whistleblowing protection to safeguard the identities of whistleblowers.

These actions collectively reflect good board practices in corporate governance and underscore the importance of the board of directors in corporate governance initiatives.

In Singapore, boards of directors are expected to uphold high standards of corporate governance to protect shareholder interests, promote transparency and accountability, and contribute to the long-term success and sustainability of companies.

The role of compliance in corporate governance

Compliance plays a pivotal role in corporate governance within a company, acting as a foundational element that ensures the organisation operates within legal and ethical boundaries. This includes overseeing the development of risk management frameworks that identify, assess and manage risks effectively with a focus on compliance-related risks like know your customer (KYC), anti-money laundering (AML) and conflicts of interest (COI).

The key governance practices essential for compliance in order to maintain effective corporate governance within an organisation include:

Establishing guidelines for regularly reviewing and updating customer verification processes to prevent identity fraud, ensure financial integrity, and uphold the company’s reputation.
Defining AML policies and ensuring robust systems are in place for the monitoring of financial transactions to detect and prevent illegal activities like money laundering.
Setting policies for identifying, disclosing and managing conflicts of interest to ensure all decisions are made in the company’s best interest and uphold the highest ethical standards.

The role of the company secretary in corporate governance

The role of a company secretary is instrumental in establishing and maintaining good corporate governance practices.

Company secretaries undertake the following responsibilities to foster corporate governance:

They act as a liaison between the board of directors, management, shareholders and regulatory authorities, maintaining regular communication with regulatory bodies.

They ensure company compliance with relevant laws, regulations and corporate governance standards, providing ongoing education to the board on legal updates.

A company secretary coordinates and organises board meetings. This includes preparing agendas, board packs and minutes, with a focus on accurately capturing action items for accountability.

The company secretary facilitates the directors’ access to necessary information and serves as the primary point of contact for shareholders regarding governance inquiries.

The company secretary maintains accurate and up-to-date corporate records, which are essential for demonstrating compliance and facilitating regulatory audits.

The company secretary also has the responsibility of providing training to directors on governance practices and responsibilities, contributing to overall corporate governance effectiveness.

The role of the employees in corporate governance

Employees also play a role in ensuring good corporate governance including KYC, AML and COI policies.

May Ling says employees are expected to adhere to high ethical standards. “This will contribute to a culture of integrity and trust within the organisation, which is fundamental to good corporate governance.”

At a minimum, employees can be expected to comply with policies and procedures. They should be encouraged to contribute to good corporate governance by conducting themselves ethically, supporting compliance efforts with audits and participating in compliance initiatives and programs.

Employees will need training to understand their roles and responsibilities in upholding regulatory compliance and ethical standards, including recognising potential risks and knowing how to address them. They should be encouraged to report any suspicious activities or potential conflicts of interest to the appropriate channels in the organisation, which contributes to a culture of transparency and accountability.

Partner with a team of experts you can trust

Corporate governance is an important strategic component of success for all businesses. Good corporate governance enhances an organisation’s transparency and accountability, ensuring compliance. However, corporate governance best practices also foster a positive and high-performing organisational culture that can drive sustainable business growth.

It’s critical for all businesses to have a strong corporate governance strategy and for boards and management to play a key role in ensuring these measures are followed.

With a full suite of corporate secretarial services in Singapore and across the Asia-Pacific region, BoardRoom can help your business in all aspects of corporate governance.

BoardRoom also provides comprehensive support for your business’ statutory and regulatory compliance needs, including:

Advising on statutory and regulatory compliance obligations, ensuring accurate reporting of company or corporate structure changes to relevant authorities, and assisting with stock exchange compliance and company announcements.
Maintaining statutory registers, minute books and company records, and attending board and shareholder meetings while preparing minutes and resolutions.
Drafting and reviewing corporate governance reports, performing gap analysis of corporate governance frameworks, and enhancing governance rankings.
Drafting and revising the board charter and terms of reference for board committees, along with policies related to insider trading, board diversity, transactions of interest, whistleblowing, investor relations, sustainability and business ethics.
Conducting annual performance evaluations of the board, board committees, and individual directors, including assessing the independence of proposed independent directors.

To discover more about corporate governance and how BoardRoom can help, get in touch with the team today.

Contact BoardRoom for more information:

Ngiam May Ling

Associate Director of Corporate Secretarial

E: [email protected]

T: +65 6536 5355

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Accounting services in the midst of the accountant shortage

June 11, 2024June 11, 2024 boardroomsuperadmin

In recent years, Singapore has faced a growing discrepancy between the demand for professional accounting services and the supply of qualified accounting graduates, which has proved challenging for businesses reliant on precise and timely financial oversight.

Yang Shuzhen, Director of Regional Accounting Services at BoardRoom Group, says the shortage of accountants in Singapore means businesses face potential operational issues, including the disruption of daily accounting functions and increased risks of non-compliance with tax and reporting requirements. These disruptions can also lead to reputational risks and strained relationships with vendors and clients due to the inability to meet financial obligations or report accurately.

Here, we explore strategic solutions, including outsourcing and professional development, to ensure businesses continue to have uninterrupted access to high-quality, reliable accounting services.

Mitigating risks with outsourced financial accounting services

The gap between supply and demand for qualified accountants is impacting organisations across the board, with a 10% decline in students pursuing accounting degrees during the past five years. In fact, it’s projected that an extra 7000 professionals will be required by 2025.

As companies grapple with this shortage, they may face operational disruptions across multiple areas of their business, such as:

Day-to-day accounting functions

The absence of key accounting staff can disrupt daily operations such as invoice management and financial reconciliation. These disruptions not only affect internal workflows but also compromise the timely execution of financial responsibilities.

Failure to meet compliance requirements

The shortage of accountants in Singapore heightens the risk of non-compliance with stringent accounting and regulatory standards, which could result in legal penalties. Maintaining a robust accounting department is crucial to avoid significant compliance risks and associated legal repercussions.

Reputational risks

Operational disruptions can lead to delays in payments and may force vendors to shorten credit terms with your company. This in turn results in cash flow management issues and may strain relationships, damaging your company's reputation with partners and vendors.

Internal and external reporting requirements

Both internal decision-making and external stakeholder transparency can suffer due to delays and inaccuracies in financial reporting. This can result in poor strategic decisions and a loss of investor confidence.

Impaired decision-making

Reliable data is crucial for evaluating performance and setting growth targets. A lack of accurate data hinders decision-making, leading to prolonged investigations into discrepancies and delaying crucial business decisions. As Shuzhen notes: “Without accurate data, making decisions about the current state and future directions becomes very difficult.”

Tax compliance requirements

Tax compliance is another critical area that could be adversely affected by Singapore’s accountant shortage. Preparing accurate tax filings and meeting submission deadlines is essential to avoid penalties and ensure regulatory compliance. With insufficient accounting staff, meeting these requirements becomes a challenge.

Why outsourcing accounting could be beneficial to your business

Finding ways to mitigate the implications of the ongoing shortage of accountants is vital. That’s why outsourcing accounting services has become a key strategy for many businesses.

There are many advantages of outsourcing accounting services, beginning with repetitive, rule-based accounting tasks like accounts payable (AP) and accounts receivable (AR). This approach alleviates immediate staffing issues while also streamlining operations, allowing companies to focus on more strategic activities.

