Starting a business in Singapore is a wonderful thing for a few major reasons.
First, the city-state has a very pro-business environment, with low taxes and regulations that make it easy to start and operate a business.
Second, Singapore is an incredibly efficient place to do business, thanks to its world-class infrastructure and highly skilled workforce.
Finally, Singapore is an excellent location for businesses looking to expand into Southeast Asia, thanks to its strategic location and strong trade ties with the region.
When you set up a new business or company in Singapore, there are several things that you need to take care of. You need to hire professionals and experts to take care of your business properly. In this blog post, we have shared 6 professionals that you should hire when you start a new business in Singapore.
#1 Hire an accounting firm
When you start a new company in Singapore, you must hire an accountant or an accounting firm in Singapore.
Why should you hire an accounting firm?
There are many benefits to hiring an accounting firm in Singapore instead of doing it all yourself. For one, an accountant can help you keep track of your finances and budget more effectively. They can also help you with tax planning and filing, as well as offer valuable insights into how to improve your business operations.
In addition, an accountant can provide peace of mind by ensuring that your financial affairs are in order and compliant with the law. Ultimately, hiring an accountant is a wise investment that can save you time, money, and stress in the long run.
#2 Hire a company secretary
As a Singapore company, it is important to appoint a company secretary to take care of several important matters.
The company secretary is responsible for maintaining the company’s statutory registers, preparing, and filing annual returns, and ensuring that the company complies with the Companies Act.
The company secretary also plays an important role in corporate governance, providing advice on compliance with listing rules and other regulations.
What are the benefits of hiring a company secretary in Singapore?
There are many benefits of appointing a company secretary in Singapore. A company secretary can help to ensure that your company is compliant with all the relevant laws and regulations. They can also help to keep track of important deadlines and ensure that all the required documentation is in order.
Having a company secretary can also help to improve communication between the board of directors and the shareholders.
#3 Hire an income tax & GST filing agent
Complying with tax obligations is important for every company in Singapore. All companies are required to file their taxes on time, and failure to do so can result in penalties. There are many resources available to help companies understand their tax obligations, and it is important to take advantage of these resources.
By understanding and complying with tax obligations, companies can ensure that they are operating legally and efficiently.
To ensure that you are meeting all your tax obligations in Singapore, it is advisable to hire a professional tax agent. They can help you to calculate, pay and file your income tax and GST taxes, as well as ensure that you are meeting all other legal requirements. This will give you peace of mind and allow you to focus on running your business.
Your company is liable to pay GST in Singapore if your taxable turnover for the previous 12 months exceeds S$1 million. If your company is registered for GST, you must file a GST return and make payment even if your taxable turnover is below S$1 million.
#4 Hire an auditor
An auditor in Singapore is generally needed when a company is looking to go public or is otherwise required by law to have its financial statements audited. However, even if a company is not required to have its financial statements audited, it may still choose to do so in order to provide greater transparency and accountability to its shareholders.
As your business grows, its financial needs become more complex. You may need to raise money from investors or take out loans, and in these cases, you’ll need to provide potential lenders with a clear picture of your company’s finances. This is where a professional auditor comes in.
A professional auditor can give you an objective assessment of your company’s financial health and provide advice on how to improve your financial reporting. They can also help you spot any potential problems before they become serious issues.
So, if you’re looking to take your business to the next level, hiring a professional auditor is a smart move.
What are the benefits of hiring an auditor in Singapore?
There are many benefits of hiring an auditor in Singapore. An auditor can help you to ensure that your financial statements are accurate and compliant with local regulations. They can also provide valuable insights into your business operations and help you to identify areas for improvement. In addition, an auditor can provide peace of mind to shareholders and other stakeholders by helping to ensure that your company is run in a professional and transparent manner.
#5 Hire a bookkeeper
A bookkeeper is responsible for the financial records of a company or organization. This includes recording transactions, maintaining financial statements, and preparing reports. Bookkeepers use specialized software to keep track of financial data. They must have strong math skills and attention to detail.
If you are running a business in Singapore, it is important to have a bookkeeper to keep track of your finances. A bookkeeper can help you stay organized and on top of your financial situation, which is critical for any business.
There are many reasons to hire a bookkeeper in Singapore. First, a bookkeeper can help you save time by keeping track of your finances for you. This frees up your time so that you can focus on other aspects of running your business. Second, a bookkeeper can help you save money by catching errors and mistakes that you might otherwise miss. A bookkeeper can also help you keep track of your spending and budget better, which can save you money in the long run.
Third, a bookkeeper can help you make better financial decisions by providing accurate and up-to-date information about your finances. This is important because it allows you to see where your money is going and where you can cut costs or save money.
#6 Hire a business consultant
A business consultant in Singapore provides professional advice to businesses to help them improve their operations and bottom line. This may involve streamlining processes, identifying new opportunities for growth, or resolving issues that are negatively impacting the company.
In addition to providing advice, a business consultant may also be involved in implementing changes within the organization. This may include developing new policies and procedures, training employees, or assisting with the rollout of new technologies.
A business consultant can provide you with several services such as accounting & payroll, corporate secretarial services, auditing, GST & income tax, bookkeeping, and loan applications.
Are you looking for a business consultant in Singapore who can handle all your business activities? Hire PL Biz Consulting. We will take care of all your business needs.
