Resources
Our blog and resource page contain everything you need to know about starting a business, the resources available, where you can get help, and more.
Frequetly Asked Questions
Have a burning question? Take a look at our frequently asked questions to find an answer to your question.
When you decide to engage our services, we will discuss and finalise the appropriate company structure your enterprise needs. There are generally five main corporate structures you can register for:
- Sole proprietorship
- Partnership
- Limited Partnership (LP)
- Limited Liability Partnership (LLP)
- Private Company Limited by Shares (Pte Ltd)
While Pte Ltd remains the most popular business structure to adopt in Singapore, given its flexibility and limited liability nature, not all businesses fit this mould. As experts in company incorporation, we are able to provide accurate and incisive advice. Some key considerations we will need to discuss include the amount of capital investment, long-term business plan and the number of business owners you have.
Outsourcing accounting to Ares Strategy allows you to concentrate on your core business by freeing up valuable time and resources. Years of experience in the industry have conditioned us to set high standards for our work. We compile your financial statements systematically and efficiently so that they can be submitted punctually and error-free. In addition, we are well-versed in the statutory regulations governing financial reporting and can help ensure that your financial statements are compliant with them.
Beyond making accounting more manageable for you, Ares Strategy aims to implement effective processes and systems that transform your company for the better. We use the latest business software and technologies to improve your work productivity and data security. These tools enable us to prepare financial statements of consistently high quality and convey useful insights about your company. Such insights are vital in helping you make informed decisions relating to expansion and investment for instance.
Goods and Service Tax (GST) is a broad-based value added tax on the import of goods as well as most domestic goods and services. Currently, the GST rate in Singapore stands at 7%. It is compulsory to register for GST if your company’s taxable turnover is:
- Under the retrospective view, more than $1 million at the end of the calendar year, or
- Under the prospective view, expected to be more than $1 million in the next 12 months
You will also need to register for GST under the reverse charge regime if:
- Your business obtains services from foreign suppliers and your business is not eligible for full input tax credit even if it is GST-registered (reverse charge regime) or
- You are a foreign supplier or a local/ overseas electronic marketplace operator that supplies digital services to non-GST registered individuals and businesses in Singapore (overseas vendor registration regime).
In Singapore, payroll management is subjected to the regulations under the Employment Act. These regulations address working hours, remuneration package and Central Provident Fund (CPF) contributions among other considerations. Monthly CPF contributions are to be made by both employers and employees, but rates vary depending on the employee’s age and duration of permanent residency in Singapore. Employers are also expected to pay a Skills Development Levy (SDL) monthly.
Selling a business requires deep knowledge of the small business landscape. Without a comprehensive understanding of the steps involved, business owners may end up selling for less than the fair market value. Our business brokers are well-versed in all facets of small business brokerage, including analysis, financial assessment, marketing, selling and closing transactions.
Selling a business requires deep knowledge of the small business landscape. Without a comprehensive understanding of the steps involved, business owners may end up selling for less than the fair market value. Our business brokers are well-versed in all facets of small business brokerage, including analysis, financial assessment, marketing, selling and closing transactions.