By outsourcing these routine functions, businesses can take advantage of specialised accounting services, including access to broader teams and skilled accountants who are well-versed in handling large volumes of transactions efficiently and accurately. This shift ensures continuity and reliability in financial reporting and enhances overall financial management.

Customising accounting functions

Shuzhen highlights flexibility as one of the key advantages of outsourcing accounting services. “In accounting, there’s a real ability to either fully outsource everything or just select specific tasks that are inefficient for the client to handle in-house,” she says.

Many businesses have traditionally viewed their financial operations as a single, indivisible block, adhering to an all-or-nothing approach. However, realising that these tasks can be managed independently reveals new opportunities for enhanced efficiency and specialised management.

“Clients often struggle to imagine the impact of removing a segment from their finance department, fearing that removing just one part could cause the entire system to collapse,” Shuzhen explains. “When outsourcing, there are typically specific challenges the client needs addressed, and our approach at BoardRoom isn’t to overhaul everything at once but to suggest incremental changes that enhance the overall function without disrupting the core processes.”

Process and efficiency improvement

Another reason why outsourcing accounting services is compelling for companies is the insight into best practices and innovations that dedicated professionals can bring. By applying recommended improvements, organisations can benefit from enhanced productivity, reduced operational costs, and a more strategic approach to financial management, ultimately leading to better financial outcomes.

Ensuring compliance

Outsourcing accounting functions, especially when facing internal resource limitations, also ensures that businesses remain compliant with regulatory requirements. Outsourcing firms specialise in compliance and are adept at keeping up-to-date with the latest changes in accounting standards and regulations. This is crucial for businesses operating in multiple jurisdictions or in complex regulatory environments. By leveraging the expertise of these providers, companies can avoid the pitfalls of non-compliance, such as fines, penalties and reputational damage.

Responding to the shortage of accountants in Singapore

In tackling the challenges posed by the shortage of accountants, leveraging technology, professional development and education for staff is essential.

Enhancing efficiency with technology

Using advanced technology can streamline tedious, manual processes, thereby reducing the workload on existing staff and allowing them to focus on more strategic, high-value activities. Technologies such as AI and automated data processing can enhance efficiency and accuracy in accounting tasks.

At BoardRoom, we are actively addressing the traditional perceptions of accounting as a labour-intensive field by integrating advanced technologies such as Optical Character Recognition (OCR) and AI into our operations. In doing so, the BoardRoom team also ensures that the adoption of these technologies does not compromise stringent internal controls. Our expert staff review the outputs from automated processes to maintain high standards of financial reporting.

Investing in talent

Ongoing professional development ensures staff remain current with the latest accounting standards and practices while growing their skills in new technologies and methodologies. This kind of training boosts morale by showing investment in employees’ career growth and enhances adaptability to changing business environments.

Shuzhen underscores the importance of such initiatives, saying: “Investing in our staff’s growth not only prepares us for the future but also helps in retaining talent by involving them more deeply in the business and organisational culture.”

BoardRoom demonstrates its commitment to enhancing the skills and knowledge of its workforce through several partnerships and recognitions:

Recognised employer partner of CPA Australia: BoardRoom is committed to the professional growth of its employees, providing them with continuous learning and development opportunities.
ACCA Approved Employer: BoardRoom has achieved this prestigious status in two categories – Professional Development and Trainee Development, Gold. This highlights the management team’s dedication to nurturing their workforce.
Memorandum of Understanding with the Association of International Certified Professional Accountants (AICPA) and Chartered Institute of Management Accountants (CIMA): This partnership allows BoardRoom accounting staff to access industry best practices, engage with subject matter experts, explore thought leadership content and pursue top-tier professional qualifications.
Chartered Accountant Accredited Training Organisation (ATO): As an ATO, BoardRoom offers early employment opportunities to Chartered Accountant (CA) candidates. By hiring, training, and developing Singapore CA Qualification candidates, BoardRoom provides them with the necessary resources and support to fulfill the three-year practical experience required to qualify as a Chartered Accountant of Singapore.

The way forward

As businesses navigate the evolving landscape of financial management amidst shortages and technological shifts, partnering with a company like BoardRoom can provide the expertise and innovation needed to safeguard financial operations. BoardRoom’s strategic approach to leveraging technology, combined with a commitment to continuous professional development, ensures that clients receive high-quality accounting services tailored to meet today’s challenges.

BoardRoom offers a comprehensive suite of accounting services, including regulatory compliance, financial reporting and risk management. By entrusting these critical functions to BoardRoom, companies can enhance their operational efficiency, maintain compliance with ever-changing regulations, and harness the power of cutting-edge technology in financial management. Explore how BoardRoom’s accounting services can help your company adapt and thrive in this evolving environment.

Contact BoardRoom for more information:

Yang Shuzhen

Director of Regional Accounting

E: [email protected]

T: +65 6536 5355

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The Comprehensive Guide to Filing Annual Returns in Singapore

May 24, 2024May 24, 2024 firstpagedigital

The filing and submission of annual returns to the Accounting and Corporate Regulatory Authority (ACRA) is considered a necessary part of a company’s governance in Singapore and a legal requirement for all registered companies.

Many companies view annual filings as just another legal obligation, but according to Samantha Tai, Head of Corporate Secretarial, Asia of BoardRoom Group, it can play a role in the company’s governance which ultimately leads to the company’s overall success and sustainability, “Completing your corporate annual filing should not be treated as simply another legal obligation. Whilst the process may seem challenging, it serves to provide stakeholders with a concise view of the company’s governance. It can also be viewed as an opportunity to showcase your company’s commitment to compliance, accountability and transparency.”

In this guide, we help you understand the fundamentals of filing annual returns, including their significance, steps in annual filing and key considerations to ensure a smooth filing process.

What Is an Annual Return?

An annual return is an electronic form that every Singapore-registered company must lodge with ACRA in Singapore annually. It gives a comprehensive overview of your company’s current corporate structure, financial status, and compliance with local regulations, which provide critical information that helps the company’s stakeholders to make informed decisions.

The Importance of Annual Returns

Filing annual returns is a regulatory requirement in Singapore. It is also a critical practice in maintaining the integrity of Singapore’s corporate environment. These filings allow ACRA’s database to remain updated, providing stakeholders with the transparency they need and getting hold of accurate information about a company’s operational status.

For companies, staying compliant with annual return filings can help them avoid late lodgement penalties and reinforce stakeholder confidence in their corporate governance standards.

Who Needs to File an Annual Return?

All entities registered in Singapore are mandated to file annual returns with ACRA, which include the following:

Private and public companies
Foreign companies
Limited Liability Partnerships (LLPs)

This wide-ranging requirement enables the government to provide a transparent and accountable corporate environment across all types of business entities.

What Are the Required Documents for Filing Annual Returns?

There are a number of documents and information required for the filing annual returns; they include, but are not limited to:

Company Information: This should include your company’s name, Unique Entity Number (UEN) number, and registered address.
Principal activities of Company: You will need to confirm whether there are any changes to your company’s primary and secondary business activities.
Details of Company Officers: These include the full names, identification numbers (for Singapore residents), and nationality (for non-Singapore residents) of your company’s directors and secretary.
Shareholder Details & Share Capital: This section should detail your company’s shareholders and outline the share capital structure.
Financial statements required: Annual returns must be filed together with financial statements in XBRL format (unless exempted), and companies must ensure these documents are prepared accurately and in compliance with the Singapore Financial Reporting Standards (SFRS):
- Statement of Financial Position (Balance Sheet)
- Statement of Comprehensive Income (Profit & Loss)
- Statement of Cash Flows
- Statement of Changes in Equity

You are required to appoint an auditor to have your Financial Statements audited if your company meets any TWO of the following conditions:

Has 50 or more employees
Has total assets that exceeds S$10 million
Has total annual revenue that exceeds S$10 million

Commonly Asked Questions on Annual Return Filing

What is the Deadline of Annual Returns Filing?

