Professional Accountants and Financial Services
Most people would think that this is an unnecessary and added expenditure that would most certainly burden the small organization. However, the opposite holds as there are more advantages to having professional assistance at the start of business operations. Accounting and financial experts would be able to provide legal information that might not be at the disposal of smaller firms. They can do so because of the wealth of knowledge about programs, schemes, and existing infrastructure in Singapore. Thus, their advice would be more accurate, timely, and informational simply because they are aware about what is going on in Singapore. Thus, company directors can make better-informed decisions simply because they are receiving updated knowledge.
Next, such professional accountants and financial services providers do not only provide numerical assistance in the guise of reports and bookkeeping. They are also able to provide tax services to companies as well. People often mistake tax services as merely providing and filing tax assessments every year. In truth, these accountants can maximize savings on the myriad grants, incentives, and tax schemes that are accorded by the Singapore government. Because governance of these incentives is at an all-time high, it is even more imperative that professional help is utilized as penalties can be severe if not done according to the requirements. Singapore’s corporate tax structure is already low since it is capped at 17%. However, new companies also stand to gain due to the tax rebates given to companies for the first few years of operations.
Another tax incentive that is incredibly useful to corporations is the Productivity and Innovative Credit scheme. Companies that apply for and are given approval on certain qualifying activities can then claim tax exemption for such activities. High on the list of qualifying activities are research and development especially for new and emerging technology functions. The Singapore government is currently providing much incentive for research on alternative methods of energy creation and renewal. As such, offices that are involved in developing research methods would be able to enjoy funds from the government. Any company which can provide proof that they would be working closely with student research programs would also be more likely to receive approval under this tax scheme.