Every Singapore-incorporated company must file its annual returns within a specific timeframe. Listed companies must file within 5 months from the date of its Financial Year End (FYE), while non-listed companies must file within 7 months of its FYE.

Do I need to hold an AGM and when should it be held?

Listed companies are required hold their AGM within 4 months after FYE. Non-listed companies are required to hold their AGM within 6 months after FYE.

Private companies may not need to hold an AGM if they meet any of these criteria:

if all members have approved a resolution to dispense with the holding of AGMs;
if the company sends their financial statements to members within 5 months after the FYE; or
if the company is a private dormant relevant company that is exempt from preparing financial statements.

What are the Penalties for late Annual Return Filings?

A late lodgement penalty of up to $600 for each late annual return filing will be imposed on companies.

What are the Penalties of holding AGMs?

A penalty of minimum composition sum of $500 for each late AGM will be imposed on companies.

Step-by-Step Guide for Filing Annual Return on BizFile+

The filing of Annual Returns must be done through BizFile+, the official online filing and information retrieval system managed by the ACRA. Basically, BizFile+ is a central hub for all corporate regulatory transactions and the filing of business documents in Singapore.

Access to BizFile+ requires you to possess a Singpass or CorpPass, which acts as a secure digital identity for businesses and individuals to conduct online transactions with government agencies.

To ensure a streamlined and efficient filing process of annual returns, here are the steps you can follow:

Start by visiting BizFile+ and log in using your Singpass or CorpPass credentials.
Once logged in, proceed to your company’s profile by either searching for your company by name or registration number.
Within your company’s BizFile+ dashboard, locate and select the option to file an annual return.
Certain sections of your annual return may already be filled based on previous filings. Review this information carefully and update it if necessary.
Depending on your company’s type, size and financial reporting requirements, you may need to upload additional documents, such as audited financial statements.
Once all information has been reviewed and the necessary documents uploaded, submit your annual return.

What Are some Additional Key Considerations You Should Know about Annual Returns Filing?

There are several key considerations that you should be mindful of, to ensure a smooth process of filing annual returns.

Accurate and up-to-date information

Ensure the completeness of the required documents and that all information submitted in your Annual Filing are accurate and up-to-date. You can extract the latest company search from ACRA to identify gaps (if any) so as to reduce penalty or rectification fee.

Plan ahead

Prepare early to avoid late lodgement fee. Set internal deadlines for gathering information, reviewing documents, and completing the necessary documentation to avoid last-minute rushes.

Stay Informed

Keep abreast of any changes to regulatory requirements or filing procedures that may affect your annual filing obligations. Subscribe to updates from ACRA or consult with your company secretarial services provider if you are using one.

Apply for Extension of Time if necessary

Applying for an extension of time prior to the stipulated deadline can be a useful option, if unforeseen circumstances arise that may delay your ability to submit required documents by the stipulated deadline. ACRA requires 14 days to process the application of extension, so you should apply for the extension more than 14 days before your filing deadline.

Resources

ACRA provides resources and support for companies requiring assistance with their annual returns filings. You can also enlist the help of a professional corporate secretarial services provider, such as BoardRoom, to help you with the process of filing annual returns.

How Can BoardRoom Support Your Annual Return Filing Process in Singapore?

For businesses operating in Singapore, filing annual returns on time is essential. In addition to being required by law, it also showcases a company’s commitment to corporate responsibility and transparency. Timely and correct submissions facilitate maintaining a company’s reputation.

With 50 years of proven track record and expertise in corporate services, BoardRoom offers you comprehensive support in navigating the complexities of ACRA annual return filings, XBRL conversion, and AGM meeting management. With our integrated services, you can be assured of streamlined coordination and synergy that ensures all your compliance requirements are met.

Contact BoardRoom today for a tailored solution that is customised to your requirements.

Contact BoardRoom for more information:

Samantha Tai

Regional Managing Director, Corporate Secretarial

E: [email protected]

T: +65 6536 5355

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What is Payroll Software?

May 24, 2024May 24, 2024 firstpagedigital

Payroll software is a digital solution that automates and simplifies various tasks associated with managing employee compensation. It streamlines the entire payroll process, saving time and resources for businesses of all sizes. Companies in Singapore rely on efficient payroll systems to ensure timely and accurate payments to their employees while adhering to strict government regulations.

This guide dives deep into the features of an effective payroll software, how such systems can revolutionise payroll management, touching on the challenges faced by companies and showcasing the transformative power of automation in handling complex tasks like tax compliance, CPF contributions and more.

Key Features of Payroll Software in Singapore

To address the challenges of payroll management commonly encountered by many employers, businesses utilise payroll software that offers a suite of the following essential features to streamline the payroll process.

Automated Payroll Processing

Keeping employee data accurate and up-to-date in the payroll system can be an uphill task, especially for businesses with more than 50 employees, or those with a high employee turnover rate. A payroll system automates multiple payroll and calculation processes, such as employee pay based on the hours worked, pay rates and overtime pay, bonuses, deductions, tax, or payroll-related approval procedures.

Generation of Payslips and Reports

The software generates payslips detailing the breakdown of salaries, allowances, deductions, and net pay for each employee. Not only would the employee be able to check their own payslip, it can also generate comprehensive reports for management’s analysis, reducing the administrative burden on the HR team.

Automated CPF (Central Provident Fund) Calculations and e-Submission

The Central Provident Fund (CPF) is a mandatory social security savings scheme in Singapore. Employers and employees need to remit these contributions in line with current guidelines. A payroll software automatically calculates and manages CPF contributions for both employees and employers, aligning with the latest government rates. It helps to streamline automated CPF calculations and easily integrate with CPF Board e-Submission service

Leave and Attendance Tracking

The payroll software tracks employee leave requests, approvals, and remaining leave balances. Its integration with attendance management systems can enable payroll calculations based on actual working hours, making sure the company is following the employment regulations for remuneration and leave entitlements.

Integration with Third-Party Systems

The payroll software can integrate seamlessly with other HRMS systems. This allows for automatic data transfer between systems and eliminates duplicate entries. In addition, as payroll software maintains comprehensive records of employee payroll data, tax information, and payment history, they can be easily accessed and used for internal analysis, financial reporting, and auditing purposes, reducing the manual effort required for record keeping and reporting.

Security and Data Privacy Considerations

A good payroll software should possess security features to protect sensitive employee data such as salaries, bank account details and CPF contributions. They are also likely to be OSPAR and PDPA compliant with ISAE 3402 certification, and supported by ISO27001-certified data centres to ensure that data security is not compromised.

Key Features of Payroll Software in Singapore

Considerations for Choosing Payroll Software in Singapore

Choosing the right payroll software requires you to consider various factors, which include:

Business Requirements and Scalability

Assess both your immediate and long-term business requirements. Opt for a software that can accommodate your organisation’s size, sector, and payroll complexity. It should be able to scale with your business. Look for versatility in handling different compensation structures, bonuses, and system integrations to support expansion, both locally and globally.

Cost and Budget Considerations

The cost structure of payroll software varies. It can be a subscription-based flat rate or per-employee pricing, or a combination of both, among others. Review your financial constraints to select a model that is optimal for your needs..

User-Friendliness and Customisation Options

Prioritise user-friendly software that is straightforward for HR staff and employees alike, featuring an intuitive design and accessible training materials. Consider customisation capabilities to tailor the software to your processes and reporting requirements.

Integration Capabilities with Existing Systems

Confirm the software’s compatibility with your current HRMS or time-tracking systems to ensure effortless data interchange and reduce manual input and inaccuracies.

Vendor Reputation and Customer Support

Select a provider known for dependable and secure services in Singapore. Assess their customer support’s responsiveness and effectiveness, including response timeframes and the available support methods.

Streamlined Implementation and Comprehensive Training

A payroll software should be easily implemented while aligned with your company’s needs for the methodical installation and customisation of the system. An effective installation or transition process should include data migration to ensure continuity and accurate calculations of salaries, allowances and deductions, alongside comprehensive training for HR teams and users.

How Can BoardRoom Help You with Our Payroll Software?

Choosing the right payroll software is crucial for any business. Manual payroll processing is time-consuming and error-prone, with risks of regulatory non-compliance. Automation through payroll software simplifies tasks and enhances process efficiency, allowing HR staff to dedicate more time to strategic efforts.

Consider a payroll software that fits your business needs, budget, and desired features, such as the BoardRoom Ignite payroll software. It streamlines payroll for businesses of all sizes in Singapore. Our software automates calculations, deductions, and filings, ensuring accuracy and compliance. With true multi-country payroll processing ensuring full statutory compliance with local legislation in 10 countries and regions across Asia, Ignite’s plans allows your business to scale with confidence.

BoardRoom Ignite Payroll Software Packages

BoardRoom Ignite offers three pricing packages to cater to different business needs:

Plan	Modules Included	Description	Starting Price per Month*
Essential	Payroll & HR	Save time and increase accuracy with these essential business functions. Suitable for small businesses with basic payroll needs.	S$320
Professional	Payroll, HR & Leave	Increase payroll productivity and drive value for your employees. Offers additional features like leave accrual management and customizable reports.	S$570
Enterprise	Payroll, HR, Leave, Claims, Time & Attendance	Increase efficiency and productivity with a consolidated view of all offices. Designed for large companies with complex cross-border payroll requirements, offers advanced features and integrations.	S$1,140

*Please note that a one-off setup fee is required for the above plans.

Book a demo today to experience a seamless payroll experience.

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What is transfer pricing? A guide to understanding opportunities and risks

May 21, 2024May 21, 2024 boardroomsuperadmin

Transfer pricing is a fundamental financial strategy for multinational companies operating across various jurisdictions. Over the years, countries around the world, including Singapore, Malaysia, Hong Kong and China, have established specific documentation requirements for transfer pricing to prevent tax evasion and ensure compliance.

In simple terms, transfer pricing is used to determine the fair pricing of goods, services or intellectual property exchanged between related entities in the same enterprise. Understanding what transfer pricing is and how it can be used to optimise tax liabilities is an important strategy. However, businesses have to be mindful of navigating complex regulatory frameworks. Tax authorities have sharpened their focus on transfer pricing arrangements, especially in China, Malaysia, Singapore and Hong Kong, where compliance is vital.

Singapore’s tax authority demands meticulous documentation and adherence to the arm’s length principle, which ensures that transacting businesses are on equal footing. This not only ensures regulatory compliance but also fosters fair profit allocation across borders, which also enhances tax efficiency.

In this article, we explore the complexities of transfer pricing and the essential guidelines businesses must grasp to navigate these challenges effectively.

The purpose of transfer pricing: A key business strategy

Effective transfer pricing plays a pivotal role in audit management, global tax efficiency and risk management for multinational enterprises (MNEs). To leverage transfer pricing strategies effectively, MNEs must ensure their records are up to date to navigate complex tax landscapes and mitigate risks effectively.

Compliance and risk mitigation

Effective transfer pricing requires comprehensive documentation to demonstrate compliance with regulatory requirements. It provides a clear record of how transfer prices are determined, how they align with the arm’s length principle, and how they are substantiated by economic analysis. This practice is crucial for audit management as it provides evidence of compliance but also mitigates the risk of penalties and disputes with tax authorities.

Tax efficiency

Strategic transfer pricing reporting allows companies to optimise their global tax positions. By documenting transfer pricing policies, the methodology employed and its rationale, a business in Singapore can justify its tax position and allocate profits in a manner that maximises tax efficiency. This strategic approach to tax planning helps to reduce tax liabilities while ensuring business objectives and regulatory obligations are met.

Staying ahead of changes

Businesses need to stay on top of ever-changing regulations and market dynamics, especially when they operate internationally across multiple jurisdictions. Staying ahead of changes can be daunting, but MNEs can enhance their transfer pricing strategies by actively monitoring and analysing shifts in regulations, industry trends and economic conditions. Taking a proactive approach allows businesses to adjust transfer pricing strategies accordingly, maintain compliance and capitalise on tax optimisation and risk management opportunities.

Because transfer pricing reporting combines compliance with proactive risk management and tax-efficiency strategies, for many global businesses, it’s a cornerstone of their corporate governance strategies.

The key to successful transfer pricing in international business

In today’s interconnected business landscape, MNEs face the challenge of optimising transfer pricing strategies across diverse jurisdictions while ensuring compliance with various regulations and tax rates.

As BoardRoom’s Managing Director Asia, Tax, Eunice Hooi understands the compliance pressures faced by MNEs in the region. To navigate this complex terrain effectively, Eunice advises MNEs to adopt a proactive approach to transfer pricing, where the policies align with their overall business functions and value chains.

MNEs must understand how each business segment contributes to the creation of value across the entire chain. Monitoring and adjusting strategies in response to evolving business dynamics is also crucial. This requires regular reviews of transfer prices to ensure alignment with regulatory changes and economic circumstances.

Navigating regulatory challenges

A significant challenge when introducing transfer pricing strategies lies in navigating diverse regulatory landscapes and tax obligations across countries of operation. Each jurisdiction may impose different compliance regulations and tax rates. This means it is essential for companies to stay informed and adapt their strategies accordingly.

The high-tax countries typically have more comprehensive and strict transfer pricing regulations, preventing MNCs from manipulating their related party transactions to artificially shift profits to low-tax jurisdictions, leading to erosion of taxable income in the higher-tax jurisdictions. These transfer pricing regulations aim to align the pricing of transactions between related parties with what would be expected in an open market between unrelated parties.

In contrast, low-tax countries may have less stringent transfer pricing regulations with the aim to attract foreign investments. These jurisdictions generally offer favourable tax environments to encourage businesses to establish their operations within their borders.

To effectively manage these challenges and ensure compliance, many businesses adopt proactive approaches, such as employing advanced pricing agreements and conducting regular risk assessments. Additionally, developing a robust and consistent transfer pricing policy and methodology is crucial. This helps companies not only manage regulatory challenges successfully, but also maximise profitability by optimising transfer prices according to market conditions and tax implications.

Transfer pricing in Singapore: Case study of company in Asia

Consider the case of a business that operates globally with headquarters in Singapore and operational footprints in Hong Kong, Malaysia and China. The organisation’s diverse structure includes a HR Shared Services Centre in Malaysia, a Treasury Service Centre in Hong Kong, manufacturing facilities in China, and a strategic supply chain hub in Singapore. Given its diverse group of companies, this multinational company faces intricate transfer pricing challenges.

The challenge

The main challenge for this company is accurately assessing the economic value of intercompany transactions across its various jurisdictions. Because each subsidiary contributes distinctly to the value chain, it needs to be able to accurately capture the true value creation arising from the related party transactions.

A strategic approach

The multinational company adopted a value-chain approach to transfer pricing, conducting a detailed analysis of functions, assets and risks for each operational function. This approach allowed for the establishment of transfer prices that truly reflect the economic value of goods and services exchanged between the entities, from manufacturing in China to distribution from Singapore.

The key benefits achieved:

Through the value-chain approach, three distinct benefits were achieved for the company:

Strategic decision-making: the company could make strategic decisions regarding resource allocation and business expansion plans based on a more accurate assessment of where economic value is actually being created within the group of companies.
Risk management: by aligning transfer pricing practices with actual economic activities, the company minimised its compliance risks. This tailored approach provided a robust defence in transfer pricing audits, reducing the likelihood of disputes and penalties.
Tax optimisation: profits were allocated according to the value contributed at each stage of operations, ensuring compliance and optimising tax liabilities. This strategic allocation not only adhered to regulatory requirements but also maximised tax efficiency for the company.

The impact:

This case showcases how a tailored transfer pricing strategy can significantly benefit multinational operations. By adopting a comprehensive transfer pricing strategy rooted in the value-chain approach, the company can enhance its operational efficiency, reduce costs and drive top and bottom-line growth in today’s dynamic global business environment.

Expert advice on transfer pricing in Asia

To navigate the complexities of transfer pricing in Asia, Singapore MNEs can turn to specialised tax advisors. By partnering with an expert in the field, MNEs can be confident that they’ll meet their regulatory obligations in the jurisdictions they operate in while optimising their tax positions.

“We act as strategic tax advisors, guiding our clients through the complexities of transfer pricing,” says Eunice. “Our approach involves understanding their entire business processes, operations and legal structure, including IP ownership if applicable.”

As experts on transfer pricing guidelines, BoardRoom works with clients to conduct a thorough review and assessment of every aspect of business operations, spanning procurement, production and distribution. This allows our team to identify key value drivers, cost centres and profit contributors in the business’s value chain. With a deep understanding of these intricacies, we provide personalised guidance.

Once we have a comprehensive understanding of the business, we collaborate with clients to develop a tailored transfer pricing strategy that aligns with their needs and objectives. This strategy includes both the conceptual framework and the necessary documentation, ensuring a robust and compliant approach to transfer pricing management.

Because the BoardRoom team assesses all areas of the business and what’s important for a business’ strategic direction, we offer a level of detail that many other tax advisors don’t.

“Many advisors focus solely on explaining rules and regulations to their clients based on their reading of the guidelines,” says Eunice. “They can articulate the requirements for a transfer pricing strategy and documentation. However, they often lack the practical commercial experience to help their client implement these strategies.

Setting rules is one thing, but the crucial question is how to implement the transfer pricing strategy effectively.”

Implementation is where the real challenge lies, and this requires a deep understanding of business operations, dynamics and practical solutions that align with regulatory compliance and strategic objectives.

Through a client-centric approach, we offer a suite of transfer pricing services:

Value chain analysis

At the core of our transfer pricing services is a comprehensive analysis of our clients’ value chains. We review and assess each stage of their operations, from procurement to production to distribution, to identify value drivers, cost centres and profit contributors. By understanding the intricacies of their value chain, we can assist the clients in optimising their transfer pricing strategies to enhance efficiency, minimise tax risks and maximise profitability.

Ex-ante price setting

One of the key components of our transfer pricing services is assisting clients in setting appropriate transfer prices before transactions occur. Through market analysis, benchmarking studies, and economic modelling, we assist clients in setting the prices for intercompany transactions at arm’s length and complying with relevant regulations.
By establishing clear and defensible pricing policies upfront, we help clients mitigate the risk of transfer pricing adjustments, penalties and disputes with tax authorities.

Ex-post price testing

In addition to proactive ex-ante price setting, our transfer pricing services encompass ex-post price testing to validate the arm’s length nature of intercompany transactions. We employ statistical techniques, such as comparable profits methods and transactional net margin methods, to assess the accuracy and reliability of transfer prices.
We assist clients in conducting regular transfer pricing reviews, giving the clients the assurance that their transfer pricing policies withstand scrutiny and align with best practices, thus minimising the risk of non-compliance and potential financial consequences.

Your transfer pricing partner in Singapore

At BoardRoom, we play an important role in helping businesses understand the intricacies of transfer pricing, its meaning and its importance in their overall strategic activities in Asia, including Singapore, Malaysia, Hong Kong and China. Through guidance, meticulous analysis and proactive implementation, we help our MNE clients navigate the complexities of transfer pricing regulations and optimise their tax positions.

Enterprises seeking guidance on everything to do with transfer pricing in Asia, come to us because they want a partner who can capitalise on opportunities and ensure compliance. Please contact us today to discover what our team can do for you.

Contact BoardRoom for more information:

Eunice Hooi

Managing Director Asia, Tax

E: [email protected]

T: +65 6536 5355

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Understanding KYC meaning and its role in AML and corporate governance

May 20, 2024May 20, 2024 boardroomsuperadmin

In the heart of Southeast Asia, Singapore’s political stability, strategic location close to booming markets, favourable tax incentives, and a skilled workforce make it an attractive destination for multinational corporations and startups alike.

In this dynamic economic landscape, Know Your Customer (KYC) and Anti-Money Laundering (AML) frameworks are critical safeguards, ensuring the seamless operation and integrity of businesses within Singapore’s thriving economy. Beyond regulatory adherence, KYC and AML influence corporate reputation, financial health and operational sustainability. Read on to find out more about the meaning of KYC.

Understanding what KYC is in Singapore’s regulatory landscape

Singapore offers a streamlined process for the formation, registration, merger and acquisition of companies, which has inadvertently led to an increase in money laundering and illegal financing activities.

To address this, the Accounting and Corporate Regulatory Authority (ACRA) of Singapore, alongside the Financial Action Task Force (FATF), established a comprehensive set of guidelines and regulations. These include rigorous KYC regulations, which are enforced by the Monetary Authority of Singapore (MAS).

Many companies choose to work with a highly skilled company secretary who is knowledgeable about the local regulatory environment when setting up a company to ensure they are compliant.

What is KYC?

In Singapore’s financial sector, KYC practices are paramount, especially in activities such as banking and equity financing, to safeguard the financial interests of businesses, investment firms, and investors.

Regulations-mandated KYC processes include the thorough verification of customer identification before financial services can be offered. These practices help mitigate the risks of money laundering, especially in transactions of high monetary value.

With financial crime becoming more intricate, the MAS regularly updates its KYC regulations, urging companies to stay informed and compliant to avoid penalties and protect their reputation.

Importance of KYC in corporate governance

Non-compliance with KYC poses significant operational and financial risks, including the potential for a company’s operational suspension, license revocation and hefty penalties that can impact a company’s bottom line and investor confidence.

KYC compliance is vital for businesses for a range of reasons, with the most significant including:

Risk management: Verifying customer identities and transaction details helps prevent money laundering and terrorism financing.
Regulatory compliance: Following KYC regulations is mandatory in Singapore and is crucial for preserving a company’s reputation and integrity.
Trust and integrity: Strong KYC practices demonstrate a commitment to ethical standards to stakeholders, thereby helping to safeguard a company’s reputation.

Experienced corporate services providers who are well-versed in administrative corporate secretarial work and corporate governance advisory services can ensure that companies meet all the above compliance requirements.

Such advisory services include:

Gap analysis of the company’s corporate governance framework
Crafting and reviewing policies on interested person transactions
Sustainability practices
Code of business conduct and ethics

Challenges in maintaining compliance due to lack of expertise

The regulatory landscape is dynamic, requiring companies to stay informed and adapt their compliance strategies accordingly. Challenges in maintaining compliance with KYC and AML include increasingly sophisticated illegal activities, and the need for specialised knowledge to monitor sudden changes in a client’s business activities and frequent changes in directorship within a short period of time.

Kevin Cho, Director of Corporate Secretarial for BoardRoom, explains more. “Lack of talent knowledge on AML measures can be a challenge, but this can be overcome through regular updates from the professionals, lawyers, and authorities, or through education and training. We can also utilise digital KYC platforms to trace the beneficiary owners hidden behind multiple layers of entities,” says Kevin.

Digital KYC platforms are increasingly gaining traction as businesses recognise the importance of streamlined identity verification processes. These platforms harness cutting-edge technologies such as artificial intelligence, biometrics and machine learning to remotely and securely verify customer identities in real time. In this aspect, KYC digital platforms help address talent shortages by optimising existing resources, automating repetitive tasks, enabling remote work, and facilitating faster onboarding and training processes.

As part of AML regulations, companies must actively monitor transactions of large values. However, few companies are equipped with the proper tracking mechanisms or are across on the latest regulatory changes.

Angelin Loh, Senior Manager, Corporate Secretarial at BoardRoom, adds, “Our team keeps up to date with regulatory changes from authorities such as MAS, Commercial Affairs Department (CAD), and the Singapore Police Force (SPF), reviewing guidelines and notices issued by these authorities to ensure compliance, which we then disseminate to our clients.”

Being aware of penalties and laws

The MAS requires financial institutions to comply with specific controls, including customer and beneficial owner identification, regular account reviews and monitoring and reporting suspicious transactions. This impacts not just companies but also directors. Directors are accountable for ensuring that their companies comply with these regulations, and failure to do so could have legal or regulatory repercussions for them as individuals.

Penalties for non-compliance include the following:

Directors and individuals involved in money laundering offences can face:
- fines up to SGD 500,000; and
- up to 10 years in prison.
Financial institutions failing to adhere to AML policies set by the MAS may incur:
- fines up to SGD 1 million per offence; and
- for chronic offences, an additional SGD $100,000 per day.
Companies not complying with KYC regulations set by ACRA face significant repercussions, including:
- cancellation of ACRA registration;
- denial of access to business services; and
- financial penalties.

KYC checklist for companies

A comprehensive KYC program not only ensures regulatory compliance, there are other advantages of KYC including safeguarding the company’s reputation and financial integrity.

Here is a simplified KYC checklist outlining the essential components companies should incorporate:

Identity verification

Verify the identity of clients or customers.
Identify and document ultimate beneficial owners (UBOs).

Customer Due Diligence (CDD)

Conduct background checks to assess the source of funds and business intentions.
Evaluate risk profiles based on business activities and geographic locations.

Risk assessment and ongoing monitoring

Apply a risk-based approach for continuous monitoring.
Schedule due diligence reviews based on risk level (annually for high-risk, biennially for others).

Regulatory compliance updates

Keep abreast of and comply with the latest AML/KYC regulations.
Update compliance programs and staff training as regulations evolve.

A robust KYC framework can help companies navigate the complexities of financial regulations, upholding their reputation and ensuring the stability of their financial transactions.

“This systematic approach ensures companies are not just compliant but actively managing potential risks,” says Kevin.

The relationship between KYC and AML

KYC represents one aspect of AML – a set of measures and procedures aimed at preventing financial crimes implemented by financial institutions and other regulated entities.

These measures include:

analysing customer transactions;
keeping records; and
reporting suspicions of money laundering to the relevant regulatory authorities.

“Because of the AML framework, that’s why we have KYC,” Angelin Loh explains. “Having effective KYC and AML practices helps companies to identify risks on the onset and try to mitigate risks associated with money laundering, terrorist financing and financial crimes.”

The critical role of AML governance in corporate compliance

Incorporating AML practices into corporate governance frameworks demonstrates a company’s commitment to ethical business practices and risk management. It signals to regulators, partners, investors and the public that the company adheres to the highest standards of legal compliance.

Adhering to an AML governance framework strengthens stakeholder trust, enhances corporate reputation and ensures long-term sustainability and success in the global marketplace.

The implications of non-compliance

Non-compliance with AML regulations presents substantial risks, including reputational harm that can diminish trust among customers, investors and broader stakeholders.

The monetary penalties are also severe. Any financial institution that does not adhere to the relevant AML regulations may face fines of up to SGD 1 million per offence and additional fines of SGD 100,000 for each day that the offence continues.

Recent cases of AML breaches in Singapore highlight the serious consequences of AML non-compliance:

Major anti-money laundering operation

In a sweeping action by the Singapore Police Force, 10 foreign nationals were arrested in August 2023 for suspected involvement in money laundering. The operation, one of Singapore’s largest, involved raids on high-value properties and the freezing of substantial financial assets.

Penalty

Arrests and seizure of assets worth around SGD 3 billion.

Financial institutions penalised

The MAS penalised 17 financial institutions over five years for breaching money laundering and terrorism financing laws, with penalties including fines and the revocation of licenses. This action was part of the fallout from the Wirecard scandal.

Penalty

Fines totalling SGD 3.8 million and license revocation for one institution.

For businesses, the message is clear: stringent AML procedures are non-negotiable.

Protect your business assets

Robust KYC and AML processes are central to comprehensive corporate governance, protecting businesses from legal, reputational and financial risks.

The complexity of corporate obligations necessitates the support of a trusted corporate secretarial service. A competent company secretary in Singapore ensures your business remains compliant with changing regulations, safeguarding your company’s integrity.

With more than 50 years of experience, BoardRoom offers comprehensive corporate secretarial and governance advisory services across Singapore and the Asia-Pacific. Our team, equipped with local, regional and global expertise, can help your company navigate compliance complexities, boosting stakeholder confidence and securing long-term success.

Our services include:

An independent assessment of your KYC obligations to ensure that your incorporated company adheres to KYC procedures and AML checks.
Maintenance of proper statutory registers, such as the registrable controller, to ensure transparency and compliance within your company’s corporate governance framework.
Gap analysis of your company’s corporate governance framework.
Annual evaluation of board activities and individual directors.

Get in touch with us today to enhance your corporate governance standards.

Contact BoardRoom for more information:

Kevin Cho

Director of Corporate Secretarial

E: [email protected]

T: +65 6536 5355

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What Are the Key Benefits of Outsourcing Accounting Services?

April 5, 2024April 5, 2024 firstpagedigital

Outsourcing accounting services is a smart strategy for businesses looking to optimise their financial management processes. By assigning accounting tasks to external service providers, organisations can enjoy many advantages that can enhance operational efficiency, mitigate risks, and drive growth. In this article, we explore the key benefits of outsourcing accounting services.

Definition of Outsourcing Accounting Services

Outsourcing accountancy services involves hiring external professionals or firms to handle various financial tasks traditionally managed in-house. These tasks include bookkeeping, financial reporting, tax preparation, payroll processing, and compliance with regulatory requirements.

Cost Savings

Outsourcing accounting services results in significant cost savings for businesses through:

Reduction in Labour Costs

Outsourced accounting removes the need for hiring and retaining full-time accounting staff, and, as a result, reducing payroll expenses and associated benefits.

Elimination Of Overhead Expenses

By outsourcing, businesses avoid overhead costs related to maintaining accounting infrastructure, including office space, equipment, and software licences.

Access to Specialised Skills Without Hiring Full-Time Employees

Outsourcing grants access to a pool of specialised accounting professionals without incurring the cost of recruiting and training full-time employees.

Improved Focus on Core Business Activities

Outsourcing accounting tasks allows businesses to concentrate on core business functions by:

Delegation of Non-Core Tasks

By outsourcing routine accounting functions, organisations can redirect internal resources towards strategic initiatives and revenue-generating activities.

Increased Efficiency and Productivity

External accounting firms possess the expertise to manage accounting processes efficiently, enhancing overall productivity and operational efficiency.

More Time and Resources for Strategic Decision-Making

With accounting tasks outsourced, management can devote time and resources to strategic decision-making, driving business growth and innovation.

Access to Expertise and Technology

Outsourcing accounting services provide access to expertise and technology, including:

Access To a Team of Experienced Professionals

Outsourced accountancy services offer a dedicated team of experienced professionals well-versed in accounting best practices and industry regulations.

Keeping Up With Changing Regulations And Industry Standards

External providers stay abreast of evolving accounting regulations and industry standards, ensuring compliance and mitigating regulatory risks.

Utilisation Of Advanced Accounting Software and Tools

Outsourcing partners leverage advanced accounting software and tools to make processes more efficient, enhance accuracy, and provide real-time financial insights.

Scalability and Flexibility

Outsourcing accounting services offers scalability and flexibility by:

Ability To Scale Accounting Services Up or Down Based on Business Needs

Outsourced providers offer flexible service agreements, allowing businesses to adjust accounting services in response to changing business requirements.

Flexibility To Adapt to Seasonal or Cyclical Demands

Outsourcing enables businesses to scale accounting operations during peak periods or scale back during off-peak seasons, optimising resource utilisation.

Enhanced Data Security and Confidentiality

Outsourcing accounting services bolster data security and confidentiality through:

Protection of Sensitive Financial Information

Outsourced providers implement strong security measures to safeguard sensitive financial data from unauthorised access or breaches.

Compliance With Data Security Regulations and Standards

External accountancy services adhere to strict data security regulations and industry standards, ensuring compliance and mitigating security risks.

Minimising The Risk Of Internal Fraud or Data Breaches

Outsourcing reduces the risk of internal fraud or data breaches by implementing secure protocols and access controls.

Risk Mitigation

Outsourcing accounting services contribute to risk mitigation by:

Shared Responsibility with the Outsourcing Provider

Outsourcing partners share accountability for accurate financial reporting and regulatory compliance, reducing operational risks for businesses.

Access To Risk Management Expertise

External providers offer expertise in risk management and internal controls, helping businesses identify and mitigate potential financial risks.

Improved Accuracy and Compliance with Financial Reporting

Outsourced accounting services enhance the accuracy and reliability of financial reporting, ensuring compliance with regulatory requirements and industry standards.

Streamlined Processes and Reporting

Outsourcing accounting services improves processes and reporting by:

Standardisation of Accounting Processes

Outsourcing partners implement standardised accounting processes and workflows, enhancing efficiency and consistency across financial operations.

Timely and Accurate Financial Reporting

External providers deliver timely and accurate financial reports, enabling businesses to make informed decisions and monitor financial performance effectively.

Access to Real-Time Financial Insights

Outsourced accountancy services leverage advanced reporting tools to provide real-time financial insights, empowering businesses with actionable data for strategic planning and decision-making.

How Can BoardRoom Help You?

BoardRoom offers comprehensive outsourcing solutions tailored to meet your accounting needs. Our experienced professionals deliver cost-effective and efficient accounting services, allowing you to focus on driving business growth and innovation.

BoardRoom’s specialised accountancy services are designed to ensure accuracy, efficiency, and compliance with local laws and regulations. Our certified chartered accountants and finance professionals possess the skills and expertise to handle a wide range of accountancy tasks, including bookkeeping, financial reporting, tax preparation, and compliance reporting for companies in Singapore.

By outsourcing your accountancy services to BoardRoom, you can be confident that your company operates safely and efficiently, with confidence in the accuracy and integrity of your financial records.

Our trained and knowledgeable staff stay updated with the latest regulations and requirements, ensuring that your business remains compliant and well-prepared for any regulatory changes.

Partner with BoardRoom to leverage our expertise, technology, and commitment to excellence in financial management. For more information on how BoardRoom can assist you with your accountancy needs, contact us for a quote now.

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What Factors Should Businesses Consider When Choosing the Right Accounting Firm?

April 5, 2024April 5, 2024 firstpagedigital

In this guide, we explore the important factors businesses should consider when selecting the right accounting firm to manage their financials effectively.

Importance of Choosing the Right Accounting Firm

Choosing the right accounting firm is important for businesses. Accounting firms manage the financials of the company, ensure regulatory compliance, and provide strategic guidance. By partnering with the right firm, businesses improve operations, make informed decisions, and achieve their long-term objectives. The right accounting firm serves as a trusted advisor, offering invaluable insights and support for sustained success and growth.

Services Offered

When choosing an accounting firm, assessing the range of services offered is essential.

Assess the Range of Accounting and Financial Services Provided

Determining if the accounting firm offers a comprehensive range of services, including accounting and bookkeeping, preparation of financial statements, filing of annual return and tax preparation, can meet your company’s current needs and accommodate future growth.

Determine If the Firm Offers Cross-border Services That Align With Your Needs

Identifying any cross-border requirements within the business will be a factor when selecting the right accounting firm. Firms that provide global accounting, or international tax planning and advisory allows businesses to access the depth of expertise and resources available that can support them effectively.

Consider Additional Services Like Tax Planning and Consulting

Exploring proactive tax planning strategies and consulting services enable businesses to optimise their tax position, minimise liabilities, and make informed financial decisions.

Industry Knowledge and Expertise

When selecting an accounting firm, industry-specific knowledge and expertise are key factors to consider.

Understand the Firm’s Understanding of Your Industry’s Unique Accounting Requirements

Businesses should evaluate the accounting firm’s familiarity with industry-specific accounting standards, regulations, and reporting requirements to ensure the effective delivery of tailored solutions.

Evaluate the Firm’s Knowledge of Relevant Regulations And Compliance Standards

Ensuring that the accounting firm stays updated on regulatory changes and updates relevant to the industry is important for maintaining compliance and minimising risks associated with non-compliance.

Reputation and Experience

When selecting the right accounting firm, businesses must prioritise the service provider’s reputation and experience.

Research the Firm’s Reputation and Track Record

Before making a decision, businesses should thoroughly research the accounting firm’s reputation by examining client testimonials, reviews, and industry accolades to confirm its reliability and trustworthiness.

Evaluate the Firm’s Experience in Serving Businesses In Your Industry

Businesses need to evaluate the accounting firm’s experience in assisting enterprises similar in size, industry, and complexity to ensure they have the expertise and resources to address industry-specific challenges effectively.

Check for Any Relevant Certifications or Accreditations

Verifying that the accounting firm holds relevant certifications, such as Certified Public Accountant (CPA) or industry-specific accreditations, is important to ensure compliance with professional standards and quality assurance.

Team and Staffing

The way the team works together and how they interact with clients play an important role in the effectiveness of an accounting firm.

Evaluate the Qualifications and Experience of the Firm’s Professionals

Reviewing the credentials and industry experience of the firm’s professionals ensures the availability of a diverse team with the expertise necessary to meet business needs effectively.

Determine the Firm’s Staff-To-Client Ratio and Availability of Resources

Assessing the firm’s ability to utilise resources effectively enables businesses to determine if it can scale its team and services according to their evolving requirements effectively.

Assess the Firm’s Approach to Client Communication and Relationship Management

Evaluating the firm’s communication protocols and responsiveness ensures proactive communication and personalised attention to client needs effectively.

Cost and Value

Understanding the financial aspects of engaging with an accounting firm is essential for businesses to make informed decisions.

Understand The Firm’s Fee Structure and Pricing Models

Requesting a transparent breakdown of the firm’s fee structure enables businesses to clarify the scope of services covered accurately.

Evaluate the Value Provided in Relation to The Cost

Assessing the overall value proposition offered by the firm enables businesses to consider the quality of service and expertise effectively.

Consider the Potential for Long-Term Cost Savings and ROI

Identifying opportunities to improve financial performance helps businesses see how partnering with the firm can make a difference.

Client References and Reviews

When considering an accounting firm, it’s important for businesses to gather insights from other clients and assess the firm’s reputation.

Seek References from Current or Past Clients of The Firm

Requesting client references allows businesses to validate the firm’s ability to deliver results effectively.

Read Online Reviews and Testimonials

Evaluating the firm’s reputation and credibility enables businesses to consider the overall sentiment effectively.

Consider Feedback on The Firm’s Responsiveness and Client Satisfaction

Assessing proactive problem-solving and commitment to client satisfaction enables businesses to evaluate service quality effectively.

Accessibility and Communication

Evaluating how well the communication style and accessibility is crucial for seamless collaboration when choosing an accounting firm.

Determine If the Firm’s Communication Style Matches Your Preferences

Assessing how communication is conducted ensures compatibility with businesses’ preferences.

Assess The Firm’s Responsiveness to Inquiries, Requests and Consultations

Assessing the firm’s responsiveness to inquiries and requests allows businesses to evaluate proactive engagement effectively.

Consider The Ease of Collaboration and Compatibility with Your Team

Considering if your team works well together is important. A single point of contact helps in ensuring that collaboration can be maximised in the most efficient manner.

Technology and Tools

In today’s digital age, the use of technology is crucial for efficient accounting processes.

Assess the Firm’s Use of Accounting Software and Technology

Inquiring about the accounting firm’s technology infrastructure, including accounting software and cybersecurity measures, ensures efficient technology integration into its workflow.

Determine If the Firm Is Up to Date with Industry Trends and Advancements

Evaluating the accounting firm’s commitment to staying current with emerging technologies and industry trends enables businesses to leverage technology-driven solutions effectively.

Consider the Firm’s Ability to Leverage Technology for Efficiency and Accuracy

Assessing how the accounting firm uses technology in its workflow enables businesses to evaluate its ability to deliver tangible benefits effectively.

Security and Confidentiality

Maintaining strong security measures and upholding client confidentiality is important for any accounting firm.

Ensure The Firm Has Robust Data Security Measures in Place

Inquiring about data security protocols ensures compliance with industry regulations effectively.

Evaluate The Firm’s Policies Regarding Client Confidentiality

Reviewing confidentiality agreements ensures strict confidentiality effectively.

Consider Any Compliance Requirements Specific to Your Industry

Discussing compliance requirements ensures industry-specific expertise effectively.

How Can BoardRoom Help?

With over 50 years of track record and more than 7,300 clients globally, BoardRoom offers a full suite of outsourcing solutions tailored to meet your accounting needs. Our experienced professionals and certified chartered accountant ensure accuracy, efficiency, and compliance with local laws and regulations. Their expertise includes bookkeeping, financial reporting, tax planning and advisory, and compliance reporting for companies in Singapore.

Don’t take our word for it – read what our clients say about our services. For more information on how BoardRoom can assist you with your accountancy needs, contact us for a quote now.

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Your Guide to Corporate Tax Filing in Singapore

What Is Corporate Tax Filing?

Why Is Corporate Tax Filing Important?

Who Needs to File Corporate Income Tax in Singapore?

Understanding the Singapore Corporate Tax System

Key Corporate Tax Filing Requirements

Penalties for Late or Inaccurate Corporate Tax Filing

How Can BoardRoom Help You with Corporate Tax Filing in Singapore

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Comprehensive Guide to XBRL Filing Requirement in Singapore

What Is XBRL Filing?

Why Is XBRL Filing Mandatory in Singapore?

XBRL Filing Deadlines

Penalties for Non-Compliance

Exemptions from XBRL Filing

What Are the Types of XBRL Formats and Their Filing Requirements?

Preparing for XBRL Filing

XBRL Filing Process

Common Errors and Troubleshooting

How Can BoardRoom Help You with Fulfilling XBRL Filing Requirements In Singapore?

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Corporate governance best practices at all levels of the company

The purpose of corporate governance

Corporate governance strategy

The SGTI: a corporate governance benchmark for businesses

The role of the board of directors in ensuring good corporate governance

The role of compliance in corporate governance

The role of the company secretary in corporate governance

The role of the employees in corporate governance

Partner with a team of experts you can trust

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Accounting services in the midst of the accountant shortage

Mitigating risks with outsourced financial accounting services

Why outsourcing accounting could be beneficial to your business

Customising accounting functions

Process and efficiency improvement

Ensuring compliance

Responding to the shortage of accountants in Singapore

Enhancing efficiency with technology

Investing in talent

The way forward

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The Comprehensive Guide to Filing Annual Returns in Singapore

What Is an Annual Return?

The Importance of Annual Returns

Who Needs to File an Annual Return?

What Are the Required Documents for Filing Annual Returns?

Commonly Asked Questions on Annual Return Filing

Step-by-Step Guide for Filing Annual Return on BizFile+

What Are some Additional Key Considerations You Should Know about Annual Returns Filing?

How Can BoardRoom Support Your Annual Return Filing Process in Singapore?

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What is Payroll Software?

Key Features of Payroll Software in Singapore

Considerations for Choosing Payroll Software in Singapore

How Can BoardRoom Help You with Our Payroll Software?

BoardRoom Ignite Payroll Software Packages

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What is transfer pricing? A guide to understanding opportunities and risks

The purpose of transfer pricing: A key business strategy

The key to successful transfer pricing in international business

Navigating regulatory challenges

Transfer pricing in Singapore: Case study of company in Asia

The challenge

A strategic approach

The key benefits achieved:

The impact:

Expert advice on transfer pricing in Asia

Your transfer pricing partner in Singapore

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Understanding KYC meaning and its role in AML and corporate governance

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